Unit 11, 61 Flynn St, Wembley, WA, 6014
08 9242 2085 ots@otsmanagement.com.au
Advice from Outside the Square

Recent Posts by teikoh

What Is Insolvency, Really?

For any business, insolvency is a frightening and emotionally-charged concept. For an Indigenous organisation, it is complex, stressful, and may put many community-owned and hard-won assets at risk of being lost. For the Directors of Indigenous corporations, insolvency creeps up on them because few have received financial training or timely financial reports and advice. Insolvency and potential administration is a time of denial, fear, and a time where they have to struggle with conflicting demands about saving the corporation to personal liability over some unknown twists of insolvent trading law. In fact, once the corporation is put in administration, the Directors are effectively sidelined and have to live with guilt and being powerless. (more…)...
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Time to Write Your Business Plan – And Here’s How!

Did you know that 8 out of 10 small businesses close down within the first 5 years of opening? But do you know what's worse? Of those that survive, less than 25% rate their businesses as "successful". More than 70% of small businesses who have existed for more than 5 years say that they are "struggling" or "surviving". How would you like to spend the rest of your business life struggling or surviving? (more…)...
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Get Your Risk-Management Right

Most Indigenous corporations undergo rigorous planning rituals. They prepare strategic plans and many then operationalise them by preparing details business plans. Yet, one of the most important planning rituals for an Indigenous corporation is rarely executed - their Risk Management Plan. Despite all the strategies and business plan action steps, the future is not predictable. Many unpredicted things can happen in just the year ahead, some bringing good fortune, others potential catastrophe. Indigenous organisations face the possibility of changes to funding models, changes in legislation, political pressure, community disasters, fire, cyclone damage and the volatility of the economy. (more…)...
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10 Tips to Avoid Insolvency

It is a tough world out there for small business at the moment. Interest rates are bottoming out yet not much consumer spending is being seen. Here in Perth, iconic restaurants and pubs are closing down, strip shops are empty, fashion labels are rationalising their stores and outlets. While we cannot succumb to all this bad news, and we must look forward to our continued success in business, nevertheless you cannot simply ignore what's going on. No matter how many times you visualise success, if you don't do something tangible, those problems are going to come and get you. (more…)...
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