Nov 2012 Perth Edition
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PERTH YOUNG ENTREPRENEUR’S BATTLE WITH AMERICAN POP STAR............................ Pg 6
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Inspiration & Positivity
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Message from the CEO
Zeeshan Pasha CEO Nifnex
Index: Inspiration & Positivity
2012 has been an exciting year with little steps forward each day.
lieve our product and services are genuinely accepted by the small business community.
Stay ahead of your competition!
A couple of weeks ago, I had my 6 year old son tell me that the moon loves our car. So, I was intrigued and asked him why. He replies, “It’s following us”.
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Is a Business Plan Overrated?
I’m sharing this story because an innocent observation by a kid is inspirational to business owners like us. Whilst we keep moving forward, let the guiding light follow us. The guiding light could be anything that we can relate to that keeps us honest, accountable and focused.
This edition is packed with articles, debates and information that every business owner needs. It’s interesting to see and hear what business owners and experts in various fields have to say about various topics. With Christmas around the corner, the next edition will be focused on stepping up your business in 2013. Until then, l look forward to hearing your feedback.
With the launch of our weekly online editions which feature business debates and informative articles, we are well and truly turning some heads.
Zeeshan Pasha
Nominated as a finalist for the Belmont Small Business Awards 2012 and also making it to the top 3 finalists for the Fremantle Chamber of Commerce Awards earlier this year, we be-
Connect via Linkedin: http://au.linkedin.com/in/zeeshanpasha Twitter: https://twitter.com/zeeshanpasha
Managing Director Zeeshan Pasha Business Operation Sharmini Pasha
Business Start up 3
A message from the Small Business Development Corporation... 3
MARKETING Is it time for a fresh approach in your business? 4 How to make your logo brand worthy
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Are there too many P’s in Marketing?
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The Secret Art of Influence
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Importance of a trademark
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Is Facebook a Perk or Distraction?
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Communications
Printers Rural Press Mandurah, WA
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Advertising & Sales Saravanan Sithambaram Krunal Dangar
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Disclaimer:
All articles, advertising, contributions and material supplied to Nifnex are opinions of the advertiser, contributor and author of the article/material. No responsibility is taken by Nifnex. Opinions published are not necessarily those of editor
Stay ahead of your competition! Do you have the HSTA Factor? There are a certain things a business does regularly to stay in touch with prospects, existing clients, past clients and affiliate organizations. But in combination with our constant efforts business networking, telephone calls, newsletters, SEO, social media etc we have a KEY FACTOR which has seemingly become more important than ever to attract business. The ‘HSTA Factor’. BE Heard, Seen & Talked About. Imagine what it would do to your business if you were seen, heard and talked about often within your target market. You could be creating a constant buzz in the market place with targeted enquiries coming to you and people referring to you as the expert in your field. The fact of the matter is that businesses don’t know how to do it, don’t make time to do it or feel a little shy to call themselves the expert even though it is true in many ways. There are very simple steps that need to be taken to create the HSTA factor for yourself which will win new business and retain existing clients. It is not always about how much or how little you charge or how great your service is. It is a combination of various factors. One of them is the HSTA Factor - Be Heard, Seen & Talked About.
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Top 8 tips to work out the most effective mobile plans for your business 7 Keyword Research Not Enough To Reach Full SEO potential 7
BUSINESS ADVICE Is Free Advice Bad Advice
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7 Tips For The Aspiring Entrepreneur
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Superannuation What makes self managed superannuation funds 9 so attractive?
Cosba update Death by Red Tape
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How many advisors does a business really need? 10
CREDIT Management Know who you’re dealing with - Searches to conduct before extending credit
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Business Networking Conversation starters at a Business Networking Event 12 Media is not too confusing
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MONEY MATTERS Accelerate Your Revenue Cycle For Better Cash Flow 13
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Online and Social Media
Editor’s top tips to help you be seen, heard and talked about more. Contact
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Would the new Linkedin Endorsement feature generate more leads for you? 14 What Google Apps Does For You
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Business Start up
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Is a Business Plan Overrated? … and by all means make a few diversions along the way – but always refer back to your map Nicholas Sutton; CEO, Firefox Group Think of a business plan as a map. Before you start your journey you check the map, see what your route is going to be, select the best roads and perhaps plan where you might like to stop for coffee, lunch etc. Then off you go. You tuck the map away in the glove box and may not even use it again. Along the route you’ll probably find some diversions, some delays and maybe some road works. You’ll take some unexpected turns but all the time you’ve still got a rough idea of
where you’re heading, right? However the chances are that unless you keep checking the map, you’re going to get lost, very lost. Every business needs a map. You need to follow your planed route – and by all means make a few diversions along the way – but always refer back to your map to remember where you were headed in the first place. Don’t just stick it in a drawer. Write a business plan and then use it!
About Nicholas Sutton ”Nick Sutton is a communications consultant, performance coach and keynote speaker with The Firefox Group. Nick’s focus is upon coaching management teams to improve business performance and in particular, demonstrate leadership, presence and business differential over competitors”. Tel: 61 8 9296 3859;
Email: nick@firefoxgroup.com.au Web: www:firefoxgroup.com.au
is it a true business plan or one carefully crafted towards your pitch?
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A message from the Small Business Development Corporation... When deciding to go into business for yourself, there are many important factors to consider. To assist you in preparing for your new business venture, the experienced business advisors at the Small Business Development Corporation have come up with the following five top tips to get you started. 1. Organise yourself Most successful business owners are hardworking, self-motivated, decisive and in good health. If you are considering going into business, you need to be aware of your skills and abilities and what motivates you. Make a list of your personal strengths and weaknesses and consider their impact on your business.
2. Evaluate your idea Has what you want to do been done before? Was it successful? Is what appears to be a good idea going to be commercially successful? Do you have the skills to make it successful? Do you have the finance (or access to it) to go into business at this time?
3. Market Research
Sherryn McBride, Marketing Talk It all depends on your motivation for creating a business plan. 1. If you prepared it purely for your financial institution to secure yourself some finance then is it a true business plan or one carefully crafted towards your pitch?
another life as a door stop they need to be concise and realistic, not dressed up with long winded explanations. So if you have a business plan is it a glammed up version, a finely tuned version or just plain old fashioned?
2. If you created one to work through a new business idea/ niche market, did you update it when later you morphed your business in a different direction - or is it collecting dust in the bottom drawer in its original form?
And speaking of motivation, Zig Ziglar once said “people often say that motivation doesn’t last. Well, neither does bathing - that’s why we recommend it daily”.
3. And I have an aversion to business plans that could have
Listed among 20 Australian entrepreneurial women in 2011,
About Sherryn McBride
Sherryn McBride is a freelance marketer, workshop trainer and e-book writer. Her knowledge is drawn from 25 years managing state branches for national corporations before hanging out her shingle Marketing Talk to work with SMEs. Grab the free resources and register for her marketing tips newsletter at www.marketingtalk.com.au, and remember that “every day you delay your marketing is a gift to your competition”. Email: sherryn@marketingtalk.com.au Web: www.marketingtalk.com.au
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By answering the basic questions of ‘who’, ‘what’, ‘where’, ‘when’, and ‘for how much’, you can create a profile of your potential customers. You then need to identify the segment of the market that will be your target market. You also need to identify the strengths and weaknesses of your competitors so you can identify your competitive advantage.
4. Write your Business Plan A business plan encapsulates the business idea and the financial, marketing and operational strategies to achieve success. It will help with setting goals and staying on track and is essential if you need to seek finance or impress a potential partner or investor.
5. Register a business name If you operate as a sole trader or a partnership you can operate under your own name(s), but if you use any other name you need to register it as a business name through the Australian Securities and Investments Commission (ASIC). For more information visit www.asic.gov.au/business-names or phone 1300 300 630. The full checklist for business starters is available at http://www.smallbusiness.wa.gov.au/small-business-briefs/. There are also books, workshops and specialist services available from the Small Business Development Corporation to assist you in your new business venture. For information, call 13 12 49 or visit www.smallbusiness.wa.gov.au.
