Perth Media Adapters: Business Strategist Wendy Davies Joins Nexia in Perth

More columns, written by Perth Media, are being published in WA Business News. Here is one of our favourites.

Nexia Australia has recently appointed Wendy Davies as a business advisory director in its Perth office to focus on strategic advice for small and medium businesses.

Ms Davies, who is originally from the UK, brings with her a range of high-level global experience. In WA, she is at the forefront of a new, innovative approach to accounting – a profession that can no longer rely on simply formatting tax returns.

In the Perth office of Nexia Australia, Ms Davies is offering bespoke advice to small and medium enterprises with annual turnover between $1 million and $20 million.

She works closely with start-ups and owners of small to medium-sized businesses, helping them understand and demystify the numbers side of the business. “It’s about identifying client needs – often focusing on cashflow forecasting and budgeting to help them manage and make informed decisions,” Ms Davies says.

Independent specialist advice can highlight opportunities not immediately apparent and potential problems can be foreseen before they are critical.

As Nexia’s business advisory director, Ms Davies visits clients’ operations, to educate and empower the owners. It is a new field for senior practitioners who have witnessed shrinking tax return work. “Technology enabled business owners and bookkeepers to do more, so those of us with accounting skills have had to adapt and innovate,” she says.

Ms Davies began her career 30 years ago in south-east England. After qualifying, she worked for a small practitioner in the northern city of York and bought him out when he retired. Her clients have the bonus of engaging the services of a former businesswoman. For over a decade in England she co-owned the accountancy practice which had 10 staff.

Her attendance at a migration expo in the UK led to an unexpected job offer in accounting in Perth. She flew to Perth in January 2008.

Here she became the only female director in the Perth office of her new employer UHY Haines Norton, a member of the global accounting network, UHY. She once again found herself as the only female director when the firm merged with rival Moore Stephens WA.

Ms Davies believes networking is key to ongoing success in her profession.

“In the past, the sector has been fairly complacent but a network of key business relationships will be critical to ongoing success, both personally and for the firm,” she said.

Prior to joining Nexia last month, Ms Davies had started a new firm, The Counting Room, to execute her advisory approach. “Before I joined Nexia, I made sure their values and approach aligned with how I saw the future of accounting, which includes advisory work and utilising softer skills to assist clients,” Ms Davies said.

In Perth, Nexia Australia is Western Australian owned and independently operated and a member of the global accounting giant Nexia.

This column is part of the Adapters series produced by Perth Media. It profiles Perth Media small business and not-for-profit clients.

Hong Kong Mines & Money Take Homes: Karratha tipped to be Global Mining City; Quant Funds Using AI to Trade ASX; Upping China IQ; and Claims Investors Using Lie Detectors on Conference Calls

Small event, but some big fish showed and Perth Media will return in 2019.

HK Mines and Money 2018 Top Take Homes: Karratha is predicted to be one of world’s key mining cities; massive global quant funds using AI to trade in the milliseconds after ASX announcements go up; some traders are sending in drones to check on minesite activity and then shorting the stocks; others are monitoring companies with google earth and algorithms linked to social media to pick up emotive responses to companies; and many investors are switching on lie detectors on their smartphones to gather information on company leaders.

While not as many attendees as the last time I attended in 2010, speakers were excellent.

1.     Karratha and Pilbara to Rocket. Heavyweight international investors raved about the potential wealth development in the Pilbara, Western Australia. Many were making a real attempt to increase their own Pilbara knowledge, especially in the wake of China’s One Belt One Road expansion policies. Netherlands-based Willem Middelkoop, founder and chief investment officer of the Commodity Discovery Fund, says Karratha will be a major regional mining city in future. Keith Spence (Canada-based Global Mining Capital Corp) also has WA companies with Pilbara assets firmly in his sights.

