ABF Bulletin 2017 April Issue by Australian Business Forum

VOL. 3 Issue 2

BUSINESSFORUM

Bulletin

Australian

Australiaâ&#x20AC;&#x2122;s Jack in the box Overseas opportunities for your small business B2B the way forward for many small businesses of tomorrow

5 tips to deliver memorable Online customer experiences on a small budget

Keep the cash flowing: three ways to Reduce the risk of not getting paid

Australia China BusinessWeek 2017 China Digital Conference 2017

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ABF BULLETIN FEB/MAR ISSUE

ABF BULLETIN

Chairman ABF Group Ray Evans

Director China Operations Simon You

Business Affairs Director

CONTENTS

Robert Russi

Director Events & Partnerships

Australiaâ&#x20AC;&#x2122;s Jack in the box

B2B the way forward for many small businesses of tomorrow

Overseas opportunities for your small business

Australia China BusinessWeek 2017

Tina Le

Business Development Manager Michael Courtenay

Digital Creative Manager Rochelle Wang

Web Developer Bao Luong

Understanding the Chinese Consumer

2 4 ways to set up an online presence that really delivers

4 Want to GROW your business?

How Cashflow Solutions will transform your Budget!

5 tips to deliver memorable Online customer experiences on a small budget

Rotash shrestha

Business Affairs/EA Yumita

2 Keep the cash flowing:

Graphic Designer

three ways to Reduce the risk of not getting paid!

6 Why it pays to get employees to check Their super

International Director Annie Zhou

www.ABF.Events + 61 3 8689 9898 info@abf.events

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AUSTRALIA’S JACK IN THE BOX

A By Tom Parker MD, Bastion S+GO

centrally planned economy under the control of the Communist Party that allows market forces to exist with Chinese characteristics. The internet without Facebook. Makeshift migrant workers dormitories next to six star hotels. Even Maoism, an ideology that unified China claims that contradiction is present in all things and allows all objects to exist. Alibaba, an e-commerce eco-system was created among these contradictions and its founder Jack Ma has become the face of modern China that celebrates entrepreneurship and encourages consumerism.

“INCREDIBLE TO THINK THAT A FORMER TOUR GUIDE, AND ENGLISH TEACHER, WHO WAS SHOWN THE WORLD THROUGH THE EYES OF AN AUSTRALIAN SOCIALIST NOW RUNS A COMPANY THE SIZE OF A MEMBER COUNTRY OF THE G20” Jack is charismatic demigod, revered by Presidents, CEOs and students, he is comfortable talking with celebrities and business leaders in flawless English interspersed with Yoda like words of wisdom.

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Jack spent Chinese New Year in Australia, holidaying in Tasmania, donating $20million to set up a bursary at Newcastle University and opening Alibaba’s regional office in Melbourne. The link between Australia and Jack Ma is strong, “this is the country I love most outside of China. This is the country that inspired me.” The inspiration came from Ken Morley and his family, who visited Hangzhou in 1980 as part of an Australia China Friendship Society tour of China. Ken was a committed socialist, a son of a miner and seamstress, and member of the Community Party of Australia whose son David connected with a local boy Jack, who was keen to practice his English by the side of West Lake. Upon the families return to Australia, a pen pal relationship was established but it was Ken who helped Jack with his constant pursuit of self-betterment inviting him to stay with the family in Newcastle in 1985. Before arriving in Australia, a 19 year old, university student, Jack had “thought China was the richest, happiest country in the world” but “after this trip” he realised China needed to change and that you needed to use your own mind to judge and to think. The contradiction that an Australian socialist

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helped shape and unlock the potential of China’s greatest capitalists, reflects the need for Australian business to avoid seeking to find comfort in binary opposition and embrace contradictions when engaging with the China market. Jack Ma’s speech to the Melbourne audience was insightful for providing context and direction to President Xi Jinping’s poetic Davos address, where he likened the recent retreat from globalisation to hiding in a cupboard, avoiding the wind and the rain but also missing out on the sunshine. Alibaba has been enjoying the sunshine, and Jack indicated that globalisation, as witnessed by the triumvirate of Trump, Brexit and the rebirth of One Nation is suffering growing pains, suggesting that we need a new model for globalisation 2.0 that is more inclusive – not leaving anyone behind. According to President Trump in his inauguration address, globalisation threw up another contradiction with the wealth of America’s middle class being “ripped from their homes and then redistributed all across the world”. Jack Ma’s solution was to ensure that his concept of globalisation should be more inclusive, a win-win outcome rather than a designated winner and loser. He shared

”

THIS IS THE COUNTRY I LOVE MOST OUTSIDE OF CHINA. THIS IS THE COUNTRY THAT INSPIRED ME.

Alibaba’s approach to management, where he indicated women were the “secret sauce” of his business comprising 48% of all staff including 34% in senior management. Alibaba has a female CEO, COO, and Chief People Officer, and he believes “women make a world of difference” and the “user friendliness is the key to success and women do better at that.” Jack believes women, people under 30 and SME’s are the future of globalisation, and in GDP terms, Alibaba is the 21st largest economy globally. Incredible to think that a former tour guide, and English teacher, who was shown the world through the eyes of an Australian socialist now runs a company the size of a member country of the G20 and is promoting a new form of globalisation – perhaps Mao was foretelling the future when contractions were everywhere and allowed everything to exist – including Jack Ma. Tom Parker attended the opening of the Australia & New Zealand office as a guest of Alibaba. WWW.ABF.EVENTS

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OVERSEAS OPPORTUNITIES FOR YOUR SMALL BUSINESS

hina’s rising middle class and increasing levels of disposable income flowing through its economy are driving new levels of online sales and savvy Australian businesses are preparing strategies to capitalise on this.

Traditionally, tariffs on imports have hampered efforts of Australian exporters trying to break into foreign markets. But with Australia’s recent free trade agreements with China, Korea and Japan, these price barriers are starting to break down.

