The Get to the Contest Small Business Podcast is a program aimed at motivated small business owners and entrepreneurs looking to improve their business. With Warwick Jackson, Chartered Accountant as host and various industry specialists as guests, the show provides answers to the common questions entrepreneurs face when looking to grow, sustain and market their business. Warwick draws on his background in both business & Elite Sport to help business owners to drill down & focus on the the critical KPI’s that drive performance. Get to the Contest is another way of asking the question: “What should I prioritise or focus on to drastically improve my performance?” Answer this question and you will be kicking goals with your small business.
Are You Too Supplier Dependent?
In this episode of Get to the Contest Small Business Podcast, I want to talk to you about something that’s often overlooked by small business owners—It’s all about supplier relationship and your business reliance on them. I'm not just talking about suppliers of products, but also suppliers of services, referrals, and more.
Listen in as I talk you through a few scenarios of supplier reliance and let’s take a look on how these circumstances may affect your businesses.
In this episode we answer the following questions and some tips to overcome them:
What happens if your supply goes broke? What happens if your supplier is taken over? Do you have a relationship with a supplier business, or do you just have a relationship with an individual at that supplier? What if your supplier just retires?There are unforeseen sudden changes in supplier circumstance. What happens next? What if your suppliers are exposed to change in the political climate? If your main financier stops financing you, perhaps due to a change of policy and you can no longer have your facility, are you instantly cooked as a business? There’s a sudden supply interruption outside of your control—what do you do when you can’t get the products that you’ve ordered? What are the risks in relying too much on a specific marketing medium or something as public and free like as social media platforms such as Facebook, Instagram or Twitter?
Here are some key takeaways from this episode:
Conduct a risk review. Go through and look at your business at the various mentioned risk factors and see what applies to your business and make no assumptions that the status quo will be in place.
Look at the likelihood of each risk. I know some of these things might seem unlikely, but also look at the size of the damage to your business should something happen. Now, that will then lead you to a course of action where you either take steps to reduce the likelihood of the event happening, or you take steps to reduce the damage that would occur if the event did happen.
Do this assessment on an annual basis because as your business grows and evolves, so will its risk. And so will your supplier's risk change and evolve as well. So, do this on a regular basis, just to make sure that your assumptions around your business continuing, your business just doesn't fall apart due to something that's beyond your control that happens to a supplier.
Small Business Post-JobKeeper - Apocalypse or Opportunity?
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Listen in as I talk about the end of JobKeeper payments and what small business owners need to be aware of as they navigate the next 12 months—all these and more in this episode of Get to the Contest Small Business Podcast.
Here are some key takeaways from this episode.
Covid 19 brought many challenges and changes. The Federal Government offered a number of initiatives to help small businesses. These included:
The cash boost JobKeeper wages reimbursementChanges to rules around insolvent trading – protecting directors somewhat. Virtually turned off all Debt recovery & penalties – More than 5000 staff reassigned from Debt to JobKeeper.Other assistance around delaying the payment of commercial debt. Changes to asset depreciation laws allowing instant right off. Check out this PDF File: http://bit.ly/JobKeeperPDF
Impact of the Government Initiatives on Small Businesses
ConfidenceZombie Business kept alive until March 31. Major Decrease in small business liquidationsUnemployment peaked July 2020 at 7.6% but dropped and was 5.8% as at Feb 2021. Demand has spiked for plant & equipment.
Once JobKeeper ends, what’s next?
ATO to turn on the recover switch of the 53 Billion Dollar book of debt Insolvency’s will go up – Keep an eye out for the notices .Don’t ignoreMany voluntary liquidations will take place, now that the free cash has stopped.Commercial debt and other supplier payments will now need to be repaid. Above hasn’t impacted consumer confidence.
What should you do?
