Business growth is exciting & filled with land mines. In this knowledge sharing dinner a business cashflow strategist, a sales success strategist, a financial management specialist and a business technology expert shared their knowledge, experience and insights on the steps you can take to ensure you have access to the cash flow and finance you need to successfully manage business growth.
Topics covered include:
• The most common mistakes small businesses make in managing their cash flow
• Financing options to fund business growth
• How to manage your sales growth with existing, not just new clients
• How to use technology to expand your customer value proposition, increase efficiencies and profitability and improve your cash flow.
• The what, why and how of systemisation and how it can set your business up for successful growth.
Meet the panel
Martin Cattach: Finance for Business
Business working capital specialist
Interesting facts from Martin’s perspective
Late payments are crippling Australian small businesses. A Wakefield Research and Institute Australia report shows 46% of business owners are at risk of being unable to pay their workers on time as a result.
$5.8B is being lost each year from projects which are abandoned for lack of cash flow. This comes after a report from Australia’s Small Business and Family Enterprise Ombudsman which found “there is a persistent trend in Australia of payment times being extended beyond usual industry standards”.
Four out of five businesses in Australia go broke within the first five years. They go broke because they can’t see clearly what’s going on financially in their business and they don’t have independent advice that can explain the cause.
What Martin’s clients say about him
Martin Cattach has helped me to understand the ‘current’ external influences that are at play that affect the cashflow of SME and he assisted in strategies to create a buffer. His helpful nature has assisted me to go forward in my own business transition with ideas and introductions to the right people. Well connected, Martin is someone you definitely want in your network circle to call on when you have a problem that you can’t solve alone. Marg Lange small business owner
Money always arrives late, and I mean always.
Dheeraj Sachdev: First Class Accounts Parkdale
Financial Management Specialist
Interesting facts from Dheeraj’s perspective
- People + Product + Process = Profit
- Only 4% of companies measure and manage their processes
- 46% of companies see business processes primarily as a way of reducing costs.
- 21.6% of top and middle management think their process work better than their subordinates do.
- Taco Bell went from losing money to a $1.9 Billion company by re-engineering their core processes
Raj has made a huge difference to the ongoing success of our business, and it is very re-assuring to have in on the team. I recommend him highly to anyone wanting an efficient, knowledgeable and friendly bookkeeper. Tom Ingpen – POD Museum Services
Administration is necessary. Automation, efficient processes and discipline help you get it done.
Frances Pratt: Metisan
Sales Success Architect
Thoughts from Fran
I love seeing businesses grow for the right reasons. The way we measure success in business is more than about money. When you have clarity and metrics on what you do, how it needs to be done and why it’s important – then you can share this with your team, customers and the public and look forward to your growth and improvement.
As the great late Peter Drucker said: “If you can’t measure it, you can’t improve it.”
Growing and improving and helping others to do the same is the key to being a great leader. Leading your company and team to do the right things.
Again from Peter Drucker: “Management is doing things right; leadership is doing the right things.”
What Fran’s clients say
Fran shines light on your Sales Process and adds in the extra parts you need. She helps define what is needed for sales staff and ensures they are set up for success. It’s great to have clearly define metrics and be accountable for results. Raie Lyth, Web Ideas
Companies are obsessed with getting new clients, whilst existing customers leave. Research by F Reichheld of Bain & Co (inventor of the net promoter score) shows that increasing customer retention by 5% increases profits by 25-95%.
Greg Clarkson: Network Overdrive
Business Technology Specialist
Thoughts from Greg
According to the Victorian Business website: 80% of businesses fail because of cash flow problems. Make sure yours isn’t one of them.
Here are some great tips…
What Greg’s clients say about him
“The [Profit Stacks 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 [and highlighted] the priorities for our future investment in IT to maximise benefits to the bottom line.” Warwick Bishop, Water Technology
You haven’t made a sale until you have received the money. 90 day debtors is a great way to go broke. Invoice early and often.
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.