Credit Matters Newsletters

If you tried to contact us lately on our office number of 03 9886 6707 and it did not get through, we apologise. Credit Matters is another victim of the NBN despite our best efforts to remain connected after the changeover. We are working to rectify this situation. In the meantime, you can still contact us on the after-hours and mobile numbers.

In case you missed it last month, we will now be offering an audio version of our newsletters. The audio newsletter will normally appear at creditmatters.com.au within about seven days after sending out our regular version.

As a service to our readers, we have prepared a PDF of "What Does a fraudster look like?" and a copy is attached to this newsletter. You may wish to keep a copy of the PDF handy at your workplace as fraudsters operate under many different disguises. It is also important to understand that fraudsters are always circling your business and looking for a way to steal your assets.

Advertising via Credit Matters

If you are interested in reaching business prospects who need your services or products, contact Kim to see what he can do for you. There are many different opportunities to advertise your business via Credit Matters and it may not be as expensive as you might imagine.

This month, you will find attached brochures regarding Enable's September workshop, the Small Business Risks Update compliments of CreditorWatch, and details of the A.I.P.I.'s   September Conference.

Today a business operates in a complex global and social environment. Creating a viable business is amongst the most difficult assignments for all business owners and their management teams.

There are no certainties, secret formulas and little support from Governments in helping us create a viable business. However, not all is lost. There are specific actions and ethos we can operate by which will help us to survive over the long-term from most events.

It would seem that the first place to begin in building our business would be at the foundations, just as if we were building a house. The nursery rhyme "Three Little Pigs" and the type of houses they built, comes to mind as one useful example of the importance of creating a strong business. Two of the little pigs built their houses on the cheap and without due regard for the environment and the threats to their safety.

The third little pig took his time in finding a safe environment, creating strong foundations to build a strong house to withstand the elements and the big bad wolf. Taking your time to build a strong business with solid foundations and structures, is therefore important if we want survive over the long-term.

Managing change is important, notwithstanding it is happening at a frightening pace. You don't always have to be the first adaptor in everything however. There is some merit in taking a little while to assess the value of what is happening elsewhere and how any new innovations might affect your business. After all, as many business people have found to their cost, it is no good throwing the baby out with the bathwater.

Employing and surrounding yourself with quality people is another essential component of creating a solid business. Employing or listening to the wrong sort of person can lead to expensive problems in the future.

Strong leadership is essential because you need strong disciplines to operate a business. The hard part is being empathetic to those who break the rules, yet also being strong enough to let them go. It is of no value in keeping or associating with people who risk the moral and operating ethos of your business.

No business is an island. Every business is part of a wider social and business community. Operating in a fair manner with all your stakeholders is vital for long-term success. This does not mean putting the needs of others ahead of your business. It does mean not trying to take an advantage when there is no need to; e.g. delaying the payment to your suppliers just because you can!

Protecting your reputation has always been important. It is even more important now in an era when social responsibility is at the forefront of many people's minds. In addition, with the advent of social media, there are no secrets any more. Two examples come to mind.

First, doing business with stakeholders which have bad reputations may be profitable in the short term. Inevitably however, they drag your business down to their level and can destroy your reputation. 

Second, many people today, particularly the younger generation, try to avoid being associated in any way with a business with a poor social responsibility profile. For example, those businesses which pollute their local community with waste, or use toxic materials in their products, or use child labour etc.

Building a business in today's world is a difficult assignment for all business people and their management teams. Whilst there are no guarantees of survival, there are specific actions and ethos you can operate by, which will help you to survive over the long term from most events.

Amongst the key elements for business survival and growth are, (i) there no secrets or support from governments, (ii) solid business foundations, (iii) managing change properly, (iv) employing and surrounding yourself with quality people, (v) strong and disciplined leadership, (vi) remembering you operate in a community and (vii) protecting your reputation.