Bay of Plenty Business News December/January 2018

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16 BAY OF PLENTY BUSINESS NEWS December/January 2018 Is co-working for you? The co-working phenomenon has risen exponentially since 2011. It is estimated currently 1.2 million people use co-working spaces around the world and that is projected to increase to 3.8 million by 2020. GROWING YOUR BUSINESS > BY DARREN MCGARVIE Darren McGarvie is co-founder and Chief Coach of the Firestation, the Bay’s only business growth centre. To find out more go to www.thefirestation.nz or email grow@thefirestation.nz Spaces range from entrepreneurs who offer co-working to offset their office costs, through to the largest co-working company in the world, Wework with spaces in 22 countries and valued at $US16 billion. So, what is co-working and is it something you should be considering if you’re a small business or freelancer? Co-working delivers a working environment as a service. It goes beyond the shared office concept where businesses reside in one location, share reception or communal areas and furnish their own area. Co-working provides all your amenities, usually in an open plan environment, although some places have a mix of private offices and open plan. When co-working, all you need is your laptop and mobile.You are charged a daily or monthly rate for your desk or office lease. Depending on the space, you can be casual, sign up for a couple of days a month, or take up fulltime 24/7 access. There are more than 60 co-working spaces around the country. While most are in main centres (Auckland, Wellington and Christchurch), there are co-working spaces in the regions from Dunedin through to Whangarei. In Bay of Plenty, we have five in Tauranga and two in Rotorua. The benefits of co-working boil down to cost, convenience and being part of a community. For many entrepreneurs, freelancers and small business owners, co-working provides an easy one-stop solution of moving out of the home office. For a fraction of the cost of setting up your own premises you have access to desk, laser printing, meeting rooms, hi-speed Wi-Fi and - usually - great coffee. Security and cleaning are all taken care of It’s not just digital nomads or entrepreneurs that are using co-working. Corporates with small teams in the regions find it is a fantastic way to have a professional location without the hassle and cost of managing multiple sites across the country. for you. And depending on membership or licence terms, you only pay for the space when you use it. There is also the community aspect to co-working. Most spaces have communal areas, social events and business training. That removes the isolation some small business owners feel working by themselves or from home. A huge benefit of co-working is the meeting space. That provides an area to meet with clients and business associates without having to use cafes, which can be less than ideal. Research has also found that co-working can increase the effectiveness and energy of users and that you are more productive and have a better mindset when you use the space. Plus, people score work place happiness higher in a co-working environment than a traditional office. It’s not just digital nomads or entrepreneurs that are using co-working. Corporates with small teams in the regions find it is a fantastic way to have a professional location without the hassle and cost of managing multiple sites across the country. Co-working isn’t for everyone. If you are thinking about using co-working in 2018, try before you buy. Make sure you go several times. Most users of co-working spaces come and go throughout the day so to meet everyone and see how you gel with the other users you will need to visit multiple times. If you want to move out of your home office or you’re looking for new business premises for a small team, check out the co-working spaces in your area. It might save you money, be more convenient and grow your professional networks. Our Tauranga team is growing We are currently seeking a talented and extraordinary Recruitment Consultant with a flair for sales. Apply online via our Seek ad or our website www.tradestaff.co.nz Secure offices and desk space Flexible plans with 24/7 access Unlimited internet Meeting room and printing included Free parking Co-working space for GET 7 FREE WORKSPACE DAYS Creators, Freelancers WITH EVERY MONTH & Business Owners BOOKED. T&C’s APPLY impact383.co.nz 07 572 3621 383 Maunganui Road, Mount Maunganui
