Golden year for Coast consultants
SOUTHPORT-based Gold Group Consulting celebrates 50 years in business this year, after carving out a niche advising builders and construction companies through a number of changes for the sector.
The practice was founded in 1969 by Eric Lee and the name changed to Lee Garvey when Kevin Garvey joined later that year. It then went through various iterations of its name before its present name – Gold Coast Consulting – was chosen in 2004.
Partner Tony Coote, who runs the business with fellow partners Stephen Hodgkinson and Tyson Flower, joined the firm in 1996.
He said the new name was chosen to reflect the broad base of services offered.
“The reason we did that was to incorporate the different businesses we had such as accounting, financial planning and business development,” Mr Coote said.
Gold Group Consulting has 17 staff working from purpose-built headquarters at Davenport St.
Mr Coote said the company prided itself on its low rate of staff turnover and the length of time clients stayed on.
“We still have some clients who started with us 50 years ago,” he said.
“We are on to the third generation of those families.”
An average client is a family
business, although it ranges through to companies with a turnover of hundreds of millions per year.
Mr Coote said the two key challenges for small businesses were cash flow and adapting to technological advancements.
“The challenge for a lot of family-run businesses is collecting money from debtors,” he said.
“Cash flow, making sure that is good, collecting money, and keeping up to date with technology.”
He said new technology meant businesses needed to stay on top of payroll, including superannuation, in a way they never needed before.
“There are more requirements because of the changes in technology,” he said.
“Now there is the introduction of what they call single-touch payroll, where the Australian Taxation Office can access your payroll and see your figures every week. They will check if you pay, super and wages tax on time.”
Mr Coote said the company had specialised in consulting to the construction sector for the past 20 years, including being heavily involved in the Gold Coast branch of Master Builders.
He said the firm would present three seminars to the branch in the coming weeks.
“We get a lot of business in the building and construction industry,” he said.
“That industry fluctuates a lot on the Gold Coast. We help them with their licensing requirements, accounting and auditing. We do virtually everything for a lot of these builders.”
Mr Coote said some builders failed through no fault of their own.
“With some it is not their fault,” he said. “When you see a builder collapse a lot of it is because someone hasn’t paid them and it flows down the line. They are the ones who cop it in the end and get the bad reputation.”
He said “good builders” ensured they remain proactive.
“The good builders can adapt to changes whereas the other ones don’t and get themselves in trouble and they often leave it too late to get help.”
Mr Coote said he had some advice for builders who were struggling.
“Have the right contract in place and don’t go in too far when you are not getting paid,” he said.
“You need to stop work if you are not getting paid.”