Some people like to get high by eating chocolates, other prefer a cup of coffee. If you want to get really high, you probably need to jump on a plane. What's all this got to do with making money? Well, whether you’re starting a billion dollar airline from scratch or gradually growing a confectionary company from more modest beginnings, the same fundamental rules apply if you dream of being a business high flyer!
Business: Choclicious
Type: Food
Location: Gold Coast, QLD
The plea
The Cisco Business Health Check shows that Choclicious has had fast growth but the business needs direction. Linda and Leon want to build a chain of stores to support their manufacturing business but are unsure whether to franchise, to wholesale or both? To get an investor or take on a partnership? They’ve had some bad luck with staff so want some advice on recruitment and on the latest retail accounting software, so they can amalgamate all the data from the stores.
Advice from our business mentor
Scott Swift Executive General Manager V Australia
V Australia is the newest airline from the Virgin Blue Group the first long haul airline that will fly from the east coast of Australia to the US. V Australia will be launched late this year, a massive undertaking that’s headed up by Scott Swift.
- Make sure you have a comprehensive business plan and really understand the financials.
- Find your business’s long term competitive advantage.
- Recruit the right people with the right attitudes.
- Your team needs to share the vision and celebrate the success.
- Treat your staff as a big extended family.
Advice from business consultant 1: Bruce Campbell Action Coach
Bruce Campbell is a Business Coach with ActionCOACH Business Coaching with an insight into behavioural profiling in the recruitment process.
- You must have a strategic 5 year plan which tells you where you are now, where do you want to go and how you’re going to get there.
- Keep believing that it will happen and problems will be solved.
- Understand your own personality to get a better understanding of the type of role in the business that suits you and the types of personalities that are suited to other roles in your business. The DISC profile test is one very good method.
- Group Recruitment is a powerful tool that shows how candidates relate with other team members. Attributes and negativities that come out in a team will usually emerge in a group interview.
Advice from business consultant 2: Daniel Vardanega Reckon
Daniel Vardanega is a specialist in setting up retail software systems. He’s installed the Quickbooks accounting software that will automate all their sales and stock data.
- The Quicken software tracks your stock so it's easy to work out what’s stolen, damaged or missing.
- Important to bar code every product in the store so all products can be scanned and recorded without searching through multiple lists.
- No more double entry. Quick books software is in the POS terminal so the profitability and stock levels of the store are on tap and easy to access all the time.
- Minimal training required because all the data appears as familiar retail operations. Simple to learn and use.
Advice from business consultant 3: Michael Fitzpatrick Business Advisor KPMG
Choclicious needs money to move forward so KPMG’s Business Advisor Michael Fitzpatrick is on-board with some funding options.
- Get ‘Investor Ready’ by: having a good product with good profitability and sound growth prospects, a solid 5 year strategic plan showing how you intend to move forward and be able to demonstrate sound management of the business.
- Pay attention to profitability and cashflow.
- Investigate debt funding and equity funding when looking for investors.
Costs and contacts:
QuickBooks Competition
How will Reckon Retail Point of Sale and QuickBooks Plus Accounting software help your retail business? Answer this simple question and win!
As a special for Your Business Success viewers, Reckon is giving away five packages of QuickBooks Plus (valued at $499.00) 12 months subscription (valued at $259.00), and integrated Reckon retail point-of-sale software valued at $758.00.
Simply email in 50 words or less how this combined software will help your retail business, to
ybs@quicken.com.au along with your name and email address.
Entries close February 24 2008.
Contact details:
V Australia
Website: www.vaustralia.com.au
Chocolicious
Contact: Linda and Leon Bos
Title: Owners
Location: Gold Coast QLD
Contact details:
Phone: 07 38071936
www.boschocolates.com.au
Action Coach
Contact: Bruce Campbell
Title: Action Business Coach
Location: QLD
Contact details:
Phone: 07 5478 4208
www.actioncoach.com.au
Reckon
Contact: Daniel Vardanega
Title: Retail Software Specialist
Location: NSW
Contact details:
Phone: 02 57775661
www.quicken.com.au
KPMG
Contact: Michael Fitzpatrick
Title: Accountant
Location: QLD
Contact details:
Phone: 07 3233 3232
www.kpmg.com.au
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