A PLUNGE INTO THE SMALL BUSINESS SECTOR
Dev and Moitrraye bought their franchise in Tarneit Gardens through AA Brokers and they are extremely happy with the advice and decision they have receivedDevraj and Moitraye Barthakur moved from Western Australia to Victoria last year looking for better prospects and opportunities. The couple and their one-year-old daughter moved to Melbourne to understand a more vibrant and multi-cultural market. They were determined to take a plunge into the small business sector. The duo loved a challenge.With saved up cash, Dev and Moitrate flew down to Melbourne and stayed in hotels for over four months to better understand the market they intend to work in. Researching about the type of business Dev and Moitraye would want to establish, they were finally convinced that a franchise model is a safe bet, especially when they are new in a town and they want to make that profit sooner.Dev met with Ahmet Ali from AA Brokers at the Franchise and Busines Expo in Melbourne last August. “Ahmet is like a guide and adviser. He gave me the right advise and guided me through the whole process. He gave me the pros and cons and I was convinced that the best option for me was a franchise,” said Dev. Ahmet Ali runs AA Brokers and is based out of Docklands. AA Business Brokers is a respected professional firm specialising in the sale of businesses and franchises throughout Melbourne. They deal with Commercial and Residential properties in the Melbourne Metropolitan area. With a great lot of experience working in the market Ahmet could advise Dev on buying the right franchise. “Ahmet is extremely skilled in handling your fears and aspirations and giving you that push you need.”Dev bought a Ferguson Plarre Bakehouse in Tarneit Gardens. “Tarneit is dramatically changing every year. More and more people are moving to this area and it’s getting really busy. It’s only in the last few months that Dev bought the Ferguson Franhise and it’s already showing signs of fast growth. “I’m extremely delighted to have bought this franchise. Ahmet was right. The sales are growing steadly. Although we had two rough months in the beginning because of summer, it’s changed quite a lot in Autumn. The business has grown extensively and I’m pleased to be a part of this chain. ”There are over 66 Franchises run by Ferguson Plarre Bakehouse. The one in Tarneit is just opposite the Woolworths. If you visit Ferguson over the weekend at the Gardens, you can meet Dev to have your favourite coffee, meat pies or banana bread. “ People are crazy about our pies. We have regulars and they get upset if we ever run out of our pies,” Dev suggested. “Our cakes are pretty popular too.”
Tasveer, a new facet to photographs!
“Tasveer is a unique photo booth experience where a ‘mini studio’ helps you capture those amazing moments in endless possible ways!” said Gagan Singh, entrepreneur and owner, Tasveer Photobooth. This Indian business owner & passionate enterprenuer aspires to give the Photo Booth experience a unique facet to say the least. Having begun it’s journey with a single goal in mind, Tasveer provides it’s many guests with an exhilarating photo booth adventure. For all that enter the Tasveer Photo Booth, this translates into a fully customisable experience, coupled with social media presence and professional customer service. Tasveer is an innovative and technologically forward business striving to bring it’s customers the latest photo booth enhancements. These booths are not only Australian made with DSLR cameras but also come with fast dye-sublimation printing which will ensure superior photo quality. Our youthful yet mature outlook ensures that Tasveer accommodates any type of event, ranging from weddings, engagements, birthdays, parties, corporate events, opening nights, school balls, hens nights, festivals and even a photo shoot Tasveer can do it all! The Photo Booth offer three different booths and packages with customisable extras including props and personalised photostrips to suit your event. Each of our booths even comes with an innovative social media kiosk that will have guests sharing unlimited happy snaps with friends, fans and followers instantly. The Indian Executive Club recommends Tasveer to all of our members & associates to obtain a custom quote for your next event. www.tasveer.com.au www.flickr.com/photos/tasveerpb/ www.youtube.com/tasveerpb
“Growing A Great Business” series
Indian Executive Club is reserving spots for business owners across Melbourne to avail the opportunity to register for the “Growing A Great Business” series. Pitcher Partners has a proud history of supporting entrepreneurial Indian businesses.In 2015, as a nominee for the Pitcher Partner Indian Executive Club Awards 2015, we would like to invite you to join us for an exclusive workshop series conducted by Business Consulting Partner Dr Richard Shrapnel, PhD. Details Date: Monday 1 June 2015 (8:00 AM – 9:30 AM) Monday 15 June 2015 (9:00 AM – 12:00 PM) Wednesday 22 July 2015 (3:30 PM – 6:30 PM) Wednesday 19 August 2015 (3:30 PM – 6:30 PM) Location: Pitcher Partners, Level 19, 15 William Street, Melbourne 3000 RSVP: Please RSVP with any dietary requirements by 27 May 2015 to Tushar Warrier Email: firstname.lastname@example.org or (03) 8612 9330