Australian products are often in high demand across Asia due to their authenticity, high quality and the market’s positive perception of Australian brands and producers. As the market grows and new technologies improve the channels available for Australian brands to connect with Chinese customers, it seems as though there has never been a better time for Aussie retailers to make international eCommerce plans.

It may come as no surprise that the ChinaAustralia Free Trade Agreement (ChAFTA) which came into force on 20 December 2015 has the potential to unlock significant opportunities for Australian industries, especially considering that China is Australia’s largest export market for both goods and services. Further, the China region is a growing source of foreign investment in Australia.

Key markets While traditional markets such as North America and Europe are still lucrative for online sellers, the size of the Asia Pacific online retail market is growing rapidly. According to a forecast from research and advisory firm Forrester in 2016, the Asia Pacific eCommerce market will reach US$1.4 trillion by 2020; the size of this market will nearly double within only a few years from its current size of over US$733 billion. The rate of growth is extreme and the number of potential new customers for businesses operating in this space is undeniably large.

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But cost to market isn’t the only barrier that Australian retailers face. There are also the nitty gritty details of international logistics and marketing to this new customer audience. Reaching customers When deciding to set up an eCommerce business for the Chinese market, many business-owners may find that translating an online store into several different languages and relying on organic reach is a costly and difficult way to access foreign markets. Instead, more Australian businesses are gaining access to millions of customers in foreign markets through online marketplaces

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that are already operating in these regions with existing audiences and relevant technological infrastructure. While eBay is possibly one of the most popular selling platforms in countries such as the USA and Australia, it’s a different story in many Asian countries which have their own localised versions of the online marketplace. These marketplaces are often specific to one national context and as a result are extremely successful. For most Australian businesses, managing accounts on several different marketplaces in several different languages is simply out of the question. The time and cost to keep up-to-date with the work involved is overwhelming for many, so it makes sense for business owners to find partners to help them access those markets. Getting into China When it comes to selling products to Chinese consumers online, Tmall is a good option. This online B2C marketplace is owned by Alibaba Group which was listed by research group Kantar as the second most valuable global retail brand in 2016—the group had a brand value of US$49.30 billion, only ranking it behind Amazon which was ranked at the top of a list of 25 retail groups with a value of US$99 billion. Tmall itself is one of the Alibaba Group’s most successful ventures; in 2014 the marketplace held just over 61% of the market share of China’s B2C online shopping websites. Further, in 2016 Tmall’s global product categories grew by 50% to 3,700 shopping categories with more than 14,500 international brands from 63 countries and regions now available for purchase via the platform. Health, beauty, and wellness products from Australia and New Zealand are particularly popular on the eCommerce site. SWISSE vitamins and supplements from Australia, and Manuka honey products from New Zealand are amongst some of the site’s biggest sellers. Some large Australian businesses such as Thursday Plantation, A2, and others are already selling products directly into China via Australia Post’s Tmall managed store.

eBay made easy Whether they are in Shanghai, Sydney or Seattle, eBay is always a great place to find online customers around the world. With approximately 165 million users, the site hosted around a billion listings totalling US$19 billion worth of transactions during Q3 of 2016 alone. eBay is a vital market place for any retailer. For local retailers with an interest in selling online via eBay, Australia Post offers flat rates on parcels up to 5kg, so they are able to provide standardised shipping costs for their customers as well as being able to better project their business’ operating costs. These eCommerce traders can also print labels from within their eBay accounts, so they can simply drop their parcels in any street posting box around Australia or at a Post Office. There are also discounts available for eBay users that send more than five parcels per week. Finding partners Most small business owners would likely prefer to spend more time developing and producing their products, than dealing with eCommerce platforms and logistics. For Australian online retailers looking for an end-to-end solution to access overseas markets, Australia Post can help to nurture business growth by finding customers and managing online sales. Visit auspost.com.au/smallbusiness to find out how Australia Post could help your business sell overseas.

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WHEN DECIDING TO SET UP AN E-COMMERCE BUSINESS FOR THE CHINESE MARKET, MANY BUSINESS-OWNERS MAY FIND THAT TRANSLATING AN ONLINE STORE INTO SEVERAL DIFFERENT LANGUAGES AND RELYING ON ORGANIC REACH IS A COSTLY AND DIFFICULT WAY TO ACCESS FOREIGN MARKETS.

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B2B THE WAY FORWARD FOR MANY SMALL BUSINESSES OF TOMORROW

of the Business Bank at Westpac, David Lindberg, told the Businesses of Tomorrow roundtable held in Sydney.

In many cases, this means collaboration with larger organisations that have the advantages of size, scale and customer base.

CHAIN OF INNOVATION

he public perception of the start-up companies beavering away at becoming the businesses of tomorrow is that they are designing and testing and perfecting the better mousetrap that will deliver them a potentially global consumer success – when they are probably more likely to be working on their place in the business ecosystem.

The 2016 Businesses of Tomorrow Report, commissioned by Westpac and conducted by Deloitte Access Economics, found that Australian businesses were realising that

B2C BUSINESSES ARE VERY DIFFICULT. B2B IS PROBABLY EASIER IN SOME RESPECTS BUT YOU NEED TO HAVE A CERTAIN SENSE OF MATURITY IN ORDER TO DO THAT. success was not just about beating other businesses – sometimes, it was about working with other businesses, collaborating and creating shared value. This reflects the fact that in true collaboration some bring the ideas, some bring the experience, some bring the capital and some bring the market reach to provide the test-bed. Where many people might assume the target for start-ups is a business-to-consumer (B2C) thrust, it is more likely to find a business-tobusiness (B2B) fit. When you look at where the real growth is coming from in our economy it is in small business. “Where is it coming in small business? It’s in the B2B space,” chief executive

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“More and more we’re seeing this B2B relationship, where a smaller company comes up with the capability and then partners with a bigger company that introduces that capability to their existing customers,” says Lindberg.

