JULY 2013 VOLUME 9 NUMBER 6 Print Post Approved PP255003/07463 $6.60 (including GST)

Hunter Business Review

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Newcastle Renewal

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Tel: +61 2 4941 6688 Mob: 0408 826 825 - Graham Turner 45 – 47 DickinsonTel: +61 Street, 2 4941 Charlestown 6688 NSW 2290 Mob: 0408 826 825 - Graham Turner 45 – 47 Dickinson Street, Charlestown NSW 2290 PUBLISHED BY: BUSINESS NEWS Hunter Business Publications Pty Ltd ABN: 15 112 838 945 CONTENTS 265 King Street Newcastle West NSW 2302 PO Box 853, Hamilton NSW 2303 Phone: (02) 4925 7760 Fax: (02) 4925 2570 PUBLISHER and EDITOR: Garry Hardie Mob: 0414 463 125 [email protected] 4 From the Editor ASSISTANT EDITOR: GARRY Lisa Nelson [email protected] 5 Business News PUBLICATIONS MANAGER: Sandie Collie [email protected] 22 Business Advice MARKETING SUPPORT MANAGER: Tel: +61 2 4941 6688 Judy Andrews [email protected] 24 On the move www.charlestownapartments.com.au ADVERTISING MANAGER: Alison Hislop

Email: [email protected] LISA [email protected] 29 Business Technology PRINTING: Print National Your home away from home, Phone: (02) 4908 5800 [email protected] 32 On the job in the heart of Charlestown, Newcastle www.printnational.com.au Published monthly (except January) Circulation: 7,000 33 Property www.HBRmag.com.au HUNTER BUSINESS PUBLICATIONS PTY LTD

Located north of Lake Macquarie and offers easy access to SANDIE 2013 ALL RIGHTS RESERVED 35 Revitalisation of Newcastle business and tourist venues in Newcastle, the Hunter Valley and Port Stephens • Central location in a quiet cul-de-sac • 15 minutes drive to Newcastle CBD, City beaches and Lake Macquarie Reproduction in any part 41 Risk Management prohibited without the • Park and playground opposite • Central to Hospitals, Medical Centres, Newcastle Entertainment Centre written consent of the • Business centre 2 blocks away and International Sports Centre (ISC) publisher. While every effort • Only 2 minutes to Charlestown Square with over 300 stores • Close to Charlestown pool and Bowling Club has been made to ensure all 49 Business Services Directory • Walk to Restaurants – fine dining or take out information in this magazine is accurate, no responsibility is accepted by the 50 Funny Business publisher, Hunter Business ALISON Designed for security, comfort Publications Pty Ltd JUDY and convenience

Apartment features • Studio, 1, 2, and 3 bedroom apartments • Electronic Key Card security and disabled access • Secure undercover parking with elevator from garage area • Fully equipped kitchen • Individually controlled air conditioning The finest in • Modern furnishings short, medium and • LCD television & high speed ADSL2 wireless internet • Commercial coin operated laundry facilities long stay accommodation We know talent. Chandler Macleod Group, incorporating JuliaRoss, has a database of over 350,000 active candidates in various industry sectors, with 22,000 employees out working on client sites every week. Through our experience with planning, sourcing, assessing, developing and managing talent along with industry intelligence, we know a lot about talent... Contact our Newcastle team on 02 4978 7788 or visit us at Suite 2, Level 1, 97 Hannell Street, Wickham NSW 2293.

chandlermacleod.com Tel: +61 2 4941 6688 Mob: 0408 826 825 - Graham Turner HBR JULY 2013 3 45 – 47 Dickinson Street, Charlestown NSW 2290 FROM THE EDITOR

he NSW Budget, handed down in June, will have I don’t want to get caught in the rail debate – it has been major impacts on the Hunter. covered and recovered many times. The debate is also TThe privatisation of the Port of Newcastle was not largely redundant now that further plans and funding unexpected, given recent moves at Botany and Port have been announced. Kembla. The final impact this has on the Hunter is still What we should all do, is recognise that change always largely unknown and will be closely watched, particularly presents challenges and opportunities. We all need given the huge contribution the Port makes to both the to get behind the revitalisation of Newcastle and the local and NSW economies. tremendous opportunities that the process is presenting The good news is that nearly half the expected to the “capital of the Hunter”. proceeds of the privatisation has been earmarked for the In the coming years, there will no doubt be many conversion of the heavy rail from Wickham to Newcastle changes and projects that individuals do not entirely with light rail and a transport interchange at the new agree with or should have been done differently. This will Wickham station. always be the case. But what we need to do is see the “bigger picture” and not critically focus on relatively small issues. Whilst feedback is always valid, we must not focus "We are currently at a critical time for on any negatives. Newcastle. It is truly a generational We are currently at a critical time for Newcastle. It is truly a generational opportunity that will decide the face of the opportunity that will decide the face City for decades to come. of the City for decades to come." I am confident that with the unified support of government, business and the community that we will see many tremendously positive changes in coming years. Let us all embrace the possibilities and help make Newcastle a modern, bustling City that we can all be proud of.

Garry Hardie Publisher & Editor

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4 HBRHBR AUGUST JULY 2013 2012 BUSINESS NEWS The Advitech Group acquires QLD technology business The Advitech Group has acquired Mackay-based technology business Acubis Technologies Pty Ltd. Acubis specialises in the design and deployment of wireless networks and communication solutions for safety, production, environmental and security applications with a strong history in the mining industry. This latest expansion gives Hunter-based Advitech Group a presence extending from to North and into the Central West of NSW. Acubis joins Advitech, Novecom and Hushpak Engineering in an integrated partnership of engineering, science, environment and technology companies. Aaron Pirie (Managing Director of Acubis Technologies), Larry Platt (Advitech Group The Group celebrates 25 years in business this year and Executive Chairman), Michael Neville (Advitech Group Director), Ko Lane (former part the acquisition of Acubis furthers the Group’s vision for owner of Acubis) continued growth as a leader in professional services and the manufacture of specialist equipment and bespoke are on a quest for complementary businesses to expand solutions. our capabilities. Our vision is to be a constantly evolving “It doesn’t stop here,” said Larry Platt, Executive Chairman organisation with all the adaptable skills necessary for the of the Advitech Group. “Strategic growth is in our DNA. We future economy.” Newcastle and Hunter-Creative Industries Precinct The NSW Government’s Creative Industries Industry “The creative industries supports and employs a large Action Plan identifies Newcastle and the Hunter as a hot proportion of SMEs and is crucial to the future of the Hunter spot and an important and vibrant creative centre. region,” said RDA Hunter CEO Todd Williams. RDA Hunter has been working with the creative "We are seeing a huge number of creative industries and industries and has undertaken extensive consultancies and innovative companies relocating and growing in the Hunter workshops to help understand and promote the creative region from the creative environment that exists – industries in the region. Findings from the workshops have RDA Hunter is working to further foster this into the future.” been articulated to the Creative Industries Taskforce. Boo* *The all new A 180 BE. At a price that won’t scare you.

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HBR JULY 2013 5 BUSINESS NEWS New wine festival Work Health and Safety A new wine festival planned for (Mines) Bill 2013 12 October aims to bring together the local community and showcase The new Work Health and Safety (Mines) Bill 2013 (NSW) will the spectacular array of tasty treats replace the Coal Mine Health and Safety Act (2002) (NSW) and located right in our own backyard. the Mine Health and Safety Act 2004 (NSW) with one mine- The Hunter Valley Wine Festival specific piece of legislation that will be incorporated into the will be held in the grounds of overarching Work Health and Safety Act 2011 (NSW). the Crowne Plaza Hunter Valley, The additional mining-specific WHS provisions that are in the heart of wine country, and established by the Bill are intended to provide appropriate will provide the opportunity for regulation of mining workplaces within the existing WHS Act attendees to sample wine, food, framework, while taking into account the significant risks beer and cider. Being a Schwartz involved in mining operations. Family Company event, the focus The Bill applies to all workplaces that are mines. It will also is on creating a community apply to some broader mining activities including handling, atmosphere and supporting storing, preparing or processing extracted materials, local products. The Schwartz Family decommissioning or making safe a mine site, and constructing are dedicated to doing what they can to a site where a mining activity is carried out. promote the Hunter Valley as a region The Bill sets out a number of provisions intended to secure and believe that this event will be a great and promote the health and safety of persons who work at opportunity for locals and visitors alike to get mines and related places. Key provisions include: a ‘taste’ of what the Hunter has to offer. • Incident Notification Schwartz Family Company representative Jenny Farrell says • Oversight of mines by government officials “we are really excited about being able to hold this event • Industry safety and health representatives and hope that locals, as well as visitors to the region, will see • Mine safety and health representatives this as a good opportunity to come out, have a tasting and • Stop Work Orders support our local wine makers.” • Board of Inquiry The local tourism industry is also pleased with the prospect • Mine Safety Advisory Council of the festival and what it means to the destination. Dean • Mine Competence Board Gorddard, Executive Manager of Hunter Valley Wine Country • Sharing information between regulators Tourism is “pleased to see the tourism and wine industries • Codes of Practice working together for the development of a new event in For more information visit http://www.parliament.nsw.gov.au/prod/ the Hunter Valley, particularly one that is so committed to parlment/nswbills.nsf/131a07fa4b8a041cca256e610012de17/fe9af83 supporting local iconic hunter valley products.” 9df348f23ca257b7200203728?OpenDocument Crowne Plaza Hunter Valley General Manager David Bark is looking forward to holding the event onsite and believes that “with food, light entertainment, beer, cider and family activities also on offer throughout the day there will be plenty for everyone, not just wine-lovers, to enjoy.” The event will also support the local Rural Fire Service with proceeds Follow us @HBRmag from selected activities throughout the day being donated.

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6 HBR JULY 2013 BUSINESS NEWS Women in Global Business Newcastle Permanent A joint federal, state and territory government initiative, Home lender of the Year the Women in Global Business program supports businesswomen to take their products and services to the Money Magazine has named Newcastle Permanent its world. Home Lender of the Year for 2013. This is the first year that The program aims to increase female participation in the major banks have been overlooked for the award. international trade by offering a central source of Terry Millet, the Perm’s Chief Executive Officer, explained information and resources, support and connection that the building society had proved itself as a genuine, It offers a mentoring program that aims to connect competitive alternative to the big banks. businesswomen with little or no international experience Newcastle Permanent was also named Money Magazine’s with businesswomen who already have substantial building Society of the Year for the fourth time. experience in international trade and investment. It is free to join the Women in Global Business network. Visithttp://www.wigb.gov.au/ for further information. 3D printer for public use Lake Macquarie City Library has introduced a new 3D printing service, the first public library in NSW to do so. The printer can create three-dimensional objects of virtually any shape from a digital model. The service will benefit the community by making innovative technology easily accessible. “This service puts Lake Macquarie City Library at the forefront of technology and we hope to work with the Council Car Park JSA WE ARE Hoyts local community, in particular local schools and education POWELL ST Cinema HERE C TALLARAH ST H A RL ES facilities, to enhance learning and provide a different library TOW N RD Hilltop Plaza Hoyts 250 Pacific Hwy POWELL ST experience,” said Jo Smith, Council’s Library Section Manager. Cinema WE ARE HERE C H TALLARAH ST Parking available AR LE at rear of building STO Charlestown WN RD Library users can book sessions to use the 3D printer Square

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existing water tube boiler. The project is expected to Clean Energy Map launched reduce carbon emissions intensity by 15 per cent and result Launched in May 2013, the Clean Energy Map is an in savings of $46,000 in energy costs per year. online, map-based tool that brings together the Australian G.H. Varley Pty Ltd: G.H. Varley will replace inefficient air government’s clean energy initiatives. The map shows the conditioning and introduce voltage regulation equipment programs taking place across businesses, communities and to increase plant efficiency. households. Visit www.cleanenergymap.gov.au for details of all projects in the Hunter. Phase 1 of the map includes projects from 16 programs and initiatives. Users can search the map by suburb, postcode or project type or tour the map by theme. Each project includes a Getting started in exports brief description of its purpose and the environmental and economic outcomes it is expected to achieve. The location workshop of each project is represented on the map with a coloured Business owners who are looking to develop a growth pin that also indicates the project type. plan to extend beyond the domestic market, potential Some Hunter projects include: exporters, new exporters and existing exporters who Lake Macquarie Business Centre: The ‘Energy Efficiency would like a refresher on the topic can attend a free and Real-time Energy Monitoring for Lake Macquarie workshop in Newcastle in August. Businesses’ project aims to increase energy efficiency Run by NSW Trade and Investment and presented by awareness among around 13,100 SMEs in the Lake Peter Mace from the Australian Institute of Export, the Macquarie area. workshop will be held on 8 August at the Hunter Trade Tamburlaine Manufacturing Pty Ltd: Tamburlaine and Investment Centre, Wharf Road, Newcastle, from 9am received funds to upgrade its main refrigeration system, to 3pm. It will feature case studies presented by current replace the ice-bank refrigeration system in the cask room, exporters. insulate external brine lines, install energy efficient light The workshop will cover the following modules: fixtures, install a 30-kilowatt solar panel system and install • Export planning voltage optimisation equipment at its wine manufacturing • Resourcing for export facility in Pokolbin. The project is expected to reduce • Export marketing carbon emissions by 53 per cent, resulting in savings of • Visiting the target market. $42,500 in energy costs per year. Interested business owners can obtain further EC Throsby Pty Ltd: EC Throsby will install a new high information from [email protected] efficiency burner and programmable controller to an Register by 31 July with [email protected] SQUEEZE MORE OUT OF YOUR INVESTMENT PROPERTY. PROPERTY MaNagEMENT RaTES FROM JUST 3.96% ROP0022_BL ROP0022_HBR

