As a business owner, do you dream of spending more time growing your business than working in your business? 

Today WSBC launches the latest series of articles from Deloitte Private focusing on a new way of looking at accounting. A new way of looking at your business, the world around it and your opportunities ahead. 

Giving you real business in real-time highlighting how they’re with YOU, the businesses of Western Sydney.

Every business owner dreams of spending less time in the business and more time on the business. Less time on day-to-day transactions, paying staff and suppliers and scrambling to balance the books. More time on the bigger picture and the things that helped you succeed in the first place.

Until now, that’s been easier said than done. Deloitte Private Connect is changing all that and providing ‘A better way of working’.

We’re redefining the way we work with you through a shared ledger that puts us both, literally, on the same page. Using cloud technologies to take traditional accounting and tax advice to new levels, we’ve streamlined and automated the admin that eats your time away.

No more waiting until after year-end to know where you stood at year-end. Real-time, online bookkeeping makes everything faster and much simpler. Our live dashboard gives you an up-to-the-moment view of your business’ performance whenever you want it, from anywhere and on any device.

The Deloitte Private Connect difference … Your dedicated Deloitte Private advisor works side-by-side with you throughout the year to help you overcome challenges and capitalise on opportunities as they arise.

If you’ve ever dreamed of getting above the day-to-day stuff to spending more time on what really matters, Deloitte Private Connect helps you make it real and keep it real.

Putting you back in the driver’s seat!

Next month we will share with you screen grabs of the product and show you how this amazing tool can add real value to your business.

If you can’t wait till then, please get in touch with us on the details below or, take a look at the website and brochure for more information. Or you can contact Mandy Tsang, Partner, Deloitte Private in Western Sydney directly on (02) 9840 7373.

‘Contractor Management’ is a term which is thrown around a lot, but do people really know the meaning or benefits? Contractor Management quite literally means the managing of contractors business affairs on behalf of the contractor/the organisation which they are contracting to.  There are specific companies, like Pendragon, that specialise in this area and act as a surrogate employer for a contractor.

Contractor Management Companies are useful for both independent contractors and companies alike.

With independent contractors, freelancers or consultants, it allows them to solely focus on their current contract and core skills while all their administration and office management gets taken care of. Independent contractors usually have to run their own ABN, which comes with a number of other responsibilities and additional hassles. Usually Contractor Management Firms can offer an alternative solution to working through their own ABN whilst still allowing them the benefits of being self-employed. Without the ABN, contractors are free from GST/BAS reporting hassles, giving them piece of mind and saving them quite a bit of time.

Contractor Management Companies also eliminate the need for the contractors to raise and chase invoices themselves from the entity they are providing their services to, plus under most contractor management companies it eliminates the 80/20 PSI ruling.

For companies, it alleviates some of the liabilities and costs associated with running contractors and allows for a more controllable and flexible workforce.  Contractor Management Companies also provide workers compensation, professional indemnity and public liability insurances which is a bonus for both the companies and the independent contractors.

Some Contractor Management companies also offer Salary Packaging options – meaning the independent contractor usually gets more net pay at the end of each pay cycle through legitimate tax minimisation.

In the end, Contractor Management Companies eliminate the need for the contractors to do much paperwork, usually resulting in more free time for the contractors, as well as the money they will save from not having to pay for the relevant insurances. From the companies point of view it saves time/money processing individual contractors pays and adds value to their operation or clients as they can upscale or downscale when appropriate making them competitive in the marketplace.

If any further explanation or understanding is required please do not hesitate to talk to us…

Everyone’s always talking about innovation. But it can be challenging to find the right approach to generate, harness and benefit from innovative thinking. For mid-sized companies, with time and resource constraints, the will to overcome these challenges and find a workable paradigm for innovation can be difficult. That’s why it’s important to understand what real innovation is and have a clear and relevant framework for your business.

The first step is to understand what innovation is not. “It’s not confined to technology and it’s not just about efficiency,” comments David Pring, Partner at KPMG. “While technology is an important enabler, and efficiency one important outcome, innovation is actually far broader.”

There are different types of innovation: incremental, evolutionary and revolutionary. Depending on what your objectives are, the approach, risks and resource requirements will differ. 

Changing your mind

Innovation should be described as new thinking – finding ways to create growth and differentiation through new products, services, operating models and processes. It encapsulates speed to market, finding funding and a willingness to fail and learn fast. “We use the term ‘pragmation’ – pragmatic innovation – to describe a philosophy that is all about dynamic action working within the constraints of a business,” notes Pring. 

Central to the concept of innovation is actual business and revenue growth.  “Making your business operate more efficiently is great, but real innovation moves your business forward.” And central to that outcome is one key reality: innovation is as much about the execution (and ways to execute) as it is about the idea. “Ideas are easy, but consistent execution is hard,” says Pring. “Once you have the idea, you then need the commercial nous to sell your concept, get the resources you need and push through the natural barriers you’ll encounter.” 

Building a culture of innovation  

Culture is key, so how can businesses build a culture of innovation? The key components that we’ve discovered really work are: 

Be pragmatic. Challenge the constraints of your business but be realistic too.  Before you go to your main market, consider launching an idea within a smaller subset.  

