Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for March 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
The deadline for submission of your entry on the 31st of March to our first Professional Development Award is fast approaching. I am looking forward with interest to your submissions. Don't forget, you need to be a Credit Matter's Member. It is not too late to become a Member and Membership is free.
Credit Matters is also pleased to offer two new features in our monthly newsletters. There will now be relevant and selected updates from IBAC and the ACCC.
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 Bank Doctor, Stopline Pty Ltd, CMARS, Peter Nash and Credit Matters with details of our Professional Development Award.
In the modern business world, one of the changes we are starting to see all too often, is a lack of comprehension by management on the costs of organisational incompetence. It almost seems that management doesn't care or think that there are negative reputational and financial consequences for their business because of this incompetence.
Unfortunately, such thinking is misplaced on several levels. Business incompetence causes unnecessary costs and stress to your business as explained in the following examples.
1 The negative affect on the profit potential to repair the mistakes on work which needs to be reworked or corrected, is always larger than anticipated.
2 Cash has to be diverted from income earning objectives to repairing mistakes and to try and minimise the costs of other negative consequences.
3 Mistakes with invoicing, delivery of goods and services, provides your customers with an excuse to delay payments, which in turn, negatively impacts your cashflow.
4 Poor selection of suppliers affects the ability of the business to have regular supply of product that is of a merchandisable quality and of reliable services.
5 Incompetence provides an environment which offers opportunities for fraudulent behaviour by all business stakeholders.
6 Disenfranchised, over-worked and inexperience employees make more mistakes than qualified professionals.
7 It is extremely difficult to sell your product and services to quality customers when your business gains a bad reputation for customer service, sales, delivery of product and/or services.
It is these factors which will destroy the strongest or biggest business enterprises over time if the negative consequences of organisation incompetence are minimised.
Organisational incompetence is soon noticed by frontline employees and other business stakeholders. Today there are no secrets. If the word gets out of your organisational incompetence, your reputation is inevitably trashed. Furthermore, your business is now exposed to fraudsters, competitors, suppliers and customers who seek to take advantage of your business's incompetence and poor reputation.
it would seem therefore, eliminating all forms of organisational incompetence must add value to your business in every measure of business success.
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 licence plate or license plate?
A recent trip to the Queen Victoria Market showed us even government organisations get spelling wrong. As you approach the car park you see a sign displaying the parking rates. The bottom of the sign read: “LPR LICENSE PLATE RECOGNITION. LICENSE PLATE RECOGNITION TECHNOLOGY IS USED IN THIS CAR PARK”.
Signs like this are read by hundreds, if not thousands of people per day. Viewers of the sign may consider the Melbourne City Council to lack care in their signs, or perhaps give an insight the supplier may be an American based company. Neither of these messages would be intended.
Interestingly, in Australia, according to a Google search of Australian sites ending in .au, the term number plate is used four times as often as licence plate. Using the phrase number plate recognition could have avoided the incorrect spelling license plate.
In Australia, it is good to remember licence with a ‘c’ is the noun and license with an ’s’ is the verb. The American spelling uses license with an ’s’, for both the noun and verb.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
Construction Alert: No relief for insolvent contractors: Court grants permanent stay on judgment obtained by contractor under the security of payment regime
Mar 6 2017
Publications
Thomson Geer have successfully acted for developer FAL Management Group (FAL) in securing a permanent stay on a judgment obtained by a (subsequently insolvent) contractor (Denham) under the security of payment regime. In its decision handed down last Friday in FAL Management Group Pty Limited as Trustee for TF Investment Trust v Denham Constructions Pty […]
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GAMING & LEISURE Alert: Retail Lease Reforms – changes for club catering and other agreements
Mar 7 2017
Publications
The NSW Parliament recently passed the Retail Leases Amendment (Review) Bill 2016 (Bill) which was assented to on 1 March 2017, which aims to improve transparency, and simplify legal procedures, and better balance the position of landlords and tenants under the Retail Leases Act 1994 (Act). It is likely to take effect soon, and will […]
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TAX Alert: Changes to superannuation and estate planning strategies
Mar 20 2017
Publications
Superannuation is a major asset for most Australians and so should be considered when developing their estate planning strategy. The introduction of the ‘transfer balance cap’ as of 1 July 2017 will often mean adjustments to existing strategies, particularly if the desired outcome is for an income stream to be payable from a superannuation fund […]
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Kim Leontiev
Feb 8 2017
Trade marks
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 [2016] FCA 1241 (Titan v Cross) indicates that, although client-trade […]
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Ben Coogan
Mar 16 2017
Trade marks
We first wrote about trade mark attorney privilege and the changes to the Trade Marks Act 1995 (Cth) as a result of the Raising the Bar legislation here and, more recently in relation to Titan Enterprises (Qld) Pty Ltd v Cross [2016] FCA 1241 (Titan Garages case), here. Since our most recent blog on the […]
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Freyja McCarthy and Lauren Coloretti
Mar 20 2017
Competition and Consumer Law
Drip Pricing Drip pricing conduct is a common issue with online transactions, particularly ticket purchases and travel bookings. “Drip pricing” refers to the incremental disclosure of fees and charges that make up the ultimate price payable by the consumer. The Liability Judgment[i] On 17 November 2015 Justice Foster of the Federal Court found that two […]
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Would you like to know more?
Peter Mills | Special Counsel | +61 7 3338 7921 | pmills@tglaw.com.au
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.
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