Experts - Issuu

from WSBA May 2021 Edition

Family Business

Five tips for bett er cash management

 JOSEPH ESSEY

CASH is King! You may have heard this expression referring to the importance of cash flow in successful businesses. While there is no magic solution to remaining cash positive, there are some simple and practical things growing businesses can be doing to better manage this.

Here are my top fi ve tips for SME’s looking to bett er manage their cash fl ow.

Implement proper credit procedures with your customers

Every business that allows customers time to pay their invoices needs to have a system for managing the collection of these debts. While there are many things you can do to improve your chances of gett ing paid here are some of the easiest and most eff ective to implement: • Advising customers of their payment terms and when their invoices will be due. This can be done in the form of welcome letter emails when you sign the customer up. • Have a plan to collect starting from when the debt is 1 day overdue. Many accounting systems allow you to send customised automated payment reminders direct from your system. • Make it easy for your customers to pay by offering multiple options including EFT and Credit card and clearly listing payment details on your invoices.

Maximise your free credit from suppliers

If you are an established business with a decent credit rating there is usually an opportunity to get interest free credit terms from your suppliers. If you don’t already know, ask around to fi nd the standard credit terms for your industry and as a minimum push your suppliers to provide these to you. It is also important that you know your business and personal credit rating. Th is can help you negotiate bett er deals or credit terms or, if you discover there is an issue with your rating, there are steps you can take to repair your credit fi le and improve your chances of gett ing credit from your suppliers.

Using a credit card smarter

If used wisely, a credit card can be an easy and cheap additional line of credit with suppliers. Using wisely means avoiding paying Vendors that charge a high surcharge, always paying the balance due on time so you don’t incur interest and maximising credit by timing payments to be made at the beginning of the statement cycle.

Working capital finance solutions

Th e mistake a lot small businesses make is trying to grow their business without external fi nance. While debt should never replace free cash generated from profi ts, it is not the enemy if managed properly and for a purpose. In particular, I encourage using external fi nance to cashfl ow business equipment purchases and overseas supplies (usually requiring prepayment or deposits). You should always, however, carefully read the terms and conditions of any Finance contract and have an achievable plan for repaying the debt.

Forecast! Forecast! Forecast!

It is important to have a cash fl ow forecast, which lays the land for your cash outfl ow commitments and projected cash infl ows, that you regularly refer to and update once actuals are realised. As a minimum I recommend having an annual forecast to project cash fl ow and fi nancing requirements and monthly/weekly forecasts, which help you to ensure you are meeting your immediate obligations.

Th e key to good business cash fl ow comes down to being smarter about how you manage the components of your supply chain. While employing good strategies, like the ones I have provided above, will improve your chances of remaining cash fl ow positive, it is not a matt er of set and forget. Ongoing management and refi nement of your tactics are required as conditions change – the best businesses are agile and tactile in all business operations.

Disclaimer: Th is is article provides general advice and is not intended to be tailored accounting and fi nancial advice. Advice may vary depending on your specifi c business circumstances.

Joseph Essey is the founder and operator of Your Business Finance Manager, an Outsourced Finance and Accounts solution for growing small businesses and has over 15 years’ experience helping small to medium sized businesses to manage their financial position and achieve sustainable growth. Visit: www.ybfmanager.com

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Local purchasing power unleashed

 AMANDA BRISOT

THE recent disruption of global commerce due to the Coronavirus pandemic and the trade conflict with China has highlighted the importance of creating a diverse supply chain that contains a good mix of local suppliers to avoid production and supply disturbances.

Furthermore, purchasing locally and engaging with a local supply chain generates social and economic benefi ts far beyond the products and services themselves.

Research shows that for every dollar spent locally the economic multiplier is four times more than trading with a business from outside the area.

According to Australian Made, for every one million dollars spent with an Australian manufacturer $333,900 in tax revenue is generated and 10 full-time jobs are created.

It’s not hard to see then, that for a region like Western Sydney, which still has many pockets of disadvantage, local procurement is an incredibly powerful economic development tool. If done eff ectively it has the power to boost the economy, drive jobs and reinvigorate depressed or marginalised communities.

When a large corporation wins a multi-million-dollar government project, it is oft en easy to continue using the suppliers they have always used.

However, if they use a local supplier, they will not only get the job done, they will also generate enormous economic benefi t for the local economy.

Aft er all, a local business is far more likely to use local workers and service providers such as accountants, lawyers and cleaners for example, who then go back to their local area to spend their money.

