Businesses of Tomorrow. Application Questions and Criteria Pack. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. 2018 Businesses of Tomorrow program. Applications open at 12:01am on Friday, 9 February 2018 and close at 11:59pm on Sunday, 8 April 2018. WBC 00812 02/18
Application Criteria. BUSINESS STRENGTHS. BRIEF ELABORATION AND EXAMPLES. 1. PURPOSE. The business has a clear mission statement as to why it exists. 2. VISION. The business is able to articulate a clear and insightful aspiration for the future. 3. CUSTOMERS. The business demonstrates exceptional value to customers. 4. DIFFERENTIATION. 5. AGILITY. 6. RESILIENCE. The business demonstrates strong capabilities that gives it a competitive edge. The business demonstrates that it can be agile and effectively adapt to change. The business demonstrates that it is resilient when faced with challenges. 7. SUPPORT. The business recognises how it can benefit from professional support. Step 1: Applicant details. Gender First Name Last Name ob Title Email Address Phone Number By entering your details you agree to Westpac s Privacy Policy available at www.westpac.com.au.
Step 2: Business details. About the business. Name of business/company. Name of CEO/Managing Director/Partner. Name of founder/s. Is your founder still in the business? g Yes g No In what year was your business founded? What is your business web address? What is your primary digital/social platform? (e.g. Facebook, LinkedIn, website, Instagram.) ABN / ACN (The ABN/ACN must be current and registered a minimum of 6 months ago.) Who is your main business bank/financial institution? (this information will not be visible to anyone judging your application.) Westpac. NAB. St.George Bank. HSBC. Bank of Melbourne. Macquarie Bank. BankSA. Bankwest. CBA. Other: ANZ.
Step 2: Business details. Business Address. Street Suburb Is this the businesses headquarters?: Yes No If no, please write the location of the headquarters below: State _ Postcode _ Country Business Demographics. What industry are you in? Agriculture, Forestry & Fishing. Mining. Manufacturing. Construction. Wholesale trade. Retail trade. Electricity, gas water and waste services. Accommodation and food services. Transport, logistics, postal and warehousing. Information technology, media and telecommunications. Financial and insurance services. Public administration and safety. Education and training. Arts and recreation services. Rental, hiring and real estate services. Professional, scientific and technical services. Administrative and support services. Health care and social assistance.
Step 2: Business details. Business Demographics. Do you classify the business as a technology business/company within your industry? What is the businesses forecasted growth rate over the next five years? (Optional.) Yes No Owner structure list (please select) Sole Trader. Partnership. Company. Trust. Other. If you have been in business for less than 12 months, what is the expected turnover for the first 12 months? Figure Estimated (optional). How many employees does your business have? (Please select.) None 1 to 4 5 to 19 20 to 49 50 to 99 200+ 100 to 199 How did you hear about the 2018 Businesses of Tomorrow Program? (Please select.) What is your business annual turnover? (Please select.) $0 50K $2 5M $5 10M $50 200K $200K 2M $10 20M $100M+ $20 50M $50 100M Colleague/Peer. Email. Family/Friend. Social Media (Facebook, LinkedIn). Outdoor Media. Press (newspaper/digital). TV. Radio. Westpac website. Westpac Group. Employee. Other.
Step 2: Business details. Business Demographics. In 100 words best describe what your business does: If successful, this description may be used in any 2018 Businesses of Tomorrow winner announcement materials. Please list any previous awards your business has won in the last 5 years: (Optional: you will not be scored on this.)
Step 3: Application Questions. Purpose. The business has a clear mission statement as to why they exist. Tell us why you exist? (200 words) What is your elevator pitch to describe your business and what your business does. The businesses primary purpose. The biggest problem your business is currently solving. Why the business does what it does. Vision. The business is able to articulate a clear and insightful aspiration for the future. What are your business goals and aspirations? Where do you see your business in the future. Key growth milestones. Growth trajectory. How will your business remain competitive. What does the future hold for your business? What are the top aspirations for your business? (200 words) What is your primary business objective for the coming 5 years? (Rank the top 3.) Maximising profits. Maintaining business stability. Increasing employment. Achieving a broader social impact. Increasing employee engagement or staff wellness. Increasing growth and/or market share. Expanding overseas. Innovation in products or services. Merge / acquire new business. Sell business.
Step 3: Application Questions. Customers. The business demonstrates exceptional value to customers. Explain why your business exists and what is the biggest customer problem you are solving. How your products or services are innovative or best in class. The customer experience and service your are providing. Anticipating the needs of your customers and finding ways to solve them. Supporting customer testimonial or feedback to support your response. What is the biggest customer problem are you solving? (200 words.) Why do your customers choose to buy from your business? (Rank the top 2.) Price. Value-for-money. Convenience. Quality. Brand. Reputation. Experience. Service. Customised product. Environmental or ethical performance. Who are your businesses primary customers, in terms of where most of your revenue comes from? (Tick boxes.) Households or individuals in Australia. Households or individuals overseas. Small businesses in Australia. Small businesses overseas. Large businesses in Australia. Large businesses overseas. Government in Australia. Government overseas. Not-for-profits in Australia. Not-for-profits overseas.
Step 3: Application Questions. Differentiation. The business demonstrates strong capabilities that gives it a competitive edge. What is your competitive edge? People and culture. Technology and processes. Efficiency and productivity. Solving business problems that is innovative and differentiated. What is it about how your business operates that sets it apart from competitors? (200 words) Agility. The business demonstrates that it can be agile and effectively adapt to change. Think about how your business has adjusted to changes in the external environment. Introducing new products or services. Changing and adapting existing products or services. Applying new and emerging technologies. Making geographic changes or expansions. Mergers and acquisitions. Workforce planning and flexibility. How does your business remain agile and how do you adjust your approach in response to change? (200 words)
Step 3: Application Questions. Agility (cont.) Which of the following do you believe would pose the biggest challenge for your business over the next five years? (Select one.) Competition from other businesses. Accessing capital. Hiring and retaining staff with the right skills. Maintaining or improving organisational culture. Processes and procedures inside the business. Changing customer demands. Technology. Growth of Asia. Regulatory changes. Prices of key inputs (cost of production). Resilience. The business demonstrates that it is resilient when faced with challenges. What challenges does your business currently face, and how are you approaching the future. Changes in customer/supplier/employee. Industry disruption or change. Competitor disruption. Technology change. Regulatory change. Tell us about your biggest challenge to date, the challenges your business may face in the future and how you re planning for it? (200 words.)
Step 3: Application Questions. Support. The business recognises how it can benefit from professional support. Think about describing how professional support, a global study tour and access to a business mentor could help your business. 20 Businesses of Tomorrow will be selected to receive Major Prizes such as: Access to a dedicated business mentor. A global study tour to expand networks $50,000 of tailored Professional support. and industry insights. How could any of these components help your business achieve it s goals? (200 words.) Free question. Is there any other information that you would like us to consider as part of your application? (Optional. 200 words.) PLEASE PROVIDE YOUR BUSINESS LOGO. Optional. this will only be used if you are recognised as a 2018 Westpac Business of Tomorrow.