Seek external perspectives. Look outside your own four walls for inspiration, assistance and feedback. For example, alliances, partnerships, co-creation and connections/collaboration with the entrepreneurial sector. 

However, you’ll also need the following ingredients that are essential to success:

Have a top down and bottom up approach.  You need inspiring leaders (ideally at the executive level) to endorse and drive innovation, to elevate its importance on the company agenda and provide the mechanisms to tap into your staff. Be open minded and make sure you don’t shut down ideas. If the ideas aren’t hitting the mark, provide constructive feedback and, where appropriate, the resources to back an idea. 

Develop innovative thinking in your staff.  Spend time helping your team to develop new ways of looking at old problems. You can engage external parties to help with these sessions where needed.    

Recruit innovative thinkers.  When you’re hiring, be on the look-out for people who can think laterally and have an entrepreneurial mindset.   

Recognise and reward innovation.  Put an incentive program in place to reward staff who engage, put forward ideas and take the initiative to execute ideas.  

Be prepared to ‘fail fast’.  Create a safe environment with acceptable boundaries where people can try and explore without fear of recrimination where their ideas don’t succeed.  Learn quickly from mistakes and keep the ideas flowing.  

For companies that don’t have the luxury of a dedicated innovation team, sourcing external groups to help run innovation programs, or divide up responsibilities for fostering innovation can assist in the goal of building a culture of innovation. “With cloud based offerings you can tap into various crowds and manage ideation quite easily, you can take the first step to bring out the best ideas from your employees, customers and wider ecosystems”, comments Pring. Of course, the key to success still remains the commitment to be bold and take the best ideas to execution.

TAKING stores out of shopping centres and putting them back on the high street will be a central plank in the state government’s metropolitan strategy.

Other central aims of the strategy, released by Planning Minister Pru Goward today, include building high-rise schools and elevating Parramatta to the same status as Sydney CBD.

It includes creating 8000 new jobs, a $30 million investment in roads and a plan to revitalise more than two dozen Sydney suburbs.

Ms Goward said the 28 “strategic centres” undefined which include Blacktown, Liverpool, Sydney Olympic Park and Hornsby undefined will see increased street malls, with the government working with councils to investigate the impediments to thriving shopping strips.

“This is a Sydney suburb revival undefined recreating days where people lived, worked and shopped locally,” she said.

“By working with councils and communities to make more room for offices we will create suburban shopping areas that are alive with activity.”

Campbelltown has been elevated to a strategic centre in the plan, meaning that the state government will investigate where new jobs and housing can be added.

“It is a well-deserved recognition of how important the area is to Sydney’s success, bringing renewed focus, jobs, homes, shops and restaurants to the areas,” Ms Goward said. “Campbelltown’s significance will grow with ongoing work in and around Badgerys Creek airport, making Campbelltown an obvious centre for jobs and homes in a growing Sydney.”

As part of a long-term plan for growing communities, the government will also look at “the efficiency of delivering new infrastructure such as multistorey schools in dense urban communities”.

The elevation of Parramatta to the same status as the Sydney CBD will mean the government has to plan for how to boost job numbers, transport connections, and amenities to comparable levels.

“Parramatta will be the driving force behind Sydney’s seismic shift to the west. Parramatta’s CBD will be elevated to match Sydney’s CBD with an injection of homes, jobs and world class entertainment, restaurants and shopping,” Ms Goward said.

“The Plan for Growing Sydney will shift the city’s centre of gravity from the East to the West, firmly establishing Parramatta as a major CBD alongside Sydney.”

To begin with, Parramatta will be the location of the first “green grid” pilot, where parklands and open spaces are linked by cycleways and walking tracks, and the city will be separated into connected health, arts and education districts.

The government plan includes a commitment to expanding the Westmead health precinct and encouraging higher education providers to develop Rydalmere as the key western Sydney university district.

A WESTERN Sydney industrial wasteland will become Sydney’s newest suburb, with the state government and Parramatta Council set to partner on a plan to make the Camellia peninsula a residential hub.

ALICIA WOOD STATE POLITICAL REPORTER

THE DAILY TELEGRAPH

Parramatta council will consider a proposal on Monday night to begin community consultation on the types of new homes to be built, following the release of the government’s metropolitan strategy on Sunday which officially elevated Parramatta to the same status as Sydney CBD.

Part of the revitalisation of Parramatta will include 6000 new homes in North Parramatta and 2000 new jobs, and the potential to use heritage buildings for community, cultural or commercial purposes.

Planning minister Pru Goward said the upgrade of Camellia was long overdue, given its proximity to Parramatta.

“The Camellia Peninsula has enormous potential, already having the popular Rosehill Gardens Racecourse within the precinct. Parramatta City Council realises this and now we are embarking on a new partnership that will build on the work already underway,” Ms Goward said.

“We have a chance to build a wonderful new community at Camellia undefined with a thriving commercial centre, close to new homes, expanded employment and improved transport.”

Ms Goward said the partnership with Council would be the first step in creating a “cosmopolitan” district on the peninsula.

