by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
SSC Newspaper : July 2010
By Anne Lampe Keep the quality of goods and services on offer high, do everything you can to hang on to valued employees, but keep a firm hand on costs. That is the formula for riding out the current flat business market put forward by CommSec’s senior economist Craig James at a small business expo in West Ashfield last week. While business prospects in Sydney’s inner-west are not significantly different to those in other parts of urban Australia, residential property value prospects are better than in the rest of the Sydney region. “ The key issues are that business is conservative and consumers are conservative, and no one is ready to spend,” he said. According to James the longer the Reserve Bank stays on the sidelines and leaves the reference rate where it is, the more opportunity businesses and consumers have to adapt to the higher interest and pressures already on them. “ The implication for business is to get used to the new consumer conservatism,” he says. Consumers everywhere are shopping for bargains. This financial year families can expect to be hit with higher council rates and energy bills and will tend to focus on these extra costs rather than celebrating the tax cuts that came into force for those earning more than $35,000. “ The message to businesses is that goods and services need to be of a high enough quality to keep shoppers coming through the door, so businesses must plan very well,” James said. “ There is no free lunch when conditions are tough.” The recent resolution of the battle between the federal government and the mining sector over the resources super profits tax was hailed by James as a boost to both business and consumer confidence. If higher property prices boost consumer confidence because they feel they are wealthier and have more equity in their homes, then the 24.5 per cent rise in median property values over the 12 months to May 2010 in Sydney ’s inner west should be seen as a positive by sellers of goods and services. This rise, according to Matthew Bell, economist with Australian Property Monitors, substantially exceeds the 14.7 per cent rise in property prices across Sydney. He points out that nearly half the rise occurred in the last quarter when the median house price jumped from $800,000. “This quarterly performance was the best of all Sydney regions,” Bell noted. For units the median price for the inner-west rose by a lowe16.3 per cent to $500,000 – once again on the back of a very strong last quarter. The main factor driving this price growth is the strong economic recovery in the city, particularly in white collar sectors such as banking and finance, IT and property. Bell expects Sydney ’s inner-west to achieve a 10 per cent price rise in house prices over the next year, but a lot will depend on how the Reserve Bank moves on interest rates; house prices are tipped to rise 7-8 per cent for the rest of Sydney. As Bell points out a large part of the most recent rises reflect recovery from losses incurred during the global financial crisis and are therefore unlikely to be repeated. ■ new committee formed After a brief recess, the Homebush Mainstreet committee is back supporting the shopkeepers of Homebush and working with the Strathfield Council to improve the Homebush community. Membership fees are unchanged. A new committee has been formed with Rick Webb from the Homebush Bendigo Bank as president, Peter Revelos from the Homebush Post Office as secretary and Marlene Doran as the Public Officer. If you have any suggestions or problems put it in writing. The committee would like to thank everyone who supported our fight against removal of the State bus routes 407 or 408. We had support of both Strathfield Council and the Minister for Fair Trading, Virginia Judge. Parking was the next issue on the agenda. Thanks to the support of Strathfield Council a number of improvements have been made, including a disabled car space on the corner of Burlington Road and Rochester Street. Still outstanding is the problem with traffic, particularly around our schools and business centre. Your input is welcome. ■ JP services in homebush A Justice of the Peace is available at the following locations: Bendigo Bank from 10.30am to 11.30am every Tuesday and Thursday; Homebush South Post Office from 2pm to 3pm on Tuesday, Wednesday and Thursday; Strathfield Library on Wednesday between 11.00am and 12pm; Strathfield Council by prior appointment – phone 9748 9999. For full listings and contact details, visit www.nsw.gov.au. Think smart, work hard to survive Chamber hosts Peter Switzer One of Australia’s most respected economic commentators, Peter Switzer, will be the guest speaker at a special business luncheon hosted by the Strathfield Chamber of Commerce on July 20. Known as an inspirational speaker, Switzer will serve up his own special brand of humorous, in-your-face economic commentary. This is a must-see event for anyone who wants to get the latest information on the Australian economy and where it might be headed. Where: Crystal Seafood Palace, 14 Churchill Avenue, Strathfield. When: July 20, 12pm. Cost: $50 per person. More information: Sue McDonald on 0423 323 439 or email email@example.com. Chamber Roundup homebush mainstreet committee rick webb, president, 97646616 marlene doran, public officer, 97641037, firstname.lastname@example.org Peter revelos, secretary, 97641037 advertise with us ContaCt peter wagstaff at: email@example.com 12 Strathfield Scene “The great thing about small businesses is that they have the flexibility to be unconventional when it comes to marketing and advertising” –Tim Pethick, founder of the nudie juice company. JULY 2010 business Tim Pethick, the founder of the nudie juice company, attributes his phenomenal success to his unconventional approach to marketing and advertising – plus coming up with an extraordinary business idea. Just two-and-a-half years after the brand’s launch, nudie had an annual turnover of $18 million and was recognised as one of the most influential brands in the Asia Pacific region. “The great thing about small businesses is they have the flexibility to be unconventional when it comes to their marketing and advertising,” says Pethick. “Unlike large scale corporations that don’t think differently, small businesses are able to do anything with their marketing.” Pethick told an inner West Small Business Expo last week that he had followed the success of nudie by launching several different business ventures as well as his own consulting agency. “The thing that made nudie so different from other companies was that there was no traditional advertising,” he says. “We relied on product sampling - giving out samples of free nudie juice.” Pethick said the thinking behind nudie was simply to give consumers a product that was different, unique, healthy and appealed to them. “Eighty per cent of bottled juices come from concentrate and customers had to put up with it. [Before nudie] there was no other choice,” he says “Small businesses need to focus on having a proposition that is different and unique.” PEThick’S mArkETing TiPS for SmAll BUSinESSES • focus on your customers • Ensure that you continually delight them • Do things differently from your competitors • Engage in fresh thinking – don’t be bound by conventional wisdom • Put yourself in the shoes of your customer – treat them the way you’d like to be treated • have some fun – customers will always gravitate to businesses which bring a smile to their face • remember the customer is always right, even when they are wrong • find a way to emotionally connect with customers and continually delight them • Allow customers to ‘discover’ you rather than shoving something at them. “Small businesses need to focus on having a proposition that is different and unique.” Tim Pethick Confessions of a maveriCk marketer “The key issue is that business is conservative and consumers are conservative.” FairfaxPhotos