Andrew Purchas, head of innovation and collaboration at Sydney fintech hub Stone & Chalk, sees this shift in thinking. “What we’re seeing is that there’s been a fundamental change probably over the last 12 to 18 months to where it’s now actually less about disruption in the financial services sector and more providing services to the existing financial services players,” he says. “B2C businesses are very difficult. B2B is probably easier in some respects but you need to have a certain sense of maturity in order to do that.” In big companies, says Lindberg, it is “very rare” that the kinds of people who identify the problems are the same people who will then solve the problem. “What we’re finding is there might be someone with a great idea to solve a problem, and almost always what they lack is one ingredient, customers. We’ve got lots of

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If you “follow the chain of innovation”, he says, you see growth in B2B relationships, and growth in SMEs (small-to-medium-sized enterprises). Purchas agrees that this collaboration is the way of the future, but says this does not happen organically – there is still a lot of work to do on “fundamental cultural issues” that crop up between large businesses and smaller ones. “We’re seeing too often that [Stone & Chalk’s corporate partners] are fundamentally ill-equipped to be dealing with our start-up community. They don’t have the ability to be able to make a decision [to engage on a pilot program with a start-up] – the procurement areas, the legal areas, the risk areas are still operating in a mindset which is completely different to what is actually required.

CULTURAL ISSUES “If the corporates think they’re dealing with a Microsoft or a Cisco, and treat the startup partners like that, then they’ll kill them. If they’ve got a 70-page master services agreement even before they do anything it just won’t work. There are fundamental cultural issues in how people are incentivised, what their risk tolerance is, how apt is the business to allow failure, and those things need to be fundamentally addressed if corporates want to take advantage of this externally developed technology [that the start-ups can provide],” he says.

THE MAJORITY OF THE VALUE A SMALL BUSINESS IS GOING TO GET IS THROUGH SOURCING REVENUE FROM BIG BUSINESSES,

Andy Vesey, chief executive officer of AGL, agrees that there is “a lot of work to be done” in mutually training big businesses and little businesses on how to work better with each other. “The majority of the value a small business is going to get is through sourcing revenue from big businesses, so one of the things we have to do to support big businesses and little businesses is teach them about each other,” says Vesey.

“Big businesses have to realise that you can’t send a little business five lawyers, long documents and procurement processes. And small businesses have to realise that bigger businesses have processes, you can’t just say on a handshake with a senior person, ‘let’s go do this.’ “Small businesses have to realise that large businesses have processes: it takes longer, but once a process is in place that’s where the gold comes to a little business. They just need to understand how to interact and do business with big businesses, and we’ve got to teach them that.”

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AUSTRALIA CHINA BUSINESSWEEK 2017

ustralia China BusinessWeek 2017 (ACBW), will be presented in Australiaâ&#x20AC;&#x2122;s major eastern cities; Melbourne-September, Adelaide,-October and Sydney-November. Now in its tenth year, ACBW is the major annual Sino-Australia business forum series, ACBW brings together heads of industry, business owners, government agencies and thought

ARE YOU READY FOR A CHINESE PARTNER ? ENGAGE WITH CHINESE BUSINESS, DEVELOP YOUR CHINA STRATEGY leaders from across the Australia-China business sector. ACBW provides a forum for businesses that are already engaged, or are looking to commence their journey into the expansive China market.

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Australian businesses now need to consider the paths to successfully connect in China. Previously, the ACBW forums have welcomed high-profile speakers to address the ACBW Keynote Luncheon; the highlight function of each event. ACBW attendees have heard from The Hon. Malcolm Turnbull MP, Prime Minister of Australia, The Hon. Daniel Andrews MP, Premier of Victoria andThe Hon. Philip Dalidakis MP, Minister for Small Business, Innovation and Trade.

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Expert speakers, entrepreneurs and industry leaders will present at ACBW 2017 across a diverse range of critical topics, including Health, Agribusiness, Tourism, Financial Services, Property and “Are you ready for a Chinese partner”. ACBW 2017 hosts a number of networking events including the Path-

ways to China Forum, Chinese Forum (presented in Mandarin), Mix at Six Networking Function, Business Matching Sessions and the ACBW Keynote Luncheon.

This year the China Digital Conference will also be presented as part of the two day forum programme in both Melbourne and Sydney. Moderator Mark Tanner founder of China Skinny Shanghai will again lead over thirty digital experts from Australia, China and Asia. With the many opportunities now available for SMEs to engage with China via cross border e-commerce platforms,

China Digital Conference is an excellent platform and starting point. Australia China BusinessWeek 2017 will also travel to China in September for the sixth year, with forums networking and business matching sessions in Fuzhou, Xiamen and Nanking. ABF invites interested parties who wish to partner with ACBW 2017 to contact Tina Le Director of ABF Events & Partnerships tina.le@abforum.com. au or visit www.ACBWChina.com.au REGISTER NOW AT ABF.EVENTS

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Understanding the Chinese Consumer

arketers need to understand that the difference between the China and Australia markets is not only about the “Great Firewall” and language barriers, but more importantly, the consumer motivations and behaviours. In other words, why do they buy? One important fact is the Chinese government’s implementation of the one-child policy in 1979. Demographers estimate that the policy averted at least 200 million births between 1979 and 2009. From an online marketing perspective, it is important to recognize that the majority of China’s online consumers between ages 20 to 40 are from those only-child families. For the parents and grandparents (post-50s) of the ‘one-child’ children, having lived through The Great Leap Forward and Cultural Revolution, they consider it an imperative to improve the conditions and experience for their children. Similar to parents in post-WWII America and Europe who wanted their children to benefit from the rising global economy in the 1950s and 1960s, consumption behaviour of China’s parents reflect their desire to enhance the lives of their children, and subsequently their own lives, by providing products and opportunities that they may, in the past, have been denied.

