Vantage Performance Podcast

Vantage Performance’s own research has shown that the vast majority of company directors still don’t know about the Safe Harbour regime. Michael Fingland tells Phil Dobbie he is disappointed in the findings, particularly during a pandemic when many businesses are struggling to survive. In this edition of the Vantage Performance podcast he explains why struggling businesses need to have a robust Safe Habour plan, and the key elements that plan includes.

The COVID crisis has tested the staying power of many business leaders. In today’s Vantage Performance Podcast Michael Fingland takes Phil Dobbie through the traits of resilient leaders, who can consistently deliver results, carrying their team with them. Listen in to pick up tips about what makes great leaders deal with a crisis, from how they communicate, through to looking after the welfare of their teams. Plus, what’s the latest must-have in the Fingland household!

COVID19 is likely to result in a 1 in 100 year recession – so what does that mean for your business? In this edition of the Vantage Performance podcast Michael Fingland goes through the seven principles that will help your business to survive and come out stronger than before. The seven principles discussed are: 1. A 100 day stabilisation plan 2. One or two big changes in strategy 3. Stakeholder management and communication 4. What is your why? 5. Pay down debt 6. Strong financial management 7. Maintain a focus on marketing and R&D YouTube: https://www.youtube.com/c/MichaelFingland Linkedin: http://linkedin.com/in/michael-fingland-34a09b3 Website: https://www.vantageperformance.com.au/

Businesses should be seeing the COVID-19 crisis as an opportunity. It’s a time to refocus, says Vantage Performance’s Michael Fingland. In this podcast he tells Phil Dobbie that now is the time to think of the one or two big changes to your strategy that will make your company more resilient and ready to grow as the economy picks up. It means you will have a stronger company. But you also don’t have much choice – banks and investors will be picking winners as the impact of the virus hits home. Funding will be available for realistic business turnarounds, not for bailouts that might simply extend the demise of a business that’s on its way down.

Right now, the Australia economy faces the same challenges as a business struggling to survive. Michael Fingland tells Phil Dobbie that we need to treat the country in the same way as we would a business, with a turnaround strategy that will rebuild a vibrant economy. The opportunity is to return to a new normal that is more prosperous and resilient than life before the virus. In this podcast he outlines the three elements of a turnaround plan and says we should be kick starting a 100 days of planning, to determine a policy with bipartisan support, backed by politicians, businesses, and the broader community. Can we build a stronger Australia following the principles we’d apply to a business turnaround?

Monday 6th April 2020 In these uncertain times it is vital that managers keep their stress levels under control, for two reasons. First, it’ll stop you getting sick. Secondly, your staff will be looking to you to show that you have the situation under control, so they can manage their stress levels. In this podcast Vantage Performance’s Michael Fingland talks Phil Dobbie through his simple three-point plan. And explains the daily routine he follows to keep stress under control.

Many businesses are facing a severe reduction in revenue, without the cashflow and working capital to see through what could be several months of shutdown. In this, the first of several special Vantage Performance podcasts, Michael Fingland urges business owners not to give-up, because there are options to ‘put on ice’ various expenses and other aspects of your operations, including delaying rent and tax payments. Today he talks through the steps you can make to bounce back quickly once this difficult period is over.

Businesses often fail because they lose their way. The original vision gets lost as the company grows over time, or perhaps its less relevant today and hasn’t been subject to regular review. In this edition of The Vantage Performance Podcast Michael Fingland tells Phil Dobbie the number one question his company uses to direct the business. From that spring a series of other questions that are constantly asked by all staff to ensure the team stays on track. Listen in to the questions they ask and how to develop the same approach in your business.

Over the years, Vantage Performance has developed a set of questions they always ask themselves at the start of a new Turnaround Project. Vantage Performance CEO Michael Fingland talks Phil Dobbie through all seven, explaining their importance in determining how to proceed: 1. What are the 1-2 big changes needed? 2. Can we stabilise cash flow for at least 100 days? 3. How many key issues are inside versus outside of their control? 4. Are there any management gaps? 5. Are management up to the challenge energy wise? 6. Have we got the right people in the management team for a turnaround phase? 7. Where are they on the 5 stages of decline? Listen to Michael explain the context of each of these questions in this edition of the Vantage Performance Podcast.

