Bay of Plenty Business News August/September 2018

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22 BAY OF PLENTY BUSINESS NEWS August/September 2018 WAIKATO NEWS Ambitious start for new agency Waikato’s new economic development agency is making an ambitious start as it organises a regional summit to prioritise key initiatives for the region. By GEOFF TAYLOR The Waikato Regional Economic Development Agency (Waikato REDA) came into existence on July 1; it’s a limited liability company, owned by the Waikato Regional Economic Development Trust and funded by a mixture of local authorities and businesses. Waikato REDA has a current establishment board and will call for expressions of interest in a skills-based, permanent board before the end of the year. Waikato businessman Dallas Fisher chairs the Waikato REDA establishment board and says the agency aims to become a front door for the region. That applies to “Wellington” and investors keen to understand and talk to Waikato, and to local businesses and organisations wanting to help tell the region’s story. “This is an important time for Waikato – we need to take a strategic approach to getting us up to that next level. We do relatively well, but let’s face it, we’ve suffered from a low profile and subsequent underfunding.” Waikato REDA’s first activity is an invitation-only economic development summit at the end of August. “We’ll have 250 key people in the room, helping us determine the major priorities and initiatives for the new organisation.” At the end of the summit, Waikato REDA will have a list of 12-14 economic development initiatives that will have the greatest impact on Waikato and its people, and the agency will work with government and funders to make those happen. A CEO has to embody that, as well as bringing a huge variety of skills to the role. “If people are asked to name the top five economic initiatives in Waikato at the moment they struggle,” he said. “In terms of tourism, if you take out Hobbiton from Waikato we are a bit lean.” “If we can together identify what the top priorities are then we can put our hands up for that funding. We need to be able to put these projects on the table, properly structured to do so. “Our purpose is to arrive at the economic initiatives that will have the biggest impact. We want to accelerate growth in Waikato. We all need to be moving in the one direction and the Government needs to understand from the region what we want. We need to be picking some winners to get our share.” Waikato REDA will be based at Innovation Park, at the Ruakura campus in Hamilton, with WIPLtd CEO, Stuart Gordon in the establishment CEO role. A recruitment drive is underway for a permanent CEO. Mr Fisher says Waikato REDA is very deliberately being built on the work of the Business Growth Services team, under the Waikato Innovation Park umbrella. The team works closely with NZTE and Callaghan Innovation to help grow businesses across the region, and will now be part of Waikato REDA. “We’re continuing with this model of being out in the towns as it’s a great model and we know it makes a difference to those businesses,” he says. “So, while we’ll be talking to the region and all our supporters about the major economic development initiatives we’ll be undertaking on a larger scale, people can be confident that we’re continuing the onthe-ground help that’s so important.” Dallas has previously chaired Waikato Means Business, the region’s 20-year economic development strategy, created with input from civic, business and Māori leaders. As well as taking strong direction from Waikato Means Business, Waikato REDA has taken a lead from the Waikato Dallas Fisher, chairman of the Waikato Regional Economic Development Agency establishment board. Plan, an overarching strategic plan developed by the region’s leaders that has targeted investment and economic development as two of its priorities. The new agency acknowledges all the research and hard work that’s been done in the past few years, Dallas says, and is proud to be standing on the shoulders of some great people and organisations. “We’re ready to take on that challenge of bringing everything together and acting as the lead voice for the region.” Stuart Gordon will hold the position of interim CEO until a permanent appointment is made. Applications for the new CEO close on July 18; the board hopes to announce a new CEO by September. Dallas says the new agency aims to become an obvious front door for the region, whether that’s for the government or investors keen to talk to Waikato, or for local businesses and organisations wanting to help tell the region’s story. “A CEO has to embody that, as well as bringing a huge variety of skills to the role. “We’re looking for someone who is going to add significant value to the relationships we need to have, and who can bring that strategic approach to economic development in the region.” Waikato REDA’s three high-level objectives are lifting economic performance for the region; attracting and retaining talent and investment; providing one voice for regional economic development in Waikato. “This is an important role for Waikato, and indeed New Zealand,” says Dallas. “If we can boost economic development in our region, the nation benefits as well. “We see this leader as being able to significantly influence how well Waikato can do through economic development – but that’s not enough on its own; they’ll also have to be someone who engages extremely well with people.” Councils streamline resource consenting Nine Waikato councils have banded together to develop a more customerfriendly resource