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PO Box 231
Oakey 4401
Queensland  Australia
Tel 1300 363551
Fax (07) 4630 7779
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See how a BEC can assist your business

 

An Example of Assistance

 

A small retail business is concerned about its low sales. Times are tough and he is afraid the business will have to close. The owner decides to contact his local BEC for advice.  The BEC manager and business owner agree to meet. The person is asked to bring relevant business information to the meeting.

Assessment of the Business

During the initial one-hour interview it is discovered that the business has been operating 15 months and is struggling to pay expenses. An assessment of the financial position reveals that they business is carrying too much stock and that it is undercapitalized.

Alliancewith other Professionals

A meeting is then set-up with the accountant. After discussion, it is agreed that the business should conduct a sale of some of its goods to generate cash flow. The BEC manager assists in the preparation of a concise business plan supported by financial statements from the accountant. This is then given to the bank. The retail business applies for and receives a small overdraft.

Advice on a Marketing Plan

One month later the business returns to the BEC to consult on a marketing plan for the next 12 months.

Counselling and Monitoring

Once the plan has been prepared and action steps confirmed, the business then agrees to meet with the BEC manager every second month for the next 6 months to monitor progress. After 12 months the business has doubled turnover. It is now making a profit for the first time. The BEC manager continues to counsel, give advice and monitor progress on an as needs basis.

Networking

The retail business also joins the BEC and receives regular newsletter, invitations to networking opportunities, business breakfasts and training information. Through attending these events, the business owner meets other local business owners and better understands the local business environment plus forms some strategic alliances with other local business. Through his association with his BEC he has developed a substantial network to draw upon when support is required.

There is ample evidence to support the fact that the micro-business sector prefers personal contact with someone from a BEC because of their small/ micro business experience and their counseling skills. Given that this sector has a high failure rate in the first 3 years of business, access to free information, referral and counseling services is vital to its survival.