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What's New At Credit Matters?

What's New At Credit Matters?

The review of our operations continues at Credit Matters and changes will be visible in the coming months. As a result, due to COVID and the effort required to produce the audio version of the newsletter is the first change. Unfortunately, the return of investment and other changes, has meant we were unable to continue with the newsletter at this time.

The last update on the review of the recession (although not acknowledged by vested interests) in Australia is now available on the website. Basically, the cause and effects of why Australia is entering a recession have remained the same over the last two years. It is now time therefore, for all of us to get on and take constructive action to ensure, as much as possible, our finances, future and reputations stay positive.

Quote Of The Month

Quote Of The Month

“Savvy business know how to turn a crises around” newspaper story headline by LaShonda L. Eddy, page 28 AFR 5/1/2022

Monthly Business Observation

Monthly Business Observation

Due to COVID, all of us are now entering a period of great unknowns in our personal and business lives. It is therefore time to review and amend our business operations as we look to new strategies suitable for the future. Moving forward will not be without pain for most of us in completing this review, however it needs to be done.

Amongst the many factors you need to consider are:

1          the basics of operating a business;

2          and conversely, are these previous business basics still relevant;

3          identifying your business operations successes and failures;

4          your personal attributes and experiences;

5          the current and future assets and liabilities of your business;

6          the knowns of the world we can expect to see in the immediate future; and

7          to try and identify the unknowns of the future which may negatively affect our affairs; etc

The time for action and reflection is now. It is also critical to ensure whatever actions you take, you do not warn your competitors of any weaknesses in your business. Likewise, it would be wise to limit public information on your future possible directions. These factors are important in preventing your competitors and industry disruptors exploiting, or taking advantage of your decisions.

This sounds all very complicated and unfortunately, can be difficult to manage. Consequently, many businesspeople will do nothing. If you are prepared to act as suggested, then this provides the opportunity for your business to potentially become a more dominate player in your industry, or equally importantly, protect your long-term financial and personal reputation.

The way to reduce the stress on completing the review however, is to call on others to help you make the correct decisions. This is where the comment of business “smarts” comes in. Most of us, with due respect, do not know everything there is about doing business. For those businesspeople who are new to the business world, or lack confidence, or specific knowledge, accessing the knowledge of respected others with the experience of business, helps greatly in making the right decisions.

In taking such actions, you are acting for your positive long-term financial and reputational future. You will rarely make the right decisions based on just the known factors of the past or on your own experiences. You need further guidance on the unknown possibilities of the future and this where your business “smarts” come into play. Many successful businesspeople, surround themselves with even smarter people and that is really SMART business. You would be wise to act likewise.

Monthly Business Conundrum

In many businesses, management will recruit people from the same industry rather from another industry in the belief that this will lead to greater results. All too often, however, recruiting a professional from another industry is not considered because of past problems which resulted in a disrupted organisational environment. The two major factors causing such problems were either because management failed to support the value outsiders could have brought to the business, or because of a poor organisational environment where a culture of progressive ideas was discouraged.

However, over the long term, without new, and sometimes unsettling ideas, the business can atrophy into inefficiencies. This situation in turn leads to your business being open to disruptors which will take advantage of any shortcomings or disgruntled customers.

No better industry is visible to these problems than the banking and finance industries. These industries tend to recruit people from within their industries. Even the new players, the disrupters of the industry, tend to recruit from within these industries. As a result, it is not uncommon to experience appalling customer service, a focus on technology, not people and juniorisation of front-line employees. In all, this has resulted in an industry that lacks dynamics and critical thinking on process.

Irrespective of whether you investigate one of the new fintech lenders, internet only banks or traditional banks, you quickly come to the realisation, there is little to differentiate one from the other. You usually end up therefore using the one that is least inefficient in your eyes.

There are many businesses in other industries which are in a similar state. It seems, management of these businesses have also failed to realise that to succeed these days, you need profitable customers. One way to stand out in the crowd, is to offer a point of difference as advocated by our marketers, otherwise you end up as in the banking industry.

In order to avoid the downside of only employing people within your industry, it would be wise in a world of disruptors, to think outside the square. After all, the basics of every profession are the same and these only need to be tweaked for your business and marketplace. By carefully employing professionals from other industries, and integrating them properly into your business, you can achieve many profitable outcomes.

Monthly Business Conundrum
This Month's Business Inconvenient Truth

This Month's Business Inconvenient Truth

Many people in their private lives believe they can do almost everything themselves these days because it is cheaper than using professionals. Often, these same people find that whilst they can certainly save some money, there are some tasks that require a professional to complete the project safely. In addition, they usually understand there are other trade-offs such as missing out on family events, or it takes additional time to complete the task.

In business, we often see the same mentality with the DIY businessperson. There may be times when some of these people have no option but to do certain tasks themselves. The problem, as I found at the start of my business was that usually any savings I might have saved, soon disappear when other issues occur. In my case, trying to keep my computers working and up to date, bookkeeping, trying to edit my articles and marketing was often a failure and wasted so much time.

As I found, and you will find, if you try to be the DIY businessperson, you will spend more time on doing things you have no aptitude, liking or experience of, rather than selling and doing what you are good at.

If for no other reason, you need to let things go so you don’t waste TIME. As the saying goes, TIME waits for nobody, nor do your customers, the tax man, opportunities, etc. If you are not ready to do what needs to be done NOW, you will probably lose more than a few dollars that you hoped to save.

One of the keys therefore for being a successful businessperson is not to become the DIY businessperson. Most who try to do everything, usually go out of business.

What is NOCLAR and why is it important?

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.

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Future Opportunities & Possibilities

Credit Matters is continuing to grow and provide marketing and knowledge about financial risks to the Australia business community.

Futhermore, 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

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 for options.