RECRUITMENT LIKE NEVER BEFORE
BY Alys Francis What do wine and recruitment have in common? Most people would say nothing. Rohit Gupta not only saw the similarities, he founded a business based on them. RG Recruitment is turning the tables in the Australian hiring industry, from a model focused on employers to one looking at candidates as “the main ingredient”. “This industry is revolving around employers and them finding the right candidate,” Gupta said. “But what about candidates and what role or training is right for them to develop their career? No one seems to look at that.” Gupta is setting about building a ‘strong’ pool of candidates to tempt employers. Which, funnily enough, turns out to be not unlike making that unforgettable red. “The slower the process is, the stronger and better the outcome,” he explained. “It’s like aging a wine.” But even more revolutionary in an industry where employers are used to paying exorbitant recruitment fees based of annual salary packages – RG Recruitment charges a single fixed fee for every candidate hired. “Our fees aren’t based on percentage of the annual salary of the employee – so whether we look for the senior most position or the entry-level employee our fees are fixed,” Gupta said. “That way we know we always work at our best without being affected by the commission we might earn.” Aside from building a strong pool of candidates “with diverse backgrounds,” Gupta is aiming to grow a pool of job listings. This way both the employer and the candidate have the ability to choose, he explained, “rather than just listing a job and waiting for the candidate to apply”. “Once I have the pool ready then I’ll concentrate on ‘reverse marketing’ these strong candidates to potential employers.” At RG Recruitment, Gupta has made it so that employers aren’t favoured simply because “they are paying the fees”. The aim instead is focused on finding the right candidate for the job and vice-versa. With past experience working across hospitality, banking, education and travel at senior levels, Gupta said he knows the ins and outs of recruitment from multiple perspectives. “I have been involved in recruitment of staff and more importantly developing capacity of staff through training and professional development courses,” Gupta said. “I understand the recruitment process not only from employers perspective but also from the candidates perspective and hence can make the match perfect. “I also run professional development programs for employers to enhance productivity of their current staff and at the same time advise candidates to take on specialized courses to find right jobs.” It’s always difficult being the first trying to swim against the tide, and Gupta realises this, saying he is well aware the focus in recruitment today is firmly on the employer. “However, it’s only a matter of time before employers and candidates realize the benefits of this unique process and jump on the bandwagon,” he said. http://www.rgrecruitment.com.au
Go tax Low, Savings High
By Rashesh Bhavsar Here are some top end of year financial planning strategies As End of Financial Year (EOFY) coming closer, it is a time to consider your current financial situation and review some of the strategies, which can be quite useful to minimise your tax, boost your superannuation and secure your income. Making Concessional (Before tax) Contributions to Superannuation to minimise tax Concessional contributions are before-tax contributions that can include employer contributions, contributions made under a salary sacrifice arrangement and tax-deductible contributions by an individual. You, or your employer, generally receive some type of tax advantage when a concessional contribution is made to a super fund. Contributing money into superannuation can be an effective way to save for retirement and can provide you with tax relief. For self-employed individuals, this can be done by making personal deductible contributions. These contributions are concessional contributions and are taxed at a maximum of 15 per cent rather than at the individual’s Marginal Tax Rate, which can be up to 45 per cent for the 2014-2015 financial year. An additional 15 per cent concessional superannuation tax applies to people who earn above $300,000. For those who are employed, this can be done by salary sacrificing to superannuation. Salary sacrifice contributions are also concessional contributions (also known as pre-tax contributions) and are taxed at a maximum of 15 per cent in comparison to individuals Marginal Tax Rate of up to 45 per cent. These strategies can reduce the amount of tax you pay while saving for your retirement. As an annual cap applies to all superannuation contributions, it is important to