WHAT DOES THIS MEAN TO MARKETERS? The 20 to 40 age group presents is a huge market and, unlike their elders, they are more willing to try new things, to indulge in luxury goods, are more brand conscious and more receptive to foreign ideas. The older generation are hesitant to spend money on themselves, but are more compelled to buy for the benefit of

their child/grandchild. One way to reach China’s older generation, one could argue, and as many local companies and increasingly more foreign enterprises are beginning to realise, may be by appealing to the Confucian values of respect for family elders; adopting an indirect marketing strategy.

Today, spending within the Chinese family is bottlenecked; ‘Post-50s’ are more financially secure, generating more disposable income, and allocating these funds directly to support their only-child or grandchild. It is important for Australian marketers to understand this social phenomenon in order to create more effective marketing campaigns to target their relevant audience. For more information please visit: www.abf.events

Benjamin Sun Co-Founder & Director Think China

MELBOURNE

ENGAGE WITH CHINESE INVESTORS REFINE YOUR CHINA STRATEGY September 2017, Crown Melbourne Australia China BusinessWeek 2016 Melbourne 27 July 2016, Crown Palladium

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T: 03 8689 9898

E: info@abf.events

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FIVE TIPS TO DELIVER MEMORABLE ONLINE CUSTOMER EXPERIENCES ON A SMALL BUDGET

mall businesses are moving online with huge expectations, in fact a recent survey by GoDaddy and Redshift Research found that 79% of businesses planning to build a website, project their businesses to grow by 10-50% in the next 3-5 years. But a website alone is not going to deliver this kind of growth, great products and great customer service is crucial to the success of any business, regardless of size. Maintaining a personal touch, exceeding customer expectations, offering expertise and anticipating the needs of your customers are all key to creating a memorable experience. Yet it can be challenging to deliver all this as a small business owner. Here are some tips on how you can create more memorable customer experiences without breaking the bank:

MAKE YOUR WEBSITE USER FRIENDLY

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TURNING CRITICS INTO FANS AND EXCEEDING CUSTOMER EXPECTATIONS

Make your website easy for customers to navigate and include detailed descriptions of your products and services using tools like GoDaddy’s Website Builder. Your site should also include a thorough frequently asked questions (FAQ) section which should be easy to find. By anticipating the types of questions your customers might have and offering the answers up front, you can help make a positive first impression. Customers should be able to easily find your contact information, including phone number and email address, and your brick and mortar store address on your website.

ENGAGE AND SEEK PROACTIVE FEEDBACK Contact your customers via phone, email, or regular mail to follow up and request feedback. When a customer buys your product, you may want to email them a few weeks later to check how it is – not to ask them to buy more, but to simply see if anything needs improvement. By taking a proactive approach, you can quickly resolve issues, help build long-term customer relationships, and work to improve your customer’s experience overall. 16

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BE SOCIAL

REWARD LOYALTY

Investing in a social media presence should be part of a successful, holistic digital strategy. Choose social media channels you think will be meaningful with your customers. Make sure your social media channels are visible to your customers from your website. This means clear links to your Facebook and Twitter pages on your website (in both Contact Us and sidebars), on your business cards and in your stores.

Happy customers are loyal customers, and a little can go a long way. Designing loyalty schemes and programs that provide incentives, specials and discounts may help solidify your bond with repeat customers, and foster stronger relationships.

LISTEN But it doesn’t stop there – you need to make sure you are active listener and visible across your social media properties! Proactively respond to customer enquiries, feedback and requests on your social media properties. Pay close attention when someone talks about your business in a blog post, online review or on social media. Don’t shy away from addressing negative criticism or complaints – sometimes an important way to build a customer’s trust in your business is by showing publicly how you treat your other customers.

HAPPY CUSTOMERS ARE LOYAL CUSTOMERS, AND A LITTLE CAN GO A LONG WAY.

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A website is more than a good idea. It’s good business. WWW.ABF.EVENTS

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Final Desitination for high quality pragmatic education - Melbourne Polytechnic F

ounded in early 1910 as the Collingwood Technical School, the institute responded to the paucity of technical education in Victoria at that time. Since then, we have celebrated a successful history becoming Melbourne Polytechnic in 2014, with CEO Rob Wood recognising the vital role innovation plays within education. Melbourne Polytechnic is one of the largest providers of higher education and vocational training in Victoria today, delivering over 300 nationally recognised qualifications across six vibrant campuses.

We stand passionately at this critical intersection between the knowledge economy and innovation. Our Bachelor of Business is one of our many industry-focussed business

WE STAND PASSIONATELY AT THIS CRITICAL INTERSECTION BETWEEN THE KNOWLEDGE ECONOMY AND INNOVATION.â&#x20AC;?

Melbourne Polytechnic enjoys a reputation for providing high quality pragmatic education within Industry and engagement with the community. Our Centre of Applied Innovation, led by David E. Martin, recognises the nexus between patent technologies and the needs of industry, in order to address the future of education. The aim of the centre is to link the latest advancements in each field to actionable contexts and situations, and represents the future direction of the institute. Our campuses offer a wide range of programs, from certificates to diplomas, right through to Bachelor and Masterâ&#x20AC;&#x2122;s degrees. We also offer articulated pathways into further studies and collaborate with 25 partner institutions throughout Asia to ensure our students gain a global outlook.

courses to equip the next generation of industry leaders. We offer programs in international business with a focus on global trade, enterprise skills and knowledge in core business subjects such as marketing, law, management, accounting, finance, project management, economics and global business environments.

