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January 2010
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Monthly Incite
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This month, our focus is on the financial health of your business and how to fund the development of all the exciting strategies we hope you've been planning over the summer holidays. Two of our directors are accountants with extensive commercial experience and expertise in providing strategic and practical hands on business advice so they are well placed to advise you on a broad range of accounting and financial strategies, and solutions.
It may well be worth exploring opportunities to fund your business growth through Commercialisation Australia – the new Australian Government $196 million support initiative for innovative companies, entrepreneurs and researchers to help them commercialise their ideas by offering grants on a co-contribution basis including:
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up to $50,000 to pay for specialist advice and services
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up to $200,000 over two years to engage experienced executives
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proof of concept grants up to $250,000 to test the commercial viability of a new product, process or service and Early Stage Commercialisation repayable grants up to $2 million to develop a new product, process or service to the stage where it can be taken to market.
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There is also funding available from the State Government as part of its NSW Industry and Investment Pathways Program for companies who can demonstrate high growth, innovation and/or export potential.
We have recently attended a federal and state government briefing on these opportunities so we are well placed to assist you in your application for this funding. To find out more about the eligibility criteria and submitting your application call us now.
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New York, New York
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"If you can make it here you can make it anywhere".
Despite freezing temperatures and snow and with the economy still fighting its way out of the GFC, many businesses are taking this new time of recovery to assess the past and look for new opportunities. Here in New York as part of G'day USA, Austrade is running a series of Australian focused events to promote Australian businesses. The New York Event has been very well supported with 10 businesses selected via competitive selection, meeting with Department Stores, PR Companies and Magazines, and Sales Agents over two full days.
New York Retail is on SALE. With discounts up to 80% off original Retail Prices across all Departments, Shoppers are braving the cold and SHOPPING. Whilst the US market is still trying to recover from the GFC and reporting a $12 Trillion deficit, retail is pushing head long into stimulating the economy into recovery. From Macy's to Bergdorf Goodman to Bloomingdales to Barney's and 5th Avenue, everyone is on SALE. ALL BRANDS and ALL DEPARTMENTS. Irrespective of the label everything is being sold.
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From Lawrence Potter,
New York
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Whilst we've all been sweltering in Australia, Lawrence has been travelling to New York and Europe, developing export opportunities for client Luela who secured a highly prized invitation to participate in G'day USA.
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Interestingly though, there is a limited amount of difference in the styles offered by the American brands and therefore Australian Designers are in the unique position of being able to offer to the market a range of uniquely styled merchandise with a point of difference. In Australia, our small market size makes us more competitive and far more innovative in what we do. Even with the strong $AUD, we are in a good position to offer to the market something different.
So, if you want to expand the global opportunity of your business, now is a good time to find out how we can help take you into new markets. We have a hands on approach to helping businesses assess and enter new markets. As well as helping you to develop marketing and sales plans, marketing collateral, and the critical financial strategy and plan to successfully make the most of these opportunities, we can advise you on accessing Government Support programs such as EMDG and Market Visit Programs from the NSW Department of Innovation and Investment. So if you want to make 2010 a year of growth, call Incite for an obligation free consultation session.
The Export Market Development Grants (EMDG) scheme is the Australian Government's key financial assistance program for aspiring and current exporters.
www.austrade.gov.au/EMDG/default.aspx
The Independent Market Visits Program provides financial assistance to export-ready companies by offsetting some of the costs of visiting a new overseas.
www.business.nsw.gov.au/export/assistance/market_visits.htm
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Business Planning Can Be Fun
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Women in Business – come along and listen to Anthony on "Business Planning can be fun" to the Working Women's Network on 24th February, 2010 9.30am-1pm at the Greengate Hotel Killara. Sounds corny but maybe you're one of those people who needs to be nudged into real business planning? We know, you're just too busy running the business! Anthony is a great communicator with a passion for business planning.
For more information click here.
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Case Study: Andrew Mackie
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Developing a long term relationship with your business advisor.
Working closely with a client over many years and through many phases of their business development can be incredibly rewarding for both advisor and client and this case study of Incite and Bevelite's close working relationship since 2000 is a classic case in point.
Incite consultants have been working with Dennis Loudoun and his family company, Bevelite Glass, for over 10 years. Dennis led Bevelite through a massive growth phase over its first 23 years to its position now as a highly successful glass manufacturing business located in Western Sydney.
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Incite has worked with Dennis to help him with various aspects of his business from preparing an early Feasibility study and financing proposal in 2000, through to a Valuation of the Bevelite business 3 years later. In 2006/7 Incite developed and implemented a Succession Strategy for Bevelite to allow Dennis to gradually reduce his involvement in the management of the business. Dennis was then successful in selling the Bevelite business to the Australian Glass Group for a substantial consideration. Dennis remains an advisor to Bevelite but now has the time to pursue other business interests including being part of a consortium to run the Parramatta City Raceway; In 2009/2010 Incite introduced Dennis to a new business opportunity to invest in a business manufacturing the Terrier Mini Loader. Incite continues to assist Dennis in the Terrier business.
>> Read more
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Funding Business Growth
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Why Do Growing Businesses Need Funding?
At some time, most SMEs will need additional funding for a wide variety of purposes.
From a growth perspective, one of the worst scenarios would be that your business has run out of funds due to cash flow pressures. This may mean that your plans for growth cannot be funded until new financing facilities are arranged or worse still that your suppliers are demanding payment for overdue accounts.
In order to avert this cash flow crisis, it is essential, especially in a growing business, to develop realistic profit and loss and cash flow projections to determine the amount, timing, duration and seasonality of the businesses funding requirements.
The key is to be as prepared as possible so as to reduce the up-front cost of borrowing and indicate to the financier that you know your business and have a proper security and repayment plan in place. A funding submission should be prepared which would include:
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An overview of your business, the shareholding and directors and its growth opportunities
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Why you need the funding
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The security you are willing to provide and its approximate value
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Your repayment plan and repayment capacity illustrated by detailed financial projections for the term of the funding
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Latest (last 2 years) financial statements and tax returns for the business and statement of personal assets and liabilities
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>> Read more
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If you would like to read previous newsletters or learn more about INCITE,
go to
www.incitemg.com.au
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As we recommend to all our clients to secure feedback from their customers, it is important for Incite to gain feedback from everything we do. We welcome your comments on our newsletter - particularly with regard to what you wish to see in future issues.
The Incite Team
www.incitemg.com.au
Please email us with any comments or questions you may have to
advice@incitemg.com.au
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Suite 15, 380 Pennant Hills Road, Pennant Hills, NSW, 2120, Australia P (02) 9484 5050
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