It’s almost two years since the Australian government introduced the Safe Harbour legislation, designed to provide protection for directors whilst they’re developing and executing a turnaround or restructuring plan, to greatly reduce the number of companies that enter Voluntary Administration or Liquidation. In this edition of the Vantage Performance Podcast, Phil Dobbie asks Michael Fingland, Vantage Performance’s CEO, whether the legislation has been a success, how it has changed behaviour and what changes he thinks could be made to improve on it.

If your business is in trouble, and you fail to meet your obligations with your bank, you could face having your account moved to a workout banker. So, how does that change your relationship with your bank. Phil Dobbie talks to Matt Jesse in this edition of the Vantage Performance Podcast. Matt has 25 years’ experience in the turnaround industry – before joining Vantage Performance he was a workout banker with a major Australian bank. He describes what will be expected of you and how to ensure the relationship gets off on the right footing.

The Queensland Government’s new licensing scheme for labour hire providers came into effect on 16 April 2018 requiring all labour hire providers to lodge a license application by 15 June 2018. The new laws have serious implications for all labour hire businesses, their clients and other stakeholders. Even if they have lodged their application, they may be denied a licence due to the stringent requirements that have been put in place. All applicants are required to meet mandatory standards to be fit and proper, complying with labour hire laws and being financially viable (ie. able to pay their employees and debts). In this podcast Michael Fingland talks to Phil Dobbie about the requirements to be met, the consequences of not meeting the test and what action should be taken if directors are uncertain if their application will be approved.

In today’s podcast Michael Fingland, from Vantage Performance, says we need potential clients to have a clearer understanding of what the Turnaround Industry is. He says there needs to be a better global definition that will encourage directors to seek help earlier. He says, “It’s what every financier, government department, every bank, lawyer, accountants, wants … for their client to seek help and not just muddle through and hope they get it right.” Right now, though, the definition of the Turnaround industry is focused too much on helping companies out of insolvency. The new definition needs to encourage earlier intervention and can apply to companies that might be underperforming but are a long way from becoming insolvent. Listen to the podcast then see if you can help with a clear definition to the problem. Get in touch with your suggestions.

The relationship with your bank is equally as important as with your clients and suppliers, says Vantage Performance’s Michael Fingland. In this podcast he talks Phil Dobbie through the five steps you should follow to improve your banking relationship: - Ensuring there are no surprises - Having strategic clarity - Providing financial visibility - Building familiarity with the management team - Develop a personal relationship Listen to the podcast to hear Michael expand on each of these ideas, and why a strong relationship is so important for any business, of any size.

It’s been 6 months since the Australian parliament passed the Safe Harbour legislation, providing protection for directors from insolvent trading whilst they pursue a turnaround. In this podcast Phil Dobbie talks to Michael Fingland about how it’s working in practice, some interesting developments in the roll out and how it’s already starting to change director behaviour.

How often have you tried to figure out what a company can do for you? They might list a series of product features and the benefits they can provide, but do they really explain the real outcome for you when you buy from, or engage with, that company? In this edition of the Vantage Performance Podcast Michael Fingland explains to Phil Dobbie the importance of selling the outcome – the elevator pitch that creates the emotional response that drives the prospect to seek out more about the services you offer. Listen to the podcast for more on how to arrive at the description of your company’s outcome, plus an example of how it has changed the pitch approach at Vantage Performance.

The Net Promoter Score (NPS) is a survey tool used by many businesses – large and small – to measure customer satisfaction levels. In this edition of the Vantage Performance Podcast Michael Fingland explain to Phil Dobbie how the tool can also be used to value a business. It provides a useful snapshot of how valuable a customer base is – essential for companies looing to buy or sell a business.

Michael Fingland, executive director and CEO of Vantage Performance, says you can't motivate people, instead create the right environment and people will motivate themselves. It’s the basis for creating high performance teams. In this edition of the Vantage Performance podcast he takes Phil Dobbie through the seven essentials.