consenting process. The initiative has aligned resource consenting processes, making it consistent across all nine councils involved. Each council will maintain its own statutory responsibilities but work from a common base. Councils will use the same resource consent application forms and decision letters. The initiative was driven by Waikato Local Authority Shared Services Ltd (WLASS), a council-owned company which promotes shared services between Waikato-based councils. WLASS aims to reduce costs and duplication, have councils work more efficiently, promote best practice and make councils more customer-friendly. WLASS chair and Waikato District Council chief executive Gavin Ion said a more stream-lined and consistent consenting process would be welcomed by customers who can struggle with the bureaucracy and time involved in applying for a resource consent. This was a first step in aligning planning between councils. “The RMA is a complex piece of legislation and working with it can be challenging for customers and for council staff. “This project aims to provide some consistency and make the process easier and more efficient for all of us charged with working with the legislation,” he said. “Customers will know what they can expect and what is involved and importantly, those expectations will largely be standard across the region. Customers working with multiple councils should find the consenting process more efficient.” Waikato-based property developer Kevin Honiss, who works across multiple councils, welcomed the change. “It will save developers and property owners time and money and will make the whole process easier for council staff as well. It’s going to be more efficient for everyone and that’s a good thing.” Kevin said he would like to see the initiative go even further. “It would be great if there was a more consistent planning regime as well because at the moment every council has a different rule and every rule is different. Auckland is going in the right direction with its Unitary Plan and if can learn from that in Waikato, we should.” Senior planners within each council developed the aligned process. Councils involved are Thames-Coromandel, Hauraki, Waipa, Waitomo, Rotorua Lakes, Matamata-Piako, South Waikato and Waikato District Councils as well as Hamilton City Council. The Future is arriving in New Zealand World-renowned futurist and thought leader, Professor Sohail Inayatullah, is presenting in New Zealand for the first time. He will be in New Zealand at the invitation of Rutherford Business Institute for a two-day workshop in Auckland on September 24 and 25. Professor Inayatullah will be running a futures and strategic foresight workshop aimed at business and industry leaders. The aim of the workshop is to provide attendees with the tools and strategies necessary to not only manage disruption, but to be the disrupter. Commenting on his forthcoming visit, Professor Inayatullah is looking forward to presenting in New Zealand and stated: “We can either be overwhelmed by the waves of change, ride the waves, or become the wave maker. I look forward to working with New Zealand organisations to explore creating alternative and preferred futures.” Professor Inayatullah’s workshop is a first for New Zealand, as he is in very high demand internationally. He has worked closely with organisations and governments for more than 30 years as a futurist, helping them to create the narratives they need to shape their preferred future. He is the UNESCO Chair in Future Studies, a Professor at the Graduate Institute of Futures Studies at Tamkang University and teaches at the University of Melbourne and the University of the Sunshine Coast. Full workshop details and registration: www.rutherfordbusiness.nz/futures-thinking/
BAY OF PLENTY BUSINESS NEWS August/September 2018 23 Are you ready for an ageing New Zealand? It’s a fact — New Zealanders are living longer with more complex health needs. Whatever shortcomings might occasionally be revealed in our excellent New Zealand health care system, people will continue to require care when they are no longer able to care for themselves. AGEING AND WELLNESS > BY MELISSA HARRIS Melissa Harris is the Facility Manager of Radius Althorp in Tauranga, Radius Residential Care Ltd. Phone (07) 5432912 or email Melissa.Harris@radiuscare.co.nz “I statement from families don’t know where to start” — is a common who are facing the need to place a loved one in care for the first time. There is often considerable pressure when there’s been a quick discharge from hospital, or a home assessment has determined the need for urgent care. And there can be the added complexities of how to access subsidy and finance information. You may be unaware of them, but there are a number of sources for this information, so seek out the best advice possible. The decision to consider care options starts at home. Often it is infrequent visitors who are the first to notice changes in your loved one. This can range from their inability to do normal activities with ease, worsening medical conditions worsen, changes in mobility or occasional falls, more prominent memory impairment, or risky behaviour such as leaving jugs boiling or baths running. It is important you recognise these changes and record them with their GP, as early conversations can lead to early care intervention, either in the home or through supported living. The industry says that families often report having known about the changes in their loved one, but they simply classify them as the inevitable result of getting older, rather than the deterioration it clearly advertises. This