CEO Rob Wood

PROMOTE YOUR BUSINESS WITH ABF MEDIA NEXT ABF BUlletin close on 15 May

contact

info@abf.events dAVID CHRISTIE 03 8698039898 DAVID.C@ABF.Events 8689 9892 WWW.ABF.EVENTS

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4 WAYS TO SET UP AN ONLINE PRESENCE THAT REALLY DELIVERS O

ne of the best investments a small business can make is to build an online presence and every business owner can afford the costs of buying and maintaining their website. This four-step strategy will help you set up your online presence which could transform your business:

1 | CHOOSE A STAND-OUT

DOMAIN NAME.

Choosing the right domain name for your small business is an important long-term decision as you create your digital presence online. An ideal domain name will: • •

Be no more than about 8-10 characters long (excluding the www. and .com.au) Clearly reflect what your business does or is known for

A short, concise, and unique domain name can help make your business more visible in search results and more memorable to people who come across it. Your top priority should be ensuring that your domain name is easily accessible to audiences on their computers and mobile devices. One good way to test your domain name is by typing it into your smartphone – if it feels awkward or tedious to do so, chances are your customers will feel the same.

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2 | USER FRIENDLY SET UP Customers, aren’t going to spend much time in a badly-designed digital property. Build your website so that it’s easy for customers to navigate. Links to important pages (like “About”, “Contact”, and “Buy Now”) should be clearly visible on your homepage. Keep the number of pages to a minimum so that customers aren’t as likely to get lost. And make sure that your website works on mobile devices – there’s nothing more off-putting than pages which don’t scale to viewing on a smartphone screen. You can use the tools offered by your website hosting provider like GoDaddy’s Website Builder to get started even faster.

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3 | ADD COMPELLING CONTENT

4 | GET THE WORD OUT.

A blog or a video-log can act as a platform for you to share your expertise and industry knowledge with current and potential customers. That positions you as an expert who understands what your customers need, which in turn can help to build trust in the quality of your products and services. Your content doesn’t have to be long: frequent articles of 200 words or 60-second videos can be more engaging for quick views to help customers get a feel for your small business.

A website is no good without visitors. Your online communications should include a clear link to your website, from your social media channels.. If you’re regularly doing content marketing, post your articles on social media or consider setting up an email newsletter which people can sign up to on your website. A little further down the track, you might want to consider investing in Search Engine Optimisation (SEO) or a bit of additional promotion to help get your website in front of even greater audiences.

An easy way to blog or share content about your small business is to use a platform like WordPress, which makes it simple to post new articles or videos whenever you feel like it. Also consider what social media platforms your customers use, like Facebook or LinkedIn, and the sorts of content that they find enjoyable, to post up on your social media channels.

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AUTOMATING DATA INPUT INTO MYOB ACCOUNTRIGHT

o you know how much time is spent just entering data into accounts? Even just a few hours a week adds up to hundreds of hours each year, tedious work that nevertheless must be done accurately. If your sales data is already in another system or in a spreadsheet then wouldn’t it be nice to save all the time and effort involved in laboriously rekeying it by importing it directly to your accounts? Accounting systems such as MYOB AccountRight provide some ability to import data but requires its presentation in a rigid format. If the data you have has different column names or if the columns are in a different order then the data must be rearranged externally before being imported. Errors can arise particularly if this is done manually. Importing externally held data requires establishing an accurate relationship between columns in the external data files and destination fields. Using the MYOB import assistant entails stepping through a complex setup process every single time data is imported. Even if your data is already formatted with the correct column headings or a full set of columns in the correct order the process is not entirely simple and, when issues arise, such logging as is provided is unhelpful. Many defaults that would normally occur as you directly enter data, such as item prices and tax codes, do not get applied during import so your data will need to supply these details. TransPost can take the data as it comes in its original format whether that is determined by

your eCommerce system, as sent in by your sales reps using systems such as HandShake, or the sales department’s spreadsheet and pump it directly into MYOB AccountRight. Not only that, it will use defaults as required from your accounts just like direct data entry does.

IF YOUR SALES DATA IS ALREADY IN ANOTHER SYSTEM OR IN A SPREADSHEET THEN WOULDN’T IT BE NICE TO SAVE ALL THE TIME AND EFFORT INVOLVED IN LABORIOUSLY REKEYING IT BY IMPORTING IT DIRECTLY TO YOUR ACCOUNTS?

”

With TransPost file layout and column matching rules are saved in a named ‘mapping’ for re-use so subsequent use is as simple as selecting the file and the mapping and then clicking the Import to MYOB button. While processing the data TransPost retrieves relevant details from the MYOB file to determine appropriate defaults to use for data not supplied. Further, you can set TransPost to run all the imports you need to do with a single click, or fully automatically as files arrive. TransPost logs all activity to provide a complete audit trail.

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ABF BULLETIN MAR/APRIL ISSUE

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ABF BULLETIN

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ABF Corporate Club

he ABF Corporate Club Membership is ideally suited for companies involved in, and seeking further engagement with, international business and trade between Australia and China/Asia. ABF has, over the last 10 years, positioned itself on the frontier of the Australia-China business space with an extensive information base and network. ABF keeps abreast of the constantly shifting trends of the AustraliaChina relationship with our longstanding involvement and presence across various key industries. It presents premium opportunities for our members to get up to speed with China business activities and digital trends. Through the ABF Corporate Club, members will effectively refine their China marketing strategies, whether at early-entry stage or established in the market. ABF Corporate Club helps members to analyse and make informed public comment on relevant policy matters by providing a platform on which these issues can be discussed, explained and explored. As an ABF Corporate Club Member, members will be entitled to complimentary passes, discounted prices and a variety of other benefits for ABFâ&#x20AC;&#x2122;s full calendar of diverse events including the annual Australia China BusinessWeek Series, China Digital Conference, China Lunch Club and B2B Expo 2017.