discuss your options with licensed and qualified financial planners before making any contributions to superannuation. For the 2014/2015 year (1 July 2014 to 30 June 2015) There are 2 annual concessional contributions caps you need to be aware of when considering before-tax contribution strategies, namely: $30,000 cap for anyone aged 48 or under as at 30 June 2014; and $35,000 cap for anyone aged 49 years or over as at 30 June 2014. Exceeding superannuation contribution caps can result in you paying additional tax and penalties. As an annual cap applies to all superannuation contributions, it is important to discuss your options with your financial planner. Making Personal Contributions to Superannuation to qualify for the Government Co-contribution Non-concessional contributions may also be referred to as ‘after-tax contributions’. Most common types of non-concessional (after-tax) contributions include: non-concessional (after-tax) contributions that you make, or your employer makes on your behalf, from your after-tax income; contributions your spouse (including a same-sex spouse) make to your super fund (unless your spouse makes the contributions because they’re your employer); and personal contributions that are not claimed as an income tax deduction. 2014-2015 Non-concessional cap: $180,000 (under age 65) Access to government co-contribution: You can also make superannuation contributions $1,000 from after tax money where you may benefit qualify for the Government Co-contribution of up to $500 if your taxable eligible income is going to be less than $34,488 p.a. in financial year ending 2015. Any income above this threshold will reduce your govt co-contribution entitlements. No entitlements will be received if your eligible taxable income will be above $49,488 p.a. in financial year ending 2015. There are also other conditions to meet to access government co-contribution. Contact your financial planner before 30 June to find out if you are eligible for the Government Co-contribution. 3) Secure your Income and claim tax deduction As you build your family’s wealth, it becomes increasingly important to protect your assets and earning capacity. Income protection insurance provides up to 75 per cent of your income should you become unable to work due to illness or injury. Income protection insurance premiums are generally tax deductible whether funded within or outside super (but at different rates). But if you take income protection in your own name (outside super), you can pre-pay a year’s worth of premiums and may be entitled to a tax deduction in the current financial year that would otherwise be tax deductible in the following financial year. You can choose waiting period between 14 days to 2 years, but most common ones are 30 days and 90 days. Longer the waiting period, cheaper the premium. You can choose benefit period from 2 years to up to age 65. Some insurance companies offers up to age 70 to professionals. Shorter the benefit period, cheaper the premium. Normally, professionals and white collars workers choose benefit period up to age 65 and blue collars normally choose benefit period up to 5 years as it might be maximum benefit available to them. You can choose the type of income protection cover according to your needs. Agreed-value insurance, the most expensive option pays out a benefit agreed to reflect your income at the start of the policy. This type’s not affected by any fluctuations in income – kind of like ‘agreed value’ car insurance cover, rather than market value. Indemnity value policies are cheaper and more common. These verify your income at the time of making a claim and may adjust your benefit accordingly. So your payout salary can depend on things like maternity leave, working part time or becoming unemployed. Indemnity value policies provided by super funds are the cheapest, with fewer features and less flexibility. They may also be limited to a shorter time period. The writer is a financial advisor, CEO & Co-Founder of the Fortune Wealth Creation Group, and can be reached at email@example.com
Exclusive Workshop Series – “Growing a Great Business”
presents “Growing a Great Business” Workshop Series Pitcher Partners invites the first 20 SMEs who register their interest to nominate for the Pitcher Partners IEC Awards 2015 to join an exclusive 4-part workshop series. Workshop Date Time 1 June 1 8AM – 930AM 2 June 15 9AM – 12PM 3 July 22 3PM – 6PM 4 August 19 3PM – 6PM Workshop Location: Level 19, 15 William St, Melbourne CBD Understand intimately your customer’ needs Think and act strategically Make your products easy to buy Understand your numbers Drive your business’ performance Continually grow your business Plan your succession Register your interest today and be one of only 20 businesses to avail these valuable workshops. Email to: firstname.lastname@example.org Mandatory requirement: A one page bio about your business on registration as the workshops will be tailored to suit your business needs & background.