This week a significant step was made by Australian legislators, introducing a Safe Harbour provision for directors of companies that could be trading insolvent. The Treasury Laws Amendment (2017 Enterprise Incentives No 2) Bill 2017 enables directors to pursue reforms in their business rather than moving the company into administration. In this podcast Phil Dobbie discusses the legislation with Michael Fingland, Executive Director of business turnaround specialists Vantage Performance. They discuss how this new law will work in practice.

When companies run into trouble they are often quick to lay off people to reduce the wages bill. But, as Michael Fingland explains to Phil Dobbie, this can be highly counterproductive – it upsets the company culture and you lose expertise that can be costly to recruit when the situation improves. This podcast covers over ways of reducing your wage costs, based on the outcomes of a brainstorming session from the Vantage Performance team.

The end of financial year can be a traumatic time for any business. There’s paperwork to be done, stock to be shifted, reports to be developed and, perhaps, explanations for investors. It’s no surprise then that, in the midst of the mayhem, many companies fail to adequately plan for the next financial year. In this edition, Vantage Performance’s Michael Fingland tells Phil Dobbie that smart businesses will already have develop a corporate plan for the year ahead – but for those that pushed it aside for year-end work, it’s not too late to start now. In fact, it’s essential if you want to gain a competitive edge this financial year.

New legislation is set to offer protection for directors who keep a struggling company trading, provided they demonstrate appropriate steps are being taken to restructure the business. Vantage Performance Executive Director Michael Fingland describes it as a game changer, that will save many businesses that might otherwise have been wound up. He says a 5-10 percent reduction in the rate of business failure could inject an extra $13 billion into the Australian economy. In this edition of the Vantage Performance Podcast he explains to Phil Dobbie how the new legislation will work, who will be involved and the impacts it will have. It’s worth spending 18 minutes to get across the detail.

There’s a common misconception that companies facing troubles should avoid talking to their bank. The fear is that the sign of trouble could see the bank tightening the terms of a loan, or pulling the money altogether. Michael Finland, CEO of Vantage Performance says things have changed. He explains to Phil Dobbie how your bank’s relationship manager has every reason to help you resolve your problems. There’s a lot at stake, for both of you.

Most companies have defined values, although they are not always understood or propagated through the business effectively. Sometimes their top down nature means there’s very little buy in from across the organisation. In this edition of the Vantage Performance podcast Michael Fingland suggests to Phil Dobbie that these values need to be determined by beliefs held by individuals within the company. A short workshop would be enough to gather a simple understanding of the way your staff think about things.

Vantage Performance’s Michael Fingland says many businesses fail when their turnover is between the $15m to $50m mark. They might have survived to that point, but being a bigger business presents its own challenges. Phil Dobbie asks what are the warning signs that highlight the need for change and how do you plan for this critical period in your company’s life cycle?

Part of the problem with business plans is, people don’t know how to write them, they put off doing them because they think it’ll take a long time and, if they do write one, they stick it in a drawer and never look at it again. Michael Fingland, CEO of Vantage Performance, tells Phil Dobbie that the traditional plan is dead. Instead you need a one page dashboard that everyone can work from.

We know that 80 percent of businesses fail, often because early warning signs are ignored. In this edition of the Vantage Performance Podcast Michael Fingland tells Phil Dobbie how a lot of businesses could be saved if trusted peers helped steer business leaders in the right direction early on. Just as the RUOK campaign calls on you to ask your friends and family if they are suffering any mental hardship, asking colleagues the same question about their businesses could save a lot of financial and emotional hurt down the track.

Most businesses start with a clear focus but, over time, the original vision that differentiated you in the market becomes a little fuzzy. In this edition Michael Fingland, CEO and founder of Vantage Performance, talks to Phil Dobbie about how to revisit the foundations of your company.

When the economy is struggling there’s a temptation for businesses to take a pessimistic outlook, downscale and forecast lower sales. Yet, it doesn’t have to be that way. In this edition of The Vantage Performance Podcast, CEO and Executive Director Michael Fingland tells Phil Dobbie that more focus can drive better outcomes. He suggests companies struggling in a difficult economic climate should start by looking at the behaviour of their sales team.