Don’t ignore ATO correspondence. Director Penalty notices can be very time dependent. Get numbers up to dateGet lodgements done – even if you can’t payAsk for ATO repayment plans now – get on the front foot; you should be able to get over 24 months.Supplier terms – lock in NOWHave a budget & cash flowGo hard on debt collections NOW. Before people are too far removed from the free moneyHave funding approved – Even if you don’t need it. Banks are ridiculously busy. As are alternate funding providers assisting SME’s with products like trade finance.New clients – Do a credit check. Make sure they haven’t been cut off. Put them on a limit. Are there any opportunities through this pandemic?
Every Boom Bust has the impact of cleaning out industries. Those that were weak die off, leaving those that were left to thrive. Covid 19 will be like the GFC on Steroids.
There will be a lot of opportunity such as—there’s never a better time to sell 2nd hand equipment than now. Limits to supply from Overseas, Depreciation Policy changes and low interest rates are driving the demand. This is great – provided you aren’t also stuck sourcing a replacement asset.
With other businesses folding, this is also an opportunity for you to recruit a valuable team or workforce for your business.
Also, strategically purchasing struggling business for a nominal cost could add significant dollars to the bottom line. Clean up your own balance sheet if you can. Keeping your numbers up to date will make for an easy review of your finances and help you not miss out on business opportunities.
Feel free to email me at email@example.com for questions and further inquiries.
How Better Communication Drives Business Growth
In this all new episode of Get to the Contest Small Business Podcast, we have Melanie Raimundo. She is a relationship coach and generously gives us a bit of her knowledge on how to build better relationships and, therefore, better business.
How To Minimise Payroll Tax
We have Damien Lehman, commercial and tax lawyer from Andreyev Lawyers. He generously shared his expertise in payroll tax and how it can affect small business owners.
Protecting Your Assets with the PPSR
We have Nic Coffill, Commercial Transactional Lawyer from Aubrey Brown Lawyers, on this all new episode of Get to the Contest Small Business Podcast. We talked extensively about PPSR, asset protection and matters that are very important to small business owners.
How a Karate Dojo Uses Great Customer Experience to Grow Its Business
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On this special episode of Get to the Contest Small Business Podcast, we are going out of our studio to interview Sensei Pauline and Sensei Adrian from Black Belt Martial Arts, a karate school in Mingara. This is one small business I really admire, from the customer amazing experience that I’ve experienced first-hand to how they utilize simple but very clever marketing techniques in their business. There’s some real gold here that I’m sure you can apply in your respective businesses so make sure to have a listen.
Here are some of the key learning from this episode:
1. Listen to your customers and identify a potential new market
Sensei Pauline and Sensei Adrian made the smart move to do some market research early on in their business. From there, they recognized the specific programs that they need to target their main clientele and maximize the use of their gym by offering other programs for their secondary market. This move also shows that they listened to their customers and provided the demand just by being strategic in their offerings and programs.
2. Simple, effective marketing is low cost with high returns
By creating simple marketing programs such as reward coupons, your business will have the opportunity to entice potential target audience members. It's really easy, effective and measurable. If we were to think about our own respective businesses, I'm sure there's something similar that we can bring in.
3. Keep the parent involved
For a kid-centric business such as Black Belt Martial Arts, it is very important to get the parents involved. Make sure they are comfortable with the program so they’re getting enjoyment out of it, too.
4. Connect with the clients once they are in
If you’ve built a good relationship with your clients, you can make sure that the retention of their business will be great. Not only that, they will be encouraged to recommend your business to their colleagues and friends. A high level of customer service and care via good communication is the secret to a successful business.
5. Resilience is a skill
Business can be a struggle sometimes. But taking from a lesson from Sensei Pauline and Sensei Adrian, “A black belt is just a white belt who never quits”, they teach that resilience is a skill. It must be practiced and learned. Keep pushing and focus because you’ll eventually get there. Nothing great is easy and if you can show that absolute focus around pushing towards your goal and pushing beyond what you think is possible, eventually, great things will happen.
Very useful tips
As a self funded retiree- the episode on lending to adult children was very helpful and made sense. More please
Warwick and his guests are providing practical, useful ideas that are helping me build my business. I definitely won't miss any of these podcasts.