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Download Publication 6 Golden boy An experienced management team gives Golden Boy the golden touch. 12 client story Fennell Forestry – Same, same but different: Fennell Forestry branches out. 26 Food, wine and hospitality Food Sector – Real opportunity or just a dream? ISSUE FIVE An advice, news and lifestyle magazine for clients Hood Sweeney Serving South Australians for more than 40 years Accounting 4 Kounta 5 Get your head in the cloud to find Kounta cloud software gives hospitality the secret to business success. businesses new fire power to boost performance. Golden Boy 6 Financial Planning 10 An experienced management team Waiting for value stocks is like waiting gives Golden Boy the golden touch. for the right wave in choppy seas: worth the wait, say expert investors. Fennell Forestry 12 Same, same but different: Fennell Forestry branches out. Front Cover Wendy Fennell Fennell Forestry Agribusiness 16 Performance coaching 18 Savvy SA agribusinesses add value How not to go the way of the Dodo and change the tune for food and with technological change. wine production. Kings Creek 20 Barramundi with naam jim Kings Creek Station tourist experiences: dressing 25 Conway Family dreaming becomes reality. Food, Wine and Hospitality 26 Hospitality 28 Food Sector – Real opportunity or just Passion and business sense: a dream? key ingredients for success in the hospitality sector. SA Wine Sector 30 SA wine sector improving with age — and strong management. Disclaimer Disclaimer This magazine is intended as generalThis information magazine only. is intended It does asnot general purport information to be comprehensive only. It does advice. Readers should seek professionalnot purport advice tobefore be comprehensive acting in relation advice. to these Readers matters. should seek professional advice before acting in relation to these matters. | 1 | Welcome Welcome to the first edition of Life and Toil for 2017. In this edition, we focus on the small Having the right advice at the right time has also helped Ian Conway to realise his family’s dream of creating an outback and medium businesses (SMEs) eco-tourism resort on their Kings Creek Station. The station’s that are the backbone of the South “glamping” facilities, together with new luxury units nestled into the rocks and equipped with air conditioning, showers, Australian economy. television, swimming pool, are a far cry from the camping ground Ian levelled with a piece of railway iron tied behind an They make up more than 90 per cent of the business sector old Toyota. His business systems, now run by daughter Megan in our state and have been heralded as the saviour of the with assistance from Hood Sweeney, have been updated struggling economy. SMEs are extensions of their owners’ from the old system which was based on a shopping bag passions, capacities, goals and ambitions. Hood Sweeney is of receipts. proud to work with a large number of SMEs in South Australia. In this edition, we also bring you insights from It’s important that SMEs consider their strategic approach and Hood Sweeney’s specialist advisors in the food, hospitality business plan in order to grow and thrive. Consider the sage and wine sectors. words of our Chairman, Rob DiMonte, if you're thinking what You’ve probably heard about the “dining boom” that has this might mean for you. Rob notes that those in the box seat been predicted to replace the mining boom. Much has been for growth are those that have adopted a strategic approach made of South Australia’s potential as the food bowl of Asia, and have developed markets for their products outside of with food and beverage product manufacturing in South South Australia. It’s important to have the capacity to invest Australia accounting for more than 25 per cent of the total and to have an investment mindset — even for small and manufacturing workforce in the State. medium enterprises. Businesses that have access to strategic advice will have the edge. While South Australia’s restaurant sector is celebrated and many people aspire to being a Master Chef, it’s critical to take It’s this type of strategic approach to growth that has helped a strategic approach, says Hood Sweeney’s Food, Wine and drive South East family business, Fennell Forestry, from Hospitality sector specialist Priya Chadha. Success in the strength-to-strength. By seeking new markets and continually restaurant business is not just about passion — it’s about working on the business as well as in the business, managing having good business sense and understanding your market director Wendy Fennell says the company has just had its before deciding your food model, she says. best year in 25 years. It’s a sentiment echoed by Wine Sector lead Adam Wright who says while the sector is bouncing back from the challenges of recent years, changes in the tax regime make it more important than ever to seek advice about how to structure your business effectively. | 2 | Award-winning Adelaide restaurant Golden Boy seems to have found the formula for success, recently scooping silver in the National Restaurant and Catering Awards for Best Thai in Australia and two Forks in The Advertiser Food Awards. Co-owner Sondra Deering says the restaurant’s success reflects a strong vision, an understanding of how to be profitable in this market and a commitment to excellence. By introducing some edgy business improvements in the form of online booking, a two-sitting schedule, set group menu and deposits for group bookings, the restaurant has been able to deliver. Not only do we bring you insights into the success of Golden Boy, we also share their wonderful recipe for barramundi with green mango salad. There’s a lot more to read. We hope you take away something for your business. Come and chat to us if you would like more information. Disclaimer This advice is general advice only and has been prepared without taking account of your objectives, financial situation or needs; and because of that you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. Chris Stewart Managing Director | 3 | Accounting Get your head in the cloud to find the secret to business success. A new wave of accountants is emerging Cloud-based technology provides providing solutions for a range of and they have their heads in the valuable data about your organisation, functions including: inventory, debtor cloud and their feet on the ground, your operating costs, as well as your management, time tracking, point of sale, says Hood Sweeney’s Dion Carbone. business environment. However, as human resources, customer relationship with anything the real power lies in management, eCommerce, reporting, The increasing popularity of connected your connected advisor joining the dots payment gateways and industry specific accounting software, such as Xero, has between the financial and non-financial software. seen proactive accountants moving information to improve and grow your towards advisory roles and away “There is some fantastic technology business, he says. from the standard client compliance out there that can change the way we requirements. “Many businesses don’t leverage the do business. Something as simple as an information they have or the potential in-store beacon can tell you how many The adoption of cloud solutions has information they could have available people enter your store and then you allowed real time access to client for crucial decision making. can use that information to determine information meaning an advisor can your sales conversion rate,” Dion says. provide valuable and timely advice “That’s where having totally integrated on business operations. systems and an advisor to guide you It’s easy to spend up on the latest and can provide the edge in improving greatest applications without being clear A business’ success is often about the the performance of your business and about what will really work to improve ability to step away and look from gaining a competitive advantage in the your bottom line which can end up outside its day-to-day operation, marketplace,” Dion says. costing you time and money in the at the bigger picture. process. Hood Sweeney’s extensive experience as a Xero Gold Partner and Xero Authorised This is where the role of the connected Integrator means the firm not only uses advisor can be critical in assisting the Xero online accounting package you to develop a solution that meets effectively but can guide organisations your business’s unique needs. More to integrate systems across their entire importantly once the solution is business function. implemented, Hood Sweeney helps clients to understand and interpret the “It is best practice to understand your information to make better business cash flow before making financial decisions. decisions. Cloud-based packages can provide this data seamlessly and most “That’s the difference between having importantly at the decision-making a trusted advisor who understands your moment,” Dion says. business and its unique capabilities, if you can’t use its information to impact The benefit of this means that you and decision making then you haven’t your advisor will have the most up- created any value,” Dion says. to-date information to make strategic business decisions and reprioritise “Our team can show you how to build resources immediately. your whole business around cloud integration to provide greater insight The cloud ecosystem with Xero at its into your operations, greater efficiency core now has more than 500 apps and ultimately grow the bottom line.” For more information or a consultation about integrated Dion Carbone Manager, Accounting & Business Advisory cloud-based applications contact Dion Carbone on 1300 764 200. Representative of Hood Sweeney Accounting & Business Advisory AFSL No.
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