July 2023 - Bay of Plenty Business News

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14 BAY OF PLENTY BUSINESS NEWS July 2023 Tamariki Creative Workshop, Tauranga Art Gallery, 2023. Photo / Alan Gibson. Tamariki Painting Workshop, Tauranga Art Gallery, 2023. Photo / Alan Gibson. Sonya Korohina and Rosemary Protheroe, Tauranga Art Gallery, 2023. Photo / Alan Gibson. Art Gallery to be redeveloped as part of civic precinct project Tauranga Art Gallery Trust Chair Rosemary Protheroe has announced that the gallery is to be redeveloped as part of Tauranga’s future civic precinct, Te Manawataki o Te Papa. In time, this will contribute to the full richness and diversity of Tauranga arts, culture and heritage which will be able to be experienced on completion of the civic precinct. Set to begin later this year, the redevelopment will see the orientation of the art gallery turn to face Masonic Park with a new entrance that will blur the boundaries between inside and out. It will create a more welcoming environment alongside a new café and expanded retail experience. Tauranga Art Gallery Director Sonya Korohina says “how our artists exhibit and community connects with art has changed. “This redevelopment is an exciting opportunity to take us into the future as both a great space to experience art programmes and a more social space too.” Sonya says the interior layout will largely remain the same, with the education room moving to the Wharf and Willow Street side, creating a separate entrance for the popular schools and art studio programmes. “Many local children grow up coming through the art gallery’s education programmes. “Today’s youth are already experts in visual culture. The creative tools they learn here hones their skills as young critical thinkers, innovators, and empathetic humans.” To ensure the education programme is not interrupted by the build, a temporary pop-up space at 42-44 Devonport will open mid-July at the start of term 3. The Pop-Up will include an exhibition and a multi-purpose events and education space. The Art Bus will bring children to visit, as well as Tauranga Library across the road. It will remain open until the main building project is complete. While closed, the art gallery will take the opportunity to upgrade lighting, air-conditioning and an interior fit-out. This will enable it to maintain international museum standards, a requirement to be able to loan artworks from institutions such as Te Papa. This will be the first time work has been undertaken since opening in 2007. Tauranga City Council General Manager: City Development and Partnerships Gareth Wallis says the upgrade of the art gallery signals another step forward to breathing life back into our city’s heart through what is expected to be one of the biggest investments our city will see, and a key cultural, heritage and economic driver for the region. “As one of the first projects underway within the civic precinct, it’s fitting that the art gallery – which has held such a special place in our city centre for nearly two decades – will cement a home for art,” says Gareth. “The developments for the art gallery have been planned to coincide with the upgrade of the neighbouring Masonic Park, that will see the park transformed into a place where people can stop by and dine and relax or go between Te Awanui Tauranga Harbour and the civic precinct.” A total project budget of $3.38 million was approved by Council in March and is being jointly funded by Tauranga City Council and Tauranga Art Gallery Foundation. Foundation Chair Phillida Perry says “the Tauranga Art Gallery Foundation has been established to enable the long-term advancement of the gallery and is pleased to support the redevelopment, contributing to enriched art experiences for future generations”. Further funds needed for costs associated with development and fitout will be raised by Tauranga Art Gallery Trust and the Tauranga Art Gallery Foundation. For more information about Tauranga City Council’s plans for the civic precinct, head to http://www. tauranga.govt.nz/ourfuturecitycentre At Bayleys, we believe relationships are what businesses are built on and how they succeed. We understand that to maximise the return on your property you need: Professional property management A business partner that understands your views and goals Contact the Bayleys Tauranga Commercial Property Management team today. Bayleys Tauranga Commercial Property Management 07 579 0609 jan.cooney@bayleystauranga.co.nz SUCCESS REALTY LTD, BAYLEYS, LICENSED UNDER THE REA ACT 2008 ALTOGETHER BETTER Residential / Commercial / Rural / Property Services