A WSBC Meet The Buyer Event.

Local prefers local

It’s not all about giving back. Th ere are lots of benefi ts for big business too. By building a diverse supply chain, big business can maintain competitive tension within their supplier base, ultimately resulting in bett er quality and price.

By using a local supplier, big business will also have bett er and quicker access to resolve quality issues and suppliers will be faster to respond when something goes wrong. Not to mention the shorter lead times and transport costs and the impact that this has on the fi nal goods carbon footprint.

It can oft en be challenging for big business to tap into a database of local suppliers and many small to medium-sized enterprises (SMEs) struggle with that initial step of gett ing in the door of large corporations.

Western Sydney Business Connection has come up with a practical way to bring big business and SMEs together.

Oft en referred to as “speed dating for business”, WSBC’s Meet the Buyer event series connects local SMEs to large corporations responsible for delivering the region’s major projects.

Participating SMEs are strategically matched to large procurers and then scheduled to meet one-on-one every 15 minutes to pitch their products and services and to build relationships.

Th e series has been well received by industry and is seen as an outcomes driven program that has achieved excellent results.

To date, over 1000 meetings have been scheduled between large corporations and local SMEs, with 20% of SMEs securing contracts and a further 40% having work in the pipeline.

How sport builds and unites

Done well partnerships last aft er the association is gone

 EXCLUSIVE BY BOB TURNER

IWAS watching my six-year-old Granddaughter play football last Sunday and could not help but reflect on the impact and importance sport plays in our lives.

From the activity and camaraderie generated by grass roots sport to the exhilaration and passion expressed in following your favourite team, sport plays an active role in our everyday lives.

Th e daily news always reports both sport and weather which identifi es their prominence for the general public. Exercise, whether young or old is vital to health and well-being so seeing the young people on the fi eld, the excited parents on the sideline and even grandparents like me was a reinforcement that all should get out and keep the body moving.

Today, my exercise comes from walking the dogs and jumping when Blacktown City FC scores a goal!

Sport has been my livelihood for almost 45 years. Whether that was as a player, coach, administrator or marketer, it has opened doors far beyond what I could ever have expected or thought possible.

Coaching the Sydney Kings for seven years led to introductions to politicians, corporate heavyweights and key members of the public.

It also nurtured opportunities to present on topics such as team building, motivation and teamwork to a number of companies, school groups and sporting teams.

Th ese are all traits of any successful business. In sport, particularly in professional coaching the measure of success is on a scoreboard that does not lie.

You have either led a successful team or not. In business teamwork might not be so easy to initially recognise but when an Executive coach his team well, the results are loyalty, productivity and a much more congenial work force.

A close friend of mine and former NBL coach has earned his living the past 20-plus years travelling the world to coach key executives on how to coach their team/ employees.

His comment to me was that what a professional coach learns in handling professional players over a course of a long season are traits not only hard to teach but hard to learn.

For most business executives, aft er they have climbed the corporate ladder and arrived at the management level, in many cases, they have not been prepared for managing a team of people.

My mate then comes in and applies the foundation blocks of team building as he had done with his players.

It stands to reason that successful business managers, like coaches, follow the same principles of team building and motivation to build loyalty, belief and trust in the company they work for.

Loyalty is not only a fundamental building block of success but it is also a result of developing a culture that endears players, employees and even fans to respect a club or organisation. Th e Head of Football for Blacktown City FC, Mark Critt enden, is a great example of someone who has earned both respect and loyalty.

He Coached his 300th game for Blacktown City FC two weeks ago which is testament to the Club that they have the right man for the job. He has developed a culture within the club where players respect the jersey and know they are in the best position to improve and be cared for.

When fans win the case

Th at culture is the hardest aspect to build within an organisation but can be quickly eroded if you take your eye off the ball. A further indication of our club loyalty is that his team Manager, Graham Crawhall, has been at his side for all of those 300 + games.

Money in sport and in business is testing the boundaries of building a culture. It can quickly erode a team or organisation by the individual pursuit of fi nancial gain.

Th e recent European Super League controversy tested the boundaries but for now proved that money does not always guarantee success. Th e passionate fan, the foundation of any professional sports team, won in this case.

Not only can business managers benefi t from the att ributes of sport but corporates in general have benefi tt ed by linking their name with sporting brands that exude the principles of the company or simply off er an eff ective marketing opportunity to ride the profi le of a successful sporting group.

My days with the Sydney Coca Cola Kings or Canberra Mazda Cannons exemplify the power of combining two entities for the benefi t of both. If done well the partnership is long lasting even aft er the association is gone.

