Blacktown Business
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ISSUE 5 | August 2021
Building a business for right reasons KIM RENNICK EOPLE start and build their own businesses for various reasons – invariably, the reasons are tied up with the owner’s goals, aims and ambitions. They might range from achievement of a career goal, maintaining their independence, building a great lifestyle, providing opportunities for the family, handing on a legacy for the kids. These are all great motivators to start a business. The achievement of these goals makes the whole adventure worthwhile. However, the process can be fraught with difficulties. There are traps and pitfalls aplenty. Nevertheless, it can be a brave idea to start and build a small business from scratch – ‘courageous’ perhaps.
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On Day 1 On Day 1 of the business – this is after the regular salary payments from the previous job have stopped – the new owner can be busy. Very busy. The owner will need to register the business and organise accounts with ASIC, the ATO, the bank, and perhaps a number professional organisations. He might have to arrange professional or commercial accreditation or certification for the business and secure some funding for the venture. He may also need to arrange premises for the business – perhaps a shop, an office or a workshop. The premises might need some fitout – serving counters, display windows, workbenches, tools, repair equipment, vehicle hoists, paint booths and so on. Anyone who has been here will agree the list is virtually endless. The owner then needs to arrange for sign-writing, business cards, stationery and so on. A website will be required, as will a number of social media accounts. Of course, all this is happening before the business earns a single dollar of income – or profit. So, no money coming in the door, plenty going out, along with plenty of energy and time and more than a bit of sweat!
The Crunch Clearly, to generate income, the business needs sales. At this stage, there is no one else to do that other than the owner. So while the owner is still busy building the
business, he also needs to make some sales calls. And bring back some orders. Being a reasonable salesperson and having some good contacts, in come the orders – enough to keep the lights on for a week or two. That’s great news! The owner has three main tasks in addition to building the business. First, doing the sales job, then filling and dispatching the orders, then the bookkeeping. Then they start the process again. If they thought that they were busy before, life has suddenly become manic. As things get busier, there is a need to recruit a team! A well-recruited team can help to deliver the orders and do the work. They might even take on the sales role if the owner is willing to take a back seat. But a team doesn’t appear out of thin air. The owner needs to go full bore into recruitment: designing the roles, advertising
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the positions, interviewing the candidates, inducting the successful candidates and then directing them in their new roles to ensure the business keeps on working successfully. All while still building the business, selling, delivering on the orders, managing the cash flow. If life was manic before, it’s downright crazy now. With all this going on, the owner is likely to be caught in the classic crunch, being ground down by demands of customers, the team and the business–having to think of everything and do everything to keep the business going. It’s a situation that few owners can survive for too long. Something is bound to snap. We have worked with many business owners over many years to help them through just this situation. We at Business Clarity strongly recommend that business
Kim Rennick CPE is Co-Founder Business Clarity
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owners think about their businesses in a slightly different way. If all this sounds familiar to you? Scan this QR code which will give you a framework and ideas on how to go about building a business that will help you achieve your cherished goals and ambitions.
BUSINESS | LIFESTYLE
MAY 2021 Edition 121
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.ESTERN Sydney Airport is well on track for completion in 2026, according to CEO Simon Hickey. Major earthworks are more than half done and the tender for the terminal build is expected to be awarded this year. Mr Hickey told a recent conference the new airport will open big opportunities for Australia’s biggest city. “This is about
developing a new future for people living in Western Sydney and Sydney and connecting us with a 24/7 airport to the world,” Mr Hickey told the recent FTA/ APEX summit. Work on the airport started in 2018 after decades of postponements, studies, stopping and starting. The Airport is located 40km miles west of Sydney’s downtown and the present airport. Full story page 11.
Legacy pension changes welcome: FAMILY BUSINESS: 20 Blue Mountains aims to reboot its tourism industry: 10
Western Sydney Telco Twins: Mark and David
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Invasive turtles hit West
Scent detector dogs swarm areas of Western Sydney to sniff out rouge turtles: 2
West land values are rising
Western Sydney residential land values fared better than commercial holdings: 4
Lights on Penrith 2021
The Lights on Penrith 2021 Growth Summit will be held on Friday, March 26: 10
Breaking glass ceilings
The road to leadership has been a long and winding one for many women: 14
RETAIL BOUNCES BACK I and Now retailers have revealed the solutions on ’TS no secret times have been the toughest for the industry bounce and mortar’ support measures needed record for Western Sydney’s ‘bricks back this year and beyond. a proud retail industry, but this sector has FULL STORY PAGE 5 hardest of times. history of bouncing back from the
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World class health care
Westmead Hospital’s new clinical tower oepns: 2
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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
DODGY DEALERS U SED 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
while How can you grow your family business, and the family? balancing the needs of the business Share your vision, develop your plan!
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THIS EDITION From career crisis to dream job: 5 Change of guard for Salvos: 8 Sizzling hot property market: 20 Mid-market upeat, post COVID: 22 Taking a sickie is good for you: 34
