Not sure which Award to enter? Every small business (less than 20 employees*) in the Shoalhaven that has been operating for 2+ years is eligible to enter the Excellence in Small Business award^.
Sponsored by nab business Shoalhaven, this award seeks to recognise a business that has attained significant growth and is able to demonstrate the specific strategies and processes implemented to achieve sustainable growth in the last 24 months.
We spend five minutes with Allan Shackleton, Regional Business Banking Manager, nab business Shoalhaven, to ask about their involvement with the Business Awards.
Why does nab business Shoalhaven sponsor the Excellence in Small Business category?
It’s what we know! And it’s the heart of Australian economy.
What is different about nab business Shoalhaven?
Size matters! Six business bankers all with authorisation to lend, specialist support in areas such as wealth protection, equipment finance, interest rate management, and international trade, to name a few. And we have local staff who understand local businesses. Our ongoing involvement with the SBC shows we know, understand and support local business!
How can your Business Banking Managers help businesses achieve their growth strategies?
With over 200 years combined experience within the business centre, there is not much we haven’t seen, it’s understanding the seven cash drivers in a business and the impact they have or will have in a business, depending on the owner’s strategy.
What are the seven cash drivers?
They are:
- Accounts Payable
- Accounts Receivable
- Revenue Growth
- Gross Margin
- Selling, General and Administrative Expense
- Capital Expenditure
- Inventory
Why is it essential for business owners to really know their numbers, and not just rely on their accountant?
How can an owner of any business make the right decisions if they don’t understand/know their numbers?
What practical tips do you have for small businesses to maintain cash flow?
Understand how you influence the numbers, every business is impacted by some if not all seven cash drivers.
How important is being technologically savvy in managing your business finances?
Technology is there to help. Use it where you can. Understand how your customers are using it, possibly how your competitors are also.
Why is a client-centric strategy so important for nab business Shoalhaven?
You need to understand your client before you can understand their business. You need to know what a personal win looks like and then understand the business goals.
What business resources or support do you believe all business owners should read/follow/subscribe to?
I would say surrounding yourself with the right support is essential. In business, having a good accountant, solicitor, insurance broker and banker are fundamental. I have also seen a lot of successful business people use mentors for periods of time.
Thanks to nab business Shoalhaven for sponsoring the Excellence in Small Business award. Enter the Awards here or download the Award Entry Information Pack here.
*This includes all employees on payroll in Australia such as contractors, casuals and labour hire staff.
^ (subject to T&Cs, which can be found at here.
