Maxim Newsletter Template (2)

OCTOBER 2017this issue: A note from maxim The Importance of Scale -2 BY CHRIS SNEDDON Monthly Insights - 3 Company newsletters are essential in building relationships with your employees, customers or even prospective clients. Staff Achievements, Engaging and professionally-made company newsletters have Celebrations & News- 4 the power to inspire loyalty and repeat business. Cybercrime - 5 Get in touch with the people who matter to your business by making company newsletters one of your priorities. Make your Key Business Lessons newsletter a beautiful representation of your company by Learned from the inserting your logo, infusing it with your brand colors. Smithink 'Young Guns' Workshop - 6 In the Loop - 7

OCTOBER 2017\"The need for scale is universal across all business types and industries\"The Importance of Scaleby Chris SneddonBusinesses that do not grow their revenues to achieve the appropriate “scale” will always struggle to provide theappropriate financial return to the business owner to reward the inherent risk of business.This need for scale is universal across all business types or industries, even businesses that target “niche”, orhigher margin markets.As only one example, hospitality businesses without turnover can’t achieve their gross profit targets (65-70%) dueto excess waste. The same business will also struggle to achieve the correct labour costs as a percentage ofturnover, as staff rostering and retention of employees (often casual) need a minimum threshold of hours to openthe doors. Rent KPI’s (8-10%) are also difficult to achieve. All of these issues ultimately lead to an inadequatebottom line reward the owner. In many cases the bottom line may even be “red ink”!But the scale conversation is not limited to the hospitality industry. Professional services businesses likearchitects, consulting engineers, lawyers, accountants and surveyors, also need scale to be able to attract theappropriately skilled and experienced productive employees. Scale in these firms also allows the employment ofsuitably skilled employees to run the business such as general managers, finance employees, marketingmanagers, IT employees and HR employees to name a few. How many examples do we all know where “theprofessional” undertakes a share of these other small business needs of marketing, IT, HR, etc? How many of the“all-rounders” do these other functions well? Not many, is my experience.Most businesses understand the need for scale, with revenue growth being the highest ranking strategic objectivein the significant majority of businesses. But how do you achieve this “scale” when time frame is often short?Business development plans incorporating a marketing strategy should always be one of the strategic initiatives.Growth from organic means is usually strong, but invariably slow to gather momentum.The “quicker fix” is via acquisition or mergers with competitors or compatible businesses. The trick with thisstrategy is either the funding, or the very important issue of cultural alignment. Both equity/funding and culturalcompatibility are required or this Merger & Acquisition solution will fail, often with serious consequences.Scale is the goal. The means to achieve the goal are either expensive, protracted or risky. It is a difficult equation,and this is why the business owner or entrepreneur needs to be appropriately rewarded should they achieve theright balance of revenues and expenses to result in an acceptable bottom line result.PAGE 2 WILSON MONTHLY

OCTOBER 2017 Australian Growth - Driven by Business PAGE 3 Conditions & Consumption by Greg McKenna, Business Insider Since our last update in July the evidence has continued to build that the RBA’s hitherto, seemingly, optimistic outlook for the Australian economy is in fact closer to the mark than many forecasters and economists thought possible. Naturally readers of these updates and attendees at Maxim presentations would have had the benefit of the “glass half full” analysis driven by strong business conditions and the faith that given that’s where most Australian work they would feel confident to continue spending – even with low wages growth. Data received this month showed the Australian economy grew 0.8% in the second quarter of 2017 to continue its record breaking run of growth without a recession. That was a big improvement on the March quarter’s 0.3%. And once Q3 2016 negative growth washes out at the end of this month its expected growth will be back above 2% on a year on year basis from Q2’s 1.8%. That’s a solid base for the economy to accelerate toward the RBA’s growth target around 3% by the end of the current financial year. What we have also seen is the latest release of the NAB’s business survey showed that business conditions, trading, profitability, and employment indexes are all still strong. Yet business confidence has slipped this month. On the consumer side of the equation the pessimists continue to outweigh the optimists Westpac’s consumer sentiment index shows. So, as with concerns expressed by many earlier this year economists, even RBA board members, are wondering how long households will continue to run down their savings rate in the face of high debt and low wages growth. As I noted in July, if Australian’s focus on debt reduction, or if rates rise then cash will be diverted from consumption and into debt repayment and servicing. But that’s a conditional probability, not a certain outcome. Overall however business conditions and the RBA’s economic projections suggest that the Australian economy will continue to grow back toward potential and that wages growth, and inflation, will eventually lift. For Greg's full analysis and thoughts, click here! WILSON MONTHLY

