Businest Pty Ltd.
Management team - Rhondalynn Korolak, Suzanne Camille
(Rhondaynn is the founder - I am a lawyer, chartered accountant, business coach, author, keynote speaker, and app developer. I immigrated to Australia by myself 13 years ago to start a new life after my mother was murdered in a domestic violence incident and I testified against the persons convicted. The path to tech entrepreneurship was not an easy one as I struggled to find financial backing for my idea. Most told me that I was too old, didn't have enough tech experience and the fact that I was pregnant with my first child when I started the venture did not help matters either. Needless to say, I am not that easily deterred.
Tech team - Rebecca Skinner (lead), Ildiko Tuck (Ux), Jacinta Kay (UI), Justin Ward
Dashboards and KPIs diagnose financial pain. Businest® fixes it.
We take a complete financial history from your accounting software package and use artificial intelligence to identify the 2-3 strategies you need to implement to fix problems plus grow profitably and safely. We provide step-by-step instructions on HOW to do it (across sales, marketing, finance, operations, systems and leadership) via video training, webinars, articles, templates and checklists. Think of us as a mini-MBA in business but we are specific to your numbers, your industry, and your challenges and opportunities. We are the first online tool to disrupt the business coaching industry globally and the only one that provides coaching specific to the financial pain, challenges and opportunities of each client.
Our solution impacts 1.9m Australian SMEs - we also have customers in Canada, UK, US, India, Singapore etc.
Bootstrapping necessitates a strong ROI on everything. Our competitors advertise heavily to the accounting/bookkeeping channel. Their approach is to SELL via accountants/bookkeepers (but everyone acknowledges that they are terrible salespeople). This explains why global penetration for business intelligence apps is < 10%.
Our competitors charge advisors, we don't. The SMEs pay each month. This allows advisors to earn passive income as SMEs use businest®. We offer the highest commission structure in the ecosystem. Free to advisors strategy brings us lots of data which can be used to create valuable benchmarks.
Last year female-led enterprises received only 4.2% of investment capital. One Harvard study found that when men and women pitched the same idea, investors were 60% more likely to invest in the man. The biggest resistance faced was funding. We bootstrapped.
Roughly 40 global competitors - 97.5% led by white, male, middle aged accountants and it shows - the apps are designed for accountants (not laypersons ) and they don't solve the problem.
We lead with diversity (bringing different/equally valuable perspectives to bear) - our solution CURES the cash flow problem (instead of merely diagnosing it) and is scalable globally.
We use neuroscience- pictures, storytelling, and emotion to teach SMEs HOW to make more money. It is so simple ,a 6 year old could use it.
Oct 2016 - Businest® named in the Top 10 small business apps globally, Intuit QuickBooks (San Jose)
Nov 2016 - Businest® awarded the App You SHOULD be Using at Accountex (Las Vegas) - beating out 100+ other new apps globally (plus we were the only female-led team). Accountex is the largest and most prestigious, software agnostic conference in the accounting industry.
Businest® is the first solution in the world to use artificial intelligence to deliver business coaching and insights based on an SMEs specific financial information. As a result, the founder was identified as a global thought leader and given the opportunity to write for Accountex and present a keynotes at global conferences.
Love Your Numbers
Leanne has 25 years’ experience as a bookkeeper and teaching small business management, development of training and manuals for MYOB and 10 years working with the Business Enterprise Centre (BEC) Network of New South Wales in Lithgow and Bathurst.
Sales Manager MYOB
Simon works with accountants/bookkeepers who are under pressure to move from compliance to advisory. He sees them under enormous pressure from various apps to try, review and sell their product (700+ apps exist in the global ecosystem). The thing they lack most is a clear roadmap/direction for using all of this technology to step into the role of "trusted advisor". Research shows that only 9% of SMEs turn to their bookkeeper/accountant for advice. 40% rely on no one to help them.
Churn < 0.2%. 80% of accounts have data that is 0-60 days current (i.e. updated regularly).
We have a female management team and a 75% female tech team. The industry average is only 12% for women in tech roles. I am very deliberate in my quest to maintain (at a minimum) a 50/50 split for men and women in all roles (management and tech) as we grow and move forward. If we want to see more women in tech then it is incumbent upon me to actually lead by example. No point sitting back and waiting for the men to do it. History has shown that they will not. I choose to BE the change that I want to see in the tech industry so I won’t accept anything less than 50%. And as we grow, I fully understand that this may mean that we have to train or invest in more women in order to keep our quotas met. I accept that challenge.