ABF Corporate Club members enjoy invitations to participate in a number of exclusive events with inbound delegations of high-net-worth Chinese investors and businesses seeking to invest in Australian business. Additionally, the Australia China BusinessWeek 2017 China Mission to attend the China International Fair for Investment and Trade in Xiamen, China offers a unique opportunity to connect with local Chinese businesses, to which ABF Corporate Club members enjoy favourable discounts. Visit: www.abf.events

CONNECTING INVESTORS TO PROJECTS, INVESTMENTS, M&A ACROSS AUSTRALIAN CHINA & ASIA Robert russi cpa

Business Affairs Director, ABF Business

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03 8689 9896 | robert.russi@abfbusiness.com.au

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ABF BULLETIN

UNLEARNING YEARS OF CONVENTIONAL CORPORATE WISDOM COULD UNLOCK AMAZING POTENTIAL IN YOUR TEAM

o be a modern, inspiring leader we passionately believe you need to drop nearly everything you’ve learnt about performance management. The old school command and control management style is mostly dead but we still see conventional wisdom captured in company policies. With an intent to de-risk the business, these policies outline rigid steps for how work should be done. Unfortunately they send an underlying, creativity crushing message that staff are a risk and they need to be controlled. In reality no amount of policy will cover all risks and we’ve seen examples of this with the most regulated, policy driven entities fail disastrously eg. Lehman Brothers bank. We see the solution lays with modern style leaders and how they’re bucking traditional approaches in their teams. They avoid the use

”

IN REALITY NO AMOUNT OF POLICY WILL COVER ALL RISKS AND WE’VE SEEN EXAMPLES OF THIS WITH THE MOST REGULATED, POLICY DRIVEN ENTITIES FAIL DISASTROUSLY

of hierarchical control in favour of enabling and empowering their teams from the ground up. We see them creating a motivating environment of choice where individuals express a preference and willingness to achieve their team’s common purpose. Training based approaches to behavioural change rely on the team executing what’s been learnt. At Crewmojo we’ve built a simple app that helps leaders create a new way of team working - one with ground up commitment and communication without confusion.

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Recent studies have found that 83% of ecentexperienced studies have found SMEs have cash that flow83% problems Recent studies found cash 83% of of SMEs havehave experienced flow in the last 12 months, with 23%that buckling to SMEsproblems have experienced cash flow with problems in the last 12 months, 23% their debtors and writing off the outstanding in the last 12 months, withwriting 23% buckling buckling to their debtors and off the to payments. their debtors and writing off the outstanding outstanding payments. payments. This shortfall in funds means many This shortfall in funds means many business owners missing out growth This shortfall in missing funds out means many business owners are are onon growth opportunities and job creation, leaving them business owners arecreation, missingleaving out onthem growth opportunities and job losing out to their competitors. opportunities and job creation, leaving them losing out to their competitors. losing out to their competitors. A MYOB survey found that 32% of SMEs have A MYOB survey found that 32% of SMEs have A MYOB survey found that 32% of and SMEs have dipped into their accounts and 44% dipped into their personal personal accounts 44% dipped into their personal 44% use credit cards totobridge gap and andand develop use credit cards bridge the theaccounts gap develop use credit cards to bridge the gap and develop their withcredit credit cards theirbusinesses. businesses. However, However, with cards their businesses. However, credit cards charging interest rates of 20%, it’s no charging interest ofupuptowith to 20%, it’s no charging interestowners rates of up to 20%, it’s wonder business owners are losing sleep or no wonder business are losing sleep or wonder business owners are losing sleep or paying themselves wage. notnot paying themselves aawage. not paying themselves a wage. SMEshave have a of of weapons in their SMEs a number in SMEs have anumber number of weapons weapons in their their arsenal when it comes to mounting aadefence arsenal when it comes to mounting defence arsenal when it comes to mounting a defence againstpoor poorcash cash flow, flow, but bebe difficult against butititcan against poorwhich cashisflow, itcan canbusiness. be difficult difficult to figure out bestbut for their to figure out which is best for their business. to figure out which is best for their business. Thankfully, there’s a new kid on the block to Thankfully, there’s Thankfully, there’sa anew newkid kidon on the the block block to solve cash flow problems. solve cash flow problems. solve cash flow problems. Fintech, the buzz word for “Financial

Fintech, thethe buzz buzz word word for for “Financial “Financial Fintech, Technology”, is taking the world by storm. Technology”, is taking the world by storm. Technology”, is value taking world Offering better andthe service thanbya storm. Offering better value and service than a Offering better value and service than a

traditional finance provider, Fintech companies

”

traditional provider,toFintech are usingfinance technology offer companies an extremely traditional finance provider, Fintech companies are usingproduct technology an extremely flexible thattoisoffer adaptive to their client’s are using technology to offer toantheir extremely flexible that isbusiness adaptive needs. product This puts ownersclient’s back in flexible product is adaptive to back their client’s needs. This putsthat business owners in control of their finances and is especially needs. This business back in control of theirputs finances and isowners especially beneficial for SMEs who haveespecially had fewer CASH FLOW control finances and beneficialoffortheir SMEs who have hadisfewer finance options available to them over recent beneficial for SMEs who haveover hadrecent fewer finance options available to them IS A MAJOR years. finance options available to them over recent years. PROBLEM FOR years. This is where we fit in. AUSTRALIAN This is where we fit in. This is where we fit in. SMES. Timelioisisanan online peer-to-peer marketplace Timelio online peer-to-peer marketplace By Timelio Timelio is an onlineTimelio peer-to-peer marketplace forinvoice invoice finance. Timelio improves cash for finance. improves cash flowflowBy Timelio for invoice finance. Timelio improves cash flow forbusinesses businesses enabling get paid for byby enabling themthem to gettopaid for businesses by enabling them paiddays immediately, without waiting 30,30, 60to orget 90 days immediately, without waiting 60 or 90 immediately, without waiting 30, 60 or 90 days for customers to pay. for customers to pay. for customers to pay. connects growing Our marketplace Ouronline online marketplace connects growing Our online marketplace connects growing businesses directly with a network of investors businesses directly with a network of investors businesses directly with Investors a networkgain of investors who fund their invoices. access whofund fundtheir theirinvoices. invoices. Investors gain access who Investors gain access to a new asset class offering diversified to a new asset class offering diversified returns, to a newwhile assetbusinesses class offering returns, returns, getdiversified early access tofunds whilebusinesses businesses get early access to the while early access to the funds the funds needed get to grow. neededtotogrow. grow. needed

“Cash flow “Cash Is aflow major Is aproblem major for problem for Australian Australian SMEs.” SMEs.”