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the UK and US are all high income countries but Japan ranks second has the lowest percentage of female managers (9 per in global female cent) compared to the US (43 per cent), leaving many women in Japan without the experience and skills to entrepreneurship index start their own businesses. • Access to finance is crucial. In low performing countries, Australia has taken second place in the world’s first gender- few women have bank accounts: Egypt (7 percent), focused, global entrepreneurship index based on the Global Uganda (15 per cent), India (26 per cent) and Morocco Entrepreneurship and Development Index (GEDI). The Gender- (27 per cent). This compares to almost 100 per cent GEDI is the only global index to measure high potential female access in the top performing countries other than entrepreneurship based on individual aspirations, business Mexico (22 per cent). However, even in countries where environments and entrepreneurial ecosystems. access to a bank account is high, venture capital funding Sponsored by Dell Inc., the Gender-GEDI was launched at the is still low. For example, in the US, only 3 - 5 per cent of annual meeting of the Dell Women Entrepreneurs Network venture financing goes to businesses owned by women. in Istanbul, Turkey, in June. The index comprises 30 indicators “Unleashing the power of female entrepreneurship can have and ranks 17 countries with the top ranking countries scoring a dramatic effect on a country’s economy. The research clearly consistently well across a range of indices. supports the assertion that key things need to be fixed in order for female entrepreneurship to survive and flourish,” said 1. USA 10. Russia Karen Quintos, Dell’s chief marketing officer and senior vice 2. Australia 11. Turkey president. “Increased access to knowledge, networks, capital 3. Germany 12. Japan and technology are critical if countries are to empower female 4. France 13. Morocco entrepreneurship and create a culture of success 5. Mexico 14. Brazil 6. UK 15. Egypt 7. South Africa 16. India 8. China 17. Uganda Increase in foreign 9. Malaysia The research demonstrates that the determinants of investment in Australia success for female entrepreneurship have much to do with Australia recorded an increase in inward foreign direct the environment in which they operate, not simply their investment (FDI) of 8.6 per cent in 2012, making it one of the personal strengths and aspirations. By providing a cross- few countries in the world to post an increase in that year. country comparison, the Index can help countries identify According to A.T. Kearney’s 2012 FDI Confidence Index, where they can improve conditions to encourage and support Australia has moved up one place to sixth in the rankings entrepreneurial success among women. of the world’s most attractive FDI destinations. Asia remains The report highlights some key areas: the most attractive FDI destination with the emerging • A country being strong in key areas such as legal rights, economies of China and India taking out first and second place education and access to finance does not automatically respectively in the Index. Brazil, the United States, Germany result in high-potential female entrepreneurship. In and Australia took out the remaining top six positions. The some countries, the business environment for success results mean that the world economy’s centre is shifting from is right, but female entrepreneurship is still low. This is the West to the East, according to the Index. often due to social and cultural norms that make it less Australia’s continued strong growth in FDI stockspeugeot.com.au reflects the conducive for women to become entrepreneurs. Japan, country’s robust economic performance over two decades.

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PEU5252_T44 RCZ Dealer Ad_v8.indd 1 1/05/13 2:42 PM BUSINESS NEWS Online jobs boards industry faces changes A local jobs website operator predicts an online industry strength of JobsInTheHunter.com.au comes from an ability shake-up as companies reposition themselves in a tougher to connect local employers and local jobseekers, combined employment market. with the support of a strong network of ‘local specialists’ to JobsInTheHunter.com.au CEO Tim O’Brien’s prediction provide additional services and support.” comes as news has surfaced that two national online jobs Mr O’Brien established JobsOnTheCoast.com.au almost websites plan major changes; MyCareer will have free two years ago and JobsInTheHunter.com.au last year when advertisements and Seek will raise its prices by 5.5% from he identified a need for online solutions with more specific July 1. emphasis on the local employment market. “Neither of these moves is a substitute for high Success of these sites has been based on local employers performance and innovation for both job seekers and and recruiters being able to advertise vacant positions free employers,” Mr O’Brien said. of charge, thus removing the financial risk of out-laying “Removing financial risk may be attractive to advertisers, money with no guarantee of results. but, the size and general nature of large job board It combines this with links on the site to contact relevant operators means they still miss the mark in providing business partners that provide services to recruiters and relevant search results to their users.” jobseekers, including Job Centre Australia, Hunter TAFE and “Free job listing is one side of the equation, but the Inspire Success HR Consultants. More growth for Newcastle Security

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AUSTRALIAN SECURITY INDUSTRY www.newcastlesecurity.com.au ASSOCIATION LIMITED Master Licence 409539204 BUSINESS NEWS MySuper authorisation Local lawyer shows for NSF Super his gift of the gab NSF Super has announced that it has received authorisation A young insurance from the Australian Prudential Regulation Authority (APRA) to lawyer from Moray & provide a MySuper offering to members. Agnew’s Newcastle office NSF Super Fund Secretary, Ian Morante, said the authorisation has been awarded the was a major achievement for the ’s local fund, “In a 2013 Australian Insurance changing legislative and competitive environment for the super Law Association Ron industry, NSF Super is now well positioned to continue to provide Shorter Memorial Award a genuine, competitive alternative to the larger funds”. for Professionalism in On the impact of the new product to members, Mr Morante Public Speaking. added “Given that our existing default option already met the Patrick Williams, aged majority of the requirements for MySuper product features, there 25, was one of three are only minimal changes required, and we are well placed to contestants chosen Patrick Williams - Moray & Agnew introduce the NSF MySuper option from 1 September, 2013”. from a field of 20 amateur orators to compete in the final before an audience of 60 competitors, colleagues and industry representatives. Patrick enthralled and entertained the Noise reduction cladding audience with his 15-minute speech, Potential pitfalls of liability expert evidence. Hushpak has used its considerable experience in acoustics and The judging panel, consisting of Andre Louw engineering to develop a revolutionary Australian made cladding of Jardine Lloyd Thomson, the Honourable product with remarkable noise reduction properties. Justice Rein of the Supreme Court of NSW, Hushclad is manufactured by Hushpak from Colorbond steel sheet and Linda Murphy, CEO of the Supreme Court with a polymer core. It also offers high performance strength in a 2 of NSW unanimously awarded Patrick the mm thin, lightweight panel. prestigious prize. Ideal applications include industrial buildings, mine sites (e.g. transfer houses, coal washeries), commercial buildings, highway noise barriers and machinery barriers and enclosures.

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HBR JULY 2013 11 BUSINESS NEWS TAFE launches new brand and new direction Hunter TAFE launched a new Hunter TAFE Institute Director Phil Cox. brand and new promotional “Hunter TAFE must continue to be competitive and campaign that highlights ahead of the game. We will not offer courses that our courses specifically customers do not necessarily want. In some cases that designed to meet means rationalisation. We are consolidating courses demand trends for the and giving students and their employers new options,” next decade. explained Mr Cox. The 2013 Hunter TAFE Also influencing the Institute’s new direction is the Strategic Plan outlines a continuing blurring of the once traditional divides of new approach for the 135 secondary school, TAFE and university. In response, year old organisation that Hunter TAFE will expand its programs for senior high will set it apart in the sector’s school students and also offering higher education or current significant educational reforms. degree programs. The NSW Government’s Smart and Skilled reforms that “We have repositioned our brand so we can continue will come into effect from July 2014 will give the power to be successful, sustainable and significant in providing of education purchase to TAFE’s customers, explained skills training for our region,” added Mr Cox.

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HBWN Regional Women Connect 2013 Hunter Business Womens Network will host its annual Regional Women Connect conference on 12 September. The event at Function Centre will bring together some inspiring local and international leaders including Amanda Rose and Layne Beachley. The invitation to attend extends to members ($70) and non-members ($85). Tickets include sparkling wine on arrival, two course dinner, networking opportunities and entertainment. For further information visit [email protected]

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12 HBR JULY 2013 BUSINESS NEWS Alliance to help create mentally healthy workplaces The National Mental Health Commission has launched healthy workplaces, and fully realise the benefits to a landmark Alliance to help create Australian workplaces individuals, businesses and the community. that are mentally healthy. “Mental illness costs the Australian economy over $20 The Mentally Healthy Workplace Alliance is a billion a year, while recent research from SANE Australia collaborative partnership between business, the mental highlights that the majority of people feel unsupported health sector and government. The Alliance is providing when mentally unwell, and less than half of managers the business sector with practical guidance about mental (43%) have an understanding of mental illness. health designed to drive sustainable changes in business “With almost half of Australians likely to experience a culture and practices. It is also developing an evidence- mental illness in their lifetime, the importance of having based business case for promoting mentally healthy mentally healthy workplaces cannot be overstated. workplaces. “Mentally healthy workplaces prevent harm to the Founding members of the Alliance include the mental health of their people, make sure people who Australian Chamber of Commerce and Industry, the experience mental health difficulties are supported, Australian Psychological Society, beyondblue, the Black and have positive cultures that are conducive to mental Dog Institute, the Business Council of Australia, Comcare, wellbeing. the Council of Small Business Organisations of Australia, “Businesses that invest in mental health are also more the Mental Health Council of Australia, Safe Work productive, innovative and likely to recruit and retain the Australia, SANE Australia and the University of New South best and brightest people. That’s why the work of the Wales. Alliance, and support from the business community is so Prof. Allan Fels, Chair of the National Mental Health important.” Commission says the Alliance wants all Australian workplaces to be taking active steps to create mentally For more information visit www.workplacementalhealth.com.au.

ATB Morton to establish a skills centre ATB Morton has expanded their operations and is in the Confined Spaces and Heights training and also provides an all process of establishing a fully equipped Training and Skills eather facility for Forklift, EWP, Scaffolding and Crane training. Centre at 250 Macquarie Road, Warners Bay. The new ATB Training division will be headed up by ATB Morton’s Skills Centre, which will soon be open Manager, Ellen Gillespie and supported by Barry Lyon, for inspection and room hire, comprises three training Business Development Manager. areas designed to cater for a wide range of skills and The Skills Centre also includes an Administrative Centre with qualifications. This includes facilities for trades training fully equipped training rooms, serviced offices, conference such The Safe Use of Hand and Power Tools. There is also a facilities and a corporate board room which are all available large warehouse that contains a purpose built facility for for hire.

HBR JULY 2013 13 BUSINESS NEWS Award celebrates Hedweld's NSW state budget: export excellence investments in the Hunter Hedweld Group of Companies was presented with the Key NSW state budget highlights for the 2013 Austmine Craig Senger Award for Export Excellence Hunter include: at the annual Austmine Conference and Exhibition held in • $30 million to complete work on the Perth in May. The event is the premier event in the Australian Newcastle Inner Bypass between mining calendar, and brings together the best products in Shortland and Sandgate the market with the most pressing challenges in the mining • $24.7 million to upgrade the New sector around the globe today. England Highway at Maitland The award is recognition of the hard work and dedication between the hospital and railway shown by the entire Hedweld team. station roundabouts “This award is a great honour as Craig Senger personally • $63 million towards the assisted myself and other Hedweld representatives with construction of the Newcastle entry into the Indonesian and South American markets,” Courthouse explained Ian Hedley. • $20 million to upgrade Nelson Bay Road Hedweld Group of Companies showcased a range of its between Bobs Farm and Anna Bay mining industry products at the event, and Kristy Hedley • $585 million towards the Hunter launch delivered a of the National Disability Insurance presentation on the Scheme new Hedweld ‘Mine • $222 million to continue construction Maintenance of the Hunter Expressway between Workshop of the Beresfield and Branxton Future’ to the • $3 million for planning the conference that Muswellbrook bypass presented the • $5 million for the Connected Communities Program company’s advanced, • $6.2 million to continue construction of Maitland TAFE innovative products centre for dry wall plastering and associated trades specifically designed • $1.5 million to continue construction of Raymond Terrace for the mining and Kristy Hedley, Global Markets Development HealthOne centre Manager and Ian Hedley, Managing Director. earthmoving industries.

14 HBR JULY 2013 BUSINESS NEWS ACCC online education Aeropelican merges with program for small business Brindabella owners After 44 years of providing regional air services, Small business owners who need some help Aeropelican Air Services merged their services with understanding their rights and obligations under the Brindabella Airlines on 24 June. The aim of parent Competition and Consumer Act 2010 can now turn to a company Business Air Holdings Pty Ltd is to eliminate free online education program. the costs associated with running two airlines The Australian Competition and Consumer Commission creating cost savings not only for the company but for (ACCC) has released a simple, interactive learning customers. resource which provides an overview of the Act through Brindabella Airlines CEO Paul Schultz explained that ten modules. Participants can choose to work through all the merger will offer customers an improved experience modules or select those that are most relevant to their when booking flights online. Efficiencies including business. greater optimisation of the network, streamlined The modules cover topics including misleading conduct passenger sales activities and cost savings in sales and advertising; pricing and unfair selling practices; distribution and information technology will enable the consumer rights and guarantees; selling safe products; company to concentrate on its regional scheduled air scams; consumer contracts; unconscionable conduct; services and charter operations. exclusive dealing and resale price maintenance; cartels; The Sydney to Narrabri, Newcastle and Mudgee and misuse of market power. services will now operate under the Brindabella Visit http://www.business.gov.au/Newsandfeatures/2013/May/ Airlines brand. The airline offers 267 flights each week Pages/ACCC-online-education-program.aspx for more information connecting 12 cities and towns in NSW and Queensland.

Ian Macfarlane to speak in Hunter The Hon Ian Macfarlane MP, Federal Shadow Minister for what next? – will focus on what can be done from a Energy and Resources, will speak at a lunch on Thursday national perspective to ensure the future prosperity of key 29 August at 12.30pm at Newcastle City Hall Concert Hall. regions like the Hunter. His presentation – Our Energy and Resource Economy: Visit [email protected] for further details and registration.