THE MILESTONE HAS ARRIVED IN 2015
Small to Medium Enterprises and Executives from the Indian Diaspora have been rapidly growing their networking base in the last five years and the Indian Executive Club seems to have had everything to do with it. On the 1st of May, a Milestone had arrived in 2015 when the IEC celebrated going into its 5th year for the Indian Executive Club Awards. Over 60 of the Club’s closest associates and many of its members attended the 2015 Indian Executive Club Awards launch Night at Pitcher Partners. Vinay Sharma, Chairman of the Indian Executive Club, paid tribute to the level of support and commitment from Pitcher Partners over the last 4 years. He narrated the story that unfolded with a leap of faith by Pitcher Partners in the year 2012. “What would normally have taken a running track record of success for an organisation to offer support, in 2012 took a sincere leap of faith by Pitcher Partners towards the IEC Awards. They believed in what we were trying to achieve to uplift and recognise accomplishments within the Indian Diaspora.” said Vinay Sharma, Chairman, IEC IEC had Rohini Kappadath (Director, Cross Border Business, Pitcher Partners) and Vijaya Vaithyanath (CEO, City of Yarra) to officially declare the 5th Indian Executive Club Awards nominations open. Being a milestone year for the IEC Awards, there were two special announcements at the launch event. Rohini Kappadath threw light on the first of them in relation to the nomination process. In collaboration with the IEC Awards, Pitcher Partners will be inviting every nominee to three “Grow your business” workshops in June, July & August 2015. With this power packed nomination journey, the IEC Awards ushers in the milestone year with many an incentive for the Indian business owner in Australia. The second announcement was the launch of the brand new IEC website. The guests were given a walk through of the website. The following are the key highlights: Businesses and Executives can download and complete nomination forms online, IEC membership forms available Payments online All event information updated regularly, Newsletter sign up, IEC Awards partnership information, Advertising media kits available. www.indianexecutive.com.au
IEC Awards Launch Night
Come the 1st of May, IEC will unveil a fusion of brand new initiatives for the milestone year of 2015. We go into a sparkling 5th year of the awards and we would like to invite all of our major partners & associates, winners, finalists and all nominees to attend as we celebrate the grand opening of IEC’s signature event plans. We specially invite those interested to partner with us for the IEC awards 2015. Do get in touch with the IEC team and express your interest to attend this event. We request you to RSVP by 29th of April 2o15 – email@example.com
‘Decade of Manufacturing’ in India
The Indian government’s manufacturing focus is evident. On the recent three-country foreign visit of Prime Minister Narendra Modi, the Make in India campaign received a fillip. India was also the partner country at Hannover Messe, described as the world’s leading trade fair for industrial technology. However, skeptics immediately pointed out India’s decision to buy 36 Rafale fighters in from France raises concerns over Make in India. It led to questioning the validity of the initiative. Finance Minister Arun Jaitley, who briefly was the defence minister, responded by saying that Make in India can fabricate Rafale jets after 20 years but that doesn’t mean one keeps the forces ill-equipped for the next 20 years. Last week also saw Ford announcing its $2.5 billion investment in Mexico, part of which is explained by the cost competitiveness of the country in terms of the hourly labour wage differential as compared to countries like the US itself and Canada. The most recent (2012) figures for Mexico (according to the US Bureau of Labor Statistics) were $6 compared to $36 and $37 for US and Canada respectively. The figure for India was $ 1.46 in 2010, the latest year for which data is available. This is lower than China ($1.74 in 2009) and this is where there is a window of opportunity for Make in India. The following six points are critical for enabling and ensuring the manufacturing ecosystem grows in India: First, instilling a sense of pride and ownership among people who work in the manufacturing sector. At times, people in production and manufacturing jobs find it extremely demoralizing considering the incentives they are offered within their specific industry. Contrast a manufacturing worker in India with one outside of India or with a service worker. Even people doing very basic production outside of India are motivated and their morale is high. It is true for Indian services industry as well. In India, there is a high attrition rate in manufacturing and people want to move to greener pastures as job satisfaction is often missing. It is true for even formal factory sector and not just the informal clusters where there are a large number of contractual workers. If a proper sense of pride is instilled, it often leads to quality and standards being followed that can make industries export competitive. Secondly, closely related to the issue of incentives and remuneration is the issue of skills. India has a lot of competition but a large fraction of the workforce is semiskilled/ unskilled. It is urgently required to rectify the mismatch between the jobs that are on offer and the education one receives. It will enable recent graduates to start post-college immediately and the need for probation and training will be greatly reduced. Thirdly, at some places, there are inverted duty structures. The government has already addressed these for the renewable sector in the budget. Roughly speaking inverted duty structures mean that the cost of procuring finished goods is cheaper than the cost of procuring