Despite rates rise, economy strong for next year -
Despite the recent rate rise by the Reserve Bank of Australia, Commonwealth Bank chief economist says that Australia’s theme is positive for the next financial year.

Finance adds value to customer base -
Supplier of labour saving devices to the wine industry, Pellenc Australia, sees the services commercial finance specialists as a value-add to their customer base.

Steps in growing a business -
Facilitating and maintaining growth to achieve sustainable long-term returns are key challenges that typically every business owner must contend with to ensure their business' ultimate success and livelihood.

Steps in growing a business -

Facilitating and maintaining growth to achieve sustainable long-term returns are key challenges that typically every business owner must contend with to ensure their business' ultimate success and livelihood.

Business ownership is never an easy road, but with the right framework in place the ability to grow a business in a deliberate and controlled manner becomes much easier. It is therefore imperative for any proprietor that, as part of their overall business growth strategy, they have considered the key issues and taken the appropriate steps.

Business Plan - Have you formulated a detailed document outlining your business operations and how you intend to develop into a more successful business?

Personnel - Do you have the right people and the right structure? Do you have adequate support for your role within the organisation?

Capital & Debt - Have you ensured adequate financing facilities have been arranged or capital injection to ensure working capital requirements and equipment purchases/capital expenditure can be met, especially if you are about to undertake a period of anticipated growth?

Legal - Have you considered what protection you require for intellectual property and other key business and personal assets? What about employment agreements and contracts for customers/suppliers?

Insurance - Have you considered what policies need to be undertaken for not only key business assets and professional indemnities but also for the business owners to ensure continuity of the business in the event of unforseen circumstances?

Tax - Do you have the appropriate structure for your business model? Have you provided asset protection for key business and personal items?

Business Relationships - Have you formed necessary networks & alliances with business partners and/or potential customer networks?

Marketing - Do you have a plan which outlines your target areas and also the manner in which you will increase your exposure? Do you have a sound knowledge of what needs and expectations your target market have?

Industry - Are you aware of who your competitors are – your market may be forever evolving and there may have business enter the market, exit the market or consolidate? Have you analysed the long-term outlook for the industry and what factors are most influential? What, if any, barriers to entry and regulations exist? What ongoing compliance obligations are required with 3rd parties?

Products/Services - How are you going to differentiate your products/services from your competitors and how will you communicate this to the market?

Personal Objectives - What is your role within the business and will this expand or retract over time? Do you have a short-term outlook for immediate growth in order to provide for a sale of your equity or are you approaching the venture with a long-term view with the objective of sustainable returns on your investment?

Whilst these are only some of the issues that face a business owner, they highlight the need for due diligence to limit risk as the business’ operations expand.

Tim Stillwell, Moore Stephens – Melbourne
03 9614-4444 tstillwell@moorestephens.com.au