STAFF ANNOUNCEMENTSCELEBRATIONS, ACKNOWLEDGEMENTS, FUN LACEY AND BRENDON MAXIM WELCOMESWELCOMED THEIR LITTLE HELEN TOWNSEND TO MAN, ORREN (ORI) INTO THE TEAM. HELEN WILL PRIMARILY UNDERTAKES THE WORLD ON 25 THE MAXIM ACCOUNTS AUGUST (ALBEIT A ROLE AND WILL ALSO MONTH EARLY!). HELP CLIENTS IN A BOOKKEEPING ROLE. MUM, DAD AND BUB ARE ALL DOING WELL THERE'S A NEW VOICE AT THE END OF THE PHONE, AND FACE TO GREET YOU IN THE OFFICE. WELCOME TO THE TEAM ASH!ALEX TOOK OUT THE TYLER IS READY TO MAXIM FOOTY SAY 'I DO' NEXT WEEK. TYLER WE TIPPING COMP - WISH YOU AND FIRST NAME CHELSEA ALL THE ENGRAVED ON THE HAPPINESS IN THE NEW TROPHY! WORLD, HAVE THE BEST DAY OF YOUR LIVES!

OCTOBER 2017Cybercrimeby Tony Price, OAS Technology GroupCyber Threats come in all varieties – and no two ever attack your business from the same angle or in the sameway. While one threat comes at you head on from the outside, another can make it in thanks to a little insider help.Threats are constantly changing, so security controls must adapt accordingly. These security controls include beingaware of the latest malicious IPs, the types of websites that are most often impersonated in phishing attacks, andthe categories of apps that are most likely to be malicious.Email scams are becoming more prevalent. Very simple but effective, the email will arrive in your inbox for what willlook like an internal or known email user. However at closer inspection it is malicious. The email is not legitimateand comes from external source requesting funds transfer, or confirmation of a password. An example we arehappy to share is as per below. A request to send monies to an account which at first glance appears to comefrom OAS Director, Craig Browning but highlighted is the actual email address it has been sent from. Another common cybercrime at present is Ransomware. At a recent conference in the US, a cybercrime expert said “this is the most popular form of cybercrime because if the attacker is successful loading the payload onto your system, there is no way of them being caught” and financially very rewarding. Ransomware locks your files on all devices attached to your network and will only be released on payment of the ransom, which could typically range from $1500USD - $50000USD, payable in bitcoin. Awareness, is the best form of defence to minimise a ransomware attack. Never click or reply to unknown emails, files, web address or web link unless you are sure of the authenticity of the origin. Plus ensure you have an offsite backup that IS NOT attached to the network, so a restore can happen in critical circumstances.Passwords are another prime attack for hackers. A password of at least 8 characters, alpha, numeric at aminimum is highly recommended. Enforce users to change them on a regular basis. This can be forced throughthe Windows Server system on a regular basis.Real-time, contextual, and predictive threat intelligence that spans the spectrum of attack vectors is the criticalcomponent in implementing a defence-in-depth strategy. It’s the only way to fight back against today’scybercriminals and give our business’s protection.No silver bullet can protect your IT Infrastructure and data, using the below link, view the tick list which can provideindustry leading defence for your business against Cybercrime.For Tony's full article, click here!PAGE 3 WILSON MONTHLY

OCTOBER 2017\"There are plenty ofnew and innovativeideas out there\"Key Business LessonsLearned from the Smithink'Young Guns' Workshopby Scott BrooksEarlier in the year, I was given the opportunity to speak at the Smithink Young Guns Workshop, a two-dayconference for young(ish) accounting professionals held at the Hilton, Surfers Paradise.The theme of the event was personal development, embracing change in the industry and leveraging newtechnologies. These topics are nothing new in our industry, or in others, however a refresh is always useful and, inthis case, I came away with some valuable insights worth sharing.KEY LESSONS LEARNEDWhile I’m positive my speech could have done with some polishing, the feedback was good and many of thepoints raised were in line with those explored across the presentation – which I think emphasises the importanceof these issues.So, what lessons stood out?1. Build a strong team2. Don’t forget the customer experience3. Embrace technological changeDON’T JUST LEARN, ACTWhat was clear from the conference, and a key takeaway for me, is that we should be thinking creatively abouthow we attack these issues and not simply rolling out the same old ideas.Whether you’re looking at ways to incentivise your team or boost employee engagement, market your business,incorporate new technologies or improve the client experience, there are plenty of new and innovative ideas outthere that should be considered.However, without action it’s all nothing more than empty words, ideas and promises, so it’s now on me, and you,to make sure we act to move our businesses, and the industry, forward.For Scott's full article, click here! WILSON MONTHLY. PAGE 5

IN THE LOOPUpcoming Maxim Event - Contact us to find out more! BUSINESS CONFIDENCE BRIEFING EVENT Mark McCrindle Demographic Researcher McCrindle Research Greg McKenna Economist Business Insider Maxim, in collaboration with NAB Business Banking, is hosting a function on Thursday 19 October. Hear from renowned demographic researcher Mark McCrindle and local 'economic exert', Greg McKenna and enjoy the opportunity to mingle with like-minded, driven business owners in our area. For further details, please contact Jayde at the office on 4925 1000 or via email [email protected].