Can you help make a child’s future brighter? WESTS6183

Celebrating 20 years of supporting children with vision or hearing impairment, and their families, in the Hunter, The Royal Institute for Deaf and Blind Children (RIDBC) is seek- ing help from local companies through the Sight and Sound for Kids Corporate Sponsorship Package. This package will enable companies in the Hunter to not only support a local charity but to be confident knowing that their money is supporting children in the region. For more information about the package and the RIDBC Hunt- er Centre please contact Grace McLean on (02) 4979 4016 or

HBR JULY 2013 15 BUSINESS NEWS Greater Building Society charity offering The Greater Charitable Foundation’s annual funding round is now open. Established in 2011, the Foundation provides approximately $1 million each year to charities in NSW and the Gold Coast that run programs that aim to make a lasting difference to the lives of families and communities. The Foundation is funded out of the profits of the Greater Building Society and provides a minimum of $75,000 for a one year project to a maximum of $500,000 for a three year program. “We partner with a small number of organisations at a time to ensure the programs are well resourced and supported to maximise the value of the funding to improve life outcomes for people living in the building society’s area of operations,” with a newly diagnosed child to access a range of said Foundation CEO Anne Long. “The Foundation is another support services way The Greater gives back to its customers and the broader • Inspire Foundation – development of an online community.” outreach program to improve the mental health of young men Projects the Foundation has funded to date: • Australian Children’s Music Foundation – expansion • Starlight Children’s Foundation – establishment of of free music education program to schools in the regular Captain Starlight visits in regional hospitals and Manning region regional Wishgranting program • Heal for Life Foundation – expansion of Eva House • KidzWish Foundation – pilot of KidZSpeak program, residential program to cut waiting lists for young an Australian first mobile speech therapy program for women who have survived childhood abuse or trauma pre-school children in the Illawarra • HMRI – funding for two medical research trials for • Hunter Institute of Mental Health – pilot program stroke. A trial of a new clot busting medication and to help support children with a chronic illness and their a trial of interventions to get stroke survivors active in families rehabilitation • Autism Spectrum Australia (Aspect) – pilot of an • Cerebral Palsy Alliance – mentoring programs for Early Intervention Readiness Program to help families young people with cerebral palsy.

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16 HBR JULY 2013 HMa Hunter Manufacturing Awards Inc. Manufacturing- “The key to our future”

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We’re all about forging strong, productive partnerships. If your business has a challenge to solve or a brightBUSINESS idea we would love to talkNEWS to you. Highest certification for KGB Protectivewww.newcastleinnovation.com.au Coatings 02 4921 8777 The Painting Contractor Certification Program (PCCP) has recently certified KGB Protective Coatings with the highest possible level of accreditation within the industry. This now sets them apart from all other abrasive, blasting and UoN foreign policy expert invited to US leadership protective coating companies in the Hunter and indeed for program Senior Lecturer in American History Dr Michael L. most of the east coast of Australia. Ondaatje has been selected by the US Ambassador in The Class 6 Full accreditation for Hazardous Coating Australia and the US Department of State to participate in Management (Respirable Dusts) or 6F1 was attained after a the Department’s premier professional exchange program, period of provisional certification which required an extensive the International Visitor Leadership Program (IVLP). review of documentation. CSIRO officers then conducted an Dr Ondaatje flew to the US in June to join current and extensive audit of KGB’s management system and sourced emerging international leaders in government, politics, evidence of previously completed projects which indicated the media and education for a two week exchange of that the management process had been maintained in ideas. He is the latest in a long line of distinguished practice. Full compliance was then granted. Australians to have participated in the IVLP, including Julia Gillard, Quentin Bryce, Paul Keating, Gough “Very few companies in our industry have attained this level Whitlam and Malcolm Frazer. of accreditation and it has certainly opened up some A regular commentator on American politics in the for us. We are very busy at the moment”, said Dusko Knezevic, Australian and international media, Dr Ondaatje first Operations Manager. book, Black Conservative Intellectuals in Modern America, KGB is also taking an innovative approach to their market became a Top 20 International Bestseller in US history. through enhancing their on-line presence. Apart from He was awarded the Max Crawford Medal in 2012 by the launching their new website recently they have embraced Australian Academy of the Humanities for achievement the use of social media with evidence that this has generated and promise in the humanities, and is currently working additional enquiries. on two new books on African American political history and the history of American foreign policy.

UoN climbs world rankings First Friday Club launched The University’s place in the QS World University Momentum, formerly ActionCoach Newcastle, has launched Rankings ‘Top 50 Under 50’ has risen seven places to the First Friday Club – a series of workshops providing Hunter number 26. The scheme ranks universities than have been business owners a short, sharp and powerful workshop on established since 1962 based on indicators including the first Friday of each month commencing on the 2 August research, internationalisation and reputation. at Surfhouse Merewether with a session entitled Five Steps to The 2013 ranking follows outstanding results in the recent QS World University Rankings by Subject, in which Exploding the Growth of your Business. the University had ten disciplines featured in the top 200 The sessions only last a couple of hours and are designed to in the world. provide attendees with steps to improve their business that they start using immediately. New Chief Operating Officer The First Friday Club has the following partners, with several Nat McGregor is the University’s new Chief Operating others to be finalised in coming weeks: Officer. Mr McGregor was formerly CEO of University • The Greater of Newcastle Services Ltd and brings a broad range of • Crosbie Warren Sinclair commercial, financial and governance expertise and • Hunter Business Review capability to his new role. • Mason Lawyers Emeritus Professor Terry Wall wins award • Priority Management Emeritus Professor Terry Wall has become the first • Beyond Business Solutions Australian to be awarded the esteemed Percy Nicholls For further information see page 25 of this issue. Award for Notable Scientific or Practical Contributions in the Field of Solid Fuels. He received the award at the International Technical Conference on Clean Coal and Fuel Systems in Florida, USA. Celebrating 20 years The award celebrates research into fuel utilisation. Professor Wall’s current research group activities are all in the Hunter coal focussed including projects on technologies for Jirsch Sutherland established its Hunter branch in 1993 to carbon capture and storage, pulverised coal injection to complement its Sydney head office. It began a tradition of blast furnaces, coking coal evaluation and controlling emissions from coal use. providing professional forensic accounting, turnaround and “My greatest pride would be in helping students insolvency services to the region’s business community. complete successful PhDs, I’ve supervised more than 50 PhD students. I have also enjoyed establishing and maintaining the University of Newcastle as a centre of excellence in coal usage, through two Cooperative Research Centres and now in a National Research & Development centre,” said Professor Wall. www.jirschsutherland.com.au | 4965 6500

18 HBR JULY 2013 HBR is essential reading for anyone wanting to keep informed on local business news and issues that affect business.

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Connecting & informing business peop Further information is available at www.HBRmag.com.au BUSINESS NEWS Payroll division launched Mines Rescue competition performHR has officially launched their payroll division, Many underground coal miners spend their days off on the performPAY which is in response to many client requests. surface, away from the dark, damp and gloomy atmosphere They have been providing this service for 2 years for of their workplace. But each year, many volunteer to go select clients and throughfeedback and the growing risks underground in their own time to participate in competitions associated with payroll they have decided it is time to designed to test their emergency response skills. build more capability. Eighty mines rescue brigadesmen from across the Newcastle “We are finding that business risk with payroll is region were called to Centennial Coal’s Mannering Colliery becoming more of a concern and the cross-over with HR (which is currently on care and maintenance) in June to is greater than ever before. By officially extending our compete in the annual mines rescue competition. capability in payroll we can help our clients minimise their Replicating an emergency callout, Mines Rescue staff risk of things like award misinterpretation, over and under telephoned brigadesmen on the competition ‘duty list’ to payments, flagging of reoccurring patterns (for example request their attendance at the mine site. Upon arrival at the sick leave) and ensure compliance to legislation”, said site, teams were formed and given their instructions. Managing Director, Lyndell Fogarty. “The Newcastle competition throws people into teams where “Most mid-tier businesses have the payroll function they don’t know each other well, or who haven’t worked sitting with one resource - this is a risk. performPAY together before. It’s a strategy that mirrors what would happen provides a team of payroll professionals with extensive in an emergency situation. It not only tests their core skills, but industry experience, well trained and capable both in also their ability to act and communicate effectively as a team,” the areas of payroll and customer service to alleviate the explained Peter Cornford, Regional Manager Newcastle Mines burden of paying staff. Our costing structure is simple and Rescue. transparent as well”. The competition included several underground simulation The performPAY service is tailored for organisations exercises to demonstrate brigademen’s knowledge and use of with between 50 and 1000 employees and prospective equipment in high pressure situations. Teams were assessed clients with under 50 staff are considered on a case by on their ability to apply first aid and operate mines rescue and case basis. The service includes a self-service access for gas monitoring equipment; use of Self-contained Oxygen employees and managers, superannuation management Regenerative Breathing Apparatus (SCROBA) and attending to and standardised and customised reporting. an underground diesel fire incident. Teams also sat a written theory test about systems and equipment and completed a teamwork and communications challenge. ActionCoach Newcastle Mr Cornford thanked Centennial Coal for hosting the competition onsite, and also acknowledged the commitment becomes Momentum of other mines in the region in allowing the teams and others Directors David Crook and Harry Raftos have rebranded to attend. ActionCoach Newcastle as Momentum to reflect their aims At day’s end, the Blue2 team were named the overall and to build their own unique brand. competition winners. They were led by West Wallsend Colliery’s David and Harry say they are passionate about helping Bob Wilson, who also captained the winning team in the 2012 build more momentum for local businesses. They define a competition. business with momentum as having great marketing, sales Orange2 team was named runner-up and was captained by and customer service, having a great team of people and in Alex Lidwinski, also from West Wallsend Colliery. excellent financial shape. Their purpose is stated as helping All of Coal Services’ business groups are focussed on working business owners earn more and work less. closely with industry for a safer workplace and a healthy Momentum offers many more services than coaching, workforce through preventative and responsive services. including workshops, corporate training, executive Competitions are run across NSW to a standard format where coaching and keynote speaking. teams are assessed against Mines Rescue competencies. Although the name has changed, Momentum is still Competitions will also take place in Singleton in July, and licensed through ActionCOACH, global leaders in coaching. Lithgow and Wollongong in August.

New acquisition for BISim

Bohemia Interactive Simulations (BISim), developer of the Virtual Battlespace (VBS) series of training games, has acquired TerraSim, a technology leader in commercial products enabling the rapid production of correlated terrain for virtual, constructive and serious game simulation systems. TerraSim’s products are widely used within the VBS2 community to support complex urban environments based on procedural generation. BISim’s acquisition of TerraSim extends the capability of VBS2 for tactical training and mission rehearsal, and enables it to support ever-larger terrain content requirements.

20 HBR JULY 2013

BUSINESS ADVICE Business succession planning: planning your exit from your business

Gavin Hanrahan Managing Partner Turnbull Hill Lawyers

Those business owners who develop a personal exit strategy are more likely to maximise the rewards for their efforts. Developing a personal exit strategy requires some important issues to be considered, including: • Do you pass your business on to your children or other family members? • Do you sell your share in the business to a co-owner? • Do you sell your business to some of your employees? • Do you sell your business to a third party? • Do you wind up the business? • What happens to your business, or your interest in it, if you become totally and permanently disabled (TPD) or die before you sell? • How do you minimise your tax liability? • What will you do when you no longer own the business?

Selling your business If you are looking to your business to deliver you a lump sum on sale, it is important to start planning how you will realise that sum. Selling your business is likely to be a major personal decision for you, and probably any prospective purchaser, so it is important to plan now how you will maximise the proceeds from its sale. You should consider: • the timing of any sale • who the prospective purchasers are, and We will pass on the business to a family member or sell • whether there are any opportunities for you to reduce the business. If you do decide to pass on or sell your the tax due following a sale. business, do it with your eyes open, and with no strings attached - make a clean break. To achieve this successfully TPD or death requires you to make plans for life after the business, Not necessarily the preferred way to exit your being mindful of what you will need. In that regard, don’t business, but it does happen more often than we may lose sight of what steps you can take to make sure you care to acknowledge. have a sense of belonging and And inevitably, it occurs at a time of great stress in your self-fulfilment. life, or the lives of your loved ones … and it is perhaps of greater importance to plan for it. You should consider: • TPD insurance • Life insurance Gavin Hanrahan is Managing Partner at Turnbull Hill Lawyers and head • A Buy/Sell agreement (with related TPD and life of their Business & Commercial insurance to fund your exit) Team. He specialises in a broad range of issue to assist business owners to establish and maintain After you exit your business a productive workplace. Most of us won’t exit our business due to TPD or death.

I LOCAL I RELIABLE I PROFESSIONAL Providing your clients with competent & ethical expert solutions to fi nancial problems. Your referral is your reputation, so send your clients 7688 to the fi rm you can trust - Shaw Gidley. “Servicing the Hunter, Newcastle & Central Coast Regions since 1995.” Newcastle 4908 4444 www.shawgidley.com.au

22 HBR JULY 2013 BUSINESS ADVICE Cloud based accounting- move your business to the cloud

Mark Hamilton McCosker Partners

A number of accounting software products have been released in recent times built around their accessibility being available on the internet (or in the cloud). Examples of these are: • Xero • Quickbooks (Reckon One ) • MYOB • Saasu This format of accounting software certainly has its upsides and its downsides, so it is important to consider whether this is the correct format of accounting software for you.

