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Newsletter October 2007 |
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Welcome to our October 2007 newsletter! In this month's newsletter: News from CEO David Baumgarten How to create an effective customer survey Key small business facts How to avoid auditing - staying under the radar
To find out more and book online see our Networking Calendars:
News from CEO David Baumgarten What a great month Business September was. We welcomed more than 700 clients to 14 events during the month. In addition, I was a panelist on the Department of State and Regional Development (DSRD) 'hypothetical'. The audience of more than 150 were entertained and engaged with the dilemmas facing the fitness channel. I would like to say thank you to our partners in these events: IP Australia; the local councils of Marrickville, Bankstown, Randwick, Strathfield and Burwood; and the Randwick and Burwood Chambers of Commerce. A very big thank you also to the DSRD team who facilitated this event, and to all our presenters - it was a pleasure working with you. Some good news is that we have retained our 4.5 star ranking in delivery of the New Enterprise Incentive Scheme (NEIS). Again, to my NEIS Team headed by Deva, thank you! October is my month of planning for next year's events. There will be some new initiatives and we will retire some old ones. In 2008 we will also be looking at a greater involvement with our strategic partners. It is good to see one of our partners, Carolyn Stafford, offering Small Business Big Brand workshops. The first of these is in Coogee on 16 October - not to be missed. Special BEC rates apply. (See the story below.) I also encourage you to check our community notice board for other events in your local area. Have a great month David Baumgarten
Small Business Big Brand Workshop Coogee Bay Hotel, 16 October The Small Business Big Brand marketing workshop is a must for small businesses wanting to make a big brand statement. The workshop is run by local Coogee resident, BEC member and small business marketing expert, Carolyn Stafford. Carolyn is passionate about showing small businesses how to be brilliant at marketing so they simply get noticed and get more business. She is also the author of Small Business Big Brand. As a BEC member, Carolyn appreciates the help she has received and has offered our members a special alliance partner rate of $299, which will also include a free copy of her book. She also welcomes group bookings. Find out more and register online at www.connectmarketing.com.au or phone 1300 886 107 and quote 'BEC'.
Burwood Business Breakfast, 10 October Small businesses are like children - they don't come with an instruction book. So when a business starts to act unpredictably, business owners can assume it is their fault. This means they can struggle to survive as they try to understand what is happening and predict the challenges ahead. It is reassuring to know you don't need to be clairvoyant to be a successful business owner! At this Burwood Business Breakfast you will:
To find out more and book online see our Networking Calendars:
Part 1, 6 October Collecting market research is so important in business. Having good, accurate data can mean the success or failure of your business. Have you ever wondered how to design that perfect survey, but you are not sure where to start, or what to ask? In October, we are offering two workshops to give business owners an understanding of the right questions to ask to formulate a market survey questionnaire. The first half-day workshop is for people wanting to better understand their customers for marketing purposes or business planning. Following on from this workshop will be another half-day seminar aimed at those who want individual advice and assistance with designing their customer feedback survey, as well as more information on how to record and analyse survey data. To find out more and book online see our Networking Calendars:
By Lewis Jenkins, Director, Percept Creative Group. We often have companies come to us because they are confused. They can't understand why they're not as successful as they should be. They know they have top level product and service, yet their sales figures don't match this potential. Why? The answer is, perception is everything. A potential customer does not know how good your product or service is. Your brand image is all they have to go on, and it is your brand image that will determine whether they'll decide to become a customer or not. Brand image is the perception a potential customer has of a company. It is greatly influenced by what you put in front of them e.g. logo, website, marketing material, ads, packaging, stationery and signage. Ask yourself: are these items consistent in look and feel? Do they accurately reflect exactly what you do and how well you do it? Do you come across as the preferred alternative to your competitors? These elements should combine to make a visual promise of what people should expect when dealing with your company. Your brand image should be targeted, impressive and persuasive. We cringe when we hear people say 'it's only a logo', or 'we selected our design company based on price'. Graphic design is visual communication for commercial success. Effective design will give your business a competitive edge. Successful design solutions achieve results far beyond the value of your initial investment. How a brand is perceived in the marketplace directly influences the profitability of that company and it is often why a consumer chooses one product or service over another. It's that simple. For more information visit www.percept.com.au
Loss of profits - can a subcontractor be held responsible? By BEC member Christie Law A sub-contractor's faulty workmanship led to fires in five properties after they failed to properly box some downlights prior to installing insulation. The lead contractor sought, but failed to win, damages from its subcontractor for loss of profits from a potentially lucrative contract. The lead contractor was appointed by the Commonwealth of Australia to replace wool insulation in residential properties as part of the Sydney Aircraft Noise Insulation Program. The work to be carried out on each property was its own discrete contract, and while it was expected that the government would enter into a number of such contracts with the contractor, this was not a certainty. Following a quality audit after the fires, the Commonwealth terminated the contract with the contractor for faulty workmanship. The contractor then sued the subcontractor for loss of profits from the contract and also the potential profits in the expected large number of future, now lost, contracts. On appeal, the court found that the subcontractor was not liable for the loss of the potential lucrative contracts, focusing on the disparity between the price payable to the subcontractor for the work and the very large and disproportionate claim for damages for lost profits. One solution to the potential problem of recovering damages following a breach of a contract by a subcontractor is the inclusion of an express clause in the contract. This could clearly allocate risk in the event of a breach occurring, identifying possible damages that might flow and responsibility for that damage. Of course, parties are often unwilling to clearly identify and allocate all potential risks, particularly higher value risks, at the start of a project, as this may lead to difficult risk discussions or agreement not being reached, but it should be considered. Contact your solicitor if you would like further information. The report can be found at www.christielaw.com.au .
