February 2024 - Bay of Plenty Business News

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18 BAY OF PLENTY BUSINESS NEWS February 2024 SILENCE IS DEADLY Many of us have returned to work in 2024 praying to whatever deity we ascribe to that this year will not be the festering boil it was last year. Now we are through the election, the roads are all fixed (insert sarcastic emoji here), there isn’t another scary mystery disease, and the tourism industry seems to have had its non-consensual holiday cancelled, we have cause for hope; But the scars and skidmarks of the freshly fought financial battle remain. Most sectors seem to be slowly recovering, and those which didn’t make it are being respectfully buried. But the full force of the collateral damage is now being felt. Usually, at this time of the year, weight-loss pertains to becoming less-jiggly following an adamantly exclaimed new year’s resolution. But in business it can be a streamlining of non-essential roles, downsizing of premises or cutting of less profitable offerings from services. Basically, we have had a couple of years to see what our true minimum operating expenses are – the fish tanks from the office, the beers on Friday and the new directors car each year have, for many, become things of the past. Although this is bad, it’s not the worst part. The worst part is people are actually dying in the aftermath of what has occurred globally. According to MATES in Construction NZ (a suicide prevention charity), one person in the construction industry takes their own life every week. This is not okay. I have spoken to many of my construction clients about this and they have all said that the worst part of owning a construction company is sometimes letting one of your employees who’s now a great mate go and watching them and their family suffer and wonder if it was your fault as the boss. Not being able to pay suppliers or subcontractors may also end entire social circles, break-up families, and decimate mental health through the perceived loss of mana and reputation, not to mention the more immediate issues such as losing a family home, liquidation and bankruptcy. I am no psychiatric professional (or even an enthusiastic amateur), but after 20 years in the credit management industry I think there is something that we can do … actually two things: TALK and LISTEN. Of course my first advice is, if you can pay, then do pay. If you are genuinely in a position, for whatever reason, that you can’t pay a creditor when due, TALK TO THEM! Make the call that you want put-off the first one you make; Be honest and calm and discuss a realistic pathway forward; Do this with each party you are not able to pay; Have the slightly uncomfortable conversation now rather than the angry one later – the creditor will feel better with communication, a plan in place and feel respected that you are open and honest with them. Also, they may know someone who can help, such as a credit management specialist with salt and pepper hair and a monthly article, or a business finance advisor, a tender procurement wizard or another helpful provider. Money won’t kill you, but stress will. Not talking does not help. We had a client not so long ago who I met with in his office. He looked stressed, tired and like he did not want to be there. I put aside my notes and asked him what was really going on as I would like to see if I could help. He told me what was going on, how his personal life had suffered and that he really wasn’t enjoying life. I asked what would solve it. He said, “$230k to magically appear in my account so I don’t need to sack my two mates. I need them for the big project in six months, but if I keep them on we won’t make it six months. I also need a business mentor to show me how to run more efficiently and profitably – I seem to do a lot of work for not much money.” He had tried all the ways he could think of, so I asked him what his mates suggested. He said, “I haven’t told anyone, it’s too embarrassing.” I excused myself and called a business lending specialist that I know and trust who came to the office immediately. I introduced them and left. The next day the $230k was CREDIT CONTROL BY NICK KERR in the bank, the business mentor was hired and week later we met again and the change in him was astounding. You never know who could hold the answer to your particular issue, and you won’t find out if you don’t ask. I have attended the funerals of far too many good people who did not talk and ask for help through embarrassment, pride or fear. Please talk – I promise it won’t kill you. Just a thought If you need to talk, please call the MATES in Construction’s 24/7 Helpline, 0800 111 315 Nick Kerr is a credit management consultant with NJK Advisory and director of International Private Investigations Ltd. He can be reached on 021 876 527 and nick@nzipi.com SPONSORED GIVE BACK AND GET BACK BEFORE MARCH 31 2024 Did you know that charitable donations made before 31 March 2024 qualify for a 33.3% tax credit this year, up to the amount of tax paid. That makes the months of February and March a great time to give back to the region where you live. Many people will be working on their plans for the end of the financial year and considering their giving goals, making it a great time to consider becoming an Acorn Foundation donor. Our donors gain real pleasure from seeing their gifts at work. Acorn Foundation Chair and Senior Partner at Findex Tauranga, Michelle Malcolm says, “We find that our clients have favourite causes that they love to support, and this time of year we remind them to give now to take advantage of this year’s 33.3% tax credit.” We know that some advisors are uncomfortable beginning a giving conversation with their clients, unsure how this discussion might be taken. When appropriate, raising the subject of charitable giving provides a significant opportunity for your client and the community. The staff at the Acorn Foundation can help you frame the questions that ensures each client can fulfil their charitable goals. Acorn has invaluable and in-depth knowledge about the local charities in our community that need support. Over the past 20 years, Acorn’s staff and volunteers have worked on important local issues and ensured their donors get the most out of their giving goals. Everyone has a cause that they are passionate about, and the 33.3% tax credit this year provides a nice incentive to act before 31st March 2024. Acorn Foundation Chair and Senior Partner at Findex Tauranga, Michelle Malcolm. For more information visit: www.acornfoundation.org.nz