Why would you consider going into the cloud with your be important to consider how a loss of internet access accounting software: would impact on your business if you were using cloud 1. Ease of access – An online accounting software based software. programme can provide you with access to your In the busy business world of today, with their being many financial records whenever and wherever you want to, different influences on how a business is trading, it is important with a range of devices to access it with. for a business owner to stay in contact with the financial 2. Low start up costs – use of the software is based on results. From our perspective cloud accounting helps deliver a monthly subscription. The price of this will depend this accessibility. However we believe that it is important that on the type of software and on occasion the level of the software deliver results which are: capability you want the software to be at. a) Easy to understand – A simple précis of where you 3. No updates required – the online version will always stand is much easier and likely to be read than trolling be the most up to date version of the software. Hence through standard reports to gain an understanding of you will never have to go to the trouble of updating your business position. the software yourself. b) Accurate – It is no point reviewing a profit (or any 4. Simplified data entry – the above types of software other result for that matter) if it is materially incorrect. often come with data feeds from banks hence c) Timely – The information needs to be provided to key minimising the level of data entry required. people in a time frame that enables actions to be taken 5. Ability to collaborate between people – As more quickly so opportunities can be fully taken advantage of. than one person can access the software at one time Hence we believe that it is important to involve the services different people can have real time discussions about of an accountant who can enable the accounting software to the numbers in the software eg the business owner, provide the above. bookkeeper and accountant could be in the software Further, we believe that knowing what happened is only the at one time. This provides a much more user friendly start of the business management process. Regular planning environment to have a meaningful discussion about sessions based around the information provided in the above financial results and data entry issues. circumstances, with a team of appropriate individuals, will However before you were to rush off and acquire any of enable action plans to be put in place. Hence meaningful the above types of software there are a number of important changes can be made in a timely fashion addressing any issues you should consider: concerns from the financial data, rather than just reading 1. Internet speed – It is important that the area you will the changes and not altering any behaviour. These meetings be accessing the software from has reasonable to good are often best chaired by an external adviser, so that they internet speed, otherwise you will find the software can maintain accountability of the key persons and add an slow to use or not accessible at all. outsider’s perspective on any issues. 2. Security of the program – One of the main concerns a user would have in using an online based software is that their data can be accessed by others. Hence it is important that the security of both the stored data Mark Hamilton has been a partner at in the software and also the data feeds from banking McCosker Partners for over 15 years. He institutions is known. is a member of the Institute of Chartered 3. Loss of accessibility – An online system is dependent Accountants and specialises in helping obviously on the internet being available. Hence if small to medium businesses, by being the internet goes down you will have lost access to actively involved in the many decisions your accounting software. If your software is integral they have to make. In particular he to you actually doing minute to minute trading then specialises in providing profit growth and taxation strategies. an internet outage could be disastrous. Hence it would

HBR JULY 2013 23 ON THE MOVE

THE BUSINESS CENTRE NEWCASTLE PERMANENT Experienced business consultant Jeff Eather has been appointed a Harry Goldstein has taken on Director of Newcastle Permanent. a business advisor’s role with His extensive experience includes The Business Centre. Harry has managing some of the region’s experience in engineering, project leading corporations including management, manufacturing, NBN Television. Jeff currently holds operations, production and Directorships for Hunter Water service delivery in a range of Corporation and the Heal for Life industries and environments. He Foundation, is Managing Director will help clients identify priorities of The Callaghan Institute and was and areas of potential and develop formerly Chairman of the University strategies to realise this potential. of Newcastle Foundation.

UVS LJ HOOKER Jen Benson has been Shane Beverley has taken appointed as Technical Sales a Sales Executive position Manager based in UVS’s with LJ Hooker’s Rathmines Newcastle office. Jen brings her office. Shane commenced his extensive experience on major real estate career in 2003 as projects including technical a sales agent and has worked project leadership and senior extensively within the local engineering roles to the task market sharing his passion for of spearheading sales of next- and knowledge of property with generation sewer leak detection both vendors and buyers. solutions.

CREST FINANCIAL SERVICES THE BUSINESS CENTRE Crest Financial Services has Jane Perrin has been appointed appointed Rhys Higgins as a as a business advisor with The senior financial advisor. Since Business Centre. She has a wealth 2001, Rhys has been helping of experience working in small people work through their business and multinationals in financial planning requirements primary and service industries and offering comprehensive including hospitality, oil, retail, and strategic advice. He helps insurance, local government and clients understand their current community services. Jane has situation and offers advice experience helping home-based to protect and support their and small business owners increase financial goals. their efficiency.

NEWPSYCH LINK BUSINESS Richard Thorpe has joined LINK is expanding its business NewPsych Psychologists. Having brokerage in Newcastle through had an extensive corporate career the appointment of Ian Jones. spanning engineering, IT, training Ian’s extensive franchise and and development and career business sales experiences development, Richard specialises enables the world’s largest in both counselling & coaching business brokerage to effectively psychology. He is an experienced service the growing Newcastle trainer and facilitator, and has and Hunter region. spoken at conferences in Australia and internationally.

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24 HBR JULY 2013 A new wAy of doing business! You’re Invited To

Breakfast Presentations A dynamic business building event on the first Friday of every month, where you can learn ways to improve your business from two of the best Business Coaches in Australia! If you’re lookInG To Grow your buSIneSS, TheSe 2 experTS cAn help you! reGISTer now! www.firstfridayclub.com.au or phone 49 29 70 82

MBIS_4ppA4_Generic.indd 1 2/07/13 8:02 AM Who are Most of our clients explain their problem MoMentuM in one or more of the following ways: Business • “I need more sales – but I just don’t know how to get them!” • “I need more cashflow! I’m making iMProVeMent lots of sales and seem to be really busy but there just doesn’t seem to be much profit left at the end of the sPeCiaLists? month!” We’ve been helping business owners • “I can’t get my people to do what I want. Why can’t they have the same for over a dozen years, as part of the work ethic as me?” largest global business coaching • “I need more hours in a day! I work 50-60 hours a week, but still can’t company in the world, which has over seem to get through all the workload.” 1,000 coaches in 46 countries. • “I need to get some system into During this time, we’ve won countless awards, including “Best Client my business because we keep re- Retention” for the Asia Pacific region, four years out of five. inventing the wheel every month.” We’ve also won the global award for the “Best Client Results” for two • “I’ve got Monday-itis every single years in a row. day. I’m just not excited about my In other words, we’ve been recognised by our peers as being amongst the business anymore.” leading Business Improvement Specialists in the world – and the good If you have the symptoms of one or more news for you if you own a business is that we’re right here in the Hunter. of these frustrations, you really should Why have we won these awards and have very satisfied clients? make sure you’re at our First Friday Club Simple. Because we are absolutely obsessed with getting great results get togethers, as you’ll see that we for the business owners who use our services and systems. provide a light at the end of the tunnel because we’ve “been there and done So if you’re a little frustrated with slow trade or dwindling profits, or that” with business owners hundreds of perhaps you’ve got a good business but are working too many hours, times before. these First Friday Club brekkies are a “must-do.” harry raftos and David Crook

We Fix Business Owners’ Headaches We understand that running a business, particularly a small to medium size one can be a lonely road. Unlike huge corporations which have lots of “department heads,” you may be in a position where the buck always stops with you, no matter how trivial the problem or challenge is.

David Crook and harry raftos, Directors of Momentum

MBIS_4ppA4_Generic.indd 2 2/07/13 8:02 AM WELCOME tO thE nEW Way Of dOing businEss in thE huntEr! We know you’re busy. You probably don’t have time to do multi-day seminars or conventions. But we bet you appreciate the huge value of learning new ways to improve your profits and ways to implement “systems” that make life easier for you. At our First Friday Club breakfasts, you’ll be mixing with like-minded business owners and managers who are at the event for the same reason – they want to build their business to the next level by “thinking smarter” instead of working harder. So if you’re a business owner who wants to find a way to put your business on “auto-pilot” and let it work for you (instead of the other way around!), make sure you mark the first Friday of each month in your calendar right now! Each “presentation” happens over croissants, muffins and coffee or tea between 8am & 9.30am. This means that you can be back at your business by 10am. is it a networking function? no! Don’t be concerned – this is not one of those “typical networking events,” where there’s little substance and lots of fluff, where everyone simply has a coffee and swaps business cards. This function is the “UN” of networking. In fact, Momentum is the “UN” of business coaching. These Friday morning events are very different. We’re all about you benefiting from valuable grassroots information, tips and ideas on how to run your business better for more profit and more enjoyment. The stuff you’ll learn on a Friday morning you can apply immediately in your business. Indeed, our aim is that after each workshop, you’ll go back to your business with at least 3 actionable to-dos. Seats are very limited, as we are keeping this to a boutique event of serious business owners who want to escalate the growth of their business and the enjoyment of their lifestyle. So if you want to come, it’s simply $47 per ticket and you can register right now for any of the events at www.firstfridayclub.com.au. You’re welcome to come to them all or cherry-pick the ones which suit your needs best. PrEsEntatiOn tOPiCs

Mark the first friday 2 august friday of each month 5 STEPS TO EXPLODING THE GROWTH OF YOUR BUSINESS in your calendar! friday 6 september SALES MADE SIMPLE

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MBIS_4ppA4_Generic.indd 3 2/07/13 8:02 AM Kick-off the first Do yourself a favour and “drop Friday tools” for a couple of hours on the first Friday of each month. of every We can assure you, you’ll be glad you did. Let’s face it, if you think you can’t spare a couple of hours once a month to learn exciting new ways of improving your business, then you certainly month do have problems. If you’re a business owner who wants to be more entrepreneurial and also enjoy more time to do the things you love (ie: Spend time with the with an family, Play sport, Keep healthy), then these events could be the game- changer you’ve been looking for. Remember, they’re not “networking breakfasts.” adrenaline Whilst of course you will be mixing with like-minded business owners, the whole idea of these events is for Momentum to provide you with valuable recommendations of how to make more money and enjoy a better hit for your lifestyle. In other words, the brekkies are all about you soaking up valuable business tips, not swapping business cards with the other people at your business! table. By all means swap business cards, that’s fine. But that should be simply a by-product of being around other business owners. The real game plan is to walk away with actionable “to-dos” for your business. And with tickets just $47 each, it’s an absolute steal in terms of value. GeT YoUr TICKeTS noW aT

www.firstfridayclub.com.au or phone 49 29 70 82

MBIS_4ppA4_Generic.indd 4 2/07/13 8:02 AM TECHNOLOGY NEW PRODUCTS DELL LATITUDE 10 Dell’s Latitude 10 tablet combines the optimised touch experience of Windows 8 with the 10.1” capacitive multi-touch HD display and merges the convenience and mobility of a tablet with the productivity of a PC. It runs a full version of 32-bit Windows 8 or 8 Pro on an Intel Atom processor so users can install their own desktop Kick-off software. The Latitude 10 allows employees to collaborate in the the first office or across the country with Bluetooth, WiFi and Do yourself a favour and “drop optional mobile broadband. The full-size USB port and Friday tools” for a couple of hours on SD memory card enable easy connectivity to the first Friday of each month. collaboration tools. of every We can assure you, you’ll be glad you did. $649 - $999 Let’s face it, if you think you can’t spare a couple of hours once a month to learn exciting new ways of improving your business, then you certainly MACBOOK AIR PEBBLE WATCH month do have problems. If you’re a business owner who wants to be more entrepreneurial and Apple’s recently updated MacBook Air offers fourth generation Intel The Pebble ‘smart’ watch connects to iPhone and Android devices also enjoy more time to do the things you love (ie: Spend time with the Core processors with Intel HD Graphics 5000 enabling faster processing. using Bluetooth and alerts the wearer to incoming notifications, with an family, Play sport, Keep healthy), then these events could be the game- The new processors help give the MacBook Air extended battery life messages and alerts with a silent vibration. The watch is designed thanks to a new architecture that’s designed to use less power. The changer you’ve been looking for. so that phone users do not have to constantly check their phone battery in the 11” model lasts up to nine hours and the 13” model lasts for messages etc – the watch will advise them of any activity on Remember, they’re not “networking breakfasts.” up to 12 hours. The 11” model allows up their phone. adrenaline Whilst of course you will be mixing with like-minded business owners, the to eight hours of iTunes movie The Pebble watch gives users easy to access notifications of incoming playback with ten hours on the caller ID, email, SMS on both Android and iPhones, iMessage, Facebook whole idea of these events is for Momentum to provide you with valuable 13” model. Flash storage in the messages, calendar alerts, Twitter and weather alerts. recommendations of how to make more money and enjoy a better MacBook Air is up to 45% faster Users set up Pebble by downloading the Pebble app onto their device. hit for your lifestyle. than the previous generation. Apps for the Pebble include a bike computer that accesses the GPS on In other words, the brekkies are all about you soaking up valuable the user’s smartphone to display speed, distance and pace data; and 11” model starts from $1099. 13” model runners can display similar data to bike riders. business tips, not swapping business cards with the other people at your starts from $1249. The rechargeable battery life is 7+ days. One key feature is that users business! table. can customise their watch not only by selecting relevant apps but by By all means swap business cards, that’s fine. But that should be simply selecting from a variety of watch faces. a by-product of being around other business owners. Available online from Pebble for $150. http://getpebble.com The real game plan is to walk away with actionable “to-dos” for your business. And with tickets just $47 each, it’s an OMNIPAGE ULTIMATE BELKIN THUNDERBOLT™ EXPRESS DOCK absolute steal in terms of value. OmniPage Ultimate allows users to change a document into a Belkin’s Thunderbolt™ Express Dock is a compact, cable-clutter-free different format without having to do extensive re-typing or re-editing. dock for Mac computers with Thunderbolt™ ports. The Dock helps users It converts paper, pdf files and forms into documents to send to others, create a cleaner, more productive workspace and reliable connectivity edit on a PC or archive in a document respository. to desktop devices and the internet using a single high-speed This updated version of OmniPage offers improved document connection to create ultrafast data transfers between a laptop and up to GeT YoUr TICKeTS noW aT conversion accuracy including an average increase of 25% in OCR eight other devices. accuracy of digital camera Designed to be an easy and powerful way to increase productivity and image recognition and take advantage of Thunderbolt™ technology, the Dock allows creative document layout. It also offers professionals the ability to edit films in full HD 1080p, and transfer Nuance’s most sophisticated volumes of data in seconds at bidirectional 10Gbps channels. That is up and naturally sounding speech to 20 times faster than www.firstfridayclub.com.au so that users can listen to any with USB 2.0 and up document being read through to 12 times faster than or phone 49 29 70 82 iPhone, iPad or Android. with FireWire 800. Available online from Nuance for Available from Apple stores and $499.00. http://www.nuance.com/ leading retailers for $349.95. for-business/by-product/omnipage/ http://www.belkin.com/au/p/P- ultimate/index.htm F4U055

29 HBR JUNE 2013 HBR JULY 2013 29

MBIS_4ppA4_Generic.indd 4 2/07/13 8:02 AM TECHNOLOGY Do you have a social media policy?