Optus Business Centre Perth $69 for UNLIMITED calls from Optus mobiles and landlines to ALL standard Australian landlines and mobiles! Call this month for this amazing offer*! *Terms andConditions apply.Available in selectedPerth Metroareas
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Marketing
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Is it time for a fresh approach in your business? You had a great idea and you have turned it into a business. What happens next? Many business owners find that articulating their ideas into business growth strategies involves more administration, time and planning than expected. Overwhelmed by cash flow worries, tax and legal requirements, concerns about budgeting and how to plan, business owners often find there is not enough time to think and act strategically. Our experience is that if you don’t take the time to create and review your business plans or if you put them off for later, you stay several paces behind your competitors. So why not today by going through these simple 4 steps: 1. Create an overview of your business model: • Explain your business. Have you road tested your business model? Are you confident that it will continue to capture market value and provide you with sustainability in the long term? • What are your business goals? Visualise where you see your business in 1, 3 and 5 years? Then write down your short, medium and long term goals. What are the actions you need to take to get there? • Who are your customers? Profile your customers and potential new customers. How well do you understand their buying process? • Do you have a comprehensive budget and cash flow in place? What % profit after tax are you aiming to achieve and what mechanisms do you have in place to keep you on track? • How will you deliver your business model? Have you considered strategic partners, talent management, marketing, operational planning and systems development? • How do you measure results? In turnover, profit, items sold, clients/users etc. 2. Attract new customers. Marketing your idea: • What is your brand identity? Who are you in the market, what message are you delivering and which products/services do you offer, and to whom? • What is the best way to connect to your customers? Which channels are most relevant and effective?
• Affordability – what can you afford to spend communicating with your customers? 3. Select the right people – and keep them, so that you build a solid team. • What skills does your business need? Make a list of the areas and recruit efficiently. • How do you make your business attractive? Talk to your employees about what motivates them – they are ambassadors for your business. 4. Tie it all together. Design and implement leadership, business structure and systems that communicate with your employees. Don’t keep your people in the dark, engage them and keep them focused on important activities. • Plan and draw out workflows. Select software that helps you do the various processes. • Write down policies and how to guides. • Communicate your visions and your successes to customers and employees. • Learn from you failures. Successful businesses often seek advice and contact experts for guidance. Business consultants are here to help get your ideas off the ground and to give to a fresh approach to ensuring you can sustain competitive advantage in the long term.
Emma Ruefli, Managing Director. Market Fever is a vibrant Marketing and Management Consulting Firm com mitted to helping small business grow through Strategic Business, Operational Performance, Marketing and Market Research Projects. Please call us on 08 9389 4498 or visit us at www.marketfever.com.au for an obligation free information pack.
How to make your logo brand worthy Gwynneth Cavilla gDesign
Your logo is your round-the-clock business representative. It’s a tireless and energetic symbol or word that tells the world who you are and why you should be remembered. So when it comes time to create a new logo for your brand or if you need to revisit and revamp your existing logo, its important to do your research and identify your business personality and your brand demographic. Define a creative brief that includes every aspect of your products and services before seeing your designer. Keep your logo design simple, readable and
Sallie Tanuwidjaja
Starlink Design Company logo is one of the main key elements in building the brand. The logo is a summary of the brand, the company, and the product. They are supposed to be the landmarks for easy recalling of the product, brand, or company. To have an impact on the minds of consumer you need to have a logo which is very well planned and artistic on the same time. This lasting impact on consumer’s mind will definitely make them think of your products and services and will attract them to avail your services. There are few steps acquired in achieving a good logo branding: • Understand your market and what type of people are you targeting.
strong and you’ll have a memorable logo that’s worthy of your brand. gDesign is a boutique graphic design studio that has been offering quality graphics, website and social media solutions to businesses and advertising agencies in Perth, Orlando, Florida and Singapore since 1997. Gwynneth is a passionate and experienced designer who works directly with her clients resulting in collaborative outcomes, timely turn arounds and great relationships.
• Create a good concept for your business. This concept needs to represent your business’s objective and how it may help your customers. • Define your business’s personalities and value that people desire the most For example A logo for a candy shop will represent a playful and fun feeling by the use of colours and typeface. Whereas a logo for an accounting firm will be more traditional and portray a more modern and professional look. To create a logo that makes a lasting impression please contact Starlink Design. Our mission is to make SME flourish by making their logos look creative and professional. Contact Sallie on: E: sallie@starlink-design.com W: www.starlink-design.com M: 0450 900 590 T: (08) 9313 1086
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Marketing
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Are there too many P’s in Marketing? get market, ideal client, price, location, etc. Find out what your competitors are not doing and do it well.
Lorraine Garvie Yes, there are only three required, those in; Value Proposition, Positioning and Unique Selling Proposition and each must differentiate the business in the marketplace. A great value proposition will demonstrate products and services, brand, promise, packaging, delivery, relationships and customer service etc. Positioning demonstrates how you will position yourself in the marketplace i.e. tar-
A unique selling proposition is essential. If you do not have a competitive advantage that is unique and sustainable, don’t compete. There are no winners in price wars. About Lorraine Garvie Lorraine Garvie is a strategic marketing specialist who has worked in various corporate management / sales and marketing roles spanning a 20 year career. Now focus on business growth for SME in Perth through differentiation and strategic marketing. http://www.businessreboot.com.au/
David Price Because marketing is now so segmented, social and highly individual, the traditional product, place, promotion, price aspects on the marketing mix, while still important, are no longer the game changers they once were.
Prescience, Patience, Politeness, Personality, Presence, Purpose, Performance, Persistence, Persuasion - these are just some of the “P”s that you need to consider in your marketing these days, especially in connection with social media. About David Price David Price is a Director of Price Advertising, a boutique advertising agency in Subiaco. His linkedIn profile is http://www.linkedin. com/in/davidprice2
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The Secret Art of Influence
The most important skill for any business owner large or small is the development of their ability to influence. Our businesses are dependent on our skill to build and nurture our relationships, establishing credibility and trust so a long term association and alliance is maintained. The better you’re able to establish your values, gain rapport, and reveal your brand distinction the more profitable your business.
The challenge is how do you communicate all of your worth and value in a sync and powerful manner so new contacts get who you are and desire to engage because of how you overcame their natural resistance and won their trust? It is an art and a science steeped in people intelligence. It is a system of influence so powerful that you can even learn how to ethnically influence even at the subconscious level.
The system is derived from the science of Human excellence, Neuro Linguistic Programming and are the platform skills that are taught at the very highest levels of certification. If you think you would like to develop the skills of powerful influence to give you the edge in a very competitive market, then consider this opportunity that occurs only once per year. There is limited space available for a two day intensive speaker boot camp that will open your mind, your heart and put some of the most powerful tools in existence into your hands to empower an audience of one or thousands.
The Secret to Charismatic Presentations begins at 9:00am sharp on Dec 1st and Dec 2nd and ends at 5:00pm each day. You can register on line at http://www.peoplerich. com/public-trainings.htm or call Nicolette at 1300-762600 to register of more information.
About Gary De Rodriguez Recognized as an internationally acclaimed expert in the science of human excellence and known as the People Mechanic, Gary De Rodriguez has designed and integrated the most effective models of psychology-based systems of success in leadership, human behaviour, communication, and team dynamics. He is the CEO of People Rich USA, a Director of the Australasian College of Leadership and Coaching, and a Research Fellow of the Institute of Mind and Behavioural Sciences. Managing the USA office of People Rich, Gary works primarily between the USA and Asia Pacific offices. He has trained his unique trainings across the United States, Australia, Canada, Mexico, and Europe. Recognized for his cutting edge leadership trainings and the ability to instill value and motivation in teams, Gary has focused his career upon the human aspects of organizational development with an emphasis upon the promotion of Conscious Capitalism, the importance of leadership, thinking and problem solving strategies, time management, entrepreneurial development, people intelligence education for HR, communication, and organizational investment in human equity. He can be reached at gary@peoplerich.com.