can cause considerable grief when their loved one has a serious injury at home because they are unable to cope. The first step is asking the GP for a referral for assessment. This referral is made to your local DHB team, who will make an appointment to meet with you and your loved one to further discuss your observations and concerns. The level of care might be classified as resthome, hospital, secure dementia or psychogeriatric care. Obtaining a subsidy is always the responsibility of the person receiving care or their family — not the care provider. It is vital at this stage to ask lots of questions around funding and government subsidy support, as it can be a lengthy process. At assessment time, you should be given a Residential Care Subsidy booklet, which contains valuable information including asset thresholds and how to apply for the government subsidy. Obtaining a subsidy is always the responsibility of the person receiving care or their family — not the care provider. You should be given a list of facilities offering the level of care required and it is up to you and your loved one to find the appropriate placement that suits your needs. Though a daunting task under pressure of time, you are best to avoid rushed decisions that overlook what is important to your loved one. After all, it is to become their new home. In the next issue we will examine important factors to consider in evaluating care placement options. 10 tips to keep your business running smoothly I’m often surprised at how little some new clients know about their own business - even such simple facts as what their monthly overheads are. This is information that can mean the difference between success and failure. MONEY MATTERS > BY STEPHEN GRAHAM Stephen Graham is a 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 I tell these clients that staying up-to-date is crucial, and that there’s no excuse not to be. All it takes to clearly understand your position and make the right decisions to run a robust and profitable business, is a monthly check of the following key indicators of your business’ health: 1. Monitor cash Cash needs to be closely monitored as it is the single most important indicator of business performance. With cash, it’s imperative that it is monitored more daily than monthly. It is also important that it is monitored on both a short-term and longer-term basis. 2. Financial reports Too often I see businesses reacting to information months down the track. It is imperative that accurate reports are prepared on a monthly basis, close to month-end, so you can react in real-time to market changes. Most software can provide reports – from large businesses with fully integrated programmes, to smaller companies using bank-link type reports. Don’t just do your GST and move on to the next job – print your monthly reports and review them. 3. Customers You must understand your customers. You should be regularly asking them what they want and what they think of your product or service. Use technology to help you connect and measure with them. 4. Overheads Many clients not know their monthly overheads, yet it is such an easy calculation – even if done as basically as dividing annual overheads by 12 months. It is essential information to have in order to know when you’ve reached that crucial breakeven point in the month and have begun to make a profit. 5. Key relationships Strong relationships are fundamental to business success. So find a bank manager you connect with, who will give you their direct dial number, and make sure you stay in touch. Likewise it’s imperative to have strong relationships with key suppliers. They’re often willing to extend payment terms or give discounts and allowances, so constant communication is the key. Huge benefits can flow to your business including improved margins and support through tight cash flow periods. 6. Gross margin Know your pricing model and continually strive to maximise your margins. Gross profit and margin are key financial indicators that need to fall out of your monthly reports. Only by understanding your model can you strive for improvements. 7. Debtors and creditors Monitor your debtor levels monthly. It’s important to measure the days outstanding and have formalised methods of collections. This often requires continuous follow-up and a firm consistent approach. Also measure your creditor levels monthly. Huge gains can be made by using technology and managing creditors on line, and by eliminating cheque payments. 8. Stock control Measure the stock that is key to your business on a monthly basis to obtain accurate financial reports. This doesn’t necessarily mean monthly physical stock takes, but it does mean having a programme to monitor levels, ageing and shrinkage. Rolling stock takes and spot checks are useful. Stock – along with badly managed debtors – is often the culprit when money runs out. 9. Employees Great employees are the key to business success. You need a process for collecting all the great ideas your employees have. You also need to monitor staff turnover on a monthly basis. 10. Budgets The difference between a dream and a goal is a plan. You must have both short and longterm business budgets, and review your monthly results to budgets. Most software easily accommodates budgets. If you’re stuck or confused about any of these matters, ensure you get professional advice sooner rather than later. Staying up-to-date is fundamental to good business.
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Bay of Plenty Business News August/September 2018

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