2.     Investors Switching on Smart Phones with Lie Detectors/Drones Checking Minesite Activity. Frank Holmes, US Global Investors, was a standout speaker. He claims 70 per cent of stock trades now are done by quantitative funds (quants) using algorithms and artificial intelligence. Where once banks and big institutions focused on building teams of traditional finance analysts, things had rapidly changed. Claims were made that Vanguard, for example, has 50 people working on AI. Data collection is cheaper, easier and more efficient than ever. Fund managers are also switching on lie detectors on their smart phones when they took conference calls from MDs of mining companies, some investors targeting stocks to short were sending in drones over minesites to check real activity. One trader used google earth to monitor car parks of US department store Sears to check if company announcements accurately reflected actual visitors to stores. IE they counted the cars remotely. Some superb tips on how to strategically link your real time communications strategy to a rising stock price, in a fast-changing world. But you will have to sign up Perth Media to learn more about that! The quants are trading in milliseconds using emotive algorithms. While it was clear some knew much of this already, some miners in the room were bemused. ‘Don’t be intimidated by it, but you have to know what is going on,' Holmes said.

3.     6 Minute Pitches. Holmes again. He bluntly advised: if you want millennials to invest in mining, make your pitches efficient and concise in 6 minutes. No one wants to hear hour-long explanations of maps. If pitches didn’t improve and trading wasn’t made easier, the mining (particularly juniors) will continue to lose investment to easily-tradeable cryptocurrencies.

4.     Beware of letting risk adverse lawyers crush your press release. Your company’s narrative is crucial. If overly cautiously, your stock will fall, says Holmes.

5.     One Belt One Road. Rather than a resurrection of the single ancient Silk Road, this is more like a big octopus. It is a policy that is like many tentacles of many roads, leading to many joint projects in various countries, particularly Mongolia, Kazakhstan, Australia. There are many many more regions that have been earmarked by central Beijing for supply of raw materials for mega infrastructure such as bridges and rail networks. Jay Roberge, of Tehanna Capital, advises all, to seriously upgrade your China IQ. Last year the first cargo train went non stop from China to London, and don’t forget that China has put environmental protection at the top of the list of priorities. That policy will impact on decision making. All speaking agreed One Belt One Road will mean long-term huge demand for iron ore for steel.

6.     Intellectual Capital is Gold. Rick Rule (Sprott US Holdings), another heavyweight, reminded younger, less burnt investors, to follow intellectual capital and look less at the physical asset and the mineralization of the juniors, but more at the entrepreneurial leadership. ‘That strategy has served me very well over time,’ he said.

After being burnt from investing in California, he says: ‘the most dangerous politician is the one closest to you.’ He prefers tier 1 deposits in tier 3 countries to tier 3 deposits in tier 1 countries.  And don't forget. ‘Investors are not rational,’ Rule said.

- Cate Rocchi, Perth Media CEO

In Hong Kong last week, Perth Media organised media interviews for our client Australian Vanadium with Bloomberg, S&P Global, and Financial Times (London). Do you need some media assistance? Please get in touch.

https://www.bloomberg.com/news/articles/2018-04-09/vanadium-batteries-need-elon-musk-moment-to-kick-start-market

Perth Media CEO Cate Rocchi with S&P Global reporter Tracy Yang, in Hong Kong, last week.

Why staff aren't embracing their firm's social media, talking to Google and targeting Gen Z? Emergence Creative Festival 2018 Top Take Homes

Mat Lewis on Top of Emerging Creativity in Margaret River, Western Australia, last week.

1.   Making the World a Better Place. Many of the world's best and brightest creatives are focused on making money but also making the world a better place, proving profits and good deeds can mix. Perth-based social media marvel Ming Johanson has a checklist for new projects. 'Does it serve me, others, my business, and the greater good?' Speakers assisted a staggering number of charities. Jimmy Niggles from the Beard Season, US-based Justin Gignac from Working Not Working, were two who have donated extraordinary amounts of time and effort to great causes.

2. The Google guys from Tokyo, Tim Sneddon and Gene Brutty, (originally from Perth) rocked. Their 20 slide presentation in 20 minutes with gems such as 'uncomfortable is good, stay there' and 'waiting is for the lazy' was only topped by their Artificial Intelligence workshop, with kits. Awesome, inspiring, learnt so much.

3. The gen below the millennials/Gen Z are are into fun, says Neil Ackland of Punkee Media. They  are often watching video without sound, and looking for short/mashable/home-made/funny/quirky clips about random stuff that doesn't have to matter or mean something. Punkee is hiring super young, clever creatives that can write, shoot and edit, at a fast pace. If brands want to target the kids, then make it fast paced and random/funny.