Strategic & Business Planning
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Exclusive Interview with Katie Perry
Importance of a trademark
It can come as a shock to anyone leading a normal life, if suddenly you are presented with legal documents asking you to give up your entire life. That’s what happened to Katie Perry from Australia (Sydney). She had moved there to launch her career as a designer of Yoga pants in 2007. Luckily she had registered her business with her trademark name Katie Perry – which by that time was a name that only belonged to her. Who knew there would be a showdown with the American Pop star Katie Katy Perry? Katie Perry was sued by the American pop star and actress Katy Perry in 2009, for using her name as a trademark. Luckily, Katie had registered her business in 2007 when she launched it in Sydney. This saved her from losing her livelihood and dreams. Today, she has grown into a successful fashion designer and has plans to further her business in Perth. With her trademark, Katie has made her own place in the marketplace despite sharing a similar name as her contender Katy Perry (pop star). The Nifnex Review editor spent a few minutes with Katie, to find out more. ZP: Katie, thank you for your time. Could you please tell us more what compelled you trademark your name/ brand ? KP: I had actually gone to an IP Australia workshop when I first started and they had said that if you are using your own name there was no need for a trademark HOWEVER as luck would have it at the same time a close friend of mine was starting his own label and he trademarked his
name so I decided for extra protection to do mine. Keep in mind this was back in 2007 when the only Katie Perry I had heard of was myself!! ZP: How thankful you are that you did it, KP: Extremely thankful that I trademarked!! I was told that that although I had a good case if I hadn’t trademarked then the case could have dragged on for 7-10 years!! ZP: What transpired between you and the lawyers? KP: I had just moved into my integrated retail and design studio in Sydney’s suburb of Mosman when I was served with papers from the popstar; Katy Perry, telling me cease and desist. For someone who has never had to deal with lawyers before it was very frightening. I thought I was going to lose my dream, my business, and my livelihood. I was then very lucky that ‘The Australian’ newspaper heard about the case and from then on I received amazing support from the public around the world. I no longer felt I was alone fighting the case.I didn’t have teams of lawyers or the funds to fight the case for years all I had was the media, public and a very much grass roots movement. After getting advice from 2 separate lawyers (one said that even though I had a strong case but unless I had $20,000 in the bank it was useless and the other one got bullied and told me to just back down as who did I really think I was ) I was then very lucky to come across an amazing female lawyer ,Rebecca Stalenberg, through the power of facebook.
other side withdrew and that was it. I never heard from the lawyers or the popstar again. As you can imagine this was a huge milestone personally and for the business as I was able to continue building my label. ZP: Would you suggest all business owner trademark their names or brands? KP: If you are serious about having a business get it TRADEMARKED. There are a number of different trademark’s you can get from a logo, word or even a sound. Also make sure you pick the right class. You can do a trademark yourself however it is easier ,if fund permit, to have an IP lawyer do it. Make sure before hand
you do a worldwide search on the name, as you don’t want the chance of anyone coming after you!! It’s important to realize also that trademarks have to done for individual countries. A trademark in Australia doesn’t mean you are covered if you set up shop in Canada! ZP: On a differ note Katie, What made you move to Perth? KP: One word…LOVE I originally moved to Perth for love as I am very much a believer of in that life is no dress rehersal. This also gave me a great chance to launch the collection here in Perth and so far the response has been fantastic. I love living here and with my manufacturing all based in Sydney I get the chance to go back frequently. ZP: What’s next? What is your 5-year plan? I have big plans for the future of Katie Perry. We have just launched in Perth so I am expanding our pop up parties and sales team. Up and coming events include hosting my own KP events head to our website for more information) and a Melbourne cup lunch at a 5 * star winery in the Hunter Valley. A service that I have started recently in wardrobe cleanses and personal shopping. This was born from many customers asking for style advice and how to arrange their wardrobes. We have our 5 year plan but who knows where life unfolds so don’t want to give too much away!! To find out more about Katie Perry, visit Online boutique www.katieperry.com.au
Two hours before the court hearing the
Is Facebook a Perk or Distraction? Checking up on family and friends may be a temptation however, unless its generating work, it’s a distraction.
Barry Urquhart Facebook, like all social media, is today a business imperative, not a perk or distraction, in the communications strategies of small to medium sized enterprises. Indeed, it is a fundamental pillar of multichannel (or omni-channel) marketing. Facebook can be an effective, productive and efficient servant. However, like all social media, it can be a cruel, unforgiving and unrelenting master. Business people seeking to exploit the capacity and potential of Facebook must recognise and respect an innate bias to “business to consumers” and “people to people” interactions and be prepared to commit sufficient time, money, people and responses to support the infrastructure. Twenty minutes is a “virtual lifetime” in social media. If it is a distraction, then avoid it.
Cynthia Coop It is difficult, if not impossible, to be effective in advertising on Facebook. The communication will be two-way, with customers and clients often setting and expanding the agenda. Optimal use of Facebook centres on the cornerstones of: “Reach Out, Connect, Engage.” Barry Urquhart, Managing Director of Marketing Focus, is a business strategist and analyst with extensive experience in the small to medium sized business sector.
Ah, Facebook. My spellcheck insists on a capital f, so it must now be a proper noun like Internet. Facebook has become a necessary marketing tool for billions of businesses worldwide, and needs to be managed by a social media expert, indicating just how important it is now for business survival. Any business! The real question is, are you disciplined enough to use it for this?
He is an international conference keynote speaker and facilitator of business development workshops.
If the answer is yes, then it’s a perk.
Email: Urquhart@marketingfocus.net.au Web: www.marketingfocus.net.au Mobile: 041 983 5555
leads in work time, those without vision will find Facebook a distraction, rather than a tool.
Just as we were once criticised for scanning the newspaper for
We advise our clients to include Facebook on their website, especially as they tell us they’re looking for the ‘personal touch’ in business. Therefore, if you can create this through Face book, then it’s a perk after all. Cynthia Coop BDM / STRATEGIST / LINGUIST / CYCLIST / SHAKUHACHIST / ETHNOMUSICOLOGIST
Passionate about: Providing the right solution to the right audience, at the right time, within budget. World travel tomorrow to: To the stars and back to exceed your expectations. Currently reading: The Art of War by Sun Tsu. “A definitive must read on creative strategy”. Ask her about: Mentoring, marketing, language, music and how to say “Sell the sizzle not the sausage” in Japanese. E: cynthia@creativefruition.com.au
Communications
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Top 8 tips to work out the most effective mobile plans for your business With so many plans, mobiles, networks and consultants to choose from (and being bombarded with by Telecommunications consultants calling), making your choice can be very complicated and time consuming. Often businesses just stay with incumbent carrier without significant changes to the way their fleet or plans are structured to save time and also get their hands on the latest device asap. Hence Top 8 Tips to help you navigate through your choice of Telco would be…
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Phone Choices. Utilise a device fund ‘pool’ so that you control when you require new devices not your Telco provider. Also develop a ‘tier’ strategy for devices in fleets of more than 10 + that matches devices according to ‘role’ or tenure and user requirements. Not everyone requires an expensive smartphone and in fact there are great touchscreen fleet devices for email at half the price. Finally, understand the carriers repair process as 24 months can be a long time…
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Coverage. Trial the network or ask other friends and colleagues who has used the potential network you are considering at your premise and
home and what their opinion is. Be sure to check coverage maps as well. Consider 4G network providers only as our dependence on mobile data and speed is becoming more critical.
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Smooth Transition. Agree upfront on who will set up email and contacts on your devices and when.
Plan Value. With all the ‘unlimited plans’ available, do you really need unlimited or just unlimited calls within the fleet? Unlimited plans are available under $60 and can provide amazing benefits for your employees! Consider your growth plans as well - you can achieve a shared group plan across many services as you grow that enjoy unlimited interfleet calls for under $200.
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Customer Service. Choose a carrier that guarantees a local contact to support you. You value your own customer service highly then choose your Telco consultant for service too! Contracts. Understand your payout costs recently added services and new hardware may have resulted in you having significant exit fees. Negotiate these with you carrier as a cheque not a credit.
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Paul has had 17 years’ experience in business leadership and management across organisations as State Manager at Diageo, HutchiPaul Malyniak son Telecoms (3 Mobile) and Vodafone. Owner of Ripe Communications from 2010 in WA, Paul has recently transitioned from the largest Vodafone Business Partner to owning and managing the sole Optus Business Centre for WA. Paul Malyniak | Managing Director Optus Business Centre Perth 08 6262 7998 www.optusbcperth.com.au
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Mobile Broadband. Data allowances and data sharing is critical as teams rely more on mobility. Choose 4G devices only from now on or modems that will provide that speed.
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Exclusions. Beware 1300/1800 numbers exclusions and international allowances.