July 2023 BAY OF PLENTY BUSINESS NEWS 15 MANAGING DURING A RECESSION CREDIT CONTROL > BY NICK KERR Nick Kerr is regional manager for Debt Free and director of International Private Investigations Ltd. He can be reached on 021 876 527 and nick.kerr@debtfree.net.nz So its official: we are in a recession. Now what? During an economic downturn it is essential to practise both corporate and individual safe credit management to minimise the risk of financial losses and perhaps avoid turning a speedbump into a brick wall. With the recent plague, huge material cost increases across many essential industries, massive changes to how we work, increased unemployment coupled with staff shortages (a strange dichotomy indeed) huge cost of living increases across-the-board the economy has clearly taken a hit and this has negatively impacted people and businesses alike. However with safe credit management practices individuals and businesses can have a much better chance of keeping their finances in check during these tough times and therefore make recovery easier, cheaper and less stressful. Here are some safe credit management practices to help you manage your finances during a recession: Manage your cash flow Cash flow management is crucial during an economic downturn. You should keep an eye on your accounts receivables to ensure that your clients are paying on time. Late or unpaid receivables can cause cash flow problems, so it’s essential to follow up on overdue payments promptly. Moreover, you should also manage your accounts payables by negotiating payment terms that suit your cash flow before any amounts are overdue. Often you can find some very good savings by simply going through your bank statement and culling unnecessary expenses. I followed my own advice and found nearly $100 per month savings by cancelling the insurance on a car I haven’t owned for over a year, cancelling several subscriptions to software that I no longer use and deleting an old Netflix account as I get one free with my phone plan. Shop around for suppliers – savings are everywhere to be found, you just have to look. Monitor and protect your credit score Your credit score can significantly impact your ability to access credit during a recession. A good credit score will help you secure loans at more favourable rates while a poor credit score can lead to higher rates or being denied credit altogether. It’s essential to monitor your credit score regularly to identify any discrepancies or errors that may be lowering your score. I have seen peoples credit score decimated for 5 years; this may have been the case needlessly if they had sought advice and had a more strategic way of thinking. Prioritise your debts During a recession it’s vital to prioritise debts to ensure that you can meet essential expenses. Prioritising your debts means focusing on paying off the most critical debts first such as your mortgage or rent utilities and food. Once you have taken care of the essentials you can then focus on your other debts. As always, communicate with creditors if there are relief provisions available (income insurance, hardship) Build an emergency fund Building an emergency fund is an effective way to manage your finances during a recession. An emergency fund can help you cover unexpected expenses or help you get through periods of reduced income. It’s essential to build an emergency fund even if you have other savings or investments because those may not be easily accessible during times of crisis as we have seen in other countries, such as the Greek economic crisis. Avoid new debt During tough financial times it’s so easy to think that a temporary influx of cash is the answer, which may well be the case, unless you are borrowing from your future self. It’s best to avoid taking on new debt unless it’s absolutely necessary. Taking on new debt can add to your financial burden and make it even more challenging to manage your finances in later times. It’s better to focus on paying off your existing debt using a “domino” debt payment schedule and building an emergency fund. Often recovering from the choices made trying to get out of a situation is far more difficult than recovering from the situation itself. Avoid opportunity vultures During economic hardship the charlatans come out of the woodwork: the, “join my team and make thousands of dollars for almost no work a day!” Of these “wealth building” multilevel marketing schemes (that may or may not resemble certain Egyptian monuments) very few ever make anyone wealthy, other than those at the top. With any opportunity, research and due diligence are your best defences against potential loss. In conclusion, safe personal credit management practices are essential for survival during a recession. Managing your cash flow, monitoring your credit score, prioritising your debts, building an emergency fund and avoiding new debt are essential practices that can help you navigate tough economic times. By implementing these strategies, you can keep your finances in check and prepare yourself for any challenges that come your way. Just a thought. Workplace culture is key Organisational work culture plays a pivotal role in shaping the success and well-being of a company and its employees. It’s something that we hear a lot about, but what actually defines a good culture vs a bad workplace culture? HUMAN RESOURCES > BY KELLIE HAMLETT Talent ID are Recruitment Specialists and can support you through your recruitment process. Please feel free to talk to us about this by calling 07 349 1081 or emailing kellie@talentid.co.nz While a good work culture fosters productivity, innovation and employee satisfaction, a bad work culture can have detrimental effects on morale, performance, and overall organisational health. Here I delve into the characteristics that distinguish a good work culture from a bad one. A good work culture