February 2024 BAY OF PLENTY BUSINESS NEWS 19 POLAR PURSUIT: CONQUERING THE ARCTIC IN THE QUEST FOR PEAK POTENTIAL > EDITOR’S NOTE: This month you will notice a name change for Freddie Bennett’s hugely popular Mining Business Wealth column. The column has established a huge following in 2023. Our editorial team wanted a fresh new column title this year to better reflect his epic 2024 Arctic adventure and the launch of his new Titan Sky programme. Welcome to HIGH PERFORMANCE with Freddie Bennett ... enjoy the inspiration! Bay of Plenty Business News will be posting updates on Freddie’s progress as he races across the Arctic on foot later this month. You can follow his progress at linkedin.com/company/bay-of-plenty-business-news facebook.com/bayofplentybusinessnews This month, Bay Business News columnist Freddie Bennett is undertaking the world’s toughest, coldest ultramarathon: Running 300km across the frozen Arctic towards the North Pole. Discover his secret to how anybody can maximise their potential. worst thing about the Arctic is that you “The know it’s trying to kill you”. My blood turned to ice as the words of the safety instructor hung in the air like mist across a frozen lake. Not for the first time, I questioned my intention, desire … and sanity. No matter how many times I read and re-read the facts and figures of one of the most brutal races on the planet, it didn’t get any less scary. Running 300km in six days. Carrying all the food and equipment I’d need to survive. Temperatures of -50 degrees. Running across frozen lakes and over perilous mountain ranges. Polar bears. A 12,000 mile, 4-day journey to get to the start line. I should have gone to Fiji instead. Let’s face it, there are hundreds of excuses not to undertake this challenge. But there is ONE reason to strap on a pair [of snowshoes] and step forward into the ice: to prove that everyday people can do remarkable things. It’s about time HIGH PERFORMANCE WITH FREDDIE BENNETT When it comes to ridiculous challenges, this isn’t my first rodeo. I’ve run 300km across the scorching Sahara Desert and completed the world’s toughest ultramarathon. You’ll find me in the Guinness Book of World Records for my marathon running exploits. I perfected my ‘triathlete frown’ as I completed an Ironman. I even ran 100-miles non-stop through the wilderness. But I hate running. I am not a runner. I’m not good at it. I’d rather spend a month counting traffic cones on Cameron Road than spend an hour talking about heart rate zones or cadence or whatever else it is that runners talk about. I only run for two reasons: Firstly, it helps me look good naked. Secondly, because it saved my life. Polar opposites You see, I’m not supposed to be here. I’m not supposed to be doing any of this. I should be stuck in my old life, which was the total opposite to the existence I have now. Six years ago, I was living a life of quiet desperation, trapped in a mid-manager corporate role I hated. I could say that I hated the role, but the deeper truth is that I hated myself. Because I hated myself, I was terrible at setting boundaries and found it impossible to say “NO”. I also somehow achieved that magical crux of being overworked, burned-out, overwhelmed and constantly ‘too busy’ ... while simultaneously being a poor performer. This meant my confidence was shot to pieces, I drank too much, slept too little, constantly felt like an imposter in my own skin and couldn’t shift that ‘stuck’ feeling of, “I always thought life was going to give me something … more”. I was about to end it all when the sudden death of my father led me to taking my life into my own hands, and begrudgingly swapping the bottle for the running shoes. But this frozen challenge isn’t about crazy adventures or superhuman feats of endurance. It’s about TIME. And it’s not about me, it’s about YOU. Frozen out Your time is running out. The promotion you feel you’re not ready for. The new business you want to launch. The workshop you want to run. The relationship you want to start (or end). You’re putting it off. You’re telling yourself you don’t have the time, or the money. A few brave souls among you will admit it’s more of a confidence issue than a capacity issue. Either way, you’re not becoming who you know you can be at work or at home. Rather than stepping up, you’re putting your potential on ice. That’s why I’m undertaking this challenge – to prove to you that you CAN do the things you think you cannot do. This is a real-time demonstration of the fact that everyday people can achieve remarkable results. I’m not an athlete, an ex-Special Forces soldier or a privileged adventurer. I’m just a guy who – not so long ago – lacked the confidence, resilience, self-belief or structure to ‘step up’ in my career, my relationships or my life. But when it came to maximising my potential, one thing made all the difference. Breaking the ice The business world is full of ‘slogan dispensers’ muttering the same old things about ‘change’, ‘mindset’ or ‘leadership’. I imagine there’s a factory somewhere where these individuals roll off the production line, but they’re not released into the wild until they can recite ‘Seven Habits of Highly Effective People’ off by heart. Companies invest in the training, the seminars, the books, the podcasts and the many, many, many so-called ‘coaches’ in their quest for information. They seek that missing, mythical piece of knowledge they believe will unfreeze the motivation, discipline and capacity of stretched-thin teams who appear frozen in the headlights of change. But knowledge is not what your teams need. Neither do they require motivation, inspiration or a kick up the backside. Yes, knowledge is important. But equally as important is the mindset to apply that knowledge, and the habits to keep applying it when it’s the last thing they feel like doing. And that’s why the most important ingredient is … action. Bold, imperfect action. Career-defining action. The kind of action that makes you feel a little scared. The kind of action that you don’t feel ready to take. But take action, we must. And that is why I will take the action one more time, as the only person in New Zealand to tackle the world’s toughest, coldest footrace… To prove to you, your team and your clients that it’s never too late to become who you were always meant to be. Freddie Bennett is a Guinness World Record holder, bestselling author and leads New Zealand’s most secret mastermind group, Titan Sky. He gets businesses unstuck, unshackled and unleashed. Freddie can be contacted at hello@freddiembennett.com
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February 2024 - Bay of Plenty Business News

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