Lodge your report via AUSTRAC Online between 4 January 2016 – 31 March 2016.
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for January 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
Since our last newsletter, we have made a few changes and added extra features as we continue with the development of Credit Matters.
Two of these changes are our new Facebook site, and a new telephone business number 613 9886 6707. The previous number 613 9802 0608 is our after-hours number.
We have also added two new segments to our newsletter, Word Of The Month and Inconvenient Business Truths.
Word Of The Month is by Kelvin Eldrige who produces the Australia-Dictionary which can be found at www.Australian-Dictionary.com.au.
Language and spelling are two critical components in communicating with one another in business. The use of bad grammar and spelling can often count against you and may mean the difference between winning and losing the deal.
Inconvenient Business Truths are facts of business that many business people lose sight of in the day to day dealings of business. Without understanding these Truths, you are destined to miss business opportunities, decrease expenses, improve cashflow and increase profits.
Advertising via Credit Matters
If you are interested in reaching a wider group of business prospects, contact Kim to see what we can do for you. There are many different opportunities to advertise your business. The benefit of advertising with Credit Matters is we offer one of the few opportunities to reach a broad marketplace of customers with financial risk management issues.
This month you will find a new listing in our Better Business club - Kuhlekt Pty Ltd.
You can find an introductory brochure attached to this newsletter for Kuhlekt, plus a press release for the next World Credit Congress in 2016.
Losing your business and personal integrity is easy. On the other hand, it is extremely difficult to regain. As Nietzsche advises, because you lied once, it will be difficult to trust you again.
There are two fundamental aspects to this theme. They are:
(i) If you accept another business party has lied and you took no action, then you must accept the commercial consequences.
(ii) If there were no apparent negative consequences the first time you told a lie, that does not mean there will not be negative consequences in the future.
Accepting a lie without challenging that lie
There are two common examples in business where the acceptance of a lie often remains unchallenged by the supplier.
(i) The customer's signed confirmation they will pay within agreed terms on a supplier's credit and trading agreement. On receiving the goods or services, the customer changes the terms of payment.
If the supplier does not take action the first time the customer advises they don't pay as agreed, the customer's payment terms are accepted. The supplier will find it is almost impossible to enforce their original terms of trade later.
Furthermore, by acceptance of the change in payment terms, the supplier is effectively saying to the customer, "... we don't care you have committed fraud to obtain our goods and services."
(ii) When contacted for the unpaid invoice(s), the customer advises the supplier their invoices are to be paid. The lie becomes obvious when further evidence proves there was no intention to pay the invoices as advised.
Again, if the supplier does nothing to enforce a change of behaviour once these lies are exposed, the customer is under no incentive to change their behaviour.
The first time lie with little or no initial consequences
The problem when telling lies and getting away with the deceit, is that you are tempted to continue telling lies. Tell enough lies, and you will believe that is the way things are done in business.
I keep getting told such situations are the "commercial reality of these days." However, there are always business owners and professionals which refuse to accept that business reality.
The problem with telling lies
The problem in telling lies is that it is habit forming. This corruptive behaviour starts with a small lie and ends up with a number of lies, or a really big lie that could no longer be tolerated.
Do not be mistaken; one day your lie(s) will get you in to trouble. It only takes a creditor with deep pockets and / or nothing to lose, to make your lie(s) public knowledge. Once that happens, the negative ramifications are potentially endless.
In the life-cycles of commerce, there have always been times when lax business practices and lies were accepted to a degree. It would be wise to note however, little by little, we are now entering a period where the previously laxity on telling lies may no longer be accepable.
Your integrity is often one of the key factors between surviving or failing in business. Therefore, if you are in business for the long-term, painful as it is, don't start telling lies. It is a habit you cannot afford.
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.
Both adviser and advisor spelling variations are used in Australia. The preferred spelling is adviser. The Macquarie Dictionary has the following usage note. “The variant advisor is commonly used, though considered incorrect by some. It is probably influenced by advisory.”
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
Unfair contract terms protection for small businesses is moving forward after the Bill passed both Houses on 20 October 2015. The protection will be for businesses with less than 20 employees agreeing to standard form contracts valued at less than a prescribed threshold. Once in force, the Act will amend the Australian Securities and Investments Commission Act 2001 (Cth) and Competition and Consumer Act 2010 (Cth).
» read more
Would you like to know more?
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'm not upset that you lied to me, I'm upset that from now on I can't believe you.”
– Friedrich Nietzsche
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.
Every unpaid invoice is a liability, irrespective of whether it is owed or due for payment.
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.
Lodge your report via AUSTRAC Online between 4 January 2016 – 31 March 2016.
Western Union affiliates Weigang Li & Dongfang Tan (trading as Empire Milk Bar) & Narinder Singh (trading as Star Link Travel) were suspended on 15 December 2015.
Estefa Milka Honores (trading as American Cash Service), whose registration was cancelled in August 2015, has been re-registered with conditions.
18 November 2015
Delegates at the first counter-terrorism financing summit in the Asia Pacific region have agreed on the urgent need to maximise the use of technology in the fight against terrorism.
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.