After ten years in business, facing one challenge after another, Treasure House in rural Savaii is slowly becoming a treasure for entrepreneur and owner Taunese Purvis. Local customers visit Treasure House for watch repairs and jewellery, much of which is locally made, including the popular Polynesian design wedding rings.

Some items must be imported, such as chains, but the cost of shipping, duty and VAT is prohibitive, meaning these items are significantly more costly than the local product. For example, a large component of Treasure House’s sales are wedding rings, but imported rings cost double that of locally produced rings.

Proactively seeking to improve her business, Taunese is part of a local business association which meets regularly to help each other and, importantly, to be a platform from which to voice concerns to the government on any matters relating to the government or changes in regulations which affect business. The association is affiliated with the Samoa Chamber of Commerce and Industry, and it was through John Lemoa at the Chamber, Taunese and others in the business association came to know about Business Link Pacific and all it has to offer.

John is a Business Service Manager with BLP, and he proved to be an absolute goldmine. He had all the information these business owners needed to apply for business advisory subsidies and grants from BLP; he even came to Savaii to train members of the association on how to apply online. Taunese is only half joking when she says, “Most of us get cold feet when applying online because we’re not familiar with the technology.” John was able to offer the support they needed to persevere with their applications, and Taunese was successful in her application for a business advice subsidy.

Treasure House needed help with access to finance, a common problem for businesses dealing with commercial banks in Samoa and across the Pacific. Naturally enough, the banks need certainty that they are lending to a viable business and that they will be repaid. To satisfy the banks, the business needs a financial track record, which means proper financial bookkeeping and records, including cashflow forecasts and future financial plans.

Taunese astutely notes, “Using an advisor with a good reputation really helps with the bank when they see who their client is dealing with. For me, my advisor was Alice Leota at Leota & Niumata Chartered Accountants. The firm has an excellent reputation in Samoa, and having a trusted advisor involved increases the confidence of the bank.”

There were other advantages to using Alice Leota. “Alice was very adaptable in her dealings with me. She was willing to spend time to ensure I understood the accounting terms and processes required and that I had the skills to put her advice into day-to-day practice.” This is particularly important where staff are involved because they need to be trained in these new processes, such as keeping sales receipts, filing them, keeping the register and regular banking.

While not necessary for Taunese, Alice is bilingual and, therefore, able to communicate with banks in English as well as clearly communicate with local Samoans, many of whom have little understanding of English.

The advice from Leota & Niumata has led to a greater understanding of the business as a whole. Taunese is now completing a further application, this time for a grant from BLP to assist with increasing stock levels so Treasure House can expand.

“I encourage other business owners to get help to become familiar with accounting practices and other business areas – having these business skills can only be good for business.”

Could your business use a business advisor? Visit Business Link Pacific at businesslinkpacific.com. From there, you can assess BLP’s free online tools, such as Business Health Check (https://businesslinkpacific.com/sme/business-health-check) and Business Continuity Planner (https://businesslinkpacific.com/sme/business-continuity-planner).

These tools will help to identify areas in your business that could benefit from business advice. From there, you can connect with a local business advisor.

Search our database of BLP approved business advisors (https://businesslinkpacific.com/search) to choose one that suits your needs. BLP approved advisors can guide you to access subsidised services (https://about.businesslinkpacific.com/what-are-blps-finance-services-support/).