4.  Lightbulb moment. Why aren't staff of the companies/organisations Perth Media works for embracing social media of their employers? Well, aside from the fact it could be crap. 'Because they have their own personal brand, and they don't want to link their brand with your company/organisation because they don't want to hang around for long,' says Perth-based Ming Johanson, who tells it how it is.

Ming Johanson generously shared social media wisdom

5.   Mat Lewis, Erin Molloy and team at Emergence are seriously good at what they do. The room was filled with exceptional global talent, including Chloe Rickard (Jungle Entertainment who just produced ABC's Squinters); international photographer Sam Harris; music industry lawyer Fran Cotton; Phil Bonanno of Facebook and many many more. Unbelievable line-up all in Margaret River. Really, this festival exceeded expectations.

6.  AI as a tool,  linked with google, has a long way to go, but it is coming. It wasn't too clever in demos, but it successfully answered qus about the weather. Lots of ramifications. IE clients can ask google what it thinks of their company. Here is our CEO Cate putting AI Google kit through its paces.

Putting the AI kit together to talk to Google

PING's Inspire: 2nd Innovative Farm Summit for WA Farm Businesswomen March 27-28, 2018

PING WA chair Bronwyn Fox in Dandaragan

‘Inspiring Farmers to Lead Profitable Businesses’

Partners in Grain WA (PinG WA) expects more than 200 businesswomen from Western Australia’s Wheatbelt to attend its second INSPIRE Summit at the Esplanade Hotel, Fremantle from March 27-28.

PinG WA Chair Bronwyn Fox, who lives in Dandaragan, said: “I am delighted to announce the second PinG WA INSPIRE Summit is nearly sold out. This year more than 200 leading rural businesswomen from all over Western Australia will come together again in Perth to learn and improve their business skills and network with other successful agribusiness owners.”

Mrs Fox said the PinG WA Summit and its many workshops held in WA’s regions, in the past few years, focused on learning successful farm business skills. “Farm business skills are not just about increasing production,” she said. “Production is key, but managing costs and markets are also imperative.”

“Good leadership is also important, and that is about empowering the people around you and understanding a team approach is essential to a successful farm business.”

Women attending the conference will travel from across and beyond the traditional Wheatbelt areas – as far as Gascoyne River in the north across to Southern Cross and the Esperance region. There are also women from varied enterprises as well as just grain farmers. In the past Bronwyn’s Dandaragan farm has grown canola, wheat and barley and now grows lupins for sheep flocks but specialises in potatoes, reflecting the growing diversity of WA’s agribusiness sector and the fact that the conference program will be attractive to farming businesses generally, not solely grain growers.

The two-day summit is aimed at women who already know the fundamentals of operating a farm business but are keen to learn more. Differentiating it from other conferences, and ensuring the focus remains true to its objectives, INSPIRE is only open to farmers, sponsors and speakers. The event is nearly fully booked with less than 10 spots remaining.

Speakers include: Matina Jewell (sponsored by Plum Grove) lessons of leadership and resilience; Nadine Campion (sponsored by the RRR Network) on 10 Seconds of Courage; Dr Cheryl Kalisch Gordon (Rabobank Senior Grains & Oilseeds Expert); Esther Jones (Nailing It: presenting well and articulating your message); and Dr Joyce Chong (The Skill Collective) on wellbeing. There will also be informative sessions on managing risks and a host of growers sharing skills and experiences within the panel and concurrent sessions.

INSPIRE Coordinator Erin Green, who is also a grain grower in Yuna (north-east of Geraldton), and past PinG WA Coordinator said: “As a not-for-profit, the opportunities PinG WA provides are otherwise unavailable or inaccessible to farmers. Over the five years I’ve been involved, PinG has delivered approximately 100 training events across WA to about 1400 growers. Although this event is aimed at women, more than 30% of PinG participants overall have been men. After PinG WA events were held, 99% of participants recommended the training to other growers.”

The event’s official partners are Rabobank and Plum Grove, while sponsors are RSM, Planfarm, HopgoodGanim Lawyers, Grain Industry Association of Western Australia and the Department of Primary Industries and Regional Development. Project funding has been secured with the Grains Research and Development Corporation, the RRR Network and the Department of Communities’ Grants for Women.