raw materials. It gives a perverse incentive to procure from outside rather than Make in India. Needless to say that if the concept is to be made a success, the import duty structure needs to be carefully studied and accordingly recalibrated. Fourthly, there is a need to look at regulation by the government. It means looking into labour laws and indirect tax regime, as well as the general ease of doing business. The government seems to be headed in the right direction through simplification and better legislation. The labour laws need to be simplified and brought under a single unified ambit. This will benefit all the stakeholders – industry, labour (most of whom are in the informal sector thanks to the archaic labour laws) and even law enforcers. The goods and services tax (GST) could give a much-needed boost to the economy and at the same time increase the speed of business activity. Te measures for ease of doing business include a reduction in the time to open and run a business as well as procuring licenses for starting production and compliance with regulations. Fifthly, branding and marketing of products from India is not directly related to manufacturing but greatly enhances the export value if done in a proper process-driven manner. The Hannover Messe is a recent case in point. Also, there is need to relook the cluster approach within the country for gaining competitiveness as clusters are the backbone of an industrial economy and are fundamental drivers of competitiveness. Lastly, improvement in terms of basic infrastructure over the medium- and long-term will again be instrumental in increasing the speed of doing business. Bettering the connectivity with ports, improvements in our archaic railway network, expansion of highways, as well as better power supply, will all aid in turning Make in India into a grand success. A word of caution: UPA-1 too had tried to revamp manufacturing landscape when the National Manufacturing Competitiveness Council (NMCC) put out a national strategy for manufacturing in March 2006. Knowing what to do and doing it are two different things. The necessary changes can lead to a truly a ‘Decade of Manufacturing’ for India. (The article is co-authored with Sankalp Sharma, Senior Researcher at the Institute for Competitiveness, India. Amit Kapoor is Chair, Institute for Competitiveness & Editor of Thinkers. The views expressed are personal. Amit can be reached at firstname.lastname@example.org and tweets @kautiliya)
Jobs ‘R’ Us
Rohit Gupta’s RG Recruitment offers tailormade solutions to companies seeking the right employees Recruitment is like a jigsaw puzzle — it’s all about seeing the larger picture and learning to fit the right resource in the right role. And that’s what RG Recruitment is most successful at. Whether it is the field of customer service, education, management or finance, hospitality, travel and tourism, administration, retail or sales and marketing, RG Recruitment is committed to offering personalised service. As one of the company’s mission statements promises — we work to find solutions, not raise issues. RG recruits temporary, casual, contract and permanent staff, while also making suggestions to candidates on what courses they can undertake to increase their employability. Rohit Gupta, as the founder-head of RG Recruitment, commenced his working career as a F&B attendant at one of the most luxurious hotels in Melbourne whilst studying his Masters of Business Administration (MBA) specializing in Finance, Human Resource and Marketing in 2000. After completing his MBA, Rohit worked in the banking industry where he gained experience working with the major banks in Australia such as CBA, NAB and ANZ at Executive level positions. Rohit then decided to make a change in his career and join the vocational education and training sector in 2006. Two years later, Rohit had the opportunity to work as the industry manager – financial services with one of the 11 Industry Skills Councils directly funded by the DEEWR (Federal Government’s Education department). During this tenure Rohit consulted with employers around Australia to find out the skills and knowledge employers require in their staff. From 2006, Rohit has been undertaking number of qualifications in training and assessment, project management and auditing to keep himself up to date with the job market. In 2010, Rohit decided to start his own consulting firm to assist various employers to recruit and train their staff to enhance the productivity and to achieve desired organisation goals. University & VET studies and ‘hands-on’ experience worked perfectly to develop ongoing relationships with employers and candidates in this consulting role that spread across Australian boundaries and overseas. Rohit established a successful boutique travel company in 2012 after recognising the need to have a luxury and personal travel agency in Australia. That was when he realized that there is a massive demand for a specialist recruitment agency for education, finance, travel and hospitality industries where the staff turnover is really high and employers find it hard to engage qualified and skilled candidates. And that marked the beginning of RG Recruitment. For more details visit www.rgrecruitment.com.au
Looking To Upgrade
