Businesses encouraged to be adaptive in new era
This is good news after a year of turmoil on the back of Covid-19.
With continued global disruption and rapidly changing consumer behaviour, one local accountant is encouraging Rotorua businesses to shift the focus from responding to unprecedented times to preparing for an unpredictable year ahead.
“If there is one thing 2020 has taught us, it is to be ready for the unknownand prepare to adapt quickly,” Moneymetrics Rotorua owner Kelly Lelieveld said. “Combining this experience with the basic principles of ensuring your companyis financially fit for the future will enable companies to navigate thenewnorm.”
The qualified chartered accountant has seen anoticeable change in the mindset of business owners. Manyare venturing into business for the first time, and there ismore awareness of the need to access cash reserves on a rainy day.
“In the last eight months, clients that had strong working capitalwhowere focused on reducing unnecessary costs experienced less stress and morepositive financial outcomes than otherswho didn’t,” Lelieveld said.
“Whena companyhas working capital it meansthey are in a position to pay their current liabilities with current assets. It is a good sign of short-term financial health and during Covid it has meant those in a strong position have been able to look after staff, pivot their business model and in somecases even grow.
“Preparing a careful forecast, following a budget and being mindful of where theirmoneygoes will help business ownersmakeintelligent decisions. They will have a better chance of responding to abrupt changes and have the ability to capitalise onnewopportunities.”
She highlights that no onewasable to accurately predicthow2020 would pan out and what eventuated was unexpected for many.
“Aside from the government subsidy, the drive to support locals and an extraordinary domestic tourism market became a vital safety net forsome clients and a great opportunity for others,” she said. “It has given them time to adapt and refocus on what they need to do to prepare the future”.
Local support instrumental for businesses
Onesuccess story during the pandemic has beenmoneymetrics customer Deep Kumar, owner of Giovanni’s Italian Restaurant and Pizzeria atlynmorejunction. “Nothing about our business has been the same, but at Giovanni’swewere lucky,” Kumarsaid.
“Wehad always based our business formula on having a good location and establishing a strong connection with our local community soweweren’t reliant on tourists.
“Whenweemerged from lockdown, the support from locals wasinstrumental in helping us get through andwecannot thankthem enough.”
But that support wasn’t going to be enough to prevent redundancies amonghis valued Giovanni’s staff, someofthem family. In an industry being heavily affected by Covid, the young entrepreneur wasalready in the process of opening anew restaurant inchristchurch, but set out to explore other opportunities to retain his team in Rotorua.
The prospect to buymammarosa Pizzeria on Pukaki St arosewhenthe prior owners put it on the market after lockdown. Believing itwasthe right time to invest, and with sound financial planning behind him, he
purchased the restaurant. While turnover appearsmoreseasonally affected, Kumarsays “when it’s busy, it’s amazingly busy”. In August, Giovanni’s revenuewas up 20per centon last year and he is expecting thissummerto be his best on record.
Horticulture funding boosts students’ careers
The latest round of a funding boost for Bay of Plenty horticulture students to help further their education and career pathway into this vital industry has closed.
Newzealand’s provider of the full suite of estate planning services, Perpetual Guardian, wascalling for people to apply for the Frank Sydenhamtrust Scholarships, which closed December 4. The applications for the Franksydenhamtrust
Scholarships will see 10 Bay students receive a significant boost of $10,000 each.
Perpetualguardian branch Manager Jan Middlemiss said while Perpetual Guardianwasactively involved as a trustee in managing the Franksydenhamscholarships, the real reward camewhen recipients were rewarded for their passion.
“There is no question that students regard this scholarship as an absolute privilege, and it is always received in a spirit of humility and celebration.
“The horticulture industry is essential for our country, and Frank Sydenhamwasone of first to achieve amasters in horticulture, paving the wayfor many.”
Since 2002, there have been 35 scholarships awarded, totalling about $250,000.
Past recipient Emily Mckay, whoreceived scholarships in 2019 and 2020, said shewas “humbled and thrilled” when she learned shewas a successful applicant. “Horticulture is so vital for Newzealand, as it provides a substantial income aswell as raising our profile as a horticultural country.
“This has beenmore important in recent years due to environmental sustainability issues, such as PSA[A bacterial disease that affects kiwifruit vines], which highlights the importance of quality local produce for our economy. The Frank Sydenham scholarships help raise awareness and interest in thehorticulture industry.
Vanillacompany diversifies into beauty products
Alocal vanilla brand is about to boost its stable with the introduction of a newhero product.
Bestknownfor producing vanilla beans, paste, extracts, powders and syrups, Heilala Vanilla isnow diversifying its business offerings with anewbeauty product that harnesses the anti-ageing properties of the vanilla bean.
BIOBLUMEIS a brightening facial oil comprising Vanilleactiv2, a patent-pending ingredient the companyhas been testing since 2016.
Vanilleactiv2 ismadefrom two unique, bioactive compounds extracted from the lipid fraction of Heilala’s vanilla bean, which works to increase the production of collagen, cell regeneration andrenewal. Lipids are the skin’s natural fats and play a crucial role in maintaining the strength of the skin’s protective barrier, which retains moisture and protects the skin from damage.
The product has been four years in the making as theheilala team has worked behind the scenes, testing the anti-ageing properties of their vanilla beans.
Heilala has opted to use Kickstarter as a launch vehicle because of its ability to harness the power of community to help bring the product to life, somethingheilala is passionate about. Once the Kickstarter campaign has concluded, the product will be available for purchase via www.bioblume.co.nz
If there is one thing 2020 has taught us, it is to be ready for the unknown and prepare to adapt
quickly. Money Metrics Rotorua owner Kelly
Lelieveld
Newbeauty businessopens
Anewbeauty businessnamedseva Dayspa has opened on 17 Marguerita St, Fenton Park.
