BDO Samoa: Using the BLP Subsidy to help growing businesses flourish
“Working with all these different clients, takes us to new and exciting places, including meeting people who have such innovative ideas and it’s so inspiring for us to see the entrepreneurial skills in Samoan people, we’re really proud of that. They’ve trusted us to build their financial records into something that is more meaningful to them.”
– Hanalei Betham, Partner, BDO Samoa
In amongst the growing pool of business advisors that Business Link Pacific have collected since establishing the programme in Samoa at the beginning of 2019, is BDO Samoa.
Part of an extensive global network of accounting firms, BDO Samoa is one of the oldest and most well established accounting firms in Samoa, offering a plethora of financial services for growing businesses. This week we spoke to Hanalei Betham, one of three Partners at BDO Samoa about what the firm has to offer growing businesses in Samoa and their ethos as business advisors.
In 1981 in Samoa, Betham & Co. was established by it’s three founding partners, Oloipola Terrence Betham, Tuilaepa Sailele Malielegaoi and Joe Stanley, who recognised the need for a dynamic and customer oriented accounting service provider for the Samoan market. In January 2017, Betham & Co. Chartered Accountants joined the BDO Global network. BDO Samoa has built a solid reputation as an ethical and reliable business advisory service provider.
BDO Samoa specialises in accounting & financial management, audit and assurance, tax, outsourcing, export and market linkages, financing and loan facilitation, information technology systems, recruitment and HR systems, strategic and business planning. These services can be used by growing small-medium sized businesses through the BLP Subsidy, which enables business owners to access quality business advice at a cost-effective rate. As Hanalei explains:
“Some people here are running their businesses using gut instinct, but more recently I think the BLP Subsidy has helped them realise that if they get onto that service and get the information, they can then have great software like Xero that captures key business information. Plus they’ve got a great advisor that can advise them on what their numbers mean and on forecasting and business planning.”
“The key is to always seek a professional, no matter whether your business is small or big you should always seek advice.”
While the BLP programme is still relatively new in Samoa, Hanalei shares that Xero accounting workshops held earlier in the year, combined with savvy promotion of the BLP programme by BLP in-country representative, John Lemoa, has greatly increased awareness of BLP’s services, in particular the Subsidy.
“Most of them are applying for the BLP subsidy so they can access the Xero subscription, which has been a big help to attract small and medium sized enterprises to actually seek external advice from an external firm such as us. We’re really grateful to be able to offer the Subsidy as a means for growing businesses to access cloud accounting software and further financial advice, otherwise these businesses are usually just ‘winging it’.”’
Through the BLP programme, BDO Samoa have engaged 13 different growing businesses this year, from a variety of industries including; Pure Pacific Water, Vaiala Beach School, Aga Reef Resort & Spa Ltd, Arilei Couture, Apia Broadcasting Ltd (TV3) and Kuki Co. Ltd.
A highlight for Hanalei was assisting Kuki Co. Ltd, a growing business producing and retailing balms, powders, soaps and skincare products, all organic and derived from indigenous botanical ingredients only found in Samoa. The business owner was highly appreciative of the new knowledge she’d gained and being able to understand the numbers behind her business to a greater degree, so much so that she sought further assistance for her second growing business, Ree’s Hireage Samoa.
In Hanalei’s experience, small-medium sized businesses are often unaware of the value of business advice, believing that quality financial advice and support from a firm like BDO Samoa is well out of their price range and therefore not worth pursuing.
“The BLP Subsidy, that’s the way in the door, and it’s changed their minds about getting business advice.”
When asked about the specific outcomes the BDO Samoa team are aiming for when assisting growing businesses, Hanalei shares that it ideally starts with implementing an effective piece of accounting software, like Xero, which then helps them to produce cash flow forecasting reports and start formulating a strategic business plan if they don’t already have one. Business owners are trained in how to use Xero to the point where they are competent to drive it on their own, if they wish.
“We want to be a partner with our clients, not be someone who is there to just help them comply with the requirements. Ideally we want to get to that level where we are actually their friend, helping them grow their business each step of the way, feeding them constantly with information about HOW their business is growing or not growing, and guiding them in the right direction.”
If you’re interested in gaining cost-effective access to quality financial advice like the type that BDO Samoa offers, but are not sure where to start, take the free online Business Health Check. The Business Health Check has a section that specifically addresses finance and accounting for growing businesses, and will help you identify where there are gaps in your business that could benefit from business advice.
Alternatively, to arrange a face-to-face consultation with our BLP In-Country representative in Samoa, John Lemoa, email [email protected]
You can also connect with BDO Samoa via the BLP Portal.