Adam Bird • Define what’s acceptable and what’s not – employees OAS Computers are ambassadors of your brand and social media can be used as a tool to push that brand online. Any policy should remind Social media is simply another step in the evolution of employees to not do or say anything on social media that can communication. hurt that brand. This can range from derogatory comments The ability for social media to provide a ‘one to about a colleague through to discussing confidential business many’ vehicle which can amplify to a ‘many to many’ information. communication of ideas and content now means there • Build awareness of the dangers of social media - Social is scope for businesses (and individuals) to spread their media is viral in the way information spreads through it. It message quickly, efficiently and cheaply. can be seen by many, is immediate and not easily erasable. This viral capacity and immediacy which transcends between Employees need to be mindful of this and the potential the line of work and home life can however cause businesses danger here. challenges when it comes to employees understanding the • The consequences of breaching the policy - Breaching difference between public and private social media use. the terms of the policy needs to be treated the same as any We have all heard the stories of employees posting breach of an employment agreement. This may involve inappropriate content on Facebook that caused loss of disciplinary action or indeed termination of employment. employment, but what about the potential to expose Social media is a reality and very much a part of our everyday the employers to risk such as loss of and/or disclosure lives, especially with the younger generations coming into the of confidential information, discrimination claims, unfair workforce. Having a clearly defined social media policy will not dismissal, reputation threat or defamation? only protect your business, but also protect This potential exposure needs to be managed and as such if your employees. you haven’t already done so now is the time to ask yourselves “Do we have a policy that governs how our staff utilise social media, both at work and at home?” Some of the things that need to be considered as part of this Adam Bird is the Business Development might be: Manager at OAS Technology Group and has over 10 years’ experience in the IT industry. He • Define social media – You need to be clear to employees is currently completing his Master’s in Business that you’re not just talking about things like Facebook. The Administration at Southern Cross University. policy should cover all facets of digital communication.

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30 HBR JULY 2013 TECHNOLOGY Tapping into the online spending trend

Tristan Hough Managing Director Myrtec

The growth of eCommerce continues to skyrocket, particularly in Australia, with the latest figures from Roy Morgan’s State of the Nation report highlighting the exponential growth of this sector. Between March 2012 and March 2013, Australians spent more than $24 billion online, an increase of 11.9% on the previous year. By contrast, spending at bricks-and-mortar Australian retailers rose by just 2.4 %, to $237 billion. This represents a significant shift in the way Australians purchase goods and services. Rapid technology developments, including mobile technology, have changed the spending habits of Australians quickly and permanently. Businesses looking to remain competitive are now exploring ways to adapt to this new model of retailing in order to leverage the significant projected growth within this sector. In the online space, these retailers are now is still evolving in Australia, the same requirements competing with a new form of business – those start up, generally exist whether the purchase is conducted over online only companies that are now able to compete with the internet or offline. That is, when you buy and sell larger companies on price, quality and service delivery. products or services over the internet from an Australian For those entrepreneurs looking to set up an online trader, Australian consumer protection laws apply. As business, there are a few important factors to consider. there is currently no international legal framework Firstly, it is critical to understand who your customer is, regarding online transactions, traders should identify what they are looking for and where you will find them. the governing legislation as part of the contractual Is the market big enough and with enough demand to arrangements outlined on their website. These terms of meet your goals or is the segment already crowded with trade should also outline any insurance and warranty established competitors? As with traditional businesses, policies, relevant restrictions regarding intellectual focus on your unique selling proposition and target an property and the dispute resolution process. Companies untapped niche where you can become the leader. If you looking to start online trading are encouraged to consult are initially starting on a small scale, consider starting a commercial law expert to help ensure compliance with with a Facebook page or a subscription based shopping relevant national and international legislation. cart platform. This will enable you to test your ideas without investing large amounts of capital. Most importantly, don’t rely on the old adage of ‘build Tristan Hough has over ten years professional it and they will come’ - this is definitely not the case. Be experience in both private and public organisations, and provides consulting, project management and prepared to invest considerable time initially in marketing strategic planning services to a broad range of and getting the word out. Social media is a great place to industries including financial, healthcare and start if you have the time available but budget for search legal. Tristan holds a Bachelor of Business Administration (IT Major) degree from engine or social media advertising to give the site a boost Southern Cross University, as well as IT in the initial phase of the business. industry qualifications including MCSE, Although the legal framework around e-commerce MCDBA and CCNA certifications.

Colourworks goes paperless In what may seem a contradiction in terms, and finance system. Just think how much labour is Colourworks (a printer and photocopier service and involved in processing bills in your organisation and supplier for over 30 years) has gone paperless with the the costs associated with it, and how if this process was recent launch of their Go Paperless division. automated how much time and money you could save. Go Paperless is not about the “Paperless Office” Go Paperless systems could be effective with any instead Go Paperless demonstrates how businesses business process that requires data entry, auditing, can function more effectively and at less cost by having security, remote access and / or has regulation and paper free processes. For example, imagine if you compliance associated with it. Areas particularly could simply scan all your Accounts Payable invoices, suitable include accounts payable / receivable, sales commencing a paper free workflow that could include order processing, finance / employment applications, an approval or decline process and also would upload delivery receipts and any business that requires storing the required data from the invoice into your accounting and archiving of information.

HBR JULY 2013 31 ON THE JOB

1. What is your current role? It is my great privilege to be the CEO of the Lake Macquarie Foundation. I am blessed to wake up every morning and be excited about my job and whatever goals I hope to achieve on any given day. My job puts me in contact with all sorts of people from those in need to international business leaders. On any given day I might meet with a mother desperately attempting to bring about awareness for her child who is suffering from a rare and debilitating condition; move on to meet with a group of wealthy business advisors; and then give a presentation to a networking group. A big part of my job is to find operational funding to keep the The Junction. We started this ritual over twenty years ago when it Foundation afloat, and bring awareness of the Foundation to was Milano’s and have gone through name and decor changes with potential patrons and good organisations and causes. the restaurant over the years but have always stuck to our tradition. I also work at Evolution Personal and Business Advisers at Warner’s Whoever arrives first after work knows to order the trio of dips and as Bay. Evolution has provided great support to the Foundation and I don’t eat meat it’s always the salmon for me. although holding down the two positions keeps me extremely busy, I love being involved with an organisation that has such an innovative approach to both people and business. 6. Of anyone in the world, who would you invite to a dinner party? 2. Tell us about your career path. I would opt for a relaxing evening, so Curtis Stone (he can bring Like most teenagers I started my working life wide-eyed and with the main), Martha Stewart (she can bring the dessert and some of the full belief I could change the world. I began university with her domestic goddess tips), the late Lilly Bollinger (for her business the clear view I would be a judge’s associate and become a lawyer, advice delivered with her superior charm and wit – plus she can hopefully in family law. A few years working in barristers’ chambers bring the champagne), Bill Gates (after all, he is the world leader in knocked some sense into me and made me realise I’d best take a philanthropy – what great things the Foundation could do with his different turn. After a couple of jobs that I consider ‘experiments’ I knowledge and maybe a small donation?), and my mum who would took a temporary position in production at really enjoy an evening with this group of people. and was soon promoted to Classified Advertising Manager. Other opportunities came my way in subsequent years but I 7. Tell us something that people would never know passed them over to embrace the most rewarding and challenging about you. role of motherhood. I love meeting people and like to talk a lot. Some say I could talk I later took a position with the Federal Minister for the Hunter, under water ... But what people don’t know is that I’m actually very the Hon. Joel Fitzgibbon, on a ‘trial’ period that lasted on and off shy and it takes a great deal of effort to overcome it at times. It’s my for twelve years and rewarded me with lifelong friendships and goal to eventually overcome this insecurity. knowledge in areas that I am grateful for every day. 8. What do you aspire to in the future? 3. What motivates you in your job? I’d like to finish the Masters degree I’ve just enrolled in. I also hope You need look no further than the Lake Macquarie Foundation to find a way to manage a little extra time for myself into every day. I logo and read the words at the bottom – ‘the gift that keeps on would love to see the Lake Macquarie Foundation become a leading giving’ – to know what motivates me. Whatever position I have vehicle for philanthropy in our area. My top aspiration, however, is to held throughout my working life, I have always been motivated by be remembered and loved as a good person, especially by my family. what I could give, be that knowledge, time, motivation, support and a great deal of myself. I often quote Sir Winston Churchill who 9. Where do you see our region in twenty years’ said, “We make a living by what we get, but we make a life with time? what we give”. I work to make a difference in some small way to I see Newcastle and the Hunter a little like how a mother loves her someone each and every day and I believe we all have the capacity child: I can see it for all its faults but love it anyway and am proud to to do this in one way or another. call it my home. I would like to see it grow up and spread its wings as it really has the potential to be at the forefront of so many areas. 4. How do you spend your weekends? With our airport and close proximity by road or air we can be in four Like most busy families, weekends revolve around our children. capital cities within two hours so we have the capacity to be a haven Winter Saturdays consist of a hectic run between swimming for business to develop and thrive. training, rugby (three sons play rugby) and netball. Most weekends When I commenced work in the Newcastle CBD in 1989 a colleague I try to sneak in a walk to one of the local coffee shops and read the informed me that the railway station would soon be closed and the papers and soak up the atmosphere. I love to garden and cook so foreshore opened up. All these years on I would like to see an end to most Sundays I can be found doing a little of each. this debate and the city move ahead with long-term infrastructure that will attract people back into a city centre where we can host 5. Do you have a special Hunter restaurant? visitors with pride. It’s time for the grungy teenager to clean itself up, My husband and I have a date night during the week at Lotus in getAshlyn a haircut Napier and and Luke more Kirkegard professional from her host look employer, and Hunterreach Christiannew heights. School.

32 HBR JULY 2013 PROPERTY

ALL PROUD BUILDING SERVICES

All Proud Building specialises in renovations & repairs. More land released Residential and commercial. at Steel River • Servicing the Hunter & Central Coast A new subdivision of approximately 8.8 hectares is being • Experienced and reliable released in the Steel River Industrial Park, Mayfield West. This is the last release from the original developer. • Quality workmanship Steel River has been a major success for over a decade, • Fully licensed and insured offering a wide range of quality lots, excellent transport connectivity and located only 10 minutes from the Newcastle CBD. The large estate, 104 hectares in all, has CALL KEN: 0418237776 FOR A FREE QUOTE attracted a wide range of leading businesses.

The new release offers 10 smaller business lots with areas all proud AD.indd 1 24/02/13 7:54 PM from 4757 sqm to up to nearly 11,000 sqm or more if lots combined. It consists of two distinct areas divided by the existing road Murray Dwyer Circuit - one area includes four lots whilst the second site bordered by Tourle Street and Industrial Highway consists of six larger lots. Each site has access to power, sewer/water connections, and telecommunications networks as available in the estate. The new land would be ideal for high end and high tech companies, complementing the existing tenants such as the CSIRO Energy Research Centre and Computer Science Corporation. Four Walls Commercial is acting as the agent for the new release. Aerial view of the new release at Steel River

Website: www.solidpropertyservices.com.au Phone: 49261188 Peter Aloupis: 0414 528 690 Email: [email protected]

For Sale or Lease For Lease

Level 1, 163 Lambton Road, Broadmeadow 1/24 Enterprise Drive, Beresfield Stand Out From The Crowd..... Location: The property is prominently located on the southern side of You won’t feel or be hemmed in by those large small lot developments Lambton Road, being a main arterial route through Broadmeadow, and within this tidy property. A modern full concrete panel/tilt up industrial only 50 metres from the intersection of Turton Road, Broadmeadow. unit with exposure to direct street and with high and wide bay entry. Impressive office front glass entry into 2 level air conditioned offices with Fully refurbished offices,brand new lift access,new self contained quality amenities which include separate male and female amenities plus amenities, open plan design. shower. Level 1 — 185 square metres (approx) Approximately 237m2 of office with factory and 2 designated car spaces. Asking Rental: $44,400 pa + gst Consider a Lease with a delayed Buy option. Outgoings: included in the rental. Lease: $28,000 + gst + outgoings Sale: Offers from $320,000

HBR JULY 2013 33 PROPERTY The proposed new planning scheme - how would it affect you?

Elizabeth McDonald • introduce a new “code assessment” Senior Associate at McCabes Lawyers. pathway which would require conforming Development Applications New planning laws, which the Minister for Planning and (DAs) to be assessed within 25 days – Infrastructure claims represent the biggest overhaul this could include some townhouses, of the state’s planning system in over 30 years, are shops, offices and mixed use scheduled to be put before NSW Parliament this spring. developments. Released in April 2013, the “White Paper – A New The government is aiming for 80% of DAs to be Planning System for NSW” and the accompanying draft assessed under these two pathways. Currently, 23% of Bills set out proposed changes which would impact on development proposals go through the fast-tracked everyone in the development chain as well as community process. members interested in providing feedback in relation to development planning. Community consultation upfront The White Paper proposes to change the focus of New planning framework community consultation in planning matters. The The White Paper proposes to abolish the existing emphasis would be on seeking community feedback planning framework (which involves Local Environmental upfront when a new Strategic Plan (such as a Local Plan) Plans, Development Control Plans, etc) and replace it with is developed rather than when a DA is lodged. There a new top-down framework consisting of: would still be a requirement for the community to be • NSW Planning Policies – prepared by the state notified about DAs, but community feedback would government, these policies would set the state’s not be sought in relation to DAs which meet all of the broad planning objectives complying development or code assessment criteria. • Regional Growth Plans – also prepared by the state As noted above, the government is aiming for most government, these plans would establish long-term development to fall into these categories, meaning that objectives for regional growth focusing on issues the number of DAs on which community feedback would such as infrastructure, housing and environmental be sought would be greatly reduced. management • Subregional Delivery Plans – prepared by new Other changes Subregional Planning Boards (which will include The White Paper outlines many other amendments council representatives) primarily for high growth to the current planning system. Some of the other key areas, these plans would identify how some of the changes are to zoning (Local Plans would contain fewer, Regional Growth Plan targets would be achieved broader zones), section 94 contributions, infrastructure (for example, if the Regional Growth Plan included planning and building regulations and certification. a target of 10,000 new dwellings, a Subregional Delivery Plan might identify areas to be rezoned to Where to from here? allow residential development), and The government has engaged in a community • Local Plans – prepared by council, Local Plans consultation process which is scheduled to have closed would establish the strategy and planning controls by the date this article is published. My expectation (including zoning) for a local government area, as is that many of the submissions will relate to the key well as the development guides (which will replace changes identified in this article, particularly the new the development controls in the existing approach to community consultation. framework) and contributions payable. The government is scheduled to release a report on One of the key differences between the proposed the community feedback in August and may amend framework and the existing framework (which generally its draft Bills to accommodate issues raised during the share many similarities) is that the government is consultation period. If the Bills are passed by parliament, proposing a stronger correlation between each level of it seems likely that a lengthy the planning hierarchy, requiring each Strategic Plan to transitional period would be “give effect” to the Strategic Plan above it. To take the required to allow new Strategic example at point 3 above, when preparing its Local Plan, a Plans (including Local Plans) to council would need to “give effect” to the housing targets be developed. established in the Subregional Delivery Plan and Regional Growth Plan by zoning sufficient land for residential use.