Independent Software Advisors offers business solutions in Victoria From manufacturing, engineering and process manufacturing to distribution in the food, beverage and related industries, jobbing/project management, import/export, transport and logistics, defence, freight forwarding, and many more, Independent Software Advisors provides free on-site IT consulting services in Victoria, to assist businesses looking to upgrade their existing ERP/MRP solutions. “The company isn’t tied to any vendor and comes with an open mind to discover the specific requirement of a business,” says Brian Leacy, the firm’s Director. “We document the client requirements and select vendors that we know have the functionality to meet the client’s needs, including taking into account their budget,” he adds. The firm’s advisors arrange for vendor site visits and accompany the vendor and participate in any demonstrations. The Commonwealth Government currently has a new initiative called Entrepreneurs’ Infrastructure Programme, which provides eligible businesses a free business evaluation, through business advisors associated with EIP. Additionally the business may be entitled to a grant of up to $20,000 for the implementation and training associated with the acquisition of new ERP/MRP solutions, through the Business Growth Grant. The grant funding can be used for a number of applications such as lean production processes or financial services etc and is available to eligible businesses turning over from $1.5 to $100 million dollars in certain prescribed industries. “Independent Software Advisors works with a number of the Victorian business advisors associated with EIP and provides them with a monthly document outlining that we provide a free on-site consulting to their clients and a range of ERP/MRP solutions to cover the areas that they service for EIP,” says Leacy. “The business advisers ask me to speak directly with their clients, to assist them to find the most appropriate solution for their businesses,” he adds. For assistance regarding software solutions or for free business evaluation reviews through EIP, one can call Phone: 03 9846 6322; Mobile: 0412 612 704; Email: email@example.com
Indian Executive Club builds business relationships across cultures
EXPRESS YOUR INTEREST TO JOIN THE CLUB: firstname.lastname@example.org After the successful launch of the Indian Executive publication, the Indian Executive Club (IEC) was formed in 2010 with the key objectives of supporting, recognising and profiling the SME businesses and executives from the growing Indian diaspora in Australia. “With a growing membership and supported via a media platform – both print and digital – the IEC is now recognised in Australia as a credible organisation,” said Chairman of the IEC, Vinay Sharma. “The IEC holds value-adding networking functions throughout the year. Our signature events include Spice Out, to recognise the contribution of the hospitality and tourism businesses operated by the Indian diaspora in Australia, and the Indian Executive Club awards.” The IEC also collaborates with other Australian organisations in joint networking events, and proactively meets with representatives across various industries. This includes corporate and sporting organisations to establish the best strategies for engaging with local Indian business people. The IEC organised a luncheon in February for Council representatives and Indian-operated businesses. The Club can provide its expertise and cultural understanding to Australian SMEs wanting to deal with Indian SMEs and vice versa. It can also assist organisations looking to engage with the Indian diaspora such as food companies wanting to target this market. www.indianexecutive.com.au
New Judging Panel Sharpens The Edge
Our Correspondent With just a month to go before the Indian Executive Club opens for nominations towards the awards on November 21, all eyes are on the judging panel this year. It is a milestone year for the IEC as its signature awards event goes into its fifth year and the expectations are so much higher across the board. IEC took into consideration as many views as possible that were voiced at the Feedback Forum regarding the judging panel and criteria. Therefore, in collaboration with the vision of IEC, it was time for a new perspective. The IEC have brought on board two new members to its judging panel this year, bringing to the table a multifaceted wealth of experience. IEC aims to add a profounder evaluation of the judging process with a panel that is rich in entrepreneurial and business development experience. The newest members of the panel will be Sanjay Jain and Alice Wong. Sanjay holds to his name a successful company called ‘Texas Peak’, which employs to the tune of 200 employees. “His entrepreneurial background is incredibly rich which spans from over 25 years worth of experience. Sanjay is renowned for being a market leader across Australia and New Zealand when it comes to sporting wear and apparel. His perspective will add great value to the panel of judges,” says Vinay Sharma, Chairman, IEC. Alice Wong has the know-how of assisting many businesses and migrants at her fingertips because of her vast experience in the banking sector. “Alice sits on various advisory committees like Asia Link and International House. She brings with her a skill that is unique to leadership development and therefore, as the head of Asian leadership with WestPac. Alice will play a key role in bringing to the forefront de crème de la crème of businesses and executives that are nominated for this year’s IEC awards,” says Natasha Doraiswamy, Vice Chairperson, IEC. In a recently concluded meeting with the new panel of IEC judges on March 30, what took place was an analysis of the feedback for the judging criteria for 2015. Among some of the decisions was to have a crisp weighting system put in place that tightens the judging process with the aim of making sure the nomination entries not only understand the requirements but also to create a further transparency in the system. Another key decision at the meeting revolved around creating a new award to recognise the business that showcased an exceptional contribution towards ‘Corporate social responsibility’. In 2015, all award categories are to have top three finalists announced on the night of the event as opposed to the previous top five finalists — a conclusion that stemmed from the need to highlight only the most deserving candidates.