Sign-up is online, quick and easy; with no Sign-up easy; withwith no no Sign-up isis online, online,quick quickand and easy; application fees or commitment fees. Once application fees ororcommitment fees. Once application fees commitment fees. you’re signed up, simply select the invoices Once you’re signed up, simply select thethe invoices you’re select invoices you wishsigned to fundup, and simply get access to your cash you wish totofund and getget access to your cash you wish fund and access to your cash within 24 hours. Simple. within within24 24hours. hours.Simple. Simple.

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ABF BULLETIN FEB/MAR ISSUE

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KEEP THE CASH FLOWING: THREE WAYS TO REDUCE THE RISK OF NOT GETTING PAID!

ur corporate payment survey revealed an alarming statistic – one in four invoices is not paid within the credit terms! For a small business this could mean the difference between success and failure. Sadly, many small businesses have failed while waiting for a “promised payment” from an outstanding customer. Here are 3 ways a small business can reduce the risk of non-payment:

GETTING ACCESS TO INDUSTRY REPORTS AND COUNTRY ANALYSIS CAN PROVIDE VALUABLE INSIGHT IN IDENTIFYING KEY RISK AREAS.

VOL. 3 ISSUE 2

”

1 | DO YOUR RESEARCH You can never have enough information and believe it or not it can be done quickly. Getting access to industry reports and country analysis can provide valuable insight in identifying key risk areas. You can find the latest reports for FREE Here: http://www. coface.com.au/Economic-Studies

ABF BULLETIN

2 | KNOW YOUR PROSPECTIVE CUSTOMERS A reputable Mercantile Agency can provide valuable information about a prospective debtor’s profile, such as operational structure, detail on any adverse information, provide trade history data, and with some companies, even financial analysis. Choose a Mercantile Agency that has extensive data in your industry, or in the overseas markets where you trade or are seeking to trade in

3 | SECURE YOUR PAYMENT TERMS In mature markets like Australia, open accounts continue to be the expected payment method which puts increasing pressure (& potential risk) on small businesses. For this reason, small businesses globally are now increasingly adopting Trade Credit Insurance than ever before. It ensures that they can expand and fully maximise their opportunities whilst being fully protected in the event of a customer(s) Adv_ABF Bulletin-AU-030617-OP.pdf 1 6/3/2017 下午3:16 failure. Trade Credit Insurance is also readily acceptable to banks as part of providing

funding (trade finance) to support your business growth. Remember, a sale isn’t a sale until you are paid! Visit us at the B2B expo in Melbourne and find out more! Chris Little - Commercial Director for Coface Australia. Helping businesses increase their sales and expand into new markets with confidence by protecting one of their most valuable assets: their trade receivables.

BECAUSE GROWING A BUSINESS DOESN’T HAPPEN OVER NIGHT...

REDUCE YOUR RISK NOW C

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WANT TO GROW YOUR BUSINESS? HOW CASHFLOW SOLUTIONS WILL TRANSFORM YOUR BUDGET!

ver wished you had a magic wand to wave over your accounts and create consistent and steadily growing cashflow? Now there is a non-wizarding way to transform your

budget with cashflow solutions, and itâ&#x20AC;&#x2122;s called Finstro. Finstro seamlessly syncs with your cloud accounting software and is a holistic cashflow management platform with a suite of valuable resources to help you better manage and forecast your cashflow. Think of Finstro as your cashflow insurance policy. Finstroâ&#x20AC;&#x2122;s credit facilities are integrated into your normal business operations. As well as identifying any cashflow issues you may encounter, Finstro then provides easy and simple solutions by providing advanced funding or paying overdue invoices. It also saves you money by providing flexible payment solutions, customisable debtor reminders, credit checks on new customers and real time analysis of your cashflow position at any time. With Finstro installed as your magic wand you can then:

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ABF BULLETIN MAR/APRIL ISSUE

•

Use more supplier finance to increase your purchasing power for new stock and services and grow your business faster. Don’t let cashflow restrictions reduce your ability to order and purchase inputs, which in turn can restrict outputs - how much you can sell, how much work you can complete. Having secure cashflow also allows you to access volume discounts by purchasing more stock in a single order. Reduce levels of debt owing and remove your dependence on slow paying debtors in order to invest in growth. Accelerating customer payments using Finstro’s customised reminders will allow you to invest in growth and secure your cashflow. Use Finstro’s cashflow insurance to plan your budget and have greater confidence that your budget will be resilient to factors outside of your control such as delayed

payments and unexpected expenses. No matter what your business, or how good your cashflow modelling is, the unexpected can and does happen and you can hit a cash flow crisis. With Finstro’s cashflow solutions backing you up, you can have more confidence that such a crisis can be avoided. Now that’s magic for your business and your stress levels. Simply go to Finstro website to access your free trial so you can start transforming your cashflow right away – just like magic. www.finstro.com.au or Call 1800 My Finstro

NO MATTER WHAT YOUR BUSINESS, OR HOW GOOD YOUR CASHFLOW MODELLING IS, THE UNEXPECTED CAN AND DOES HAPPEN AND YOU CAN HIT A CASH FLOW CRISIS.