Fast-tracking Development Applications One of the clear drivers behind the proposed planning law changes is to streamline development. To this end, the White Paper proposes to: • expand the range of complying development types – this could include some residential houses, and

34 HBR JULY 2013 After many years of relative inaction, the revitalisation of Streets, the seven storey, 12,000 square metre building the Newcastle CBD is gaining substantial momentum and will be the largest and most technologically advanced a growing sense of optimism is spreading across the region NSW court complex outside of Sydney. Being built that we are finally seeing real action taking place. by John Holland, the project is well underway and the It would be wrong to say that nothing has happened over Courthouse is expected to be opened in 2013-2014 (see the past couple of decades, particularly with the Honeysuckle story on page 37 for more detail). urban renewal project. But the fact remains that there have • Demolition of the Civic site and proposed university only been a handful of significant projects in the “old CBD” in campus - The transformation of one of the Newcastle’s recent years. Far too many buildings have been empty and most prominent city blocks is nearing completion. The decaying, with the centre of Newcastle being only a pale project, initiated and managed by The imitation of its former bustling glory. Council, included the demolition of 403 Hunter Street The good news is that we are now at the crossroads of known as the Civic Arcade, 409 Hunter Street formerly something very major in Newcastle and have the known as Shortland Electricity Arcade, 417 Hunter opportunity of transforming the city into a modern, thriving Street known as the Civic Hotel, 419 Hunter Street which centre that we can all be proud of. is a commercial premise and 5 Auckland Street known There has been quite a deal of groundwork laid over recent as the Goulds building. The Civic centre site has a total years to push for renewal. In recent times, the major catalysts area of more than 3,800 square metres and has been have been the changes at Newcastle City Council and action earmarked for The University of Newcastle’s city campus. on the heavy rail line by the NSW Government. In the run up to last year’s council elections in Newcastle, • Lucky Country Hotel refurbishment – McCloy Group Jeff McCloy ran for the position of Lord Mayor on a clear is reburbishing the former Lucky Country site on the policy of renewal and facilitating property investment corner of Hunter and Crown Streets. is set to begin in in-stead of hindering it. He was rewarded with a clear win, the coming weeks. Restoration of the heritage façade reflecting the mood of locals for change to happen. was undertaken in May and internal works are now

Newcastle revitalisation ramps up Since then the Newcastle City Council as a whole has also underway. The Lucky Country Hotel will house a been more supportive of renewal, with a number of new restaurant, bar and gaming area on the ground floor initiatives that are making significant improvements to the and, two floors of boutique accommodation above. city. The approvals process has also markedly improved, The first and second floors will incorporate 40 hotel although there is still space for further streamlining and rooms all with an ensuites catering for individual communications. tradesmen or businessmen and families, or groups of up The high-profile announcements have been from the to eight people. The total refurbishment is anticipated NSW Government, beginning with the announcement in to cost in excess of $6 million, with the grand opening December 2012 that the heavy rail line from Wickham to due to be around the second quarter of 2014. Newcastle was to be cut. This was followed by funding announcements in the June budget and the release of plans • New life for former site - Council to replace the heavy rail with light rail. have granted approval for the redevelopment of the These announcements will help transform the CBD, with former Newcastle Museum site on Hunter Street, improved connectivity between Hunter Street and the Newcastle West. The development will include the foreshore and development along Honeysuckle. It will also building on the former S&W Miller site on the corner make the city much more aesthetically pleasing and go a of Hunter Street and Stewart Avenue. The adaptive long way to making the CBD a real destination for locals and re-use of the existing heritage buildings will house 47 visitors. serviced apartments, while some secondary buildings It also put up the sign load and proud that Newcastle is will be partially demolished. open for investment. Although there is expected to be an array of • New residential units in Hunter Street - 509 Hunter announcements in coming years, there are already several Street – formerly known as the Jolly Roger nightclub – is major projects that are underway or approved that will to be redeveloped into an 18 storey, 252 unit residential contribute to city renewal. block with retail outlets at street level. The Joint These include, but not limited to, the following: Regional Planning Committee approved the $40 million plans of local consortium Hunter King Developers in • The new Newcastle Courthouse – a $94 million project May. The development will bring affordable housing managed by local consultancy APP Corporation. to the city with studio, one, two and three bedroom Located at the intersection of Hunter and Burwood units with prices starting at under $200,000. The

HBR JULY 2013 35 building is 200 metres from the University of Newcastle’s new CBD campus, enabling students to live affordably in town. Work on the site is expected to start in November with a completion date of mid-2015. Opinion - Tim Owen

• The Star Hotel - Ramsay Property Group has lodged a The time has come to unlock Newcastle’s enormous potential DA to convert the iconic Star Hotel into 31 units and and provide its hard working people with the global city they three commercial tenancies on Devonshire Street deserve. between Hunter and King Streets. The Urban Renewal Strategy (NURS) is the key to this potential and represents the most significant investment • TPI House to be demolished - Newcastle Council has Newcastle has seen in the past half century. voted to demolish termite-infested TPI House at 231 Designed to revive the ailing Central Business District King Street, Newcastle. It will call for tenders for the and the once bustling and dynamic Hunter Street, the demolition and will lodge a development application to proposed strategy includes a range of initiatives intended subdivide the land to allow additional space for future to stimulate urban renewal and improve the link between road widening or a cycleway. The Council intends to Newcastle's city centre and thriving waterfront. It includes offer the land for sale when the DA process is complete detailed plans on attracting economic investment and with the hope that the new owners will use the site to physical improvements to aging buildings, as well as new contribute to the revitalisation of the city centre. planning controls to encourage a more dynamic city centre capable of accommodating 12,000 additional residents • Gibson Street car park development - Newcastle City and 10,000 extra workers expected by 2036. Opportunities Council has approved a development application for for employment growth and spending will flow, creating the Gibson Street parking station in Newcastle West to a sense of economic certainty that small business owners, be transformed into a $17 million commercial building. residents and investors have long been missing. Plans include adding four commercial floors on top of The comprehensive strategy outlines a vision for the east end the existing parking levels and louvre screening. of Newcastle as a lively mixed retail, leisure, entertainment and residential precinct with a revitalised Hunter Street Mall. The transformation of the Civic Precinct will include improvements to Wheeler Place with a view to establishing the area as Newcastle's primary civic, educational and justice hub. The CBD renewal now a reality arrival of the University of Newcastle to Auckland Street will solidify this consolidation of sectors. Employment land will be protected in the west end and physical improvements will be Parliamentary approval of plans to redirect capital promoted around Birdwood Park and Cottage Creek to help from the Port of Newcastle to rejuvenation of the CBD position the area as the city's new commercial hub. marks a great day for Newcastle, according to the Community, industry and government investment will Property Council of Australia. be critical to the strategy’s success. I strongly encouraged “It is great to see the Government move so quickly to members of the community to register their views on the turbo-charge investment in our biggest regional city,” proposal by attending a community information session Hunter Regional Chair Edward Crawford said today. or making a submission to the Planning Department. The “The proposal to fund light rail by recycling proceeds O’Farrell Government is committed to the revitalisation of from the long-term lease of the port is a win-win for Newcastle as evidenced by the financial commitment of Newcastle. Urban Growth NSW to the east end, development of the “Light rail is more compatible with the broader legal precinct, the commitment of funds to the university's agenda for renewal and will give investors comfort inner-city campus, and funds dedicated to the Urban about the pace of rejuvenation of the Newcastle CBD. Renewal Strategy. I am proud to say that in the two years “We congratulate all members of Parliament who since coming to office, this Government has made the most backed the legislation and in doing so, gave a tick of significant financial commitment to the city of Newcastle approval to the CBD renewal agenda.” seen in many decades. Minister for the Hunter, Michael Gallacher, gave a There will always be advantages and disadvantages to particularly impassioned parliamentary speech in change on this scale. This, however, is about a broad, multi- support of the legislation. faceted renewal strategy for Newcastle that reinforces its Member for Newcastle Tim Owen AM MP, a first term status as a vital Australian regional centre. I am confident politician, has also drawn wide praise for his ability to that the coordination and delivery group, which has been galvanise cabinet-level support in record quick time. set up to oversee the implementation of the strategy, will Mr Crawford said the revitalisation strategy had work with the Departments of Planning and Transport already triggered a burst of private development to ensure the strategy is the best possible option for the activity. Newcastle and Hunter Valley communities. “We’ve seen over $300 million worth of projects I am not prepared to sit on my hands and watch growth started or gained approval since December last year,” and development opportunities for Newcastle pass by. Mr Crawford said The time to act is now and I’m committed to seeing this “Accelerating the transport solution will sustain transformation through to the end. the city for decades to come and make Newcastle a magnet for further investment.” Tim Owen AM MP State Member for Newcastle 36 HBR JULY 2013 Light rail planned for CDB

Parliamentary approval of plans to redirect capital from the Port of Newcastle to rejuvenation of the CBD marks a great day for Newcastle, according to the Property Council of Australia. “It is great to see the Government move so quickly to turbo-charge investment in our biggest regional city,” Local consultancy APP Corporation is managing the Hunter Regional Chair Edward Crawford said today. construction of the $94 million new Newcastle Courthouse “The proposal to fund light rail by recycling proceeds located at the corner of Hunter and Burwood Streets which will from the long-term lease of the port is a win-win for change the landscape of Newcastle’s Civic Precinct. Newcastle. John Holland began construction in January following “Light rail is more compatible with the broader completion of mine subsidence work and the Courthouse is due agenda for renewal and will give investors comfort for completion in 2014. about the pace of rejuvenation of the Newcastle CBD. The new seven storey, 12,000 sqm building will be the largest “We congratulate all members of Parliament who and most technologically advanced NSW court complex outside backed the legislation and in doing so, gave a tick of of Sydney. It will replace the existing courthouse facilities approval to the CBD renewal agenda.” which date back as far as 1892 and no longer meet the current Minister for the Hunter, Michael Gallacher, gave a functional needs of the courts. The old courthouse has been particularly impassioned parliamentary speech in heritage listed and will be re-used. support of the legislation. The new high security courthouse will include 10 courtrooms Member for Newcastle Tim Owen AM MP, a first term and two tribunal rooms and will host sittings of the Supreme, politician, has also drawn wide praise for his ability to District, Local and Drug Courts. The courthouse, which will be galvanise cabinet-level support in record quick time. accessible to people with a disability, will also accommodate: Mr Crawford said the revitalisation strategy had already • holding cells triggered a burst of private development activity. • jury assembly and deliberation areas “We’ve seen over $300 million worth of projects • legal interview rooms started or gained approval since December last year,” • facilities for victims of crime and support groups Mr Crawford said • a Sheriff’s Office; a state-of-the-art registry judicial chambers. “Accelerating the transport solution will sustain Solar panels, energy efficient air conditioning and the use of the city for decades to come and make Newcastle a

Newcastle Courthouse development natural light will minimise the building’s carbon footprint. magnet for further investment.”

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HBR JULY 2013 37 Mine subsidence in Newcastle

Development in Newcastle always needs to consider mine subsidence issues, a problem that is unique to a major urban area in Australia. However, any problems or concerns are able to be alleviated if developers consult with the Mine Subsidence Board in the initial stages of design. The Mine Subsidence Board is an independent body oper- ating for the local community in areas of coal mining in NSW. The Mine Subsidence Board’s responsibility is to repair and pay for damage caused by mine subsidence as well as assist with design expertise. They have the experience and staff to formulate remedies and identify hazards as well as assess the risks for new developments. In 2012, the Board have released the Mine Subsidence Category Plan for the Newcastle City Centre which is available on its website. The plan was developed by the Board through its membership of the Mine Subsidence Working Group chaired by the Department of Premier and Cabinet - Public art for Newcastle Newcastle. The Working Group included the Department of Planning and Infrastructure, Newcastle City Council, Hunter Development Corporation and the Property Council of Australia. A unique sculpture of a fish made from recycled The new Mine Subsidence Category plan classifies areas sleepers has become part of Newcastle’s Honeysuckle based on the amount of coal that has been extracted beneath precinct as a result of a partnership between Hunter the site. It then readily allows these areas to be identified by TAFE Foundation and Hunter Development Corporation colour coding to provide an understanding of the extent and (HDC). degree of mining. Further details can then be sought from the Hunter TAFE student Gavin Vitullo’s sculpture Mine Subsidence Board. ‘Undercurrent’ has been selected for the first Hunter The Mine Subsidence Board is currently working on a study TAFE, Newcastle Art School Public Art Project. The which will provide further information regarding the possible sculpture will be installed in the space between the extent of grouting necessary and surface development Honeysuckle Hotel and the James Squire Bar in July. guidelines for specific sites. An in principle grouting programme The HDC has made the land at Honeysuckle available has already been prepared for the Cottage Creek sites within as part of the partnership with the Hunter TAFE the Honeysuckle Redevelopment Area based on the new plan. Foundation. The Property Council has also been active in suggesting ways Gavin’s sculpture reflects Newcastle as a city founded of further minimising the effects of mine subsidence on local on its historical relationship between sea, ports and rail. projects, including treating remediation works as essential It is symbolic of the correlation between the industrial infrastructure, establishing a $20 million Grouting Fund to fix harbour and the natural environment, namely the affected areas and providing greater certainty of cost. schools of fish living in the harbour under the piers.

ARE YOU A DEVELOPER LOOKING TO BUILD IN THE HUNTER?

You may need to speak with the Mine Subsidence Board first! The Mine Subsidence Board is an independent body operating for the local community in areas of coal mining in NSW. We: • Reduce the risk of damage by ensuring the design of new developments are compatible with the risk of mine subsidence • Provide an advisory and technical service for Developers • Eliminate public and private danger from mine subsidence • Provide compensation if improvements are damaged by mine subsidence With offices located in Newcastle and Singleton we can assist with

information about designing for subsidence and our requirements in the 11399 planning approval process.