Australian Bureau of Statistics data shows Parramatta had the highest number of housing approvals of any council in Western Sydney in the last three months undefined with more than 930 houses approved.

Parramatta is also set to be the location of the first “green grid” pilot, where parklands and open spaces are linked by cycleways and walking tracks.

The metropolitan strategy released by Ms Goward yesterday also identifies 28 “strategic centres”, including Blacktown, Liverpool, Sydney Olympic Park and Hornsby, where the state government will partner with councils to remove blockages to creating thriving shopping strips and street malls.

Campbelltown has been upgraded to a “strategic centre” in the plan, meaning the government will investigate how to boost new jobs and housing in the area.

Opposition planning spokesman Luke Foley said that while he supported growth in Western Sydney, the government was unfairly insulating the North Shore from increased population undefined with Western Sydney expected to grown by 907,000 people by 2031, while the North Shore will only see an extra 133,000 people.

“Our city’s population strategies and planning instruments are being used by the Liberals to run a protection racket to limit population growth in their North Shore heartland,” Mr Foley said.

Two Bankstown food manufacturers, Brancourts Cheese and Sunshine Meats, have recently received national recognition for excellence. 

Yagoona-based dairy company, Brancourts, is one of two finalists in the 2015 Australian Grand Dairy Awards (AGDA) for its Greek Style Natural Yoghurt.

Milperra-based Sunshine Meats has just won the Australian Pork Corporation’s 2014 award for Best Artisan Ham – just in time for Christmas!

2014 has been an award-winning year for Sunshine Meats, which took out Best Business and Best Delicatessen/Gourmet Food in the Bankstown Local Business Awards, and a Silver Medal in the Royal Agricultural Society of NSW’s Fine Food Awards.

If you wish to enjoy some of Australia’s finest foods this festive season, look no further than Bankstown!

To place your order or obtain further information on these two companies, go to:

• www.brancourts.com.au
399 Hume Highway, Yagoona NSW 2199
Phone: 9709 5799

• www.sunshinemeats.com.au
360 Horsley Rd, Milperra NSW 2214
Phone: 02 9774 5543
Email: info@sunshinemeats.com.au

Independent tyre retail chain Tyrepower is working with TAFE Western Sydney to ensure that its employees give the highest levels of service to its customers.

An innovative training program has been designed to provide the best fit for Tyrepower, combining Tyrepower’s internal training with recognised TAFE qualifications. Training includes areas such as tyre management, steering and suspension.

Tyrepower Education and Development Manager Michael Vassallo said that the collaboration with TAFE Western Sydney allows them to ensure that employees are suitably qualified and skilled.

“Training plays a very important role in professionalising our workforce and we are privileged to be able to work with a training organisation which has taken the time to understand our needs and work with us for a solution,” Michael said.

“Through this training we can ensure there is a consistency in the skills being developed by employees across our Group which spans Australia and New Zealand.”

Automotive Head Teacher Mike Cochrane said that the collaboration will allow Tyrepower to stand out in the market.

“Qualified and suitably skilled staff are increasingly a selling point in the automotive market. Customers are expecting more and will keep coming back if they are well catered to and have confidence in their service providers. This is a great initiative from Tyrepower and we are excited to be a part of it.”

Why some businesses don’t survive or ever reach their potential, and other’s do

Why do most small business owners fail to achieve the success they dreamed about and end up virtually trapped in their businesses, struggling with long working hours and mediocre results?

The statistics* relating to small and medium sized businesses indicates that running your business successfully is extremely challenging:

· The average working hours for Australian business owners is 56 hours per week
· 60% to 80% of businesses cease to exist within five years of start-up
· 46% of all business owners make less than $100,000 per year

From our experience, business owners make several critical mistakes that limit their success and business survival:

· Short-term focus on “fire-fighting” rather than focus on what’s important
· Reactive sales & marketing tactics
· Lacking understanding and control of key performance indicators
· Ineffective delegation to staff due to lack of business structure

It doesn’t have to be this way.

Matt Grainger from Manly Surf School is a client of ours who is overcoming these odds and creating the life that he dreams of for himself, his clients and his team. Manly Surf School are about to be featured all over the world on BBC Online.

If you want to be inspired by someone who is not trapped in his business, watch this spine-tingling 4 minute video of Matt sharing his heartfelt story of building the surf school and their plans for the future… it may just help you look at your own business in a new light.

https://www.youtube.com/watch?feature=player_embedded&v=RG3VooXw18A

Do you relate to any of the issues or scenarios above? What about some of your business colleagues? Everyone who attends Gallop Discovery walks away saying either:

“I was inspired to take action to improve my approach to business as it isn’t working how I dreamed it would” or “I wish I had come along sooner, I’m going to tell all my business colleagues about it”

We’d love share more with you and your associates about the tools that have helped over 200 clients in the last three and a half years to help you understand that there is a way to create the business AND the life you dream of!

To book on to the next Gallop Discovery click here – as an existing friend of Gallop Solutions, your tickets to Gallop Discovery are complimentary for you and your associates by using this link.