Whitsundays Chamber of Commerce and Industry

Event Wrap Up: Ask An Expert Money Matters

Our recent Ask An Expert: Money Matters event delivered practical guidance across compliance, lending, insurance, superannuation, and business growth planning – providing attendees with actionable knowledge to strengthen their businesses.

The event allowed participants to interact directly with industry leaders and gain tailored advice from professionals who understand the unique challenges facing Whitsunday businesses.

The panel included:

L-R: Doug O’Connor, Fiona Erquiaga, Chamber President Allan Milostic, Gus Walsgott, Kim Jamieson, Luke Sheppard & Justin Butler

Financial Trends and Predictions

Our experts shared current trends and predictions on business money matters.

Gus highlighted several pressing trends for small business owners: stricter ATO recovery actions following periods of leniency, record levels of insolvency events, insurance challenges in the wake of natural disasters and cyber threats, insufficient business planning and taxation knowledge, and difficulties obtaining traditional bank finance. He emphasised that while alternative lending options exist, small businesses need to weigh interest rates and terms carefully.

Kim noted that technology and AI are reshaping the accounting landscape, allowing firms to deliver more strategic value, provide tailored solutions, and leverage data analytics for informed decision-making. Hybrid working arrangements are becoming more common, and firms embracing these changes will gain a competitive edge.

Doug focused on insurance trends, particularly the rising demand for cyber coverage, increasing premiums due to ESG considerations, regulatory tightening, and the challenges of insuring businesses with multiple activities. He stressed that underinsurance remains a common pitfall.

Fiona spoke to the impact of technology and AI on lending, the growth of strategic financial partnerships, and the continuing focus on affordability in property and finance. She highlighted the rising demand for SMSF loans and the importance of building strong teams of trusted advisers.

Common Mistakes & How to Avoid Them

Each expert shared the top mistakes they see businesses make and practical tips to address them:

  • Gus: Small business owners often expect their accountant or adviser to cover everything. Being proactive in providing information and seeking guidance ensures nothing is overlooked.
  • Kim: Failing to understand break-even points can undermine profitability. Knowing exactly how many products or services you need to sell to cover costs is fundamental.
  • Doug: Businesses underinsure assets or income to save on premiums, leaving them exposed to financial loss when claims arise. Regular reviews and accurate disclosure are essential.
  • Fiona: Waiting too long to seek expert advice can exacerbate financial challenges. Early engagement with advisers can prevent minor issues from escalating.

Financial Habits for Long-Term Success

The experts also shared their top financial habits that can make a tangible difference to business resilience and growth:

  1. Educate Yourself & Know Your Numbers – Understand your financials, track cash flow, monitor profit and loss, and stay accountable to your business metrics.
  2. Budgeting & Planning – Create budgets for personal and business finances, conduct regular financial health checks, and know your critical break-even point.
  3. Strategic Use of Debt & Lending – Understand, manage, and prioritise repayment of debt; review loans regularly to ensure competitive rates.
  4. Risk Management & Insurance – Conduct annual insurance reviews, disclose all business activities accurately, invest in safety, cyber security, and compliance practices.
  5. Seek Expert Advice & Build Networks – Engage accountants, financial advisers, brokers, and other professionals when needed, and collaborate with the right partners.
  6. Build Resilience – Maintain emergency buffers and contingency funds to protect against unexpected events.
  7. Value & Pricing Awareness – Understand your product/service value, avoid unsustainable underbidding, and make data-driven financial decisions.
  8. Long-Term Perspective – Take a strategic, forward-looking approach to all financial decisions, separating emotion from business choices.

Practical Takeaways for Whitsunday Businesses

Attendees walked away with a clear set of practical actions to implement in their businesses:

  • Budgeting & Planning: Regular financial check-ins, cash flow tracking, and contingency planning were universally recommended to build resilience.
  • Strategic Use of Debt & Finance: Understanding when and how to use debt strategically, reviewing lending arrangements, and ensuring sustainability of contracts.
  • Insurance & Risk Management: Accurate disclosure, regular policy reviews, and proactive investment in safety and cyber security practices are critical.
  • Technology Integration: Leveraging AI, automation, and data analytics not only improves efficiency but allows for informed strategic decisions.
  • Proactive Engagement with Experts: From accountants to insurers and financial planners, building a team of trusted advisers is essential for long-term growth.

The session reinforced the importance of forward-looking planning, ensuring that businesses not only navigate immediate challenges but are also prepared for evolving industry, regulatory, and technological landscapes.

Reflections from the Experts

The panel reflected that small businesses often face the dual challenge of operational demands and strategic planning. By adopting disciplined financial habits, engaging with advisers early, and embracing technological tools, business owners can make informed decisions that drive growth while mitigating risk.

For instance, Gus highlighted that awareness of ATO expectations and financial compliance is vital, while Fiona emphasised the role of technology in reducing manual workloads and enabling better decision-making. Doug and Kim both stressed that appropriate risk management and strategic financial planning are the foundations of sustainable business growth.

The Value of Ask An Expert

The Ask An Expert event demonstrated the value of bringing knowledge directly to the local business community. By providing a platform for open dialogue and practical guidance, the event empowered attendees to make better-informed financial, operational, and strategic decisions.

The Chamber will continue to host educational sessions and workshops, to foster a culture of learning, resilience, and sustainable growth across the region.

Participants left the session with renewed confidence, practical steps to implement immediately, and a stronger network of professional contacts to support their business journey.

The knowledge shared by Gus, Kim, Doug, Fiona, Luke, and Justin is already helping Whitsunday businesses plan smarter, manage risks effectively, and grow sustainably into the future.

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