The Australian and Indonesian governments are joining forces to cut the financial lifelines that enable terrorists.
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for February 2017. 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
Credit Matters first Professional Development Award topic and details are now available on our website at www.creditmatters.com.au You must be a Member of Credit Matters to participate and it is not too late to become a Member to be eligible to submit your effort.
On the Credit Matters Home page, there is a new feature which will allow you speedy access to essential Government Agencies if you should have a need of their services.
We have added a new feature to our Members Area - Mini Conversation Scripts. These scripts are designed to provide business owners and new employees with greater confidence and operate more effectively when contacting customers for unpaid invoices.
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, flyers from the A.I.C.M., RSM Australia and IBAC with valuable information and contact information which you may wish to access again in the near future.
I thought that as we are now in the era of "The Donald", it may be useful to review his quote in the context of our monthly Inconvenient Truth comment. In fact, it also goes along nicely with our Essential Reading article, Contract ambiguities: Do you know for sure who owes you? The link for the article is on our Home page at www.creditmatters.com.au.
All these references seem to have come together at the one time as if to endorse the concept; spending on protecting your assets is not just an expense. Such spending is also an investment in the survival and growth of your business.
There is one group of marketers and sales people which talk about expenses as costs. This group are usually trying to sell a cheaper product or service for sale than those products and services you may currently be using. These expenses are nothing more than the basic costs which are required to operate a business; such as rates, electricity, gas, lighting etc.
The second group of marketing and sales professionals selling their services and products, often class their offerings as being "... an investment in your business or future." The expenses in this category include; due diligence services, quality security systems, accounting software, training of employees etc. It is these expenses which help build the foundations of a successful business by maximising profit potential or to protect the business when adverse circumstances are encountered.
The old fable, "The Three Little Pigs" provides us with three examples of home owners who built their houses under different circumstances. One house was built out of straw, another built out of sticks and the third, of stone. At the first sign of trouble, the first two houses were found to be inadequate in protecting the home owners from the big bad wolf. It was only the third house of stone which provided long-term protection and stopped the wolf in his tracks.
We can see similar examples in the world of commerce today where more than one big bad wolf will be circling and testing the defences your business. It is regrettable therefore, to still see so many business owners and managers fail to grasp the need to build a business with solid foundations. I understand not every business has deep pockets to spend endlessly on the foundations of their business. However, this does not excuse their lack of spending on even the basics.
Consequently, we can see the value in Donald Trump's quote if we paraphrase it to read "Sometimes the best investments are the ones you make to build a business with strong foundations."
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 the spelling ensuite or en suite?
A very common spelling mistake is the incorrect use of a space in the spelling of a word. Some words require a space and some words do not. There is no real way to know, except to check the spelling using an authoritative reference such as the Macquarie dictionary.
If you’re a real estate agent, it’s important to make sure you’re using the correct spelling, otherwise it can detract from an agent’s professionalism.
The Macquarie dictionary entry reads as follows: ensuite n. a small bathroom attached to a bedroom. Also en suite. The Oxford dictionary lists en suite as the primary spelling and ensuite as an alternate spelling. The ratio of usage in Australia for ensuite to en suite (where en suite includes en-suite) is 1.7:1, indicating the spelling ensuite is the primary spelling by usage. Those using the hyphenated variation would appear to be making a spelling error. The word ensuite shows us how the two main authoritative references for spelling in Australia, the Macquarie and the Oxford, don’t always agree.
To make things harder for Australians, the main tool used by Australian writers, Microsoft Office/Word, does not include the spelling ensuite. Errors like this in Microsoft's spellcheck products may cause writers to change the spelling to an incorrect spelling.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
Executive summary The Crown’s immunity from suit for torts is removed by s 23(1)(b) Crown Proceedings Act 1958 (Act), which establishes the Crown’s vicarious liability for breaches by its servants, agents or contractors. The Act does not remove the Crown’s immunity for personal liability. His Honour Justice Keogh drew on the historical context of the […]
In Part 1 of this series, we looked at Stellard’s Case (in which we acted for the winner), where the courts ruled that the name of an agent typed in an email was a “signature” which bound the company. We also looked at when Credit Applications, their Terms and Conditions of Trade (“T+C’s”) and guarantees […]
A recent Federal Court judgment1 in respect of an interlocutory dispute over access to documents produced under subpoena has cast the first rays of judicial light on a relatively recent statutory provision protecting client-trade marks attorney privilege. The judgment in Titan Enterprises (Qld) Pty Ltd v Cross  FCA 1241 (Titan v Cross) indicates that, although client-trade […]
Would you like to know more?
Do You Have A Recruitment and Selection Policy?
A recruitment and selection policy is a statement of principles, outlining how your organisation should conduct its recruitment and selection process. The aim of such a policy is to ensure that a transparent and unbiased recruitment and selection process is followed; one that results in the appointment of the best candidate, based solely on merit and best-fit with your organisational values, philosophy, and goals.
There are good reasons for having such a policy to ensure: job descriptions meet business requirements; candidates are assessed against consistent selection criteria at every stage; the recruitment process is lawful; the candidate can be confident it is a genuine job offer; and the process can be followed by all stakeholders.
Need assistance on how to produce your recruitment policy? Please let us know, we’re here to help!
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.
“Sometimes the best investments are the ones you make” – Donald Trump
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.
Copying or cobbling together your Terms of Trade and Credit Applications from other sources is a bad business practice. It will always cost more than is saved by not paying for the documents to be prepared properly in the first place.
In today's business world, complexity rules and is the new normal. As a consequence, you need to have the right set of business tools. One of these tools, is a set of business trading terms and documentation which is relevant for your business.
Properly prepared, your business documentation:
(i) discourages people who would steal from your business;
(ii) helps retrieve your cash and assets from slow payers and fraudsters; and
(iii) provides your employees with a set of support disciplines to help them sell so you get paid within your trading terms.
You cannot prepare such documentation based on what another business uses because:
(i) you do not know where they obtained their information;
(ii) the quality of that information or the person preparing the documentation; or
(iii) how the other business conducts its own business.
Preparing your own set of documents by a properly qualified lawyer to suit your business is therefore much more practical and less expensive in the long run.
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.
1 February 2017
The Australian and Indonesian governments are joining forces to cut the financial lifelines that enable terrorists.
21 December 2016
Australia's first risk assessment of money laundering and terrorism financing within the financial planning industry has found a "medium" level risk across the sector...
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.