Th e Coca Cola Kings were a household name in the 90’s because we both worked on and benefi ted from the partnership. It was a reciprocal arrangement.

Blacktown City FC represents a similar opportunity for a forward-thinking company who wants to capture the resident base of 400,000 that is Blacktown.

Media partnerships with local radio, publications like Th e Blacktown News and Western Sydney Business Access, NPL.TV and others are all part of the ‘Game Plan’ to build Blacktown City FC into a respected and well followed property.

Blacktown City is starting to form local relationships to combine general advertising for corporate partners with the activity of home games, school promotions, promotions with players and motivational activity to create an opportunity in Blacktown that has not existed locally before.

Playing in the NSW Men’s Premier football competition with former household names like Marconi, Sydney Olympic, Sydney United, Apia, Wollongong Wolves and such we are hungry to take on the best in the state and make Blacktown proud. Blacktown City FC has ‘Pride in our name and our City’!

My experience with the Newcastle Falcons, Canberra Cannons, Singapore Slingers and the Sydney Kings have proven to me the benefi t of sport to build a respect for an organisation as well as partnerships to assist in bringing pride and excitement to a city.

Blacktown is no diff erent and we are developing and enhancing existing building blocks to benefi t all who want to associate.

We have recently had a number of potential corporate partners meet with us at our home ground at Lily Homes Stadium. When they entered the venue, most for the fi rst time to see one of the best facilities in Sydney, and listened to our ambitious plans for the future our enthusiasm was contagious.

As I have always said: “Enthusiasm is contagious – start an epidemic.” Blacktown City FC is on that path and those with vision and foresight will get in early. Blacktown News has seen the potential and jumped on Board.

Blacktown City FC hits the road for most May but our next home game on May 30 will be a great one as Blacktown hosts Manly. Th e kind of clash Coach Critt enden will have the team pumped, especially as Manly won the fi rst leg at their home.

As a bonus, any Blacktown Council employee can att end the next home game against Manly on the May 30 for free if they show their security badge. All home games are played at Lily Homes Stadium, 5 Quinn Avenue, Seven Hills. Game time is 3pm. See you there!

Sport crosses many boundaries. Blacktown FC uin action at their home gound.

Bob Turner is Executive Chairman at Blacktown City FC. He writes exclusively for WSBA and the Blacktown News.

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Stelvio Sport takes over as entry point to the updated Alfa Romeo SUV line-up

 BY CALLUM HUNTER

THE first examples of Alfa Romeo’s updated Stelvio SUV line-up have started arriving in Aussie dealerships with just one variant available for the time being, that being the $69,450 (plus on-road costs) Sport.

A new variant for the Australian market, the Sport will serve as the entry point to the updated range, marking a price jump of $3550 over the outgoing ‘Stelvio’ base model with the extra outlay nett ing customers a more generous standard equipment list including a new-generation 8.8-inch touchscreen infotainment system and an expanded array of active safety features.

Leading the charge on the safety front is traffi c sign recognition with intelligent speed control, active blind spot assist and driver att ention assist, automatic high beam assist and active cruise control, all of which will be featured across the rest of the range when it arrives.

Save for the new infotainment system, other standard equipment highlights include sports leather seats, heated leather sport steering wheel, power bolster, heated front seats, leather gear knob, aluminium pedals, aluminium trim, wireless phone charging and rear privacy glass.

Th ose wanting more fruit without waiting for the higher-grade variants to arrive can opt for the $3455 ‘Lusso Pack’ which adds adaptive damping, a 14-speaker Harman Kardon premium audio system, ambient lighting and a hands-free tailgate.

Driver assistance program

A dual-pane panoramic sunroof is also optionally available.

Far from the most comprehensive facelift to be seen, exterior changes are limited to a refreshed alloy wheel design and red brake callipers while the cabin has been treated to a slightly more detailed refresh, scoring a reorganised centre console as well as the bigger infotainment screen.

Power in the Sport comes from the familiar turbocharged 2.0-litre four-cylinder petrol engine, still good for 147kW/330Nm.

Drive is fed to all four wheels via an eight-speed automatic transmission with 0-100km/h dealt with in a claimed 7.2 seconds.

According to Alfa Romeo marketing communications director Tom Noble, the updates have made the Stelvio “as intuitive as it is stylish”.

“Introducing an interactive new multitouch display and advanced driver assistance system, the Stelvio Sport stands out from the crowd, combining this updated tech with sophistication, performance and iconic Italian heritage, wrapped up into a compelling value proposition,” he said.