The special skills of business broking
Ahmet Ali, Director of AA Business Brokers, speaks about how attention to detail and rigorous systems helped his business thrive in the aftermath of the global financial crisis It takes a special combination of skills to sell a business, and it would appear that Ahmet Ali, Director of AA Business Brokers, has them all. He brings diplomacy and discretion to business deals from his long and successful career as an Australian Diplomat. He understands small businesses because he’s owned and run a Tattslotto agency, a news agency and a licensed post office. Today, AA Business Brokers dominates the Victorian market place in the sale of high quality franchises and business and is the preferred selling agent for dozens of franchised brands and hundreds of private sellers. “I put our success down to our attention to detail, rigorous systems and our integrity,” says Ahmet. “We are passionate about the work we do and strive to achieve the best results possible for both our vendors and buyers. Our clients just keep coming back to us because they know we offer total commitment to achieve their commercial and business goals,” he adds. Ahmet and his wife Vesna started the business in June 2007 and quickly moved it to their current location in Lorimer St, Docklands (Yarra’s Edge). They are also very happy residents at Yarra’s Edge. “We wouldn’t live anywhere else,” Vesna says. “We just love it here.” Vesna too has had an interesting career in retail and distribution as well as some senior public service positions. The business now employs a team of business sales consultants with a wide variety of specialties and strengths. “While our bread and butter comes from franchised businesses across all sectors, we do sell all types of businesses, from under 50k to over $10 million,” says Ahmet, and adds that while the businesses may differ, the fundamental principles remain the same. “It’s about being committed, accountable, professional and honest,” Ahmet said. “If you get those things right, everything else falls into the place and the sales continue to grow.” AA Business Brokers thrived in the aftermath of the global financial crisis – a time which was particularly tough on small hospitality businesses. “I’m not saying it was easy, but we kept focused on the customer and the customer’s needs,” Ahmet said. “In the end, the dedication has paid off and we have a very dedicated following to show for it.” Ahmet said his firm was equally qualified to help both potential business buyers and vendors looking to sell. “We are very happy to meet and advise anyone in the strictest confidence on a no obligation basis,” he said. “It’s far better to get a realistic appraisal from us before you start than to go down a long and difficult path only to be disappointed at the other end.” Ahmet and his team of specialists can be contacted at their Docklands office at Suite 88b/ 90 Lorimer St on 9645 2988 or 0400 650 770 or email email@example.com
The Three Rules Of Lending You Must Know
WINNING A LOAN William de Ora Are you aware that when borrowing money from a bank there are three rules of lending? When it comes to lending you money, all lending institutions, such as a bank, have very strict criteria. Of course all banks say they want your business. At the same time they must minimise their financial risks. What this means is they want to know they’ll be able to get their money back from you. Like any business, they have policies and procedures in place to regulate who they do business with. Knowing how a bank determines your capacity to repay a loan, or whether or not you’re a good risk for them, will mean the difference between getting finance for your investment property or not. Here are the three rules to be aware of. The first is serviceability. Serviceability Being able to service your loan is very important for the bank or institution. What they look at is your ability to service the loan based on your current monthly expenditure. This includes all general expenses, and they’ll assess your current level of credit card debt. Because overspending on your credit card(s) is arguably the most common mistake that leads to financial stress, when it comes to credit card limits, lenders are very aware of the negative effect these products can have on a household or personal budget. Especially if they can see that your credit cards have not been used or managed well. What’s important to know is that banks look at how much credit you have available, as opposed to what your current balance might be. They work on the basis that you could max your cards out, and then have an unserviceable debt. Although credit cards currently have a 0% offer, have several credit cards just in case you may need them is not a good idea. It could work against you when looking to borrow from a bank or institution. Collateral Banks are into minimizing their risk levels and the best security they can get from you is something that can be sold. This is why they’ll want you to put your home down as security. Property holds its value long term, and can be sold easily if required. A side note about how a bank values your property. Generally, a bank valuation on your property is at the lower end of the scale. Again, they’re all about minimizing their risk and therefore work with the lowest common denominator. When working with a bank, they simply want to be confident that you have the ability to be responsible for your debt. Credit history Banks take a number of factors into account when they consider your application for a loan. However, one of the most important criteria is your credit file. Most clients I meet don’t know the status of their credit report. Your credit report contains all sorts of information about your financial history, including your mortgage, credit cards, and any other loans. Banks looks at your past history because in their mind it’s an indicator for what could happen in your future. Checking your credit file, even if you’re not about to borrow any money is a wise decision. Demonstrating to a bank that you are a person with good character simply means that you are responsible for managing your debts without any bad credit history. The best way to have a good credit history is to make sure that your monthly payments on bills such as electricity, phone, mortgage repayments are done on time and ideally in full. A free credit history is available. Either Google this, or speak to your mortgage broker. When it comes to your financial future, the more that you know about you, and the more that you can think from a bank’s perspective, the easier it may be to get your loans approved. So, take the time to look at your current financial circumstances and evaluate if you are a good risk. Consider these questions. Can you service a second mortgage? Do you have enough collateral to put up as your security? Do you have a good credit history? Is it not a wise choice to be prepared, than to be disappointed? THE WRITER IS THE FOUNDER OF IPNA-INVESTMENT PROPERTIES FOR NEW AUSTRALIANS. HE WAS BORN IN SRI LANKA AND IS A BEST SELLING CO-AUTHOR OF THREE BUSINESS BOOKS.