Men are renowned for letting health problems fester before going to their GP to get a problem sorted out. The same applies in business, with directors failing to obtain timely advice that will get their company back on track. In this edition of The Vantage Performance Podcast Michael Fingland, Executive director and CEO of Vantage Performance, takes Phil Dobbie through the ten reasons why directors don’t seek help earlier. And, yes, many of these issues are predominantly male oriented.

Do You Need a Chief Restructuring Officer? Michael Fingland, Managing Director at Vantage Performance, reckons that companies are five times more likely to survive a financial crisis if they have appointed a Chief Restructuring Officer. In this episode of the Vantage Performance Podcast he explains to Phil Dobbie the six reasons why a CRO is so important to turnaround success: 1. They buy time and support from key stakeholders to develop and execute solutions. 2. They significantly improve cash flow in the first 100-150 days. 3. They rebuild trust with stakeholders. 4. They are objective, they see through the haze and identify the big changes that need to be made. 5. They know of initiatives that management teams are not aware of. 6. They know how to "sell" the plan to key stakeholders. If you are enjoying the Vantage Performance Podcast make sure you subscribe on iTunes or SoundCloud.

How do you ensure that your company, if its struggling, comes out the other side as a business that will survive and prosper? In this edition of the Vantage Performance Podcast Phil Dobbie talks to Michael Fingland, Managing Director of Vantage Performance, who provides 10 guiding principles that are crucial to a successful turnaround: 1. One to Two big changes in strategy 2. 100 day cash runway 3. Stakeholder management is critical 4. SCPPE Model 5. USP 6. WHY or Purpose 7. Pay down debt to de-risk the business 8. Strong financial management 9. Maintain focus on marketing, research & development 10. Cultural transformation is critical Don’t forget, to ensure you don’t miss an episode of the Vantage Performance podcast, subscribe on iTunes or Soundcloud.

This week Phil Dobbie talks to Michael Fingland, Managing Director at Vantage Performance, about six real reasons businesses fail. Often we blame outside influences, such as changes in market demand or the introduction of a competitor. They can be partially responsible for the collapse of a business but, as Michael explains, many of the failures come from within a business. In this week’s podcast we talk through: 1. A sudden impact event 2. Insufficient management training 3. Not acting early enough 4. Not collaborating with financiers and stakeholders 5. Not engaging specialist advisors 6. Not being prepared to make big decisions We also discuss Malcolm Turnbull’s proposed changes to the insolvency law with the introduction of “safe harbour defences” to protect directors, and how this will help businesses facing difficulties.

Key Principles of Successful Turnarounds In this podcast Michael Fingland, Managing Director of Vantage Performance, explains key guiding principles that are essential for a successful business turnaround: 1. The right strategy, the right capital structure to fund your business, the right people to execute your strategy and the right processes and reporting to know you’re on track. 2. You will need to execute one or two big changes in strategy to make a difference. 3. Stakeholder management and communication are critical. 4. Develop a strategy to “stand out from the crowd”. 5. Pay down debt. 6. Ensure strong financial management. 7. Maintain a focus on marketing, research and development. Phil Dobbie talks to Michael about these changes and also asks if confidence can be an issue. If you were partially responsible for the business hitting hard times, are you the right person to build it up again?

Yahoo CEO Marissa Mayer was widely condemned when she sent an email to her 27,000 employees saying they couldn’t work from home any more. Her argument was that time spent at home was less productive than hours worked in the office. Richard Branson called her decision “perplexing”, given how technology is making remote working easier and more effective than ever. Marissa Mayer raises an important point, though. In this week’s podcast Belinda Wheatley, a HR business partner consulting to SMEs at Vantage Performance, says Yahoo’s CEO has done other businesses a favour. She has raised the profile of an issue that isn’t as straight forward as you might think. Beyond the question of productivity there are legal risks that need to be considered. She explains to Phil Dobbie that working from home can provide lots of HR benefits in terms of working flexibility, but it is a practice that shouldn’t be followed without a lot of thought and a clear company policy.

