Bay of Plenty Business News October/November 2016

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14 BAY OF PLENTY BUSINESS NEWS October/November 2016 What makes an employee of the year? With another year of business awards behind us it has been both motivating and inspiring to see organisations across Bay of Plenty putting themselves forward to be judged on how their business performs across various function of the business. Congratulations to the businesses and individuals who took the time and put themselves out of their comfort zone to be recognised among their business peers. As both a sponsor and judge of the Talent ID Employee of the Year Award for the Westpac Rotorua Business Excellence Awards and as a judge of the Service Award for the Westpac Tauranga Business Excellence Awards, it has certainly been a busy couple of months. Both award competitions were rewarding and awe-inspiring as well as being an incredibly challenging task. There were a high calibre of entries this year across the award categories, a reflection of the businesses across Bay of Plenty and the value they place on aspiring to be the best. The Bay of Plenty region is experiencing strong growth and in a strong economy businesses tend to view the awards process as an internal audit of sorts – testing where they currently sit, what they can perhaps do better and what opportunities there may be for future growth and performance. As a business, Talent ID has made a conscious decision to partner with awards which celebrate the people aspect of business, whether it be from an employee or team viewpoint. In Rotorua, the Employee of the Year award is a fantastic example of this. It recognises the outstanding contribution that someone makes to a team and organisation as a whole. As judges, one of the questions we always come back to, is what makes an employee of the year? What outstanding attributes do they demonstrate over and above the norm? What is the difference between what is expected from a good employee to how an exceptional employee is measured? A common link we have observed in the winners during our past seven years of involvement with this award is the impact that these individuals have on other people’s lives. The manner in which they take accountability for their roles, taking them out into the community and making a difference to others through their generosity. We have seen employees who have dedicated many hours of volunteer time as part of their role, adding value to both the organisation and the community in which they live, in a selfless way. Each year as judges we meet inspiring individuals. This year there were four finalists in the Talent ID Employee of the Year Award – Linda Irwin, Provincial Childcare Holdings Ltd, Bradley Syben from the Rotorua Top10 Holiday Park, Akiko Yamamoto from Abracadabra Café and Bar, and the winner Sashah Macleod, also from the Rotorua Top 10 Holiday Park. It is important to also HUMAN RESOURCES > BY KELLIE HAMLETT Director, Recruitment & HR Specialist, Talent ID Recruitment Ltd acknowledge that no person can work alone within an organisation and be successful. A proactive and supportive team environment, with good leadership encourages and allows people to perform at their best. It makes sense to have employees engaged and working together towards organisational vision and goals. Artificial Intelligence’s growing dominance Artificial Intelligence (AI) is expected to be smarter than humans within 24 years, so it’s critical New Zealand acts now, says the Institute of Directors (IoD) and Chapman Tripp who are calling on the government to take the lead. The IoD and Chapman Tripp have developed a call to action paper highlighting the risks, opportunities and challenges AI presents. The paper calls on the government to establish a high-level working group to help New Zealand deal with AI, IoD chief executive Simon Arcus says. “AI is an extraordinary challenge for our future,” Simon says. “Government and business leaders need to work together to promote greater development of AI technologies to ensure there is a coordinated approach to prepare for the impact AI will have on work, education and welfare. This requires big-picture thinking, long-term vision and appropriate oversight.” A recent international survey suggests 50 percent of respondents believe AI will be smarter than humans within the next 24 years, with 90 percent believing it will be within 60 years. The Future of Life Institute says significant parts of the world’s economy including finance, insurance, actuarial and many consumer markets could be susceptible to disruption through the use of AI technologies that learn, model and predict human and market behaviours. This has led to many voicing concerns over safety, and the risk of losing control. As AI systems become more interconnected in our daily lives and are used more in critical infrastructure, they will become an increasing target for cyber-attacks. The IoD and Chapman Tripp say New Zealand must move now to ensure it can manage all the risks AI may present, but also capitalise on the opportunities. “A working group with experts from science, business, law, ethics, society and government, should be tasked with considering the possible impacts, identifying areas of opportunity and concern and A culture which allows ownership and development promotes success, and can be achieved through recognising some of the key elements which engage the workforce. Again we congratulate all of the finalists and winners across the Tauranga and Rotorua Business Excellence Awards. making recommendations on how New Zealand should prepare for AI-driven change,” Chapman Tripp Partner Bruce McClintock says. “New Zealanders need to be prepared for the human resource implications of AI.” “While the impact of AI on the New Zealand economy is unquantifiable,” says Simon. “Many sectors should be investing more in AI technologies to make the most of their full potential. This extends from start-ups, to SMEs and corporates to government agencies and educational institutes. AI is an extraordinary challenge for our future. Establishing a government led high-level working group is critical in helping New Zealand rise to that challenge.” 07 578 9144 Tauranga Windscreen 54 First ave, Tauranga 3110 info@taurangawindscreen.co.nz www.taurangawindscreen.co.nz 15094 Hamilton Windscreen LWP.indd 1 2/12/10 9:23:50 AM