Quantum Recycling Solutions wins $10,000 grant
A startup e-waste recycling business in Victoria has won council backing to innovate Australia’s recycling landscape – using new technology to stop our growing mountains of old electronics being dumped in hazardous landfill or overseas. Founded last year by Lokesh and Shobana Baskaran, Quantum Recycling Solutions uses the latest equipment to separate electronic waste into raw materials, like plastic and copper, so it can be reused. With Australians among the highest users of new technology in the world, councils across the country are struggling to keep up with the piles of old televisions and computers heaved onto nature strips daily. The number of TVs being tossed spiralled after the analogue broadcast signal was switched off, with 137,756 tonnes of TVs and computers biting the dust in 2012-13. It’s estimated that only four percent of Australia’s hazardous waste, which includes e-waste, is recycled. Most waste companies ship it overseas, with Africa and Asia becoming hotspots for old electronics from the West. Experts have found the trade is fuelling child labour, with locals picking over piles to salvage material and exposing themselves to toxic chemicals inside, like lead and mercury. Quantum Recycling is one of the few companies to buck the trend and not dump Aussie e-waste overseas. “We use different technology,” to our competitors, Lokesh told Indian Executive. “They export their products overseas, we don’t, we try to dispose it in Australia.” The idea for the business was born through the marriage of Lokesh and Shobana’s skills and backgrounds. Born and raised in Chennai, Lokesh studied electronics at Vishwavir Technology University in Bangalore before completing a Masters in microelectronics at Swinburne University in Melbourne in 2009. While Shobana’s father has a waste management company in India. Lokesh credited his family for supporting him in taking the risk to start a new business, after working six years for Kennards Hire, saying: “The key was them backing me up.” Having obtained a permit to recycle and starting operations in March, Quantum is currently focused on recycling televisions; using massive shredding machines to break down the plastic panels and electronic boards (PCBs) inside for tertiary recyclers in Australia to purchase. “Once we shred it, it’s going to be in smaller pieces and it’s going to be easier for them to separate different types of plastics,” Lokesh explained. “Our competitors lack the machines what we have.” Quantum is also working on developing a product using glass from old TV monitors. “Glass contains lead, it can’t be turned into any household product,” Lokesh said. “We can’t crush the glass into finer particles, the lead will leach into the ground, so we are trying to find out a way to conceal the lead into a different particle, maybe you know like a concrete block, or concrete pavers.” Lokesh’s biggest challenge is reducing the cost of his recycling services. Councils and companies that churn out e-waste pay fees to dispose of it. And currently, “it’s much more cheaper to dispose your e-waste to landfill, that’s what most of the companies are doing at the moment, all the big e-waste companies and even the council,” Lokesh said. “We’re using our technology to try and reduce [our prices] or be as competitive as the landfill charges are, so the waste management companies can at least have a chance of getting the stuff to us.” Meanwhile, he’s working to raise the company’s profile, build sourcing and output market networks, and increase capital by securing more grants to expand the business. The $10,000 Business Grant from Greater Dandenong City Council will go towards setting up the recycling plant. The council provides grants of up to $8000, plus a marketing and mentoring package worth $2000, for innovative startups, to help established business expand, or set up operations in the area. Lokesh said building strong public profile for Quantum through marketing and media campaigns was crucial to develop client and customer bases. “People can read what our company’s doing,” he explained. And in future if they get my call, “they know they can speak to me and respond in a good manner.” Looking ahead, the plan is to stay on top of consumer electronics trends and prepare for the next wave in recycling. Lokesh predicts that in the next 4 to 5 years, most of the old analogue TVs will have either, “ended up in the landfill, or someone would have disposed of it in a safer way. “We’ll be doing research on the next technology, because the electronics technology is not going to stop, it’s just going to be growing and moving into the next thing.”