Enforcement action taken to cancel and suspend three remitters' registrations.
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for August 2016. Our monthly newsletter contains information about financial risk management issues, blogs, advice of new business listings and free advice from organisations such as ASIC.
You can always view past copies of our newsletters via our website at www.creditmatters.com.au
This month, we have been taking an extended break from work and the business. I have still been able to forward this month's newsletter. As part of the break, I have been reviewing our business and looking at how we can make Credit matters more valuable to our visitors and Members.
As usual, our Word of The Month and Inconvenient Business Truth segments continue to offer valuable business insights.
Advertising via Credit Matters
If you are interested in reaching business prospects who may need your services or products, contact Kim to see what he can do for your business. There are many different opportunities to advertise your business via Credit Matters. The benefit of advertising with Credit Matters is that our newsletters only go to dedicated readers.
QT's brochure contains information about an upcoming workshop on the 10th of September. The Bank Doctor has also provided a useful article about the importance of understanding the issues relating to online financiers. A copy of the article is in the attached PDF with this newsletter.
When first entering in to our new business, it is all very exciting as we charge full ahead building our business and invoicing customers. In many aspects, the new business owner acts like a teenager because one of their few thoughts is about dealing with risk factors.
Yet the reality for all business owners and their managers is that risk factors are always present. I would also suggest, business owners and managers today face more risk factors than ever before. Not only do all the previous types of risks still exist, many new risks could which could never have been imagined before, exist today.
If there is one observed and disappointing aspect of business today, it is to note how the champions of risk management are often treated with distain by business management. Too often management ignores professional risk advisors and when the evidence of loss is presented, blame everybody else but themselves for the losses.
The other really sad aspect of modern business is the lack of understanding of how managing risk is one of the most profitable of all business strategies. There is nothing more frustrating for management to see their cashflow budget being rendered inaccurate due to a lack of cashflow from debtors or having to pay the costs to fix unforeseen risk problems.
Many of the standard risk elements of business can be reduced by understanding and spending money upfront to reduce the chances of a risk element damaging the business. Typical productive spending would be on:
(i) preparing proper trading documentation with relevant terms and conditions, credit applications, etc. by appropriate professionals;
(ii) risk management services such as reference to credit bureaus, trade bureaux and/or other business verification services;
(iii) creating a modern professional sales culture that encourages beneficial behaviour for the business and the sales team;
(iv) reviewing your business processes and providing adequate employee training;
(v) adequate numbers of professional employees throughout the business;
(vi) being prepared to take legal action as appropriate, etc.
As Walt Disney advises, it is great to be optimistic and look forward in your business enterprises. However, it is also wise to be aware of the complexities and risks of business. Business is not without risk. If you pay due respect to risk factors, evidence suggests you are more likely to survive and prosper with your business.
Word of the Month - The aim of Word of the Month is to share those many words used in Australian English which cause confusion. The confusion arises because there's often two spelling variations.
Is it enquiry or inquiry?
I read recently businesses need more inquiries. I thought the last thing a business needs is an inquiry. Whilst in America there’s only the single spelling inquiry, in Australia the words are different and are used in slightly different ways. The word inquiry is used more in a legal sense, such as the government held an inquiry. The spelling enquiry, is used in a less formal situation, such as when you go to a store and wish to make an enquiry. Businesses want more enquiries, but shouldn’t be so keen for an inquiry.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
The 12 month grace period for companies to get their standard form business to business (B2B) contracts in order is almost up. On 12 November 2016, the existing unfair contract terms provisions of the Australian Consumer Law which only apply to ‘consumers’ contracting for personal or domestic purposes will be extended so that they also […]
This year the ATO released a checklist for Research and Development (R&D) Tax Incentive claimants. The purpose of this checklist is to assist advisors to self assess their clients and to provide some clarification and advice about the requirements of the program. In recent years the R&D program has grown in popularity and there has […]
Industries which charge fees such as late payment fees, honour, dishonour and non-payment fees, and overlimit fees including the banking, telecommunications and utilities industries can breathe a sigh of relief following the High Court’s decision to uphold the entitlement of Australia and New Zealand Banking Group Limited (ANZ) to charge its customers various fees. Recently […]
Many users download new software, and without a moment’s hesitation when that little box ‘Terms and Conditions’ pops up, click “accept”, rather than scrolling through those terms and conditions. These types of licences where a user can indicate acceptance of the licence terms by clicking an “accept” button are called “clickwrap” licences. Nowadays, they are […]
Background Directors and officers insurance cover is typically provided on a ‘claims made and notified’ basis. Importantly, even after its expiry the policy may, subject to the policy wording, still respond to a claim made provided it arises from facts or circumstances notified to the insurer during the term of the policy. If a policy […]
Would you like to know more?