Keyword Research Not Enough To Reach Full SEO potential Having done more than a few keyword research exercises in my time and providing SEO services over more than 10 years, it’s pretty obvious to me that not only is keyword research an inexact science when applied to a particular business, but it’s a tool that has been used with too narrow a vision in the industry. Even experienced SEO providers seem to get lost in the detail and certainly the tools themselves fail to show business owners the true value proposition of the SEO services offered by whomever. In the last couple of years I have done a little online market research, including vertical online market research that I call “White VOMA”. It has revealed that many leading local brands and their major competitors rank in Google for only a fraction of the highly valuable keyword phrases across their relevant market segment or niche. No one appears to be capturing a significant percentage of their total market online.
Most sites don’t rank consistently highly across multiple industry categories because traditional, keyword research tools do not view markets holistically. At best, keyword research tools and methods give emphasis to single keywords or groups of commonly related keywords. Quite a lot of money is ‘left on the table’ in many online markets, and so there is still plenty of opportunity on the Internet for newer players in many industries! This is where my business is different from other SEO providers. For those that are prepared to pay a little more for initial research, we use a market research software tools that both extracts and costs profitable keyword themes, i.e. sets of intelligently related keywords within any online market. We then can use our ‘White VOMA methodology’ to show the missed
It seems that many so called leading brands with an online presence either only focus on a few obvious “natural search” keywords or their efforts appear to be rather scatter-gun in approach rather than consistent and logical. Worse still, the few that have SEO advisers or providers appear to be blissfully unaware of this untapped profit potential or they must lack the software tools to see it.
opportunities in key word/phrase positioning, as well as the shortfalls in the competition. The methodology used is unique in that it provides actual dollar values of organic and paid search rank value for a 12 month period. This is based upon what advertisers are typically prepared to pay online for keywords that form part of keyword sets associated with top-down industry themes. It presents this information against a detailed picture of the competitive landscape across those themes and entire markets. This new methodology will ultimately combine all facets and steps of the initial research required to formulate a solid online marketing action plan including; online competitive analysis, keyword research, paid search advertising, social media strategy, website architecture development as well as implementation and promotion. The service to clients will include ongoing feedback and tracking to ensure an unparalleled effectiveness in their online activities. Author: Charles Ryder, CEO / Director White Chalk Road W: www.whitechalkroad.com.au/ sample
WHAT’S YOUR MARKET SHARE ONLINE? DISCOVER WHAT YOUR ONLINE MARKET SHARE IS IN YOUR INDUSTRY, WITH A PRECISE CUSTOM ONLINE MARKET ANALYSIS REPORT. A CUSTOM REPORT INCLUDES: • ONLINE MARKET SIZE $ • YOUR MARKET SHARE % • COMPETITOR ANALYSIS • MISSEd OPPORTUNITY MATRIx • IdEAL WEbSITE STRUCTURE • KEY WORdS FOR SEO & PPC
FINd OUT WHAT OUR ONLINE MARKETINg REPORT CAN REvEAL AbOUT YOUR INdUSTRY WWW.WHITECHALKROAD.COM.AU/SAMPLE OR PHONE 9361 9534
8
Business Advice
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Is Free Advice Bad Advice Nova Oldfield OldField Legal
Like the lawyer I am, I would have to say “It depends”. If you’re buying a new refrigerator or choosing what movie to watch, then go for it. Online reviews and quizzing your mates is fun, quick and easy. But what if you’re putting a significant amount of money or assets into play? In my view, if you:
Pippa Spibey
Renew U Support In my opinion you should do it like this… or, If this was me I would….. Unsolicited or free advice is often a basic insult to the intelligence of the other person. It implies a lack of confidence in the ability of the person with the problem to understand and cope with his or her own difficulties Free advice is usually worth exactly what you pay for it, because the giver of that advice usually has not taken enough time to understand your life or your objectives and this advice may be more relevant to the giver than the receiver. Advice is relative and in order for it to be constructive and meaningful then time must be spent learning more about you and your objectives. If this process is skipped then most of the advice you receive will either be inappropriate, not applicable to your needs or it could be really bad advice
• care about the outcome; • want the advice to be reliable; • want someone to be accountable for their advice, then you should pay a professional and get it right first time. I might ask my friend which toothbrush they like best, but I’ll see a dentist to get a tooth removed! Nova Oldfield is the owner of Oldfield Legal, a practice specialising in business, property and deceased estate law. Nova is passionate about justice and using the law in practical ways to get the best result for her clients. In her spare time, she eats barbed wire and frightens small children. http://www.oldfieldlegal.com.au/ In the words of John William Mackail from “on giving advice” The desire to give advice is itself a symptom of disapproval; and further, it is usually the result of a desire to express that disapproval. We usually give advice to those for whom our affection and regard may be taken for granted, but to whom we would rather express our disapproval. We cannot go to them and say that we disapprove of them because that would not be affectionate, and might lead to reprisals. But we can give them advice in which the disapproval is implied and which yet seems innocently helpful. So in conclusion remember: Advice is like mushrooms. The wrong kind can prove fatal. (E. C. MCKENZIE, Mac’s Giant Book of Quips & Quotes) So pay for your advice in the future if for no other reason than that if the advice is flawed and leads to monumental and costly failure, at least you can sue the advice giver. Pippa Spibey is a counsellor who also offers career and life coaching support to clients. She is the managing director of Renew U Support in Gosnells. Pippa’s focus in the business is to provide a range of supportive services to people who want to make life and career changes. http://www.renewusupport.com.au/ believe our own stories that sometime may not be quite right.
Kim Charles
Small Business Centre; South East Metro We have so many options when it comes to advice, from a friend, boss, books and even the internet nowadays. A lot of advice today is not very useful but the kind of advice we tend to take on board is from people who have been successful. These people can articulate how they became successful and tell you the right steps to get there. Free advice is part of our lives people everyday are trying to express their opinions on us because of past experiences or something they have read, these experiences are not always true, we have the tendency to
It is important to research for good advice especially when it comes to your business. It will save you time and money in the long term.
7 TIPS FOR THE ASPIRING ENTREPRENEUR 5. How do you plan to fund the growth of the business in the future.
3. Do not stretch your budget
Elbert Tanuwidjaja It’s no secret that businesses are springing up everywhere. However a much lesser known fact is that more than half of these businesses will fail within 3 years. A big reason for this happening is because business owners fail to take the necessary prestartup steps that will lay out a long term guide for the intended business. The following seven tips is a good place for any aspiring entrepreneur with a strong business idea or has simply thought, `I want to start my own business’.
1. Survey the market and make your business plan There are specific areas a basic business plan must cover. In order to compile a successful plan, there will be need to survey the market to get a clear picture of what your competitors are up to. The purpose of having a well thought-out plan is to make sure you are always a step ahead of competitors. • What is your business about? • What is the objective or goal of your business • Know your personal goals • Create an action plan to achieve goals • Conduct a SWOT analysis of your business • Project income and expenses of your business • Ascertain funding to sustain the operation of your business • Make a flawless marketing plan with the right strategies • Plan the budget well and stick with it • Read up and research about government policies, tax obligations, insurance, lease obligations and license requirements
2. Get the right structure for your business
Kim Charles is the centre manager at Small Business Centre South East Metro which has been operating for 10 years and is based in Gosnells. The organization provides business advisory to existing businesses and start up businesses. We cover an area of 55’000 registered businesses.
Creating the right “structure” will always be a subjective exercise. Each and every tax structure has advantages and disadvantages. So, to pick the right structure for your business, it is important for you to consider the following factors:
The first 2 appointments will identify a plan to put steps in place to achieve your personal business goals. A clear and concise plan is documented to help you validate your costs and investment into this program. For more information call for an appointment phone Kim Charles on 93986333 http://www.sbcsem.com.au/
1. The type of activity you intend to undertake and how high your business exposure to liability is 2. Your business plan – whether you will require additional partners for your business in the future. 3. Whether the business will own significant assets. 4. Whether you have adult family members who earn minimal amount of income.
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businesssolutionswa.com.au
The most common reason for failure of small startup businesses is that they run short of cash. Avoid spending on things that are not crucial for the success of the business. Until you start having a steady flow of resources, you will need to monitor and control your budget and cash flow. Stick with the budget plan, no matter what!
4. Be willing to adopt new ideas Being an entrepreneur requires flexibility. There will be need to change skill sets and other business strategies. This means you will be required to be open to changes. Seminars and networking events are where you can learn new things, after all, “knowledge is more precious than gold.”