Rabobank regional manager for Western Australia Crawford Taylor said Rabobank was delighted to again be supporting the INSPIRE Summit. “The first summit was such a success, showcasing the crucial role women play in their business, community and family,” Mr Taylor said. “The 2018 Summit will build on that positive momentum, providing women with the opportunity to further develop their leadership and management skills. And this includes understanding global consumer trends and how grain growers can position their business to stay ahead of the game, with the bank’s grains analyst Cheryl Kalisch Gordon to set the scene by delivering the first presentation of the summit.”

Rikki Foss, Marketing Manager at Plum Grove, said the best investment within this industry was with its people and its community. “INSPIRE Summit provides many opportunities to enhance women’s skills and passion for their businesses and communities,” she said. “A few years ago Plum Grove had the opportunity to meet Matina Jewell and since then we have wanted to bring her back to Western Australia. The INSPIRE Summit has given us the opportunity to introduce you to a remarkable woman who has faced many challenges on and beyond the battle field. Matina truly represents the word ‘resilient’ and we look forward to you hearing her story.”

Ryan White, Senior Associate within HopgoodGanim Lawyers’ Agribusiness team is speaking at the event. He said: “When working with our agribusiness clients, we are constantly impressed by the contribution farming women make to their businesses, families and the communities they live in. But at the same time, we also recognise how important it is farming women get the opportunity to connect with their peers and share knowledge. The opportunity to be involved with and support a conference focused entirely on the professional and personal development of farming women was something we grasped with both hands. We are proud to be a part of a forum that celebrates farming women and supports them in learning new skills, making new connections and planting the seeds for growth and development in their businesses.”

Cameron Weeks, Farm Management Consultant at Planfarm, said: “Women are so often underestimated with regards to the role they play in farm businesses so any forum that brings them together as businesswomen is not to be missed. We welcome the chance to be involved in the summit and hope that we can help inspire the women attending to sustain or further develop their key business roles. The forum will feature leading women in WA agriculture in attendance and, as business advisers, we are looking forward to the event a great deal.”

“RSM have chosen to be a part of INSPIRE again in 2018 following their involvement in the successful INSPIRE 2016,” said Jo Gilbert, director of RSM Australia Pty Ltd. “RSM was established in Western Australia over 95 years ago and in that time we have seen the traditional roles of women in farming businesses change substantially. Women in today’s farming businesses embrace technology and realise the power of connectivity – both with their peers and their advisors. Through our large network of 30 offices across Australia we aim to keep up with the changes as they occur in business and use this knowledge to help our clients confront their challenges head on.”

Please contact:

Partners in Grain WA
Chair
Bronwyn Fox bronwynfox@westnet.com.au; 0427447412

INSPIRE Coordinator
Erin Green
inspire@pingwa.org.au; 0429108936

Perth Media
Cate Rocchi
cate@perthmedia.com.au; 0428431699

ABOUT PARTNERS IN GRAIN WA

Through the opportunities offered, PinG WA hopes to strengthen farm businesses and generate innovation within the agricultural industry.

For more information go to https://pingwa.org.au/
or Like Facebook Partners in Grain WA or follow twitter PinG WA.

Partners in Grain WA (PinG WA) is a not-for-profit organisation that provides locally relevant, personalised training for Western Australian broadacre farmers. As a state based organisation PinG WA has an alliance with similar entities covering NSW, QLD, Vic/Tas and SA. Each state entity operates according to its growers needs.

In WA, the Coordinator and volunteer Board work to facilitate professional development where and when it’s required. This involves coordinating relevant events and opportunities that provide targeted training specific to farm businesses.

As PinG WA is not a commercial organisation, it does not compete with services that are already available. Its role is to provide services and opportunities that are not being delivered or are not readily accessible in rural WA.

According to the Department of Agriculture and Food, wheat is the major grain crop in WA, making up 70 per cent of total annual cereal production and generating around $A2 billion for the state economy each year. Wheat production occurs across the WA Wheatbelt on 4000, mostly, family-run farms ranging in size from 1000 to 15,000 hectares. WA generates 8-10 million tonnes of wheat per annum which is 50% of Australia’s total annual wheat production.