What’s on the agenda at the next Synergy48 Group Knowledge Sharing Dinner when a group of business owners meet over dinner with an expert panel comprising a chief financial officer, a bookkeeper, a credit management specialist, and an IT integration specialist to discuss how to avoid the financial pitfalls often associated with rapid business growth.
In this post we reveal a bit about the panel members and share a few key insights in anticipation of the evening.
Following the dinner we’ll share the transcript of the panel Q & A and the panel’s best practice checklist for ensuring that rapid growth doesn’t send your business broke! Watch this space!
Meet the panel
Robin Snelling: BCP Growth
Financial Management Specialist
Interesting facts from Robin’s perspective
- 96% of all Australian businesses are small businesses (turnover of less than $2 million)
- Small businesses employ 4.5 million people
- 33% of business owners admit that they do not have good financial records
- 42% of business owners reported that the cause of business failure is poor strategic management
- 41% also say that inadequate cash flow or high cash use is a driving factor in failure
What Robin’s clients say
“With ‘my’ ceefo (Robin Snelling CA), I’ve got a solid and switched-on CFO virtually at my side, de-stressing my running of the business just like any large enterprise with its CEO having a CFO, C-etc. I can grow myself into being the CEO of a significant business entity without getting bogged-down in high-end administration and compliance or granular financial analysis.” Melanie Williamson, Backyard Pods Australia
Running a business without understanding your finances is like driving a car without directions. There’s nothing to say where you’ve come from and no signs to say where you are going.
Heidi Froelich: H Froelich Bookkeeping
Bookkeeper and Financial Management Specialist
Interesting facts from Heidi’s perspective
Eight ways Admin and Policies and Procedures help business growth:
- Everyone understands the same way and keeps everyone in the loop.
- When done right creates efficiency across the board.
- Helps with collaboration – a bit like following a map.
- Helps with communication.
- Stops stakeholders being reactionary.
- Helps establish and maintain priorities.
- Helps look after the details and keep things in balance.
- Helps to know what works and what doesn’t and then allows for improvement.
What Heidi’s clients say
Heidi is experienced and a source of wisdom and knowledge. An expert in her field and I would totally entrust my business runnings with her. (Received through the S48 independent feedback system)
Effective administration not only keeps the business ticking, it creates a solid foundation on which to work. Solid foundations allow growth
Jeanine Purdie: Business Credit Solutions
Debt and Credit Management Specialist
Interesting facts from Jeanine’s perspective
18 million hours p.a. are consumed on chasing debtors in Australia
72.5 % of all business invoices are paid late
61-90 days outstanding has risen by 22%
90+ days outstanding has risen by 15%
Dun & Bradstreet.
What Jeanine’s clients say
Our finance team is very impressed with the performance of your collection team. Fast response and very efficient team! We are thrilled that we are able to finally recover the long overdue debts. Happy with the commission fee too. Overall, the service exceeds our expectations. Cynthia, Jim’s Group Finance Department
All good businesses, regardless of size, have great people who understand that cashflow is king, supported by great processes to maximise cash flow and minimise the need for debt collection
Greg Clarkson: Network Overdrive
IT Integration Specialist
Interesting facts from Greg’s perspective
- Australia does have a two-speed economy and a significant characteristics of all business in the fast lane is that they have significantly invested in technology according to RBA Chief Philip Lowe.
- Australia is a relatively small market and Austrade urges all business that want to grow to look closely as Asia.
- More than half of the world’s middle class with be within 6 hours flight from Bangkok
What Greg’s clients say
“The [Profit Stack Framework] provided a different insight to the way in which IT touches the various aspects of our business. Being able to identify and rate the current level of service provided by various existing systems was very valuable. Highlighting the priorities for our future investment in IT to maximise benefits to the bottom line is a great outcome.” – Warwick Bishop, Water Technology
Anyone who offers to take care of your IT so you can focus on your business is doing you a disservice. Get someone to show you how IT can power profit and work with you to make it happen.
Meet the host
Stewart Clark, Founder and Principal coach of SCS Performance
SCS performance is a specialist consultancy firm delivering a specially designed range of coaching programs to the small to medium business market - to drive bottom line return.
Stewart is an energetic and experienced business adviser with many years of experience coaching, advising and supporting small and medium sized businesses across Australia.
Leveraging a lengthy career in finance and corporate business, Stewart has worked "in" or "on" a range of businesses and industries Australia wide.
Possessing a people-oriented style and a keen eye for detail, Stewart is well versed in strategic planning, financial analysis, sales delivery and business improvement. Stewart is also a published author of “It’s not what you make, but what you keep” and is a regular speaker.
Unlike a traditional business coach, Stewart focuses on enhancing the mechanics of a business – its people, its process and its systems – to achieve long-term business success.