5. Spend on technology If it is good for the business and will improve efficiency, do not hesitate to spend on installing a proper system. Documentation and data management is the key to ensure the successful running of day-today business processes.
6. Explore the power of HR With the right technology installed, you will need the right people to work with them. Hiring the right people with the potential to work with your business setup is important to improve the scope and growth of your business. Customer care, for instance, is an important and sensitive aspect of any business.
7. Professional help doesn’t hurt Seeking professional advice or a second opinion about important business decisions can make a big difference. There maybe oversights on your part that consulting with a professional can point out. Elbert Tanuwidjaja is a director of ET Tax and Business Advisory which specializes in advising small and medium businesses. Elbert is a Chartered Accountant and registered tax agent with extensive experience in property tax area, tax structuring and management consulting for small and medium businesses. businesssolutionswa.com.au
Maximising Growth
Superannuation
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What makes self managed superannuation funds so attractive?
Self managed superannuation funds, or DIY funds as they are also known, have for some time now been the growth sector of the superannuation market. With more than 456,000 funds and over $418 billion in assets confirms the continuing popularity of self managed super. So, what is it that makes self managed funds so attractive? Below are some good reasons to consider.
1. Take care of the whole family Self managed superannuation enables the whole family to be members of the same fund. Generally that is difficult at best with other types of superannuation funds, such as corporate funds. By having family members and their super assets in the one flexible superannuation fund that is purpose built for you and your family, it makes matters so much easier when considering your own needs and key matters such as estate planning.
2. Control and flexibility Almost every aspect of a self managed superannuation fund offers the opportunity for as much control and flexibility as you want or need. This control begins with the fund’s all-important Trust Deed that can be drafted to your exact specifications. As trustee of your own fund, you have maximum flexibility in relation to fund investments, tax strategies and estate planning. Additionally, if you desire, you can utilise the services of specialist companies that do administration and accounting specifically for self managed funds. This can leave you free to concentrate on specifically tailoring
your own investment strategy in conjunction with your financial planner.
3. Cost effective While cost savings will generally not be a key driver of the the decision to start a self managed fund, there are potential savings compared to public offer superannuation funds. The extent of cost savings depends on the type of investments and size of capital in the fund. Due to the set-up costs and annual fixed costs associated with self managed funds, it is widely considered uneconomic to commence a DIY fund with assets of less than about $200,000, unless of course you plan to make significant contributions to the fund. The cost effectiveness of self managed funds will usually improve as the fund assets increase. As the fund balance increases, a greater proportion of assets may be directed to wholesale funds and direct assets such as shares and property for example.
4. Broad investment choice Self managed funds offer almost limitless investment choice. Compare that with your ordinary superannuation fund where investment choice is often limited to capital stable, balanced and growth options. Compared to your ordinary superannuation fund, a self managed fund allows you to invest in direct equities and property, a variety of overseas assets and alternative assets that might even include appropriate levels of artwork or antiques. Superannuation law does not prescribe the type of assets that a superannuation fund can and can’t invest in. Rather, it sets an investment framework that trustees
must adhere to in relation to the investment of fund assets. Importantly, however, all investments need to be made in accordance with the fund’s documented investment strategy.
5. Taxation efficiency It is the taxation efficiency of self managed funds that attract many, along with the ability to spread those benefits across family members within the fund. Some of the taxation benefits include: The ability to use imputation credits from shares paying fully franked dividends to substantially reduce the tax liability of the fund. Importantly, excess imputation credits can be refunded to the fund - a key point for funds with pension members A maximum of 10% tax on capital gains earned in the accumulation phase and no tax on capital gains made in the pension phase The ability to structure very tax-effective estate planning strategies that can include the payment of pensions upon death to beneficiaries including young children.
6. A long term retirement structure A self managed superannuation fund has the added advantage that it can also pay a pension from the same fund. Some ordinary superannuation funds do not allow income streams to be paid from the same fund - instead they need to transfer out to another fund that allows a pension to be paid. The ability to operate the same self managed fund through accumulation and into retirement and beyond really does make self managed funds an attractive longterm financial planning structure.
7. Estate planning opportunities For specifically tailored estate planning strategies, there are no superannuation funds that can match the flexibility that is possible within a self managed fund. As already mentioned, estate planning is a key component of family needs and self managed funds allow these needs to be specifically addressed. Whether it be the ability to pay a tax-free lump sum to a spouse, or a tax effective
9
pension to young children, self managed funds can provide the tailored flexibility that generally cannot be replicated in other superannuation vehicles.
8. Less onerous reporting requirements Self managed superannuation funds are subject to less onerous reporting obligations, such as member reporting and annual return deadlines. Due to the closely held and self-assessing nature of these funds, which are regulated by the Australian Tax Office, they are allowed various concessions through legislation designed specifically for self managed funds.
9. Be careful, you might even have fun! It is apparent that more and more people actually enjoy being in control as a trustee of their own self managed superannuation fund. Whether you are still working and accumulating super for retirement or you have retired, you have the option of getting as involved as you please. Some people enjoy getting involved with the day to day administration of the fund and certainly, for some, it can provide an enjoyable extra ‘hobby’ during their retirement years. The beauty is that the choice is yours. To find out if a self managed superannuation fund is the right option for you... Contact us today! Tel: + 61 8 9301 2631 Email: admin@inspiredmoney.com.au
About Inspired Money: With nothing mo re certain than the continual change in the world of finance, partnering with Conrad and the team at Inspired Money will ensure peace of mind for you and your family for any financial decisions now and in the future, we will inspire you to take action! Inspired Money ABN 98 354 038 802 is a Corporate Authorised Representative of Charter Financial Planning Limited Australian Financial Services Licensee, Licence Number 234665
“What is your true value?” For your real peace of mind, let Inspired Money help determine the most appropriate types and level of insurance to suit your circumstances.
Contact: Tel: + 61 8 9301 2631 | Fax: +61 8 9301 2696 Email: admin@inspiredmoney.com.au Address: Shop 2 Connolly SC, Country Club Blvd, Connolly WA 6027 Inspired Money ABN 98 354 038 802 is a Corporate Authorised Representative of Charter Financial Planning Limited Australian Financial Services Licensee, Licence Number 234665
10
Cosba update
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Death by Red Tape I have been traveling to the United States quite a bit recently and each time I visit I become increasingly aware of the sheer weight of regulation that their governments impose upon businesses. For example, since the GFC began, businesses are incapable of obtaining bank finance until they have operated for at least two years. How does a new business grow if it can’t access capital?! The bureaucrats in Washington seemingly don’t care... And then everyone wonders why the economic recovery is so slow! The longer I think about it however, the more I am coming to realise that the same thing has been happening in Australia for some time now. It may not have occurred to banking just yet, but it’s definitely there in most other areas. Every small business person will tell you that it’s never been harder to comply with all their legal obligations than it is today.
There’s BAS returns, payroll tax, every other tax, OH&S, 4000 pages of the Fair Work Act and, of course, all those pesky surveys from the ABS that waste everyone’s time - Just to name a few. When do small business people actually have time to run their businesses? And it’s not just the big ticket items either. Virtually every industry has its own specific stupid regulations. Did you know that it is illegal to release more than 50 party balloons at a time without a permit? Cafes can be closed down if they have cracked wall tiles in the kitchen. Electricians can be fined up to $5,000 if they submit routine paperwork a day late to Western Power… The list of nonsense is endless. The developed world is being choked by regulation. It is often said that governments should make laws for the 99%, not the 1%. Over-regulation is indicative of
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the failure of this creed. It is symptomatic of governments who would prefer to avoid negative media by dealing with the margins because the harm done to the majority is less emotively quantified. Take for example the licensing of travel agents. I am pretty sure most, if not all, Australian states still require it. Why? Because no politician wants to be seen as responsible when Mrs Kafups loses the deposit she saved up for years to go to Bali because some agent goes broke. They will still go broke when licensed but at least then the politicians can wash their hands of the problem. Whatever was wrong with the principle of caveat emptor (‘let the buyer beware’)? People and businesses always make dud deals. That is life. It is part of the risk of doing business; and quite frankly I don’t mind it, because those who are good small
The role of government is not to remove all risk. Government exists to enforce the rule of law and set basic standards to apply to all, not regulate for every minor circumstance that can be foreseen. The problem with removing all risk from the business environment is that it stymies creativity and innovation. And where there is no innovation, there are no productivity gains. And where there are no productivity gains, there is no increase in real wealth. The Barnett Government made an honourable stab at removing red tape when it came to office in 2008. A Red Tape Reduction Taskforce was formed and some positive recommendations were made. Sadly though, little action has followed since; probably because it’s all too hard politically without annoying some social services lobby group. It’s a shame. Written by: KYLE KUTASI www.cosba.net.au Combined Small Business Alliance of WA Inc.
