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Yearly Archives: 2021

The Risk Management Planning Process

OTS Management has produced an online training/workshop for the use of Indigenous organisations in their Risk Management Planning. The video embedded into this article is an excerpt from the lesson introducing the process of Risk Management Planning and has been edited to under 10 minutes from the original 20-minute lesson. We use it in this article to help introduce the 6 steps in Risk Management Planning, that you can implement yourself. Risk Management Planning is all about "being prepared" so that when the worst-case scenario happens you have contingency plans. In the best-case, Risk Management Planning allows you to have managed the risk so that the impact when it happens has been reduced. (more…)...
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Managing Cashflow & Working Capital During Covid

Australia seems to have coped with the economic effects of Covid better than some other countries, but small businesses will still have a long haul to get back to where they were. This is especially true of some industries like the hospitality and tourism industries which suffer from a lack of demand, and the agricultural industries suffering from lack of supply (labour). Other industries may have fared better and are probably starting to look at new strategies and even opportunistically looking at merging or acquisition of another business. Whatever their situation there will soon be a need for more capital in Australian small businesses, and the need to manage cash flow and working capital. In this blog post, I will look at short-term cash and liquidity initiatives as well as cash flow forecasting. But before we start, I'd like to invite you to take a look at our revamped website at otsmanagement.com.au where we have clarified our focus on our two areas of service. Please take a look and explore our special focus areas of Small Business Advisory services and Managing Indigenous Organisations. We specialise in only these two client sectors and we invite you to take a look at what we...
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Happy New Year! And Some Tips For 2021

Happy New Year to all our "Managing Indigenous Organisations" readers. It's been a full-on year for leaders and managers of Aboriginal & Torres Strait Islander corporations so we send you our best wishes for a happy new year ahead! We hope you have scheduled some time off to spend with family and friends and enjoy a break. But in looking forward to 2021 we also wanted to give you some tips about some initiatives for the next year, aimed at continuing to grow and improve your corporation. 1. Review or prepare your strategic plan Before it all starts again, review your strategic plan. Do you need to make any amendments due to changed circumstances? If you don't have a strategic plan, consider preparing one to help you steer toward your ultimate goals. 2. Update or prepare your Policies and Procedures Over time, your Policy & Procedures manual can get overtaken by changes in personnel and their slight changes to how things are done. A good and accurate record of your Policies and Procedures can improve efficiency by over 50% just because it promotes efficient and authentic procedures. 3. Review your financial performance Half-way through a financial year is a great time to review where you are between budget and...
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