The government-owned State Bank of India has been around for 200 years. It’s incumbency guaranteed it a market share of around 35 percent, until the middle of the last decade when their dominance halved in the space of just two years. The turnaround was just as spectacular. By 2010 it had returned to its previous market position, despite fierce competition from new entrants. Harsh Shah, a client director at Vantage Performance, says the success was all down to O.P. Bhatt, the first chairman in the history of the bank to visit all branches. His key strength was his ability to listen to front line workers, hear their concerns and action changes to fix issues from the ground up. “We have shown the elephant can dance,” Bhatt said of the transformation in a media interview in late 2010. It’s an amazing tale that Harsh Shah explains to Phil Dobbie in this week’s Vantage Performance podcast. It’s a lesson to anyone who doubts the merits of listening to advice from the shop floor.

The global financial crisis has had a lasting effect – it’s harder now than ever to get a bank loan. In fact, in certain regions the number of approved loans has fallen from 1 in 5 of all applications down to just 1 in 15. Michael Fingland, Director & CEO of Vantage Performance, says banks are just as willing to loan money, but they need to ensure the customer presents them with the core fundamentals of a business plan. In this edition of the Vantage Performance Podcast Series he explains to Phil Dobbie what you need to present if you want to avoid being knocked back. The good news is, the time and energy preparing what the bank wants to hear will almost certainly spin off into positive operational outcomes within your business. You’ll get the money and have a much clearer idea of where you are heading.

It’s difficult to imagine that we could pick up any management practices from the horrific spate of bombings that took place in Mumbai on the 26th November 2008. Yet, true heroes emerge in the face of disaster. Amongst them, were the staff at the Taj Palace Hotel. The hotel saw six explosions. The staff were able to evacuate guests, with many returning into the building, despite the danger. It was an example of first-class training and commitment that many brands aspire to but few achieve. Harsh Shah, a client director at Vantage Performance, has experienced the customer service at the Taj Hotel Group. In this week’s Vantage Performance podcast he talks to Phil Dobbie about how the company has managed to offer an extraordinary commitment to customer service.

Vantage director Richard Dunks wrote recently on the Business Strategy Blog about how to avoid the pitfalls when appointing an interim manager. That’s all fine, but our podcast host Phil Dobbie wondered why you’d want one in the first place – after all, isn’t the idea of a manager that they have a sense of continuity within the business? Well, not so, says Richard – increasingly they’re being hired to deal with shorter term projects where a specialist skillset is needed. In this week’s podcast we look at what type of roles interim managers can fulfil and how you can go about finding them.

The CFO you have for the best of times is not necessarily the same person to carry you through tough times. It demands a very different skill set. Some CFOs will adapt, but not all. In this week’s podcast Phil Dobbie talks to Barbara Ould, a director at Vantage Performance, who suggests that when times are tough all CFOs need to step up to the plate. They’ll need to demonstrate their strengths with numbers, but equally they’ll have to demonstrate strong people management skills as work to ensure that, at every level, the company is making sensible decisions. Now is the time to ask whether you – or your CFO – will make the grade. If not, it might be time to call-in a turnaround specialist to help manage your financial affairs.

Cash flow forecasting is the Achilles heel of many businesses, particularly in the SME sector. Elizabeth Mawby, a client director at Vantage Performance, has seen many companies outlining cash flows for only a week ahead. She says, to be of any use, companies need to be looking 13 weeks ahead. Putting a cash flow forecast together is straightforward. In this edition of the Vantage Performance podcast she takes Phil Dobbie through her five step process, which looks at: Assumptions Sales income Other cash inflows Expenses Building the spreadsheet. Even if you produce a cash flow forecast regularly, it’s worth 10 minutes listening to Elizabeth’s suggestions, in case you’re missing out a vital ingredient. After all, an inaccurate forecast is next to useless.

Often the directors of a business sense there is something afoot with their business operations, but they don’t have a sense of the magnitude of the issue. In this week’s podcast, Elizabeth Mawby says that it’s often a revelation when the turnaround specialists from Vantage Performance present the financial consequences of the problems a business faces. The good news is that normally actions can be taken to remedy the problem. But it takes straight talking and, often, some tough decisions. Listen in as Elizabeth describes to Phil Dobbie the first steps taken in the turnaround process. This vital initial investigation will determine whether a business can be saved and arrive at the best options to take it forward.