While the rest of the range is yet to be detailed, Alfa says the Stelvio range’s updates match those of the Giulia, meaning we can more than likely expect the familiar Veloce and fl agship Quadrifoglio nameplates to be featured.

Th e Italian brand has shift ed just 18 Stelvios so far this year ending March, accounting for just 0.2 per cent of the $60,000-plus medium SUV segment and marking a 78.8 per cent sales hit compared to the same period last year.

Wrath of Man – 3 Stars

AMUTED Guy Ritchie creates an intriguing, but at times cheesy, revenge-heist hybrid.

H (Jason Statham) is fresh to the cash truck company. Taken under the wing of Bullet (Holt McCallany), he quickly learns the ropes, but when he, Bullet and Boy Sweat Dave (Josh Hartnett ) get hit by a crew, it seems like it could all be over.

Th at is, until H single handedly dispatches the entire criminal gang, with the cool, eff ortless precision of a man with a secret. His capability belies his secret identity; that of an underworld mob boss, on the hunt for the gang who killed his son. And he’ll stop at nothing to punish those responsible.

Coming out of Wrath of Man, one might be forgiven for being shocked that the picture was directed by the famous Guy Ritchie. Th e auteur behind Lock, Stock and Two Smoking Barrels, Snatch, and even more recently Th e Gentleman and King Arthur: Legend of the Sword, is known for his visual fl air.

His movies are typical British gangster crime capers, even if occasionally transported to other nationalities or time periods. Th ey have fast talking heroes, heist planning scenes intercut with the actual heist taking place, and a hell of a lot of swearing, killing and blood. Th ey also frequently have fast, visual fl air.

Wrath of Man somewhat bucks this trend. Told in an almost Vantage Point-esque multi-view perspective, this triptych covers a lot of the same ground from diff erent perspectives.

All the while, we are given more and more backstory about H (Jason Statham). H is cold and mysterious, but also clearly a man driven by revenge. Whereas one might expect him to be the typical British, fast-talking Guy Ritchie hero, Statham plays him with a distinct sense of purpose. He is cold; calculating. Hellbent on avenging his murdered son.

It’s a pacing turn that is mirrored in the cinematography. Th e shots on display here have no whip pan, no real motion blur. Th ey are slow and purposeful, pushing in ever so slowly on scenes arranged like paintings.

Th e acting from the supporting cast is, much like the script, prett y rough. All cliches, forced banter and terrible decisions, the actors struggle with the material they are given. Th at being said, there are a few standouts. Scott Eastwood plays a great villain, truly reprehensible.

Jason Statham is a lot of fun to watch, particularly in the confrontational bar scene, or any of the scenes where he is shooting people. But it’s a role we have seen him do a million times, so that isn’t particularly surprising.

In the end, the set design, cinematography and the core serviceable plot (anchored by Statham) make this a serviceable fi lm. It’s just a shame that more of the fl air that made Ritchie’s early work, and even the hugely popular recent entry Th e Gentleman, so good wasn’t on display here–such fl air could have elevated a forgett able action drama to a must see.

Reviews by Jacob Richardson Creative Director | Film Focus www.filmfocusau.com

Th e United States Vs Billie Holiday – 4 Stars

APOWERHOUSE performance in an OK film.

Billie Holiday (Andra Day) is a bonafi de superstar, with a sea of hits and the accolades, fame and riches to show.

But her provocative song, Strange Fruit, which chronicles the lynching of African-Americans in the American south, is a thorn in the side of the US Government, who would much rather she just sing All of Me. FBI agent Harry Anslinger (Garret Hedlund), in his war on drugs and obsession with Billie herself, targets the young singer with a reputation for drug use. In the process, he uses Jimmy Fletcher (Trevante Rhodes), a young, black FBI agent, to help bring her down.

As the FBI’s relentless pursuit across the decades of her career wears her down, and follows her right to her deathbed, Billie’s relationship with Jimmy ebbs, fl ows and changes, and her desire to hold strong to her truth, and her songs, grows.

Th e most impressive part of this fi lm is without a doubt Andra Day’s performance as Billie Holiday. Andra’s Billie is raw, troubled, engaged, strong and wild–all in the same breath. Andra’s work to transform her voice, both speaking and singing, into a match for Holiday’s is tremendous, and there isn’t a second she is on screen that she isn’t utt erly compelling and convincing in the title role.

