Introducing Julie Elliot Ambassador of Business in Heels
Hi. Thanks in here from business in heels and I'm so, excited tonight, to be back on Facebook, live chatting to you all happy. New Year to you and, I'm introducing. Julie, Elias who is our newest ambassador, to business in heels and I'm really, delighted Julie. And I met last year and I was just so impressed by her passion, about, helping. Women with finance. And, Julie. Has got the most interesting. And diverse background. So we're going to spend a little bit of time teasing. That out so welcome. Julie, bye Lisa and happy 2018, to everyone I just know, it's going to be an amazing, amazing, year, full of wonderful things for us all yes. So very exciting. So Julie. You have the most unique background, even you cover off accounting. Banking. And financial, planning, and. You've. Done all these amazing things so you're in this unique position to, give people information. And, advice about, finances. Tell us a little bit of your background how did you come to have a really. Diverse career. Lisa. And this is a something. Else I am really passionate about because I think it's a great lesson for, women. And I've, learned over the time it's. Really important, our, role as female leaders to be. Trailblazers. Trailblazers. And role models for others um but. Yes I think the lesson I learned early on was. Really. A year. For Apple, say. Yes and have a go which. Is what our male counterparts do. But yo all the research, does female, do females, do that a lot less. So. One, one example is. You. Know I was working for the National Australia Bank in Melbourne, and. I've. Been approached, to join, the board of the Metropolitan, Fire Brigade, and, initially. When I got. That cuz I'm I'm a banker. An accountant, I thought well what do I know about buyers. And finding. Buyers or you, know what value can I bring I mean, I thought no no, you, know say. Yes and have a go and then I got asked to be the, chair and, the. Same thing it was well. You know who am I to chair this organization. And I'd said to myself no stop stop, the, voice. Others. Have seen something, in you that they believe you can do it so why should you doubt yourself more. Than a jockey so seeing, yourself, what others are obviously, seeing. Because. If, you're enough enough they wouldn't be asking you to do it so, and. And look, initially yeah, it's really scary, and you take a deep breath and, you. Know you dive. In the deep end, and yeah. Then you come up and dog-paddle and then you ultimately swimmin, and that's okay I think. Sometimes, too we compare ourselves to people at the end of their career, yeah. We don't remember what they were like at the, beginning as well and it's a journey for us all. Yes. And I think you clearly were very brave, to. Do it but, you muscled it so much I know. Absolutely and, particularly, being such, but. You're a 200, year old organization with. 2,000, males, working, in it and. Yeah. I thought very deeply about, my first day in the role and I did a number of things that that were quite ceremonial. Yeah. I was, a bit fortunate, and I will say I didn't, start the fire, um but, I might Ruth play in the chair and there, was a very big fire out towards, the appointed, Melbourne. In. A in a factory, and so. They asked, me because I spent the whole day in the business and and they asked me if I would I wanted, to go out and attend, the fire and I said yes, no I will I will go, and.
I Donned gum boots and I, lost. Around in the modern, thinking, I started, to earn people's, respect. And. Then I visited, the you know they're, very into their history so I visited the historic. Museum. And. Spoke to the volunteers, that were fair who were retired firefighters. And I also went out and and met with both the Union on their own territory. And. You, know the diner firefighters, unions are very tough. Tough. Negotiator. So. I did, those things quite, quite, deliberately so I thought deeply, about that and that was all quite. Calculated. And deliberate, and then, I just worked away over the two years but you know what meant the most to, me was at my farewell, on all these fourth and fifth generation firefighters. Asked. To come and, one. Of them got up to speak and he said Gurley. We. Won't store about you at first and I wasn't offended by that, was the term of endearment but babies are girly we, weren't sure about you at first but you're the real deal and you've made a difference and thank, you and, Lisa. Like, that meant no more. To me than than. Anything else, that could have happened and. I think fulfill are not you're not just for me but for females generally. The. Fact that, the. Firebird is on when I was supposed to point I'm sure they all thought you know the fire brigade as we know it's just going to end. But. The fact that it actually survived, and flourished and, then they felt so strongly about it that they said that when I left with, meant. Toward. To me than anything else and, I think you know what you're demonstrating, here, is just a great example of why, females. Can bring so much good. Being. Chairs. And CEOs and a different, perspective it's. Not about trying, to be a guy. It's, about, this cream to it your qualities, the, best, absolutely. Being the best as you say the best of who you are and, I always try, to be. You know real and authentic and, you know quite quite, down to earth. In. Fact I have been criticized, at times of being too hard. Personally. I don't think you can be too humble, but um that's, that's, who, I am and I will be the best me, I can be but I've got to be me because there's only one of me exactly. And you're unique so. Tell. Us you. Know how you came, to be the CEO of Bang signe and then. You know a little bit about you know what you like to do and help women around, finance, because it's a messy problem and I get you, know just to call out to anybody who's, online and watching us if you've got any questions of, jewelry feel free put them in the comments, and we'll, try and bring them up as we go they, are not absolutely, happy to answer anyone's a question. So. Bank. Of Sydney is a small, bank. Operating, in Sydney Melbourne and Adelaide. Got. 200. Employees and. About 3, billion dollars, on balance, sheet and. Initially. Started. Colours. Well. There's, a problem with working in banking and I did learn this early on with my own personal checkbook with, you, do with numbers, on a daily basis, with so many zeroes after it it's very, easy to lose. Perspective of. Your own of your own finances, so your voids got to keep that in balance and it, yeah it does right good, point it does roll off the tongue but um, so. We just started, life in Australia 20, odd years ago initially, is a great Bank called, Leakey thing and then. Due. To the problem economic, problems we all know about in Greece it. Old. And got bought by the, bank of Beirut, which is one of the largest banks in Lebanon. So. We had a Greek and a Lebanese, customer, base so if you've got a Greek in Lebanese customer. Base you would have find, an Australian, female to. Run. But. I, came, in as the fourth. CEO, of the bank be the only female witness, er long ii only sadly, he's only the second woman in Australia to, to run a bank. The. Bank girl Kelly ran my, former employer Westpac was a little bit bigger but. It. Takes all types of, businesses, to make a work around and, and, they. Were looking, for a new CEO and they wanted something, a bit different and the, headhunter, found me and. Again. I said well, you, know I will I will give it a go of it in a very different, marketplace. Luckily. Jim. Do to my life growing up in the western suburbs of Sydney I had, a lot to do with both the Greek and Lebanese communities, so, they were quite familiar to me I've. Got very comfortable, in home in, that space and I'm very respectful of cultures, as well. But, oh it was a massive learning journey because you know I had to deal I had to learn how, to be respectful of you, know the Islamic, faith and, you.