If your business is going through a turnaround it is a time for complete transparency. More than ever before. In this edition of the Vantage Performance podcast, Elizabeth Mawby says that you should be brutally honest when dealing with key stakeholders. That includes creditors, debtors and employees. Elizabeth explains to Phil Dobbie that, whilst you don’t need to lay all your financial details open for inspection, you do need to convince these stakeholders that there is a plan to get the business out of trouble and that they have a part to play in the process.

This is the first of four podcasts where Vantage Performance CEO Michael Fingland takes us through the process of taking advantage of an economic downturn. In this edition he talks to Phil Dobbie about the need to be prepared. Those that aren’t prepared can easily collapse when there’s a financial downturn. Those that are ready don’t just survive, they can turn the failure of unprepared competitors to their own advantage. This podcast looks at the guiding principles you need to establish, including risk management, stress testing and cash flow forecasts. In the next edition we apply these principles to the development of a strategy for your business.

Michael Fingland, director & CEO at Vantage Performance says when a business is facing challenges there are usually one or two big changes to your strategy that are needed to get the business on the right track. This week’s podcast is the second in a series of four looking at how your business can succeed in the face of adversity. Michael talks to Phil Dobbie about the need to have a clear strategy that can be summarised easily on an A3 sheet of paper. The strategy should help you to stand out from the crowd. So how do you get to that? Listen in for some clear pointers.

This is the third of four podcasts looking at how businesses can position themselves for an uncertain economic future. Michael Fingland, CEO of Vantage Performance, says there are many tell-tale signs that we can expect testing times over the next year or so and your business needs to be prepared – either to survive or to capitalise on the opportunities presented by struggling competitors. This week Michael talks to Phil Dobbie about the need to manage your capital more effectively. He says a more efficient way of operating can add several percentage points to your profit margin, as well as freeing up capital to facilitate growth opportunities as they come along. So, what‘s involved in turning around your approach to capital management. Spend 14 minutes listening to Michael’s advice in this edition of the Vantage Performance podcast.

People are a vital part of any business. In this fourth podcast in our series looking at how to succeed in adversity we highlight the steps you need to take to ensure staff are involved in your transformation process. Michael Fingland, CEO of Vantage Performance, explains to Phil Dobbie the importance of identifying how employees can make a difference. “Don’t make it artificial” he says. You’ll only see the outcomes if you make your staff engagement genuine. One key element, he suggests, is setting up a staff consultative committee. And there are many more ideas discussed in this 12 minute podcast, so listen in.

It’s common for businesses to get so excited about landing a big deal that they gloss over the detail involved in delivering the work. They just look at the revenue, consider their margins and rejoice at the extra money they’ll be making. Then they sign the contract. A big customer will present you with a lengthy contract that has been developed over the years by top class lawyers. The early euphoria can be short-lived when, a short way down the track, you realise you have committed to a job that could send you broke. In this week’s podcast Andrew Birch, a director of Vantage Performance based in Perth, explains that you really need to spend a lot of time consuming the detail of that contract. And, he says, you should be prepared to go back to the customer and negotiate aspects of the schedule if they make the job unworkable or overly risky. Engaging lawyers on your side can push up costs at the onset, but the reward will be worth it. Especially if it saves your business.

We know there is no magic formula to running a successful business, but there are some common practises that will point you in the right direction. Most of them can be implemented straight away, it’s just a matter of accepting the need for change. In this week’s podcast Phil Dobbie talks to Michael Fingland, CEO of Vantage Performance about the 10 things he thinks every business can do to improve the way they do business. The upshot is greater employee engagement, improved productivity and a fun place to work. “If you’re not having fun, it’s not a place where people will want to work,” says Michael.

The first step in sorting out your brand positioning is realising that you need one. In this edition of the Vantage Performance Podcast Christine Moody talks through what brand positioning is, who does it well, and what you can do today as a first step towards getting yours right.

In this week’s Vantage Performance podcast Andrew Birch, a director at Vantage Performance talks to Phil Dobbie about some of the easy ways you can bring cash forward. It’s all to do with how you structure your invoicing, accept payments and follow-up. As you’ll hear, a few simple changes to the way you operate can have an immense impact on the cash flow of your business. You’ll also hear about the great European knitwear mountain. Sounds intriguing? Listen in.