BAY OF PLENTY BUSINESS NEWS December/January 2018 17 The festive business For all businesses, Christmas is a time for careful planning as work rosters need to be juggled, sufficient stock (and the right stock) needs to be carried to ensure you have a good Christmas turnover, staff Christmas functions need organising - and cashflow remains king. 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 The earlier you start to plan, the better prepared you will be. Following are some of the key elements you should be looking at. Break each point down and put your mind to each one individually. Satisfaction will be gained from ticking each one off. What you should be considering: Work Rosters. Ensure you have sufficient staff to carry you through your busy days, hours or weeks. Take care when working around statutory holidays, and seek advice if you are unsure of your obligations when paying holidays. Stock levels. Are you carrying sufficient levels of the right stock to support a good Christmas turnover? Any stock that has been sitting on the shelves for a long period will continue to do so if you don’t discount for a sale or send it back to the supplier for a credit – after all stock is simply cash waiting to get to your bank and carrying excess impacts your cashflow. Arranging to send unsold items back to the supplier if it does not sell is a good backstop Lay-by. Do you offer a lay-by option? This could be a useful tool to achieve an early sale for those organised individuals who do their Christmas shopping early. Also consider whether you can get longer payment terms from your supplier, ensuring you do not create a cash crisis post-Christmas when business may not be so busy. Cash is king. Get paid up front or offer a lay-by service. Chase slow paying debtors and if you don’t get paid by Christmas, be prepared to wait for a further month or two in the New Year. Also be wary that pressure is put on cashflow by some suppliers shortening their credit terms e.g. seven days and holiday pay needing to be paid out. Banking. Ensure you’re in regular contact with your bank manager. They’re more likely to respond positively to any requests for financing or extra The PoweringON Business Pitch event is set to take place as part of the Bay of Plenty/Waikato Business Expo running on the March 7, 2018 with the aim of bringing together likeminded innovators and entrepreneurs. The PoweringON Business Pitch event will take place in the afternoon at the Bay of Plenty/ Waikato Business Expo at ASB Baypark, Tauranga and has been co-designed and will be delivered by Venture Centre, Jigsaw Solutions and SODA Inc. The PoweringON Business Pitch Event will provide an opportunity to raise the capabilities of B2B business owners. facilities to support cashflow if they’re informed early on. Tax. Don’t forget that GST and the second instalment of 2018 provisional tax are due on 15 January for March PoweringON Business Pitch event to launch at BoP Business Expo Jigsaw director Sharon Giblett with Venture Centre’s Pascale Hyboud- Peron. Photo: Supplied “There are some fantastic businesses operating in these balance date taxpayers. The PAYE for December is then due soon after on January 20. I reiterate that - like Christmas shopping - the earlier you start on these things, regions who don’t often get a chance to present their current plans and hear feedback from a range of high calibre judges. “The purpose of the PoweringON Business Pitch Event is to do just that” says Pascale Hyboud-Peron, co-founder of Venture Centre. Applications are encouraged from businesses focusing on utilising Artificial Intelligence, Augmented Reality, Blockchain, IoT, Space and Robotics, Biotech, Agtech, Healthtech, Virtual Reality, CleanEnergy and Cybersecurity technology to enhance, improve, protect and grow other business. the easier it is and the better the outcome. Admittedly, this may be easier said than done, so if you need help, get in touch with your bank, accountant or suppliers now and start planning. The winner of the PoweringOn Business Pitch will secure the opportunity to pitch to national and international business growth advisors, experts and investors flying into New Zealand for the festival of technology at the Techweek Tauranga Grow Plenty event in May 2018. Applications to enter open January 15, 2018 and close early February 2018. To register your interest in pitching go to www.businessexpo.biz/contact. Full details on the Business Expo, exhibitor and sponsorship opportunities are available from the event website www.businessexpo.biz. Friendly legal advice that won’t leave you drowning in jargon STEPHANIE NORTHEY, LL.B Director PAULA LINES, LL.B Director SARSHA TYRRELL, LL.B Director For over 30 years, The Law Shop has been giving clear advice for a fair price to individuals, small and medium businesses in the Bay of Plenty. If your business needs advice on Agreements, Buying and Selling, Terms of Trade, Structure and Succession Planning, Banking, Leasing, Debt Collection, Franchising and Employment Services then we’re the team for you. Proudly bringing our strong reputation for legal expertise to Tauranga and Mount Maunganui. ROTORUA 1268 Arawa Street Rotorua MOUNT MAUNGANUI 65a Girven Road Mount Maunganui TAURANGA 1262 Cameron Road Greerton Call us on 0800 LAW SHOP or visit www.thelawshop.co.nz Lawyers for everyday people
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Bay of Plenty Business News December/January 2018

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