How many advisors does a business really need?
Jarrad Brown It is often said that the fastest way to succeed is to learn from the mistakes and experiences of others. This statement, I believe, clearly illustrates the value of building a team of Advisers around you from different sectors. This should be done with a clear focus and strategy in place first. I do not think there is a specific number to the amount of advisers a business needs, but I do believe to succeed a business owner should outline a list of the key areas/gaps that are missing and work to plug these gaps as quickly as possible.
Key areas of focus would generally include; Finance, Marketing/Public Relations, Business Strategy, Reporting/Record Keeping, and Client Communications. With the right strategy in place first, a powerful team can be created which will in turn ultimately generate greater accountability for you as a business owner as well as clearer focus for you to focus on your area of expertise. Jarrad Brown is a Private Client Adviser with Patersons Securities Ltd. He has a First Class Honours degree in Finance from Curtin University. He has a strong passion for the community being awarded the Paul Harris Fellowship, Rotary’s most prestigious award as Director of Fundraising for the Mt Lawley Golf Club.
tor is essential in bridging the gap between our experience and innovation.
Gary De Rodriquez Each one of us who run an entrepreneurial enterprise requires mentoring or coaching at some points in our journey to success. We all have blind spots in which we require to reach beyond our own education and life experience to broader perspectives. We need to think outside our own box. An adviser/mentor who has traveled the journey to success before you, will often times have insights and innovation strategies you have not even considered. In the best of times an adviser will open doors to new methods of innovation and creativity. In down market times they become essential to shake us up out of our limited perspective and our fears to the opportunities that always exist with the right thinking and mind set. A minimum of one adviser/men-
Gary De Rodriguez is the CEO of People Rich USA, a Director of the Australasian College of Leadership and Coaching, and a Research Fellow of the Institute of Mind and Behavioural Sciences. Managing the USA office of People Rich, Gary works primarily between the USA and Asia Pacific offices. Recognized for his cutting edge leadership trainings and the ability to instill value and motivation in teams, Gary has focused his career upon the human aspects of organizational development with an emphasis upon the promotion of Conscious Capitalism, the importance of leadership, thinking and problem solving strategies, time management, entrepreneurial development, people intelligence education for HR, communication, and organizational investment in human equity. He can be reached at gary@peoplerich.com.
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Credit Management
11
Know who you’re dealing with - Searches to conduct before extending credit As a business owner, you will understand the commercial pressures to extend credit to clients. When extending credit, you should take steps to mitigate your risk and avoid bad debt. This article discusses some tips in assessing credit worthiness of new clients. Every business is different, and you should consult a credit professional to review your processes and documentation.
1. Your credit application Before extending credit to a new client, it’s important to have your prospective client complete an application for credit. You need to make sure that your application has all the details you need to make a decision on extending credit, including: 1. Entity name (company, trust or individual) 2. Business/trading name 3. ACN and ABN 4. Registered, trading and postal addresses 5. Contact details 6. Proprietor or director’s details (including dates of birth and residential addresses) 7. Trade references In the application for credit, include all your terms and conditions of sale as well as a director’s guarantee if appropriate. If you are extending credit for goods, it’s important to consider the implications of the Personal Properties Securities Act 2009 – contact a professional for advice on how this impacts you.
2. Review the application Once your customer has submitted an application, review the application and ensure all the details are correct. A simple way to verify the entity you’re dealing with is to perform an ABN lookup. This will tell you if your customer is an individual, partnership, corporation or trust. If the entity is a trust, make sure you obtain the name of the trustee on the credit application.
3. Conduct a credit check Once you’ve identified the entity, perform a credit check to ensure they have the capacity to pay. Credit reporting bureaus like Veda or CreditorWatch can provide you with a credit report on your client. If the applicant is a corporation, obtain an ASIC report to verify the details on the application for credit. You’ll be surprised at how much information you can obtain through these searches and reports.
4. Review Once you’ve extended credit, make sure you review the account at least every six months. Set up alerts on your client through your credit bureau to ensure they aren’t having any credit problems elsewhere. If you see any adverse listings, contact your client to discuss or consider changing them to a cash account. Blitz Credit Management Blitz Credit Management provides commercial and consumer debt collection and credit information services to businesses throughout Australia. Blitz Credit Management stands out from its competitors because of its focus on service and investment in technology. For more information, visit www.blitzcredit.com. au or call Matthew Walker, Business Development Manager, on (08) 6140 2585.
202939b BCM Ad.pdf
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28/08/12
If you would like to reach Perth Business Owners with your message contact Nifnex Advertising on 1300 643 639 Or Email: Nifnex@nifnex.com.au
Matthew Walker, Blitz Credit Management
4:21 PM
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12
Business Networking
Conversation starters at a Business Networking Event Do you start your conversations with “what do you do?” Frequently, people you meet in a networking environment will start their conversation with the question “so, what do you do?” The problem here is that asking this question as an opener suggests that you’re not interested in them as a person just whether their business or job will be helpful to you. ENGAGING – You’ve got to have questions to get the conversation flowing Sometimes you’ll say something to start a conversation and the other person replies, but doesn’t give you much to work with. By far the most classic example is when you ask someone how they’re going and they say “good” or “fine” and that’s all they say. Or you may ask them about the event you’re at and they’ll say “Yeah. It’s pretty good.” or “It’s alright”. Or you’ll make a comment and they’ll go “Yeah”. You just never know when this will happen. So it’s always good to be prepared to try again and say something else that may get the ball rolling. That’s why it’s a good idea to go into a networking environment with some questions up your sleeve that you can follow up with and recover the situation. Questions like:
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Media is not too confusing In today’s media you will be bombarded from all fronts on which medium you should be using to promote your business. New media professionals and enthusiasts will be telling you Facebook, Twitter, YouTube etc and at the same time the traditional media people executives will be telling you radio, television, magazines and newspapers are the way to go! Stop for a moment and picture your client and customers and see where they are consuming their news and content. It really is that easy and you can make an educated decision for yourself. If you are looking for a sub 30 year old market a new media campaign is going to be essential. If it is above this your focus should be both and any demographic over 45 years traditional media is still the king. You really don’t need to get too caught up with facts and figures of falling circulation and readership numbers. There is no doubt that traditional media is having its issues with growth in a new media world. The media houses that can find the solution to cater for both worlds will be the winners in this war. The reality though is that the demographic you were talking to yesterday is still there today. So there is no need to change dramatically your communications plan but in-
stead start thinking about the other opportunities ahead. Target your clients today and strategise for tomorrow which media world they will be in so you can communicate effectively and efficiently. The smart operators are already doing this and the even brighter ones are executing this strategy calmly and responsibly. My advice for any business is to have a nice mixture of both traditional and new media. Each legitimises and supports each media and marketing campaign for maximum effect. It is a bit like having a well-balanced diet. Too much of one thing is bad for you but a little bit of everything is good for you and your business. Nic Hayes is a 17 year media intelligence and PR veteran working all over Australia and the UK. Nic is the managing director of Australia’s first recognised online directory of media experts and opinions called Media Stable www.mediastable.com.au
• How was your journey here? • Have you travelled far to get here this evening? • What’s your connection to this group/event? This question can uncover mutual contacts and usually leads to a more robust answer than if you asked the typical Have you been to this event before? • How do you fit in here? • How do you know everyone else here this morning? • How long have you been a member of this organisation? or Are you a member? • How did you end up here today/this morning? • What brought you here today? This is a great question to ask to learn a little about a fellow attendee’s own goals at the event. • How do you find this whole networking thing? These are all simple, friendly questions you can ask to get the conversation rolling. They work because they’re easy to answer and they’re non-threatening. Referred to as “That Networking Guy” by many organizations, Ron Gibson provides in-depth networking training and coaching, focusing on business growth and development. Get Ron to speak at your next conference or sales meeting about how to bring in more business, more consistently and more often. Call Ron on 0413 420 538 or email gonetworking@iinet.net.au Looking for a full article on ‘Making the most of your business networking conversations’? Please email us on Nifnex@nifnex.com.au Subject: Ron Gibson
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MONEY MATTERS
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13
ACCELERATE YOUR BNI REVENUE CYCLE FOR Stockwatch BETTER CASH FLOW Brendan Mills Every business has a Revenue Cycle (RC) which is unique to their business and sometimes industry. It starts the moment a business makes contract with a prospective buyer through to completion of the transaction and payment received. It is crucial every business understands their RC, the steps involved and how long each step takes. Many businesses today make a profit but struggle with cash flow. What does a business normally do when cash is tight? The accounts team gets on the phone and chases their debtors to pay the money they owe. That is fine, but I argue there are numerous other strategies which could have been implemented beforehand which make positive difference to a business’s cash flow. A supermarket has one of the best RC’s. The buyer walks into a supermarket, gets what they need, there is very little interaction with the buyer, the supermarket doesn’t use many resources to service the buyer (expect checkout operators) and the buyer pays immediately. No debtors and the cycle takes anywhere between five minutes and one hour.
