5 new business grants available

How do you grow into a successful business that can compete?
Happy New Financial Year! Welcome to this edition of Collins Hume's Grant Alerts for June. We take this opportunity to extend to you our best wishes for a very successful 2013/14!

Continuous Improvement Program
If you have participated in the Tailored Assistance Program, you could be eligible for admission to the Continuous Improvement Program. The aim of this program is to accelerate the competitiveness and raise the performance of individual Australian companies through a process of continuous improvement across the entire range of the business' activities. Eligibility is available to every company that has undertaken a business review and has completed Stage 1 of Tailored Assistance Scheme at least 12 months previously.

To be approved for the Continuous Improvement Program, your company needs to be able to demonstrate that it has achieved significant progress in addressing the outcomes of the original business review. Read more…

Trend Analysis - what's it mean?

Assisting in planning your business' growth and goal setting
And based on prior year's performances, factors affecting trend analysis include:
  • competition
  • management
  • business planning
  • business reinvestment
  • demographic information on customers
Call Collins Hume to find out how proper trend analysis can enhance your business results 02 6686 3000.
Shine a light on strategy in your business by joining the discussion at SS Strategy 

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Digi disruption to affect one third of economy. Are you prepared?

"Digital Disruption" Forecast to Affect One Third of the Economy In The Next 3 Years
According to a report released by Deloitte, one third of the Australian economy faces immanent and major "digital disruption" - a "short fuse, big bang" situation.

The report stresses the importance of each organisation looking at the issues raised, in fine detail, before developing specific, pragmatic and proportionate responses. The report also indicates that digital opens up unprecedented possibilities, "These innovations are changing economies and markets and reinventing relationships between organisations, suppliers and customers. They are changing society".

The report identified those sectors such as "finance, retail, media; and information and communications technology have a short fuse and can expect a big bang". At the other end of the spectrum, miners, construction groups and many manufacturers have longer fuses and face less incremental disruption to their businesses.

"Sectors like education and health, while set to experience profound changes, have a longer fuse and potentially a greater opportunity to plan their response".

The report identifies that the "short fuse - big bang" will affect 32% of the Australian economy with the effects forecast to be felt over the next three years, as follows:
  • 1 year and under - retail trades, arts and recreation
  • 1 to 2 years - information and communications technology and media
  • 2 to 3 years - finance, professional services, real estate and businesses Read more…

New business owners bowled over by proactive service and peace of mind

Collins Hume client case study June 2013
Cameron Walsh had been Head Technician at Ballina Tenpin Bowl for 16 years and when it came up for sale, he and wife Emma jumped at the chance to buy it.

They'd never run their own business nor had the need for business accounting advice up until then, so thought they would be well served by their incumbent accountants when it came to business matters.

When they became the owners of Ballina Tenpin Bowl five years ago, they began to see the shortfalls in their accounting provider.

"Becoming business owners was a culture shock to say the least," says Emma. "As employees we could switch off outside of 9 to 5, but with the new opportunity came added responsibility."

"Buying the business and doing our research was straightforward enough, but we were experiencing lags in trying to communicate with our accountants".

"I don't know how we did it without lots of help from mum and dad."

Out of frustration, Emma and Cameron looked to Collins Hume's Chris Atkinson and Jamie Doyle whom they knew through local connections and decided to obtain a second opinion. Read more…
Pitfalls In Starting A Business
If you're contemplating starting a business, you'll need to avoid the pitfalls.

We recommend reading CCH's review of small businesses, 'SMEs â€" The Fine Line Between Failure And Success', before starting a business and determine strategies on how you're going to manage some of the key reasons for business failure that are identified in that document.

Here are our tips before signing any contracts:
  • Seek good advice from an accountant and solicitor.
  • Review the costs of operating a business.
  • Remember the most important item identified in the CCH survey was "failure to manage costs or anticipate rising costs".
  • Prepare or have prepared realistic market analysis and verification. The CCH survey indicated that "poor marketing" is one of the key issues resulting in business failure.
  • Prepare a realistic business plan. This is very important. Business plans for business people are like maps for tourists. CCH's survey identified that one of the critical areas for small business failure is a "poorly designed business model (e.g. no business plan)".
  • Review your management skills. The CCH survey indicated that one of the prime causes for small business failure was "inexperienced management".
  • You need to identify the skills input you require relative to accounting, marketing, professional selling, workplace health and safety, human resources activities, relating to both day-to-day involvement with employees and Fair Work Australia requirements.  Read more…
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