Soti and Nikolacomefrom two different backgrounds andhave worked together for the past three years, which they say hasmadethe journey of Seva Dayspa possible.
Royalnzfoundation of the Blind chairman retires
Royalnewzealand Foundation of the Blind (Blindlowvision NZ) board
Greg Harford, Retail NZ, chief executive
chairman Rick Hoskin has retired after years in the role.
The foundation, which has an office in Tauranga, wishes Rick Hoskin well on his retirement and has acknowledged his passion and commitment to the organisation.
Hoskin has chosen to retire from his governance role after 11 years on the board and nine years as chairman.
While in the position, someof Hoskin’s achievements include being instrumental in settingup
Foundation Properties Limited (FPL), a subsidiary of RNZFB.
Hoskin helped steer Blindlow Visionnzthrough the global financial crisis, then under leadership of chief executive Sandra Budd, andmore recently through the Covid-19 pandemic, with current chief executive John Mulka at the helm.
Rnzfb(blindlowvision NZ) is pleased to announce itsnewboard chairwoman is Judy Small. Small has been amember of the board since 2013. As a client of Blindlowvision Nzsince shewas4, she is well versed on needs and issues of blind, deafblind and low-visionnewzealanders.
Fraser Alexander, whojoined the board innovember 2017, will be deputy chairman.
“I wish to acknowledge and thank Rick for all he has done for the blind, deaf-blind and low-vision community for over adecade,” Small said. “I look forward to taking upthe opportunity to lead RNZFBAND carry out the goals and priorities in Ourvision, Your Future— Strategic Plan, 2020— 2024. I amexcited and energised to carry on the important work of Blindlow Visionnzin our mission toempower Newzealanderswhoare blind, deafblind or have low vision to live the life they choose.”
The board will next meet in February to determinewhotheir ninthmemberwill be.
Bay-based medicinal cannabiscompany establishes Clinical Advisory Board
Katikati-based medicinal cannabis firm Eqalis Pharmaceuticals has formed aclinical Advisory Board (CAB) to seek advice from key medical professionals in order to ensure Eqalis products meet the needs of doctors, pharmacists and patients.
Thecabcommittee is comprised of senior figures across a range of medical backgroundswhowill work alongside key Eqalis team members.
The committee will comprise:
■ Drraimond Jacquemard, a paediatrician based at Taranaki DHB.
■ Dr Murray Hunt, themedical director at Waipuna Hospice in Taurangawhohas previous experience working in alcohol and drug services.
■ Dr Mark Wardill, an anaesthetist based at Grace Hospital, a private hospital in Tauranga.
■ Dr Mark Hotu, agpwho has established the Green Doctors, a clinic focusing on prescribing cannabis.
■ Nigel Gregory, a community pharmacistwhoownsbrookfield Pharmacy in Tauranga.
■ Elizabeth Plant, a pharmacist and the chief medical officer of Eqalis Pharmaceuticals.
Eqalis managing director, Greg Misson said thecabwould enable Eqalis to engage directly with doctors and develop adeeper understanding
of the issues they face in prescribing medicinal cannabis.
“It will help provide us with an insight into prescriber thinking and streamline our processes to tailor the efficacy of our products for patients.”
Plant said engaging with the medical fraternity wasessential to understanding key patient-related issues.
“The committee will be key to ensuring clinical-related decisions aremadewith appropriate peer review and that future training programmes are developed with expert input. They have the expertise and the practical experience necessary to provide this oversight and, as eachmemberof the committee works in a different area of medicine, they all bring adifferent patient perspective.”
Staffgrowmosfor Movember
Someof the crew at Hickey Contractors in Rotorua spent the past monthgrowing moustaches for Movember.
Seth Pardoe, Jimmurdochand Mark Henriksonwere part of the team whogrew their facial hair for the month, all in thenameof charity.
Thecompany will donate the moneyraised to the official Movemberwebsite supportingmen’s health.
Strong retail spending
The latest Retailnzsales Index, shows spending throughnovember remained strong, and total spending since March isnowahead of last year. Chief executivegreg Harford said the Retailnzsales Index for Novemberreported spending through the monthwasabout 25.7 per cent higher than last year, and total spending since Marchwas 3.4 per cent higher than for thesame nine months last year. “This is goodnews after a year of turmoil on the back of Covid19.”
Harford said Singles Day, Black Friday andcybermondayshopping festivals would have contributed to the strong Novemberresult, and retailers would be hoping consumer confidence remains strong in the runupto Christmas. “Key challenges for the sector includemanaging supply chain and freight delays, as well as the risk that businesses could be ordered closed if there were a further outbreak of Covid-19.”
Recycle Boutique launches newonline store
Mountmaunganui-based business Recycle Boutique has announced the launch of itsnewonline store and software developed in response to the country’s growingdemandfor buying andselling second-hand items.
The launch of Recycle’s online store is a natural progression for the business after reaching anumberof significantmilestones over the past 15 years.
The successful consignment retailer recycles morethan 700,000 items per year, hasmore than 80,000 consignors, and last year celebrated the opening of its 10th store innew Zealand, general manager Mark Cowie says.
“Werealised there wasa huge opportunity forus to take whatwe do online andmakeselling and shopping secondhand clothing accessible to allnewzealanders, particularly inplaces where there is no physical store available.”
Kiwis can browse the curated selection of designer, vintage and contemporary labels that are one-off, sought-after pieces and are exclusive to online shoppers for twoweeks before going into stores. Customers can nowsetupan account online instead of in-store, get notificationswhenstock is processed, sold and expiring, arrange an express drop-off and even request ahome pick-up service insomelocations. Additionally, customers cannowuse their Recycle balance to buy online, completing the circular fashion model.