The other extreme is a builder. This requires significant interaction with the prospective buyer before they purchase, if they purchase at all. If the buyer decides to build there is significant time between commencement and completion (six months to over a year potentially). Builders usually receive progress payments from the buyer which helps cash flow but the time length and level of interaction required during the RC has a significant impact on cash flow and profitability. How do you improve your businesses RC? It involves three tasks, firstly identify the steps and interactions occurring in your RC. Your business may have multiple RC’s depending on the different products and services you offer. Secondly, quantify how long each step takes on average. A step could take 10 minutes (supermarket) or 10 weeks (builder). The last step is to get creative. A builder had a 122 day RC and asked his team to get to seven days, they said it was impossible. They brainstormed, came up with a plan and they were right, they couldn’t get to seven days but they got it down to 28! Here are some ideas to get you and your team moving: • How can we get buyer approval quicker? • How can we need to improve the quality of our leads? • Are we invoicing as soon as possible or can we invoice sooner? • What stops a job getting “finished”? • Have buyers make upfront, deposit or progress payments? • Can we improve our processes to reduce work-in-progress? • What section/s of the business slow down the RC? • Can processes be done “side-by-side”? Eg having multiple people working on a job to finish it quicker. • Can we standardise processes to reduce repetitive road blocks or enhance existing processes? There is no finish line or silver bullet when it comes to RC improvement, it should be a constant focus in your business. Get buy in from your entire organisation and you will see the cash flow grow!
BNI StockWatch is a unique event that has been running since May this year, successfully connecting the like-minded business leaders of Perth with ASX-listed junior companies. Each month an event is held with an ASX-listed company presenting to the group, ranging from Renewable Energy Companies, Oil Explorers, Education Services Providers to Gold explorers and producers. Past presentations have included presentations from Managing Directors of Algae.Tec Limited (AEB), Segue Resources (SEG) and Matsa Resources (MAT).
Most recently, at last month’s event, we heard from Pura Vida Energy (PVD), a Perth-based African-focused junior oil explorer. PVD currently has an interest in acreage known as the Mazagan Offshore Area with exploration potential off the Atlantic coast of Morocco. The company first listed on the ASX on 14th February 2012 at 20 cents and is currently trading at 70 cents. Illustrated below is the 12-month price chart for PVD. The company is currently working on its farm-out agreements and securing funding for their drill program which will take place in late-2013. The next event will be held at 5:30pm on Tuesday 16th November and we will hear from another inspiring Perth-based ASX-listed company. BNI StockWatch is suitable for business owners and key decision makers who would like to increase their business networks as well as hearing inspiring stories of Perth-based, ASX-listed companies. More recently the event is being sponsored by, and held at the NKH Capital offices in Subiaco. BNI StockWatch is organised by Jarrad Brown, Private Client Adviser with Patersons Securities. Jarrad specialises in providing investment advice and portfolio management services in areas of self-managed superannuation, shares, fixed interest, derivatives and capital raising. If you would like to hear more about the upcoming events, or ask a question, please contact Jarrad Brown on (08) 9225 2863 or email at Jbrown@psl.com.au
Brendan Mills is a CPA with 10 years’ of experience working with small, medium size businesses helping them improve their performance. He believes the skills required to understand and benefit from financial information are learnable for every business owner and his vision is to share this knowledge with the business world. http://www.cfodynamics.com/
WANT TO IMPROVE EFFICIENCY, PROFITABILITY AND CASHFLOW IN YOUR BUSINESS? Book your complimentary consultation today to make this happen in your business by calling or visiting our website.
1300 429 146
www.cfodynamics.com.au
14
Online and Social Media
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Would the new Linkedin Endorsement feature generate more leads for you? noise. Once again it is not about numbers – it is not about how many endorsements you have, it is about authentic ones. Sadly the viewer cannot distinguish between them but a inauthentic recommendation stands out a mile or ends up being too vague and both can damage your reputation or will turn people away.
Jo Saunders LinkedIn Endorsements make it easy for your network to give you the tick of approval for your skills. It is much easier than giving a recommendation and requiring less thought – is it lazy or just super informal? Endorsing alone will not bring more leads, having an authentic and complete profile coupled with an active presence will do this. By active I mean that you contribute to groups, help others, add value, and share information on a regular basis as a minimum.
Endorse with authenticity. About Jo Saunders Jo has seen social media become an essential business relationship and marketing tool and her passion is helping businesses use these tools effectively. She brings over 20 years’ experience in event management, marketing and graphic design to her social media marketing solutions, from planning, execution, training and management. She is speaking at National Speakers (NSAA) on the topic of LinkedIn next month about how it can be used to link, leverage and ignite your brand.
Be sure you only accept authentic endorsements and accurate recommendations, otherwise it is just
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Peter Taliangis The new Linkedin Endorsement Feature is definitely an interesting addition to the Linkedin platform. People already have the ability to recommend someone generally and this is a valuable extension of that. I believe it is another way to highlight your skills and will definitely help you win more recognition and more business in the future. With almost 3,500 connections I am sure I will get lots of endorsements that will definitely help me. About Peter Taliangis Peter Taliangis is a professional real estate sales representative working with Realty One. Peter is a veteran of sales and marketing with over 20+ years experience and holds a Master of Business Administration MBA, Post Graduate Marketing and a Bachelor of Business. For more information about Peter view www.petertaliangis.com or www. linkedin.com/in/petertaliangis or http://www.realtyone. com.au/agent.asp?aid=8182
What Google Apps Does For You come from the emancipation of your staff from the office desktop, giving them the tools to be more efficient, more productive and more collaborative with colleagues, partners and clients regardless of location and equipment
Get it done
Tony Benson Cloud Services are not so much the elephant in the room as a 3D television; you know you are going to get one sooner or later. Businesses across Australia, both large and small, are already leveraging these services to offer new products, increase market reach, streamline customer interactions and to reduce business costs. The Forrester Research Group have reported that cloud based productivity tools, like Google Apps for Enterprise, offer ROIs of 300% and payback periods of as little as seven months. Google Apps for Enterprise is a collection of web based productivity software including Gmail, Google Calendar, a spreadsheet, word processor , instant messaging and voice/video calling. As a collection, these Services offer a compelling successor to the traditional pc-based model that has been with us since the mid 1990s Some of those savings are the ‘back office’ kind that keeps your IT manager awake at night but the real benefits
With a 25GB mailbox size limit, employees no longer have to concern themselves with mailbox management and quotas. Combined with powerful search tools, your staff no longer need to spend that first 10 minutes of the day waiting for their email to open, or that 5 minutes to find that email from Bob from a couple of weeks ago Rather than playing email ping pong with your clients, Google Calendar will allow you to present a view of your diary online to anyone. Your clients can see when you are available and be directly empowered to book an appointment slot that most suits them.
Email is not the only way We have all sent an email, of which Oscar Wilde would be proud, only for the recipient to completely blank your literary genius. Intonation, inflection, facial expression allow a business relationship to flourish much more readily. Google Talk and Hangouts allow you to make voice calls, 1-1 video chats and multi-way video conversations with only basic hardware requirements.
