Our three monthly update on the recession to the end of August is now available on our website.
Attached is a template on Pre-Litigation - Due Diligence, courtesy of Alex Caruna of Risk & Security Management. I believe it is a useful guide if you are forced to seek legal assistance in recovery of funds from recalcitrant customers.
As always, if you wish to promote your business services at an affordable rate, contact Kim at firstname.lastname@example.org. You will be surprised at the value we have to offer.
As the recession gains momentum, it may wise to contact Kim to see if he can assist. Please note it doesn’t hurt to make contact if you have any questions or realise you need help. It will hurt however, if there are actions you could have taken but didn’t because you didn’t ask for help, or ask any questions.
Sacking last year’s champions may make places for today’s stars. But this year’s hero will soon be last year’s.”
Associate Professor Peter Toohey 9/11/1995 In Campus Review.
In business there are three basic types of “champions”. These employees are exceptional at what they do and consequently, they add value above and beyond that of normal employees.
One type of champion is an individual which excels at their role, whatever that may be within the business. Throughout changing times, they stay at the top of their game and continually add value to your business. If at all possible, you need to encourage them to stay.
Another type is yesterday’s champion, who over time, may not adapt to changing circumstances. As a result, their performance and value diminish. Unfortunately, if they refuse to change or cannot adapt to a new business dynamic, perhaps it is then time for them to move on.
Finally, there are those champions which are so good at their tradecraft they add value exponentially above the average. Regretfully, however, they must be kept as far away as possible from administration, accounting or customer service duties. The reason; they are only interested in their work. Mostly these employees also lack the “people or service skills” required to keep your customers happy.
For the betterment of the business, these champions should only be allowed near your customers to liaise on the specifications of the order, project or sale.
It is essential in any business to understand and know who your business’s champions are currently. A number of your champions will always survive as champions because they can adapt, whilst others cannot. Then there are others which are champions of their craft, who unfortunately, should never be allowed near your customers. It is knowing how to deal with each type of champion which is one of the key drivers of success of your business.
Christmas seems to be some time off as we come to the end of September. The fact is, it is only two, or two and half business cycles away, depending on when your customers pay their monthly bills. Therefore, waiting until December to start a ring-around or an email blitz for any outstanding invoices is already too late.
Christmas is a critical time for cashflow for every business.
Many of these same reasons also apply for the financial year end, whatever time of year that may be for your business.
To manage cashflow from invoices all year round is of critical importance for the overall welfare of your business. It is also particularly important at Christmas and for your end of year financial reports.
The conundrum therefore for many businesses is to ensure you have sufficient time, resources and qualified employees to maintain cashflow and to follow up unpaid invoices. Waiting until the month when cashflow must be maximised is far too late and any efforts are often wasted.
A business management team which is afraid of its customers, is a business in trouble. It also suggests that the business has been created on a poor business ethos, with few strategies to manage risk, plus insufficient resources to manage its day-to-day affairs, or withstand any short-term problems.
It is all too obvious when a supplier is afraid of their customers as they will display the following signs.
The worst thing for management of these businesses is when they discover their business is in a destructive trading relationship. The conundrum then is, do they keep going and hope they survive, or there is nothing they can do but to close down their business and hope not to lose too much money.
Updates courtesy of www.asic.gov.au
03 September 2021
Hazeem Lamar Hajinoor of Beckenham, WA, has been charged with failing to attend and comply with ASIC examination requirements.
In the course of ASIC conducting an investigation, Mr Hajinoor was served with an information gathering notice that required him to appear at an examination on 20 November 2020 and provide reasonable assistance. Mr Hajinoor failed to appear at the examination.
Mr Hajinoor was also required to appear at a subsequent examination on 22 December 2020. On that occasion, Mr Hajinoor appeared but failed to provide reasonable assistance or answer questions.
The matter was first listed in the Perth Magistrates Court on 27 August 2021 and was adjourned for further mention on 8 October 2021.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
10 September 2021
On 10 September 2021, Mr Richard Marlborough, Mr Colin MacVicar, Mr David Domingo, Mr Liam Young and Mr John Ramsden appeared in the Brisbane Magistrates Court charged with criminal offences relating to the collapse of the Members Alliance and Benchmark group of companies in 2016 and 2017.
The Members Alliance and Benchmark groups allegedly operated property investment vehicles on the Gold Coast, offering financial advice to retail investors. In July 2016, eighteen group companies were placed into liquidation with a $26 million debt owing to the ATO.
The charges follow an ASIC-led Serious Financial Crime Taskforce (SFCT) investigation into the collapse of the groups and alleged associated phoenix activity.
23 September 2021
SIC has noted a concerning trend of social media posts being used to coordinate ‘pump and dump’ activity in listed stocks, which may amount to market manipulation in breach of the Corporations Act 2001.
‘Pump and dump’ activity occurs when a person buys shares in a company and starts an organised program to seek to increase (or ‘pump’) the share price. They do this by using social media and online forums to create a sense of excitement in a stock or spread false news about the company’s prospects. They then sell (or ‘dump’) their shares and take a profit, and other shareholders suffer as the share price falls.
ASIC has recently observed blatant attempts to pump share prices, using posts on social media to announce a target stock, a designated time to buy and a target price or percentage gain to be reached before dumping the shares. In some cases, posts on social media forums may mislead subscribers by suggesting the activity is legal.
27 September 2021
Over the next four years the System Transformation Program will bring substantial changes to AUSTRAC Online, transforming the way regulated entities interact and report to AUSTRAC.
These changes include a modern and intuitive user interface, ensuring the platform is tailored for different industries and portal access on multiple platforms, including mobile devices.
Your feedback about AUSTRAC Online
Earlier this year we established a Customer Advisory Group (CAG), made up of businesses from a cross-section of industries, sizes and complexities. In June 2021, CAG members were given the opportunity to provide feedback about what works and what needs improvement in AUSTRAC Online.
Read our recent news article to learn more about the feedback we received and how we plan to address it.
Improvements for reporting and customer management functions
Over the next four years the Program will transform all aspects of transaction reporting to:
introduce high-speed channels for file uploads
introduce a dashboard, which will provide you with:
feedback on submitted transaction reports
access to submitted transaction reports and the ability to make corrections to these reports
ensure transaction reports can be used effectively by all industries and scenarios, by reviewing the design and structure.
The Program will also make changes to customer management functions, including:
streamlined enrolment and registration processes
a modern contact management capability
a secure environment for:
access to relevant guidance information
formal notices and the ability to upload responses.
If you have any questions or would like to participate in the CAG to help shape the future of AUSTRAC Online, email email@example.com.