The AUSTRAC annual report 2015-16 highlights the agency’s achievements for the financial year...
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for October 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
Currently we are working on a new initiative for our Members. I hope to present this information before the end of year.
Advertising via Credit Matters
If you are interested in reaching business prospects who may need your services or products, contact Kim to see what he can do for your business. There are many different opportunities to advertise your business via Credit Matters. The benefit of advertising with Credit Matters is that our newsletters only go to dedicated readers interested in financial risk management issues.
We welcome a new business listing in our Better Business Club from ReConnect Finance. You will find an introductory brochure from ReConnect Finance attached with this newsletter.
Brooke Bird have provided a flyer which introduces their new partner Adrian Hunter. Absolute Facts have provided a flyer with their services aimed at helping you solve those niggling business questions you may have from time to time.
This month's quote reminds you of a similar philosophy put forward by Sun Tzu which roughly goes like this. "The army needs to win the battles at home to win the war against the enemy."
Business is a warlike environment where you are battling various enemies, including fraudsters, bad customers, competitors, regulators, disenfranchised employees etc. There is always somebody or something out there which may destroy your business, "... if you let them!" That is one of the principle keys to surviving in business; being prepared to manage the situations where others try to take advantage of any weakness within your business.
How do you stop others or that "other thing" destroying your business?
The business components required to help save you from your business enemies include the following.
1 It may sound obvious, but worth repeating. You have a product and/or service required by the marketplace. However, even if your product or service is commercially viable today, will it still viable tomorrow?
2 You have a business with good financial foundations plus a sound business ethos. It may sound terribly old fashioned, but ethics and morals do still have a part to play today, especially if you would still like to be in business tomorrow.
3 You take ownership of your business and do not allow other people or entities bully you in to actions that will damage your business. There are plenty of people out there with vested interests which will try and take-over your business with their various strategies.
4 You maintain good business disciplines and do not be afraid to use the "NO" word. Used wisely, "NO" can be the best word in the business lexicon to add value to your business.
5 Manners will always be an essential component in building a stronger and viable business.
6 Employ the best people you can and always, treat them with respect.
7 Continuous education for yourself and your employees, is essential. Something new can always be learnt.
8 To paraphrase an old saying "...no business is an island". Your business is part of the wider business community. If you show respect for other stakeholders, this pays off in the long-term.
9 Every business faces risk, therefore to avoid the prospect of risk is just stupid.
10 Today's business and social environments change at a frightening pace, and a change in one environment can easily have an effect in the other. Being observant of changes in both environments, is an essential prerequisite for business survival.
The wise business owner and professional knows, having a strong and viable business will always provide them with a better opportunity to survive and grow in to the future. To create a strong business, you need to develop an organisation where all the components are capable of working together inorder to win the battle in the wider business world.
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 judgment or judgement?
A discussion of the spelling judgement/judgment will often cause an argument. In the legal community the spelling judgment is predominantly used, but for the general community, the spelling in Australia is judgement.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
Oct 21 2016
With the rush that often comes with getting a new project under way, we often see situations where there has not been a great deal of consultation between the Principal and the Project Manager. A Project Manager can play an important role and the early involvement of a good Project Manager will make a valuable […]
In recent years we have seen an increase in the amount of damages typically awarded by courts and tribunals in employment related litigation. We discuss this trend in our recent video. A trend towards increasing damages If we go back to 2014 and look at the case of Richardson v Oracle (1) we saw that […]
Many users download new software, and without a moment’s hesitation when that little box ‘Terms and Conditions’ pops up, click “accept”, rather than scrolling through those terms and conditions. These types of licences where a user can indicate acceptance of the licence terms by clicking an “accept” button are called “clickwrap” licences. Nowadays, they are […]
Background Directors and officers insurance cover is typically provided on a ‘claims made and notified’ basis. Importantly, even after its expiry the policy may, subject to the policy wording, still respond to a claim made provided it arises from facts or circumstances notified to the insurer during the term of the policy. If a policy […]
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Proper “Pre-Screening” will save you time
Most larger organisations these days have one of the most grilling and extensive recruitment processes and procedures in place and still, they’ve made wrong decisions on who to hire at the very end. What about for those organisations who don’t have such complicated recruitment processes? The key here is to pay a lot more attention right at the start of the recruitment process, the “Pre-Screening” stage.
Whether you’re a small or large organisation, the hiring manager should always screen through resumes thoroughly, rather than identifying keywords that matches their selection criteria. By doing that process you should be able to filter through 80% of those who does not fit. Then, telephoning the shortlisted 20%, thereby checking on cultural fit as well as personal & professional expectations. By that stage you should be clear as to who you’ll like to meet the most rather than spending those valuable hours that you don’t have!
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.
“Give me six hours to chop down a tree and I will use the first four sharpening the axe.”– Abraham Lincoln
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 firstname.lastname@example.org to discover the ‘Inconvenient Truths’ and how they can redirect your business back to success.
Good business is its own art form. You will always make more money practising the "art-of-business" than by just taking a clinical and minimalistic approach.
There are times when a clinical approach is valid in resolving specific issues. Taking a minimalistic approach is rarely profitable because essential business functions are often not done properly or completed on an ad hoc basis.
Non-financial factors play a role in operating a successful business because business is also a social interaction between people. The ability to bring the human element to play in the decision making process, can add value in producing the best outcome.
Understanding the benefits of the-art-of-business concept, may cost a little more at the beginning of a process. However, you will find there are lower costs and enhanced benefits later. Repairing the problems caused by incomplete processes always costs more to repair than skimping on costs upfront.
Operating a successful business requires something more than just a set of cold financial figures. In any business relationship, non-financial factors do play a valuable part in the process. The wise business owner and professional therefore understands when a clinical approach is required and conversely, when to draw upon their "art-of-business" experiences.
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.
18 October 2016
The AUSTRAC annual report 2015-16 highlights the agency’s achievements for the financial year...
6 September 2016
The Federal Government’s financial intelligence agency, AUSTRAC, is part of a co-ordinated national response to the Panama Papers, being undertaken by Australian Government agencies dealing with financial crime.
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.