BAY OF PLENTY BUSINESS NEWS October/November 2016 15 New Tauranga CBD campus design confirmed A design concept for Waikato University’s tertiary campus development in Tauranga’s CBD has been approved by its three regional funders – Tauranga City Council, Bay of Plenty Regional Council, and Tauranga Energy Consumer Trust. The concept has also been approved by the Tauranga Tertiary Campus Charitable Trust, the entity responsible for overseeing the interests of the three regional funders. The approved design concept highlights the facilities that will be built to create flexible, modern undergraduate and postgraduate teaching. Features include customisable teaching spaces, a 200-seat lecture theatre, a multi-function space, computer labs, and common areas for studying and socialising. The design is by architecture firm Jasmax, with project management by Greenstone Group. University of Waikato senior deputy vice-chancellor professor Alister Jones says the concept sign-off marks a major milestone in the campus development project. “We know the key to delivering a vibrant and engaging campus is getting everything right from the beginning, and thanks to the input of our stakeholders, alongside a great design, we’ll be able to work together to deliver on our promise to develop a campus that plays a big role in the Bay of Plenty region’s future.” The University of Waikato leads the development of the CBD campus on behalf of the Tertiary Education Partnership. The new facility will work closely with Waiariki Bay of Plenty Polytechnic’s Bongard Centre on Cameron Road, bringing closer the vision of a tertiary precinct in the Tauranga CBD. Dr Neil Barns, interim chief executive of Waiariki Bay of Plenty Polytechnic says the sign-off represents how much momentum has been gained in the project. “We have a tremendous opportunity to create a distinctive experience for tertiary students in Tauranga. Careful planning from now will dictate the programmes that will be offered at the campus, and the increased opportunities we will be able to deliver to our community, both in terms of study options and attracting students outside the region.” Concept sign-off comes after the university announced in May plans to spend an extra $15 million, on top of the original $10 million committed to the project, to produce a Tauranga CBD campus of the highest possible standard. The campus already had $30 million of community funding from the Bay of Plenty Regional Council and the Tauranga Energy Consumer Trust, and will sit on land donated by Tauranga City Council. Bill Holland, chairman of Tauranga Energy Consumer Trust says he’s delighted the project has reached the sign-off stage. “The design provided is fantastic and caters to everything the CBD campus is about – collaboration, flexible teaching and learning, and the integration of technology to create a truly modern tertiary environment,” he says. Tauranga City Council chief executive Garry Poole says the approved concept design takes the city another step closer to delivering a vibrant education Artist’s impressions of Waikato University’s campus in Tauranga CBD. hub in the central city. “The campus is going to bring enormous benefits for the city and the region and create a real buzz in the CBD.” Bay of Plenty Regional Council’s chief executive Mary- Anne McLeod says the development is something that will help define the region in a similar way the development of the port did. “The campus development will provide for 1000 full-time students and is a tangible investment in education and skills development to further our economic growth. I have no doubt it will further define this region as first-choice for living, working and learning.” The University of Waikatoled campus will be shared with other parties in the Bay of Plenty Tertiary Education Partnership, Te Wānanga o Awanuiārangi and Waiariki Bay of Plenty Polytechnic. It’s expected to open by 2020. A real cash crime When it comes to running a business, a lock-up isn’t a criminal offence, but it should be. In my view it is a crime against that most essential of business elements, cash flow. A lock-up means that while you do have cash, you cannot access it yet need it in order to fix or improve cash flow problems within your business. So how does cash become ‘locked up’? To continue the prison analogy, there are three key crimes that cause a cash lock-up in businesses. One is the debtor (specifically poor debtor management), of which most businesses have plenty and indeed, over the past few years would have seen an increasing trend of more customers taking longer to pay. The second crime is having too much finished stock on hand awaiting sale. This can be a difficult balancing act as not enough stock may mean a loss of sales while too much stock will definitely tie up your cash. Thirdly, having raw materials or work in progress which are yet to become finished stock will lock up cash. And, the longer this transformation process takes, the bigger the problem. Every business experiences this - even service industries including accountants where client work is delayed to the point where it cannot be invoiced because of hold ups in the job completion process. In order to prevent and/or manage a lock up, there are some key areas business owners should concentrate on. Debtors – Focus on selling to your better customers; not necessarily those who purchase the most, but those who actually pay on time! If you do have poor payers be sure to chase them immediately and place a stop on credit. Finished stock - Improve your stock management to reduce the potential for carrying old or obsolete items and then being forced to fire sell them. Negotiate better terms with suppliers for delivery, pricing and payment. Ensure you understand your costs so that you are clear about your margins. Raw materials or work in progress - Improve the completion of the transformation to finished stock. Cash won’t be actually received until these products are turned into finished stock, sold and the customer has paid. Along with the basic causes of a lock-up, there are many common pitfalls that will escalate problems with cash flow. MONEY MATTERS > BY STEPHEN GRAHAM Stephen Graham is director and managing partner at BDO Rotorua, Chartered Accountants and Advisers. To find out more visit bdorotorua.co.nz or email rotorua@bdo.co.nz These range from constantly extending creditors’ payments and missing due dates on priority creditors (such as IRD and loan repayments), to increasingly discounting prices in an effort to move outdated stock. These factors result in losing market competitiveness, bank confidence, internal funds and eventually your abil- ity to execute your strategic business plan. At a time when banks are crying “Cash is King”, knowing how to manage the above-mentioned aspects of your business could make for a healthier relationship not only with your bank, but other stakeholders including suppliers, staff and shareholders.
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Page 3 and 4: BAY OF PLENTY BUSINESS NEWS October
Page 7 and 8: TAURANGA BUSINESS AWARDS BAY OF PLE
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Page 17 and 18: ROTORUA BUSINESS AWARDS BAY OF PLEN
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Bay of Plenty Business News October/November 2016

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