For further details please log on to our website www.minesub.nsw.gov.au or telephone our Head Office on 02 4908 4300 or outside Australia+ 61 2 4908 4300 Putting service and the needs of PeoPle first

38 HBR JULY 2013 21 years of urban renewal

Whilst there may not have been extensive renewal confirmed that two pieces of land in Honeysuckle will in the old CBD of Newcastle, the Honeysuckle urban be released to the market. Both sites were earmarked Public art for Newcastle renewal project has been transforming 50 hectares of for a $55 million A-grade office space development by mainly harbour-side land for the last 21 years. In this HDC and Buildev, but the agreement was terminated time, under the control of the Hunter Development late last year. One site has an approved development Corporation, it is estimated to have generated over $2 application and the other is zoned for mixed use. billion of economic activity and well over 7,000 jobs. The urban renewal project is still far from complete Although much of the public focus of the continuing and is destined to be a major economic driver for project has been on Honeysuckle Drive, the Newcastle for many years to come. The plans to replace Honeysuckle urban renewal project is made up of the heavy rail from Wickham to Newcastle stations with seven distinct precincts: Carrington, Cottage Creek, light rail is also set to open a new era for the project, Honeysuckle, Hunter Street, Linwood, Marina and with greatly improved connectivity with the older side Wickham. of the CBD and the expected added interest generated In recent news, Hunter Development Corporation has by the overall renewal of Newcastle.

HBR JULY 2013 39 Newcastle Renewal Taskforce changes focus

When the NSW Government announced the Newcastle funding of $340 million for the city centre revitalisation Urban Renewal Strategy (NURS) last December, the Property strategy and a CBD light rail system. Council of Australia immediately formed a taskforce of A further $10 million has been allocated to explore the local industry experts to undertake research and begin option of a wider light rail system linking the CBD with consultations. surrounding suburbs, beaches and key employment centres. The Taskforce then convened the CBD Leaders Summit to These amounts are in addition to the $120 million already widen the net of good ideas. In attendance were the major committed by the NSW Government for reconnecting investors, property owners and developers in the Hunter, as the city with its waterfront. well as the region’s peak industry bodies and professional In handing down his third budget as NSW Treasurer, Mike associations. Baird declared, “Newcastle’s time has come”. The summit supported the vision, but also unanimously Former NSW Treasurer and Minister for the Hunter endorsed a set of key recommendations to improve the Michael Costa described it as, “The gold plated solution for strategy. Three broad goals, outlined below, sat at the heart Newcastle”. of our submission to government. The Newcastle Renewal Taskforce has already begun GOAL OBJECTIVES OUTCOME researching the best location for a heavy rail/light rail interchange and will soon start consulting key stakeholders. Free the shackles Flexibility in zoning and A pipeline of outcomes. urban renewal It will take those findings back to a second CBD Leaders Innovative and site-specific projects. Summit and seek their endorsement. solutions. Adaptive reuse of Newcastle’s Ultimately, the taskforce will again advocate consistently heritage assets. and scientifically to build a light rail system which supports a Move more people Deliver a world-class transport A liveable and future city, a truly world-class regional capital. further interchange. sustainable To join the discussion, receive updates on the 20% of CBD trips by rapid CBD. transit. urban renewal strategy, see some amazing Fill gaps in the pedestrian and concept drawings and put forward your cycling network. own ideas, simply like the Newcastle – City Fix mine Treat remediation works as A level playing subsidence essential infrastructure. field for of Opportunity page on Facebook and Establish a $20M Grouting investors. follow @PCAHunter on Twitter Fund to fix affected areas. Certainty of cost. Andrew Fletcher The taskforce will now change its focus after the debate on NSW Regional Director – Hunter Newcastle’s future public transport was ended. The debate Property Council of Australia was over the moment the NSW Government announced

LIVE, WORK and PLAY in the city The LIVE WORK PLAY in the City program one priority project, Council needed to is part of Newcastle Council’s focus on instigate some of its own shorter term kick-starting improvement programs in the strategies. To that end, Council has city. While the focus of the Newcastle Urban collaborated with city centre revitalisation Renewal Strategy 2012 is long-term with partners including Newcastle NOW to work scheduled in stages over ten years, get the LIVE WORK PLAY program up and the LIVE WORK PLAY program’s ‘quick win’ running. projects are designed to test ideas in the city that will provide immediate improvements It is comprised of four projects: that importantly, the public can see, be part • Place making of, and be assured that the revitalisation is • The facade improvement scheme moving ahead. • Temporary city site activation “The quick-win projects are designed • Trial changes to Hunter Street. to test ideas in the city that will provide immediate improvement and activation Each of these projects has two elements: to underutilised spaces. When public • Council and partners will implement domain plans are developed we will demonstration sites be able to have an informed opinion • A program where the community about what should be considered as can apply for funding of projects. permanent improvements to the city centre,” explained Future City Director Successful outcomes from the LIVE WORK Judy Jaegar. PLAY in the city program and place making With the Newcastle community listing activities will inform public domain planning revitalising the city centre as their number that links to the revitalisation Master Plan.

40 HBR JULY 2013 INSURANCE & RISK MANGEMENT AS/NZS ISO 31000:2009 – Risk Management: Principle and Guidelines Internal and external factors and influences impact on every organisation’s objectives. The effect this uncertainty has on those objectives is defined as ‘risk’. While many people think that risk is largely out of their control, they can do their best to plan for and manage it by anticipating, understanding and deciding whether to modify it. This process involves communicating and consulting with stakeholders and monitoring and reviewing the risk and the controls that are modifying the risk. AS/NZS ISO 31000:2009 is the Standard that describes that systematic risk management process and proposes a framework to implement effective risk management systems. It proposes principles that need to be satisfied before risk management can be effective. The Standard recommends that organisations institute a framework that integrates the process for managing risk into their overall governance, strategy and planning, management reporting processes, policies, values and culture. Adopting consistent processes within a comprehensive framework helps ensure that risk is requirements and international norms managed effectively, efficiently and coherently across an • Improve financial reporting organisation. • Improve governance Effective risk management based on the principles • Improve stakeholder confidence and tryst outlined in Standard AS/NZS ISO 31000:2009 will enable • Establish a reliable basis for decision making and organisations to: planning • Increase the likelihood of achieving objectives • Improve controls • Encourage proactive management • Effectively allocate and use resources for risk treatment • Be aware of the need to identify and treat risk • Improve operational effectiveness and efficiency throughout the organisation • Enhance health and safety performance as well as • Improve the identification of opportunities and environmental protection threats • Improve loss prevention and incident management • Achieve compatible risk management practices • Minimise losses between organisations and nations • Improve organisational learning, and • Comply with relevant legal and regulatory • Improve organisational resilience. For All Your Personal & Commercial Insurance Needs

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HBR JULY 2013 41 INSURANCE & RISK MANAGEMENT Flood insurance: the definition

Mark Bramley Branch Manager - OAMPS Insurance Brokers

Flood insurance has become a significant issue in the past three years as Australia has endured several significant flood events all across the country. The mainstream media has provided high volume coverage of the confusion over the definitions of flood damage and the media has published some harrowing tales. So why does flood insurance create so much confusion and bad press? Having dealt with the issue for many years, OAMPS has damage from both rainwater and from flood waters during identified two key areas which stand out. severe storms. At times, the site on the higher ground can become 1. Clients often don’t understand exactly what is and inundated by run-off rainwater from the storm while also what isn’t covered, and in some cases assume or expect being affected by the river breaking its banks and flooding broader cover than what they’re actually insured for. the site. 2. There have been numerous disputes due to Although the insurance industry bears the brunt of misunderstandings over the difference between most of the bad press, the industry has paid millions in damage caused by rainwater versus flood. compensation and in most situations has been more generous than required in its settlement offers. Rainwater and rising flood water Technically, the insurance definition of flood is Proactive flood measures straightforward; however, complications occur when runoff With flood damage recently becoming more prevalent rainwater merges with rising flood water. there is now more scrutiny on water flow management and Although two sites either side of a river may be affected in the planning and permit process in vulnerable areas. heavy rain events it is common that while one site (usually The standard definition of a flood was part of a package the lower) is affected by flood waters, the other could suffer of regulations which were negotiated between insurers and the federal government, in consultation with the Insurance Council of Australia and other stakeholders, Complete insurance and introduced a standard definition of flood to insurance contracts. The regulations followed almost 18 months Working hard for you of discussions with the federal government after the insurance industry had worked for several years to introduce a standard definition of a flood. The standard definition of a flood now reads: The covering of normally dry land by water that has escaped or been released from the normal confines of: • any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or At OAMPS Insurance Brokers, we use our strength and • any reservoir, canal, or dam. industry knowledge to help position you and your business While the standard definition was welcomed by insurers, to survive any insurable event. it remains just one part of a complex issue. Our national network of 26 offices helps to ensure your Insurance is designed to help communities and business, whatever its location, is supported by broking businesses recover from the impact of floods but and claims experts who are focussed on protecting your governments are re-sponsible for protecting at-risk livelihood every day. communities in the first place. Check your policy wordings to ensure you have the right Contact OAMPS today to find out how we can cover. If you are unsure we would be happy to offer the help to protect your business. best practical advice for your situation. Free and direct to your nearest branch or visit: 1800 240 432 oamps.com.au Mark Bramley is Branch Manager of OAMPS Insurance Brokers Newcastle and leads a team of 24 staff to provide proactive advice and solutions to clients to position them OAMPS Newcastle financially to survive any insurable event. [email protected] Mark has over 20 year’s experience in Level 4, 251 Wharf Rd, Newcastle. the financial service sector in both Ref: 0582 banking and insurance services.

42 HBR JULY 2013 INSURANCE & RISK MANGEMENT Could the death of a business partner ultimately sink your business?

Gavin Fernando Prosperity Wealth Advisers

An individual’s business interest is typically a significant have to support the owner who is not adding value to the component of their overall financial situation. The death or bottom line; illness of a business owner can often result in financial hardship (iii) The business’s banker may call in outstanding loans for not only the individual’s family but also the remaining which may place a financial strain on the business and business partners. limit future growth opportunities. Without a properly considered business succession plan, The implementation of a well structured business succession which sets out an agreed approach that will be adopted plan, which includes a properly drafted buy-sell agreement, should an unexpected event occur, tense negotiations can can alleviate these potential problems. ensue between the remaining business owners and the Buy-sell agreements are generally made up of a transfer departing owner’s family in the event of death or permanent agreement and a funding agreement. The transfer agreement disablement. Tension often develops because the remaining relates to the transfer of the departing owner’s interest in the business owners are not able to fund the purchase of the business to the surviving owners should a trigger event occur outgoing owner’s business interest and it’s not realistic for such as death or permanent disability. The funding agreement the outgoing owner to remain as part of the business going relates to how the departing owner or their estate will be forward. compensated for giving up their interest in the business. Some potential problems that the business itself may The use of insurance cover is the most common mechanism encounter include: for funding a buy-sell agreement. The proceeds from an (i) In the event of death, the estate or family of the departing insurance policy can be used to fund the purchase price of the business owner may make unrealistic demands with business interest of the outgoing owner. Under the agreement regards to personal involvement in the business. business owners are required to be insured in respect of their (ii) In the event of permanent disablement a business owner death or total and permanent disablement for an amount may refuse to leave the business which may place extra equivalent to the market value of their business interests. strain on the existing business owners and further When using insurance policies to fund a buy-sell agreement it financial strain on the business itself. The business may is particularly important to consider the following issues:

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HBR JULY 2013 43 INSURANCE & RISK MANAGEMENT

(i) The requirements of the buy-sell agreement for example discretionary trust ownership and superannuation ownership. type and amount of cover; It is best to get specialist advice from an accountant or (ii) Avoiding unnecessary income tax or capital gains tax on financial planner experienced in this complex area as to which payment of the policy proceeds that will fund the transfer. ownership structure is the most The ability to achieve this will depend on how the appropriate for your business. agreement has been structured and the ownership of the policy; (iii) Certainty that the proceeds are used for their intended Gavin Fernando is a Director and purpose. Financial Planner with Prosperity When using insurance to fund a buy-sell agreement there Wealth Advisers. He works are a number of different ownership structures that may closely with business owners be considered. The most common ownership structures and private clients alike to grow and protect their wealth include self ownership, cross ownership, corporate ownership,

Protection in our latter years

John Keysell Senior Adviser - Crest Financial Services

During many years assisting business leaders and professionals with risk management, I have discovered that a predominant issue has evolved and at an ever increasing rate: working longer and the need for later life protection. The issue reflects the trend of society and is strongly supported by current findings. More than one in four Australians aged 65 to 75 are still working full-time, and a far greater percentage still work part-time. The increase over the last five years is startling: the number of full-time employees in that age bracket has grown from 172,000 to 348,000. A substantial percentage of these people still carry debt, require additional estate provisions and many still provide personal guarantees associated with businesses. At this later stage of their working life, the greater percentage find themselves either with no protection or in a situation of holding contracts with significantly increasing premiums. The question arises regarding level versus stepped premiums. When is the right age, time or situation for level premium cover? When will protection no longer be needed? Ask a business owner aged 50 or older who borrows funds to expand; ask a 59 year old who still carries personal debt; or ask a person aged 60 in a second marriage who wishes to provide for extended family situations when they require their cover to cease. They don’t really know the answer, but they come to realise the timeframe is far longer than they John Keysell is a senior adviser with Crest had originally believed. Financial Services and holds an Advanced It should be fundamental when selecting Diploma of Financial Services. He is member a premium structure that both level and of the Financial Planning Association (FPA) and holds specialist accreditation for self- stepped options are examined and a decision managed superannuation, direct shares and made not just for today, but also tomorrow, gearing. John has over 40 years experience for tomorrow comes quickly. and is a leader in the area of business risk.