can be characterised by several key elements. Firstly, it promotes open communication and transparency, fostering an environment where employees feel comfortable expressing their ideas, concerns, and feedback. Furthermore, a good work culture encourages collaboration and teamwork, fostering a sense of camaraderie and shared purpose. In such a culture, employees are empowered to take ownership of their work and are recognised for their contributions. Additionally, a good work culture values work-life balance and prioritises employee well-being. Organisations with a positive culture offer flexible work arrangements, support personal growth and development, and provide resources to enhance physical and mental health. Finally, a good work culture embraces diversity and inclusion, recognizing and respecting the unique perspectives and experiences of employees. At the other end of the spectrum, a bad work culture exhibits distinct characteristics that hinder organisational success. One common trait of a bad work culture is poor communication, where information is withheld, feedback is ignored, and decision-making is opaque. This lack of transparency erodes trust and leads to frustration among employees. Moreover, a toxic work culture often manifests in excessive competition and a lack of collaboration. Employees are pitted against each other, hindering teamwork and stifling innovation. In such environments, blame-shifting and finger-pointing become commonplace, leading to a toxic and unproductive work atmosphere. A bad work culture also neglects employee well-being, emphasising long working hours, unrealistic expectations, and a lack of support. This approach leads to burnout, decreased motivation, and ultimately, a higher employee turnover rate. The difference between good and bad work cultures has a profound impact on both employees and organisations. In a good work culture, employees feel motivated, engaged, and supported. This translates into higher levels of productivity, increased creativity, and improved overall performance. Additionally, employees are more likely to stay with the organisation, reducing turnover and the associated costs of recruitment and training. In contrast, a bad work culture takes a toll on employee morale and well-being. This often results in decreased productivity, reduced quality of work, and higher absenteeism rates. A toxic work environment fosters stress, anxiety, and dissatisfaction, leading to negative impacts on mental and physical health. For organisations, a good work culture enhances their reputation and employer brand, making them a more attractive option for top talent. It creates a positive feedback loop, with satisfied employees becoming advocates for the company, attracting further talent and customers. Conversely, a bad work culture tarnishes the organisation’s image, leading to difficulty in recruitment and potential damage to its brand reputation. Transforming a toxic work culture requires commitment and effort from both leaders and employees. By fostering open communication, leading by example, setting clear expectations, promoting work-life balance, investing in professional development, celebrating diversity, and recognising achievements, organisations can make significant strides toward building a positive and thriving work culture. The resulting benefits include higher employee engagement, increased productivity, improved retention rates, and a stronger organisational reputation in the long run. NEW INDUSTRIAL BLOCK TO OPEN IN ROTORUA Peka Lands Trust is pleased to announce that development of a 13ha block south of Rotorua will commence in 2023. Located just south of Rotorua, the Peka block, comprises 633 hectares with over 2000 beneficiaries. Plans for the Industrial Development were initiated in 2020 after the harvest of over 400ha of pine planted in the mid 1980’s. A masterplan for the development of the 13 hectares was completed with Council and Waka Kotahi involvement. The opportunity to bring the start date of the development forward was presented by way of funding opportunities available on application through the Regional Strategic Partnership Fund, Peka Lands Trust applied and were successful in securing a loan of $6 million. A ground-breaking ceremony took place in June, commencing stage one of the project. The Minister of Regional Development and Transport, Hon Kiritapu Allan, spoke at the ceremony. Helen Beckett, chair of Peka Lands Trust, said the planning for the development has been nearly 40 years in the making. “The trees were planted with the intention of providing opportunities to create future wealth for all beneficiaries of Peka Lands Trust – the job is now ours to see this to fruition”. With no other industrial zones available in Rotorua, transitioning from harvested land to an industrial park has been supported by Rotorua Lakes Council and RotoruaNZ. RotoruaNZ chief executive Andrew Wilson said, “The development of Peka Block is great news for Rotorua. It will allow for more business expansion, create more jobs, and further contribute to the economic development in our city.”
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July 2023 - Bay of Plenty Business News

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