”

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The one platform for connecting and transacting globally: WU® EDGE. Visit business.westernunion.com.au/wuedge for more information. © 2017 Western Union Holdings, Inc. All rights reserved. All material presented herein, unless specifically indicated otherwise, is under copyright to Western Union Holdings, Inc. This communication is distributed by Australian Business Forum Limited (“ABF”). ABF has entered into arrangements with Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092) (“WUBS”) to promote certain WUBS products and services. ABF receives commercial benefit from distribution of this advertisement. WUBS is the issuer of financial products (if any) referred to in this communication. A Product Disclosure Statement is available for each of financial products that WUBS issues and can be obtained by visiting http://business.westernunion.com.au/About/Compliance-Legal. Before you decide to acquire a financial product from WUBS you should read and consider the relevant product disclosure statement. * Transaction fee-free Edge Network Payment services are available between fully accredited WUBS customers that have registered to use the WU® EDGE platform and are authorised by a WUBS affiliate to access services in USA, Canada, United Kingdom, France, Italy, Austria, Germany, Poland, Czech Republic, Singapore, Hong Kong, Australia and New Zealand. WUBS does not charge license fees to access or use the WU® EDGE platform. In the event that a transaction that is initiated through the WU® EDGE platform involves a currency conversion a WUBS affiliate will apply a foreign currency exchange rate, which includes a margin set by WUBS. Transaction fees may also apply to transactions other than EDGE Network Payment services that are initiated through the WU EDGE platform.

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WHY IT PAYS TO GET EMPLOYEES TO CHECK THEIR SUPER

ENCOURAGING YOUR EMPLOYEES TO SUPER CHECK CAN PAY DIVIDENDS FOR BUSINESSES LOOKING TO SHOW THEY TAKE THEIR RESPONSIBILITIES SERIOUSLY.

t’s easy for businesses to look at superannuation simply as an admin exercise. But paying attention to super can also increase employee engagement, leading to big benefits for businesses. So how can you help your employees get interested in their super? FIRSTLY, encourage them to take a look at their existing fund, its benefits and disadvantages. “Default investment options and insurance cover meet the needs of many fund members, but they will not be right for everyone,” says Martin Fahy, CEO of the Association of Superannuation Funds of Australia (ASFA).

THIRDLY, make financial literacy the norm in your workplace. Some funds, like AustralianSuper offer free seminars for members. You can also encourage employees to find any lost super by checking their myGov account or requesting a search through their super fund - if they’re an AustralianSuper member, they can complete a simple form online. And FINALLY, ensure that your business default super choice is the right choice. Many new employees will end up in this option, so the fund you pick will have a major impact on their finances. Your default fund should have the size, scale, expertise and services that can benefit your employees, including insurance cover and ways to help your employees take

“Being in the right option is important because superannuation can have a major impact on someone’s lifestyle in retirement.” SECONDLY, make it easy for employees to check their super contributions. Provide payslips with up to date information, consider making contributions more frequently, and provide options for employees to make salary sacrifice contributions.

VOL. 3 ISSUE 2

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ABF BULLETIN

control of their finances when they leave the workforce. Of course, as an employer all these initiatives take some effort - but it doesn’t have to be time consuming. AustralianSuper provides a range of tools to help navigate the superannuation system, including a free, ATO-compliant Clearing House, to ensure admin is easy, and regulatory updates are noted. As is often true when running a business, paying attention to these small things can lead to big benefits. When you encourage employees to check their super, you’re showing that you value more than their day-to-day performance - you care about their financial wellbeing. And that won’t go unnoticed. This information may be general financial advice which doesn’t take into account your

BEING IN THE RIGHT OPTION IS IMPORTANT BECAUSE SUPERANNUATION CAN HAVE A MAJOR IMPACT ON SOMEONE’S LIFESTYLE IN RETIREMENT

”

personal objectives, situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.

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AFTER 12 YEARS AWAY IT’S TIME TO GET DOWN TO BUSINESS

att Jasper is hard to miss - a shock of red hair helps him stand out in any crowd. We’re in his kitchen in Camberwell, and Matt, making a latte, explains, “After 12 years on the road, it’s great to have good coffee.” It’s incredible, in some ways, that Matt had time to drink coffee. In early 2003 he went to China to fill in for an ABC cameraman in their China Bureau. He didn’t come home again until the middle of 2014.

”

I LOVE TELLING STORIES WITH PICTURES, AND THE JASPER PICTURE COMPANY IS JUST ONE WAY I CAN DO THAT.

“The cameraman I was filling in for was undergoing cancer treatment”, he explains, “and sadly, he died a few weeks after I arrived.” What followed was an adventure that took him to over 40 countries and into some of the world’s hottest trouble spots and biggest stories: caught in firefights in Iraq, unceremoniously deported from Sri Lanka and mixed up in the aftermath of various storms and tsunamis. Thankfully, Matt is unscathed, home, and ready to make videos in Australia. “Creating videos for television or for online or corporate use, I can be creative again,” he says. “I love telling stories with pictures, and The Jasper Picture Company is just one way I can do that.” The Jasper Picture Company is based in Melbourne but works across the country and the region, with trusted crews in over 40 countries. They tell stories. Maybe it’s time they told yours. www.jasperpictures.com.au

THE JASPER PICTURE COMPANY Moving pictures for Television, Video and Online (03) 9882 5950 - www.jasperpictures.com.au 38

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ABF BULLETIN

STAPLES YOUR DESTINATION FOR ALL THE EVERYDAY

taples™ is your destination for all the everyday essentials you need at the best prices, including office supplies, technology, business furniture, kitchen, safety and facility supplies and marketing & print services. Your time is precious and you should spend it doing business rather than sourcing the essentials you need to run your business. Staples can help simplify your workday by dealing with one supplier, online ordering, flexible payment options, a national distribution network and next day delivery to 96% of Australian business. We also understand that keeping costs down is a challenge for all businesses. That’s why Staples is dedicated to bringing you the best

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