Create Documents more efficiently, Collaborate on these Documents Quicker Ask around your office and I am sure one of your colleagues will dread the company report time of year.
Call Peter today on
0431 417 345 Peter Taliangis
Ask Peter about his Special Residential Selling Rates for all Nifnex Review readers who mention this ad and how referring a friend can earn you a $500 referral WA Club Members fee or a $500 donation to your favourite charity or church or school group* *Conditions Apply * Office 9313 9100
Email peter.t@realtyone.com.au
Using Google Drive, documents can be created, shared, edited by colleagues, partners or customers in Real-Time via the browser. Turn around times for documents, correspondence, reports may be reduced from weeks to hours. Being stored in the Cloud, no need to worry about backups or who has the latest version, you are always working on the latest version.
Be Discovered, Make Connections Google Australia reports that mobile smartphones searches will overtake desktop computer searches during 2013. Google+ and Google Sites gives you that online presence to ensure that when those searches are made your Business is returned. An online presence that can be extended to live streams of content directly to YouTube for truly massive exposure.
Get Mobile Google Apps is expressly designed not to oblige the use of a certain device or platform, it can accessed using any modern browser on smartphones, iPads, iPhones, Tablets, Macs, Laptops or Desktops. By being platform and device agnostic, Google Apps allows you to get out of the office more, flexi-time working and BYOD (Bring Your Own Device) schemes become more achievable. Embracing Google’s Productivity empowers more dynamic relations amongst colleagues and between partners allowing the business to engage clients and customers more flexibly, efficiently and effectively. Ready to take the next step? Want to find out more? Contact Tony at becloudsmart
Sales & Marketing Property Professional for Perth
Mobile 0431 417 345
All those different document versions stored on different machines, unsure as who has made what change, to which section, present a logistical and time consuming headache for many.
Tony has worked as an officially certified Google Apps Consultant for several years advising well known International Businesses as they take their first steps on the Cloud Computing journey. Now permanently based in Perth, he is offering those skills and knowledge to fellow Perth based SMEs wanting to make the most of their Cloud Investment.
Serviced Office
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Office 2.0: flexible, productive and cost efficient Thanks to technology, our ability to work anywhere and anytime is greater today than at any time in the history of mankind. So what does this mean for commercial real estate, and to the businesses that occupy its space? A recent study conducted by Regus, the world’s leading provider of flexible workspace, has revealed a positive connection between flex-work and improved productivity and revenue generation. The research polled 16,000 business leaders globally, including over 400 here in Australia, and found a huge shift in how people are working. For example, here in Western Australia: • 69% of respondents declare that they work more on the move than they used to. • 62% of respondents say that workers in their company feel healthier thanks to flexible working. • 95% of respondents expect a surge in the number of people that go part-time at some point in their career path. • Globally, small businesses have embraced flexible working more readily than large with 81% of workers saying that their company works more flexibly than it used to compared with 67% of large business workers. For the managers who run their companies operations, the benefits of clear. If people no longer need to work at a fixed desk in a fixed office, they no longer need to commute through urban traffic to a central business district. With the right technology and connectivity, they can work wherever it suits them. The development of cloud computing will make this way of working easier and more affordable than ever before. Occupiers, and especially SMEs, are now exploring a ‘pay-as-you go’ workspace approach, one that enables them to be as flexible as possible in how they approach their real estate requirements. Jacqueline Lehmann, Country Head of Australia for Regus comments: “With the Australian Productivity Commission highlighting the importance of adopting flexible working practices to close the productivity gap between Australia and other countries, there is an undeniable business case for flexible working and the positive impact this has on company performance and revenue.” “As workforce expectations and demands continue to evolve, flexible work is becoming an attractive option for workers looking to achieve a better balance between work life
Do friends make better business partners? question of a friend as a business partner.
Christine Sutherland,
CEO The Lifeworks Group and life. With the rapid developments in technology and network improvements helping to drive this demand, flexible working is now emerging as the norm rather than the exception.” The move to flexible work has fuelled much of Regus’ growth in Australia. The company offers a full suite of workspace options to facilitate flex-work: from fully equipped offices to professional meeting rooms, business lounges and the world’s largest network of video communication studios. All space can be occupied from as small a timescale as one hour. Every day, over 1 million customers a day are working across Regus’ global network. The increasing global trend for flexible options seen Regus enter into a number of deals to expand into new ‘Third Places’ since the start of 2012. The company will open new flexible business spaces in railways stations in partnership with the national railways of France and The Netherlands, and Regus is also opening new locations in petrol stations in France with Shell as well as with independent operators in the UK. Here in Perth, Regus has three locations in the CBD: St Martins Tower, Forrest Centre and 267 St Georges’ Terrace. With a range of configurations to suit any sized organisation and options to facilitate a ‘pay as you go’ approach, Perth businesses are increasingly using Regus’ presence to embed flexibility and agility into how they do business. As Lehmann says: “The traditional one-person-one-desk approach calculates real estate costs according to rents per sqm or sqf. But this doesn’t quantify the benefits of flexible working. It doesn’t measure the benefits of a happier workforce; of lower churn; of a reduced carbon footprint; of access to a wider talent pool.” Regus Perth in figures: 3 prestigious office locations Selection meeting rooms/training rooms / video-conferencing suites Catering to multi-national, local and SME/ start-up customers Available by the day,week, month or yearprices from $59 per month. Tel:1800 983 843 URL:www.regus.com.au
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It’s very rare to see a seamlessly collegial and effective partnership in business, so for that reason I usually advise people to avoid partnerships and to contract expertise instead. However on the premise that diligent analysis has indicated that partnership is the preferred business model, and on the premise that operational and other matters have been agreed upon and an appropriate contract to those matters is in place, we can now turn to the basic
Cherie Stokic; Business Coach, ActionCOACH
Friends don’t always make good business partners. You have to accept that there’s a good chance the friendship won’t last. About half of all start-ups today are organised among friends, family members or spouses. While the security of having a “buddy” makes starting a new business less daunting, the breakdown of a business partnership can cause stress and anxiety and often results in the destruction of a business and friendship. Business partnerships break down when one partner feels they are putting in more time or money than the other, or the partners have a different approach to business growth and vision and goals for the business. In a business partnership with friends, expectations of one another can be a great deal higher. Friends count on their business partners to be supportive when family obligations interferes with business deadlines. Friends can also expect their business partners to defend their actions in the workplace. When our friends let us down, resentments can simmer having a negative effect on the business. Not every partnership between friends falls apart. If you are going into a business partnership with a friend, it is vital to do things
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c i t a t s g n i s u s k Stic ! S D N O C E S N
The main benefit is probably the degree to which shared values, goals, and philosophies are known. The primary risk is possibly the loss of the friendship, since there’s a big difference between getting along on a social basis, and getting along when the stress hits the fan. It comes down to how well you know one another, how compatible you are, and how you behave when the going gets tough. About Christine Sutherland Christine is an entrepreneur with a 39-year background in senior roles in the clinical and corporate sectors and is the founder of Speed Business Networking. Visit the website to download free copy of ‘The New Rich’ http://www.2-percenters.com/ right! Before you start, complete a detailed business plan with specifics on ownership, roles and responsibilities. Also, include a succession plan clearly outlining the plan should the business be split up. Two principles to make it work – over communicate and know when to turn on and off business and friendship. It is important to contact a business coach as they can set you on the right path and keep you on track towards your goals. About Cherie Stokic Cherie is a Licensed Action Business Coach and has studied under leading Australian Entrepreneur Brad Sugars and the world renowned ActionCOACH business improvement program and advocates its countless successful strategies. Cherie has a national and international corporate background working in a vast variety of industries including Hospitality, Mining, Resources, Legal, Fisheries, Manufacturing, Hair and Beauty and Oil and Gas. She is also a motivational speaker and has facilitated countless workshops and seminars. Cherie also owns two businesses in the manufacturing industry and the hair and beauty industry as investments, creating the opportunity to work on the business instead of in the business which contributed to their growth and expansion. Having studied Business at Edith Cowan University, Economics at The University of Western Australia and Applied Finance at Macquarie University, NSW, Cherie has been able to apply her education and experience to help her clients achieve their goals and is determined to get results. cheriestokic@actioncoach.com
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