Hiring based on “who you know” over what you know
Wherever there's an open position, there's an eager group of individuals offering their friends and relatives as "perfect" candidates for the job. It may be tempting to hire family members and friends, especially in a small start-up setting, but a close relationship with a person doesn't automatically qualify them as a good employee.
Does this mean that you should never hire a friend or someone you know? In reality, most jobs are filled through people the hiring manager and/or team members know. Why? Because it’s smart to hire a known entity - odds of success are higher and risk is lower – but the hiring decision should also take into consideration other key factors such as previous experience and cultural fit before a job offer is made.
Credit Matters provides access to blogs written by Kim Radok. Just go to www.creditmatters.com.au to read these and previous blogs.
Since our last newsletter, we presented the following blogs.
Since our last newsletter, the following posts have been added to the Invaluable Reading From Australia and Around The World section.
Credit Matters is a financial risk management resource centre for the Australian business community. If you are in business, Credit Matters is your ideal source of financial risk management solutions.
"I always like to look on the optimistic side of life, but I am realistic enough to know that life is a complex matter." Walt Disney
Our ‘Inconvenient Truths’ are facts-of-business that too many owners and managers either aren’t aware of, have forgotten, or lost sight of. Symptoms of overlooked truths are increasing expenses, depleting cash flow, diminishing profits and/or lack of winning new business opportunities.
Email us at email@example.com to discover the ‘Inconvenient Truths’ and how they can redirect your business back to success.
A mistake is only a mistake if it is repeated or not resolved.
In the world of adult education, a mistake is often considered to be a valuable learning opportunity. Sadly, this proactive theory is often not extended in a business setting. For instance, mostly a mistake is only dealt with and trying to find the cause of that mistake may not be considered.
This is a costly error of judgement from two perspectives. The first is that inevitably, this type of mistake is bound to occur again in the future. Secondly, a mistake usually indicates there is a problem somewhere in your business. Therfeore by eliminating the causes of mistakes, you reduce costs by making a more efficient business process.
By taking a positive approach and considering the mistake as an opportunity to correct a potential ongoing problem or to learn something new about your business, is always worthwhile. After all, no business is perfect and any process improvement must lead to a better bottom line.
If you do not understand this Business Inconvenient Truth, contact Kim
To view the full list of Business Inconvenient Truths, become a member at www.creditmatters.com.au. Membership is free.
News From ASIC - Help with ASIC online services
Are you registering, renewing or cancelling a business name? Check out ASIC's new series of YouTube videos to help you use its business names register and other online services.
Enforcement action taken to cancel and suspend three remitters' registrations.
9 August 2016
The top priority for the Australian government is to protect our people, our economy and our way of life from the ever-changing range of national security challenges that we face as a society.
18 August 2016
The private sector will be invited to contribute innovative solutions to improve the quality and value of intelligence products, in a first-of-its-kind joint project initiated by AUSTRAC and ACIC.
A free smartphone app developed by the Australian Securities and Investments Commission (ASIC) will help business owners undertake important checks before they enter into business transactions with other organisations.
For more information ASIC APP INFORMATION
Credit Matters is continuing to grow and provide marketing and knowledge about financial risks to the Australian business community.
Furthermore, we invite marketing and knowledge ideas from our readers and contributors on how we can assist our respective firms grow. If you have any ideas, please contact me at Click to see email
If you are interested in finding new ways to reach your marketplace, why not try Credit Matters. Our prices for advertising are very reasonable and advertising packages are on offer to make any cost, even more affordable. So if you are interested in reaching your customers at the right price, please contact Kim at Click to see email for options.