The supporting cast also works in fits and starts, sometimes shunting forward into the foreground for a touch of the spotlight, with Rhodes commanding the most interest outside of Day. But they can never hold the limelight too long before the audience, and indeed the camera, want to shift back to the star of the show.

The United States Vs Billie Holiday isn’t a perfect film, and for those familiar with Holiday’s story, the beats will be all too familiar–it doesn’t really bring anything new to the plotting. The arcs are somewhat similar to stories we’ve seen before, except for the sheer relentlessness and hopelessness of Billie’s plight.

One of the clearest quibbles, however, is that without the added context of a broader discussion like the one found in a novel like Chasing The Scream, Anslinger’s obsession with taking down Billie Holiday comes off as almost cartoonish villainy.

In the end, The United States Vs Billie Holiday is a film that does a great job of showing off it’s lead performer’s talents, without ever really breaking the mould of biopic filmmaking.

Reviews by Jacob Richardson Creative Director | Film Focus www.filmfocusau.com

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Bosses may disagree but….

Taking a sickie is good for you

 DALLAS SHERRINGHAM

WHEN I was an ordinary staff member some years ago, I went to great lengths to carefully organize a good ‘sickie.’’

Th is took some careful planning, with preliminary coughing on Tuesday and Wednesday and growing increasingly “hot”. Th is was followed by the old:

“I feel really crook and I’m worried I might give it to the staff ” on Th ursday.

By 3pm that aft ernoon people were practically begging me to “go home and get bett er…and don’t worry about us, we’ll be fi ne.”

And so I was free; the sickie long weekend was on!

Flash forward a few years and I was the boss. I despised one day sickies because I knew what they were up to and I was powerless to stop it. Every sniffl e, migraine, ache and pain was treated with disdain.

Well, it seems sickies are now offi cially good for you.

Th ey provide a real benefi t to your health because they allow you to wind down, relax and forget about work for a while. And they allow you to get some much needed sleep.

Turns out, we are one of the most sleep deprived countries in the world with 37% of us averaging less than seven hours a night.

And sleep deprivation aff ects your work and your productivity. Th e truth is, we all need a mental health day once in a while because sleep deprivation could lead to depression, anxiety and emotional instability.

A trial of four-day weeks in New Zealand showed that workers improved their productivity by 20% working one less day a week. Th e trial was monitored by the University of Auckland.

Th e trial showed the biggest increases were in commitment and empowerment with staff stress levels down by 7% and work-life balances increasing from 54% to 78%.

If you enjoy the occasional sickie – and 81% of us have – there are some tips to get the boss on side from one who knows.

Lead by example and show them that you’re much more contented and less stressed in your work aft er your sickie.

Become more productive if possible in the week aft er your sickie to show you tried to make it up.

Whatever you do, don’t act too happy before and aft er. Make out your sickie was a burden, but you feel bett er.

Let the coughing begin! Has anyone seen my thermomenter?

WESTERN SYDNEY BUSINESS

Partnership aiming to boost trades jobs

THE welding helmet seemed too big for the head and the tools too heavy wearing high-vis gear, as shown in the photo, prove they have got what it takes to show them that there is an emerging

DODGY DEALERS THIS EDITION Change of guard for Salvos: 8 Sizzling hot property market: 20 From career crisis to dream job: 5 USED car purchases have boomed during the COVID-19 pandemic, opening a major source of revenue for dodgy dealers in Western Sydney. Second-hand car dealership Narita Imports has been found guilty of seven offences relating to misleading customers by entering false information on to an approved sales contract. Lansvale dealership directors Azizul Hakim Chowdhury and Nahida Akhter pleaded guilty to the charges brought by NSW Fair Trading at Parramatta Local Court and were ordered to pay $7,725 in fines and costs. Full story: 2 Mid-market upeat, post COVID: 22 Taking a sickie is good for you: 34

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APRIL 2021 Edition 120 WESTERN SYDNEY BUSINESS

RETAIL BOUNCES BACK I’TS no secret times have been the toughest on record for Western Sydney’s ‘bricks and mortar’ retail industry, but this sector has a proud history of bouncing back from the hardest of times. Now retailers have revealed the solutions and support measures needed for the industry bounce back this year and beyond. FULL STORY PAGE 5

inside

World class health care

Westmead Hospital’s new clinical tower oepns: 2 New suburb named Brad eld

Govy of cially names high tech city at Aerotropolis: 6 Family business in COVID How many leveraged patience capital during COVID: 12 How hope really works Feature on the Salvation Army Red Shield Appeal: 15