44 HBR JULY 2013 INSURANCE & RISK MANGEMENT Why a broker could be your best form of insurance

In a tightening economy, the temptation for businesses to understand the risks, to find Business Interruption to cut back on their insurance cover is high, especially as risk management treatments, Insurance in action premiums creep up after several years of natural disasters in and then to advise on and put in A poll carried out by Roy Australia. place the right cover.” Morgan Research at the But shedding cover could be the biggest mistake a Dallas Booth, Chief Executive start of this year highlighted of the not-for-profit National some alarmingly low take-up business can make, according to insurance expert Professor of some crucial areas of Allan Manning of loss management specialists LMI Group. Insurance Brokers Association insurance, with only 16% of “A lot of businesses try to prune costs when times are (NIBA), adds: “There are very Australian businesses covered for loss of profits arising tough, but they’re forgetting what’s really at risk when they few examples of people using from an unforeseen business take away crucial insurance covers,” Professor Manning says. brokers who come away with interruption. a negative opinion of the A good example of business “It’s heartbreaking that people often look at insurance as a interruption insurance in action cost rather than something that is protecting a life’s work.” services they offer. And for the involves a fashion retail business A recent report by insurers Vero highlighted the insurance majority of business owners, specialising in high-class Italian dresses, all made in Italy. purchasing habits of the Australian SME market and once they start working with a The business was robbed just confirmed that the majority utilise the services of an broker, it becomes a long-term prior to the start of the peak relationship. summer season. The entire insurance broker. stock was taken, but it being the However, a significant – and growing – proportion of the “For those who don’t use a start of the season in Australia, SME market does not use a broker, instead sourcing their broker, it’s more because of a it meant it was the end of the season in Italy. While the own insurance directly, mostly through online purchasing. lack of knowledge of the value stock was insured, the bigger Among the reasons given for these purchasing habits by a broker can bring in terms of prob-lem was that the business insurance and risk management owner had to wait a year before SME business owners include a lack of trust in insurance in he was able to replace that general; the perception that a broker doesn’t understand advice than any negative stock, as the manufacturers in their business as well as they do; and blind hope that experiences of their own.” Italy had already moved on to their winter range at the time of nothing bad will happen to their business. NIBA offers a free broker the robbery. However, Professor Manning argues that seeking advice finder service, Need a Broker, The loss of income was out-lining the value of considerable, but was from an insurance professional about the best cover for your fortunately covered under the business’ specific needs is one of the most sensible decisions brokers, and helping you find business interruption policy, you can make. one near you geographically, saving the business from almost certainly going under. “Insurance, particularly business insurance, is one of the most or one that specialises in your Source: NIBA/Zurich complex products in the world,” he explains. “It takes a specialist area of business.

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HBR JULY 2013 45 INSURANCE & RISK MANAGEMENT The Fine Print Risk? Insurance consumers are often concerned about the actual cover provided – or should I say not provided – under their insurance policies. We often hear stories of claims being denied due to a clause in the policy which was not known to the consumer at the time of purchase. I refer to this as the ‘Fine Print Risk’. While many of the horror stories we see in the media relate to personal insurance issues such as flood cover under home and contents policies, the ‘Fine Print Risk’ issue is also relevant to business insurance consumers. In fact, as SME business owners purchase multiple insurance products, the ‘Fine Print Risk’ is magnified. Such products can Get advice from a professional insurance broker who has include business packages, professional indemnity, motor experience in your industry or profession vehicle, employee theft, directors and officers, workers Insurance has become highly commoditised over recent compensation, goods in transit and the list goes on. years to the point that value is measured solely by the amount There are three key strategies that can assist SME money saved. While cost is really important, one major consumers to manage the ‘Fine Print Risk’. misconception is that all policies are the same. However, the Focus on the exclusions and not just the benefits reality is that no two policies are the same. Advertising is all about promoting features and benefits. For the SME insurance consumer, a great way to manage ‘Fine I cannot recall an insurer ever promoting a policy by Print Risk’ is to seek advice from a professional highlighting a truly fantastic exclusion. This strategy would insurance broker who has experience in your industry certainly not generate sales. However, to manage the ‘Fine or profession. Such a broker will identify the unique risks Print Risk’, the exclusion section is always the first section I relevant to your industry or profession and will source tailored review in a policy wording. I need to know exactly what is not insurance products that will respond to those risks. covered just as much as I need to know what is covered. PSC has made every effort to ensure that the information Do not always accept a benefit on face value contained in this article is accurate. In addition we advise Promotional material and policy documentation often that all information provided is of a general nature only. PSC contain summary benefit headings. They are designed to will not accept responsibility for any person provide a summary of the benefits under the policy. As an or corporation relying or acting on this example, I recently received quotations from two insurers information without prior consultation for professional indemnity insurance. One of the benefits with PSC. contained in both quotations was ‘Pollution’. Following my own advice, I read the actual cover under each of the headings. I Scott Slingo is a Director of PSC Newcastle quickly realised that one quotation extended to cover claims Insurance Brokers which is part of the PSC resulting from asbestos and the other did not. As my client Insurance Group. PSC Insurance Group manages the insurance needs for more worked in areas that may include asbestos this was a big issue. than 50,000 businesses throughout I was reminded not to accept a benefit summary heading on Australia, New Zealand, Hong Kong and face value without reviewing the actual cover provided. United Kingdom.

Supplier risk: it will never happen to us, right? Scott Graham Director - Kinetic Information Systems program in next 12 months”. Here are some recent examples of what supplier risk can For many Australian organisations the problem of supplier look like in cases that have appeared in the press in over the compliance is often overlooked and the effect of these issues past few months: gets put into the ‘it will never happen to us’ basket. • NBN roll out – asbestos removal from pits Supplier risk is often thought of as relevant only in the (Australia) manufacturing or distribution sectors but in fact it is equally • Findus horse meat scandal – horse meat sold as beef in applicable to service business, not-for-profit (NFP) and even lasagne frozen products (UK & Europe) the public sector. • Two unnamed cases of child abuse – NFP carer and What would happen to you if a critical supplier failed, or a transport staff not police checked (Australia) supplier was uninsured, or a supplier had not had criminal • Bangladesh building collapse: death toll passes 1000 background checks and the list goes on! The financial or (Bangladesh) reputational risk to your organisation could be fatal. • Baby milk rationing: Chinese fears spark global In a recent Aberdeen Group report the following were restrictions (China) highlighted: • WHS infringement: $1.3millon fine (Australia). • 57% of companies survived “Have faced significant or Supplier risk management means each supplier represents moderate increase in risk in the last 18 months” a relationship which needs to be nurtured and risk managed. • 55% of companies “Plan on implementing a formal risk Therefore proper supplier management needs to be put in

46 HBR JULY 2013 INSURANCE & RISK MANGEMENT

place and automated to eliminate this risk. Doing a supplier check only once - when you first take on the supplier - is no longer satisfactory. It must be done on a regular basis to protect your organisation from potential disaster. It is vital to have the ability to maintain a high-level of visibility of crucial and measurable key indicators, such as: • Demonstrated qualifications • Quality and safety assurance processes • Certifications and regulatory compliances • Insurance and disaster recovery plans • Key executives and changes to management • Mergers, acquisitions etc. • Are major risks overlooked? • Actual performance history • Is there a high percentage of sourcing from single • Internal satisfaction levels. suppliers? Although this seems like a long list, software such as • Are there weak links in the supply chain? PRO-ACTIS allows for the automation of processes. This • Are there limited processes for monitoring risk? type of software can sit on top of your ERP or accounting • Do you have a handle on supplier ‘non performance’? solution, providing a cloud-based solution to onboarding suppliers (current and new) and automatically managing Should you care? I suspect you should. Perhaps it’s time this risk for you. you establish a supplier risk management process. The investment in products that automate this process requires minimal effort and cost and could just save your organisation from disaster. So ask yourself the following questions: • Does management view it as value added? • Do you have inaccurate data and limited classification? Scott Graham is a Director of local software consultancy Kinetic Information Systems, • Are resources focused on ‘putting out fires’? specialising in personalised • Is supplier data collection across operations an issue? service and solutions. • Are processes managed reactively?

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HBR JULY 2013 47 INSURANCE & RISK MANAGEMENT Don’t shy away from your financial issues

Mitch Griffiths turnaround plan must be implemented. Some common steps Rapsey Griffiths | Insolvency & Advisory in a turnaround plan include to: • seek advice from your advisors Mitch advises that it is vital businesses are proactive when they • determine your current labour requirements and find themselves in a tight financial position. rationalise your workforce where needed As a result of the recent challenges in the Hunter region • close underperforming business units and return your mining industry, Rapsey Griffiths has been appointed focus to your core business operation voluntary administrators to a number of mining service • review and possibly change the management team and businesses in the Hunter. One of the major drivers of these structure appointments was that their business models were not • eliminate any unprofitable lines of business where challenged and strategic action was not taken when they possible started to find themselves in a tight financial position. • identify any surplus assets and determine if these assets In these situations, it is vital that an appropriate turnaround can be realised in a timely manner strategy is implemented quickly to allow the business the best • eliminate any unnecessary capital expenditure chance to survive and avoid a formal insolvency appointment. • improve the accounts receivable collection process The following is a broad overview of the major steps in turna- • focus on the cashflow of the business round strategy and how such a strategy would play out. It’s • communicate with your financiers and creditors, and important that businesses tackle issues or challenges head-on. • continue to focus on service for your customers.

Analysing the situation Moving forward As with the development of any business strategy, an analysis In the final step of a turnaround, an organisation slowly is the first step. You need to determine the chances of the returns to profitability. business’s survival, identify appropriate strategies and develop While earlier steps concentrated on correcting problems, a preliminary action plan. the final stage focuses on profitability, return on equity and Some questions to ask include: enhancing economic value-added. For example, the company • Is the business in imminent danger of failure? may initiate new marketing programs to broaden the business • Does it have substantial losses but its survival is not yet and customer base and increase market penetration. It may threatened? or, increase revenue by carefully adding new products and • Is it merely in a declining business position? improving customer service. There are three major requirements for the viability of any This final step cannot be successful without a culture shift organisation: as well. Rebuilding momentum and morale is almost as • one or more viable core businesses important as rebuilding return on investment. It means a • adequate available financial resources, and rebirth of the corporate culture and transforming negative • sufficient organisational resources. attitudes to positive, confident ones as the company maps out Once you have established the viability of your organisation its future. you should then undertake a detailed assessment of strengths The key in any turnaround is to take action early and seek and weaknesses in the areas of competitive position, appropriate advice from your advisors before the situation is engineering and R&D, finances, marketing, operations, taken out of your control. organisational structure and personnel. Next you can develop a strategic plan with specific goals and detailed functional actions. It is important that the management team are accountable to deliver these goals. Mitch Griffiths has wide ranging experience across all types of It is also recommended that you increase communication Corporate and Personal Insolvency, providing strategic advice to with your key stakeholders. Staying silent in difficult financiers dealing with problem loans. Prior to establishing circumstances can add fuel to the fire and increase uneasiness. Rapsey Griffiths, Mitch spent time working with national insolvency firms in both Newcastle and Sydney gaining experience across a large range of industries including Implementing the plan building and construction, manufacturing, mining, hospitality, tourism and retail. Should your review identify any major financial issues, a

Risk management • What would you do if a competitor introduced a new product? • What would you do if one of your skilled staff members left your business? • What would you do if your business was affected by a natural disaster? • Do you have a plan in place if your computers and business records were destroyed by fire? • Do you have a plan in place if an influenza pandemic resulted in widespread social and economic disruption and employee absenteeism? • Planning for risks such as these before they occur is an important part of business. • How likely is it that these risks will eventuate? By knowing the risks, understanding the possible consequences and estimating the chances of an incident happening, you will be in a good position to prepare, survive and move forward from an incident.

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HBR JULY 2013 49 FUNNY BUSINESS

A young ventriloquist is touring the clubs and stops to day I still saw nothing. But on the third day I could see a entertain at a bar in a small town. He's going through his little bit out of my left eye!” usual run of blonde jokes, when a big blonde woman in the fourth row stands on her chair and says "I've heard just When Bill Gates died, he went up to Heaven, where Saint about enough of your denigrating blonde jokes!” Peter showed him to his house; a beautiful 20-room house, “What makes you think you can stereotype blonde with grounds and a tennis court. Bill Gates was pleased, women that way? What does a person's physical attributes and spent many months enjoying the amenities of Heaven. have to do with their worth as a human being?” One day, he was enjoying one of Heaven's many fine parks, “It's guys like you who keep women like me from being when he ran into a man dressed in a fine tailored suit. respected at work and in my community, of reaching my "That is a nice suit, my friend," said Gates. "Where did you full potential as a person ... because you and your kind get it?" continue to perpetuate discrimination ... all in the name of "Actually," the man replied, "I was given a hundred of humour." these when I got here. I've been treated really well. I got a Flustered, the ventriloquist begins to apologise, but the mansion on a hill overlooking a beautiful hill, with a huge blonde stops him and says "You stay out of this mister, I'm 500 hectare estate, a golf course, and three Rolls Royces." talking to that little jerk on your knee!" "You must have led a very special life," say Gates. "Actually, I was the captain of the Titanic." Hearing this made Gates so angry that he immediately Three men were having a beer and started talking about stalked off to find St. Peter. their wives. The first man "After we were married, I told my Cornering Peter, he told him about the man he had just wife in no uncertain terms that from now on she would met, saying, "How could you give me a paltry new house, have to do all the cooking. Well, the first day I saw nothing. while you're showering new cars, a mansion, and fine suits The second day I saw nothing. But on the third day when on the Captain of the Titanic? I invented the Windows I came home from work, the table was set, a wonderful operating system! Why does he deserve better?" dinner was prepared... and even dessert." "Well," replied Peter, the Titanic only crashed once." Then the second man spoke up "I sat my new wife down and told her that from now on she would have to do her all the shopping and the cleaning. The first day I saw nothing. The second day I saw nothing. But on the third day when I came home, the whole house was spotless and the pantry QUOTE OF THE MONTH was filled with groceries.” “All courses of action are risky, so prudence is not in The third man sat up straight, pushed out his chest and avoiding danger (it’s impossible), but calculating risk and said "I gave my wife a stern look and told her that from now acting decisively." on she would have to do all the cooking, shopping and - Niccolo Machiavell housecleaning. Well the first day I saw nothing. The second

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