The following is some very useful information about the sector you are involved in. You may also find them useful icebreakers at your next dinner party! Definition: Businesses with fewer than 20 employees (Australian Bureau of Statistics).[1] Other definitions may apply as appropriate e.g. definitions relating to annual turnover for taxation purposes[2] Size of the sector: There are approximately 1.88 million small businesses in Australia, representing 96% of all businesses[3] Employment: Small businesses provide employment for almost 3.7 million people, accounting for almost half (46%) of private sector employment.[4] (These figures exclude small business employees in the Finance and Insurance Industry Division) Growth: There was net growth of 25 753 small businesses in 2005-06. Since June 2003, the number of employing small businesses has grown by 31.7% [5] Exit rate: The rate of small business exits during the 2005-06 financial year was 15.4%. The rate of small business exits over the three-year period to 2005-06 remained relatively constant at between 15% and 16%.[6] Some of these exits are for positive reasons, with only 2.5% exiting due to a lack of financial success[7] Size of business: Around 62% of small businesses are non-employing, 26% employ between 1 and 4 people, and 12% employ 5 to 19 people [8] Gender breakdown: Approximately 68% of small business operators are male (June 2004) [9] Ethnic origin: Over 30% of small business operators were born overseas (June 2004)[10] Age of operators: 59.4% of small business operators are aged between 30 and 50 years. 31% are aged over 50 years. 9.5% are aged less than 30 years (June 2004). [11] Home operators: Around 67.5% of all small businesses are home based.[12] Approximately 70.7% of home-based business operators are male. 39.5% of home-based operators worked less than 35 hours per week compared to 32.9% for all small business operators (June 2004). [13] Computers: 96% of small businesses own a computer (July 2006). [14] Internet: 90% of small businesses are connected to the Internet (July 2006). [15] E-commerce: 60% of small businesses used the Internet to place orders, 46% took orders over the Internet, and 52% received payment over the Internet. [16]
If you are inspired by watching cutting-edge business trends, have a look at www.trendwatching.com. Find out about the latest trends, how consumers are changing and creating whole new categories of in-demand goods and services, and how small businesses around the world are capitalising on them. Trendwatching has a companion site which is all about those niche small businesses around the world - the kind of things that makes you think "What a great idea, will they really make a dollar out of that?". www.springwise.com keeps up to date by using a global network of springspotters - join up and let them know if you see something innovative!
Help to start your business - Sydney Business Advisory Service Are you planning to start a business and need some professional advice? Or are you an existing business in need of help? Free, independent and confidential advice is available through the Sydney Business Advisory Service. Our qualified professionals can advise you on a range of business issues including:
We also offer business skills training and a range of self-help tools and resources. This service is available to all businesses in the local government areas of Ashfield, Bankstown, Burwood, Canada Bay, City of Sydney, Leichhardt, Marrickville, Randwick, Strathfield, Waverley and Woollahra. Consultations are based at:
This program is delivered on behalf of the NSW State Government Department of State and Regional Development. To book a one hour consultation at any of our sites call the Sydney Business Advisory Centre on 1300 650 058.
How to avoid auditing - staying under the radar Today's business environment is extremely complex with a number of regulatory bodies monitoring and auditing businesses to ensure that they meet their obligations. Audits are time consuming, expensive and stressful, so it is worth putting measures in place that increase your chances of not being audited. Below are some tips about how to stay under the radar and how to be prepared if you don't! All businesses must be aware of the routine tax rules and regulations imposed upon them when it comes to meeting their compliance obligations. However a business's capacity to meet its obligations varies, particularly with complex or unusual transactions. These are the three most common audits that businesses can face:
The following are some of the reasons that can increase the risk of your business being audited:
Consider using these proven methods to minimise the risk of your business from being audited. Even if you don't stay under the radar, following these points will allow you to protect yourself:
Michael Quinn, Director of The Quinn Group, is an experienced lawyer, accountant and educator. For more information visit www.quinns.com.au or T: 1300 QUINNS (784 667).
October rack rates - meeting and training rooms Each month we will advertise our city meeting rooms and training rooms that are available at 'rack rates'. Training room Ground floor 19th Level Normally $440 per day (GST inc), in October take advantage of the special one day rack rate of $220 per day (GST Inclusive). Visit www.clearlyoffices.com.au for more information. Meeting Rooms Nil.
Business Directory - NEW listings If you are looking for a business we encourage you to support those who support the BEC. Blue Label Life: Blue Label Life is professional matchmakers. We act as your Personal Agent to find your perfect match. Introductions, dating, singles events Paul Napper Web Design: Web Design, Web Hosting, e-commerce Aureola Productions: Copy and restore photos, slides, film, video etc. Put it onto DVD or CD to preserve your memories. Video production and post production services www.mailprotector.com.au: Server anti spam, anti virus email filter supports all email servers. No hardware, no software, no contracts, 30 day free trial. Heavenly Image Photography: Boutique photography studio specialising in contemporary and glamourous wedding and portrait photography Allphone Direct: Allphones Direct are a dedicated Vodafone Premium Partner for business (B2B) in the SME and SOHO markets along with building Alliance Partners The Business Directory is reached from the main menu of our website.
Key small business facts footnotes: Newsletter edited by Harvest Communication | |