Know Christians, and orthodoxy. And. The. Middle East is a real real. Melting pot and I visited live on three occasions which. Was just an. Amazing, experience as, well but. The bank grew from from, strength to strength. The. First month I was there we made about a hundred and fifty thousand, dollars profit after tax and the, last month I left after three years we built it - we've, made a million dollars after tax, in a month Wow. Oh congratulations. So, I think with anything it's about just chipping away and, you, know with any business it's about you, know having a focus, sticking, out at taking act action. Strategies. Only 20%. Actions. 80. Percent. Sticking. To it and. Just. Know and sometimes it's, actually, when. The results aren't coming as as quickly as you'd like them to be the. Harder. Decision, is actually to hold, the line and hold the path and not. Revert. It off on to other things you know. That what you're doing is the right thing and, it's, just some. Things no matter how much we want to just take time. Yeah. So, Julie, we were, talking, earlier I mean there's a lot, of statistics. At the moment around women in business being the fastest, growth area women, in business struggling, to be successful. Women. Not. Getting loans from banks. Women struggling with finance so I know you are. Really passionate about making, a difference in this space so what what, are some of the tips you'd like to give to our, women in business, just to to, think about so. I think so, I think, definitely. You. Know I. Talked. About don't, be afraid of the f-word if being finance, and. I know. So, many women who, are really. You. Know so, passionate, about their businesses, and what they do but you mentioned. Finance. Whether it's you know the accounts. Or. The cash flow the business and. Their eyes just glaze. Over and you. Don't have to fully understand, it but engage.
With It don't just glaze, over engage. With the, finances. Because. It's a fundamental, part of the business finance isn't, one thing in the business. Anything. Else they're. Actually all part of the whole and the finances. Of the business have to, be. Part of that foundation, for a strong business, and we all know if we don't build, a house on a strong foundation it's. Not a strong house, so. Don't be afraid of your finances, don't be afraid of your partnership, with your bank and you should see your, accountant, your planner if you have one and your banker, all, is part of your your, team and your resources, I'm, so engaged with them as partners, and. Don't, be afraid to be open and honest and transparent with, them and if. You're struggling. No. One ever likes to be in that situation or, or, to admit that, but. Better. To go along and self concurs oh no you have a problem they'll be able to see it from what, what, they can see and what's happening, but, far better and you're going to get a far better outcome, if you go along and talk with them and say, hey look this is what I'm experiencing. How. Can, we work together to help me just over this hump because that's all I need, then. To be you know get the dreaded call from the bank manager, hey look you know I, we've. Got problems can you come in and. Can. We talk about this because then you're immediately on, the back foot and I'm. There on the front foot so you'll, really develop those partnerships, and. And. Work at it yeah. Engage. Engage, engage. Yeah. I think that's a really good point and not you. Know this is you talking about relationships. With people and. Having. Relationships if you ever you're like so pick, those people, carefully, because again, you. Know if the trust relationship when, you're talking to a financial planner or to your accountant do you want to have somebody that you you. Really like and trust and. My, answer is always. Go. And ask your friends go and ask other people in business that you deal with and, get three. Names and then, go and meet with them. And. Then your. Eyes I do believe, you. Know obviously, knowledge, is really important, but you'll never underestimate. The power of you've got if, your, guts telling you something, it's generally, for a, good reason. So. Even, though you might not understand, all the technical side, of what they're talking about if they're talking to technically, and talking down to you they're probably not right for you anyway firstly. But. Looking Li you know if your guts telling you, you, know this. Person gets me they get what, I'm trying to. Achieve I've, got a good feeling about this. And you've, had a personal recommendation for. Them it's, probably the right person, for you hmm. That's, great advice Julie, um there's, also quite a lot of options aren't there beyond banks now for people to think about oh you're, not absolutely, absolutely, and on you, know cash flow is is king so. Particularly. In, the early, state well at all stages of a business but particularly, in the early stages you, know, cash flow is actually even more important. Than profitability. But. There's lots of different options out there for cash. Flow solutions. That aren't exorbitant, ly expensive. That. You don't have to pledge your house for so. Just be, open explore. Other opportunities and. And be open to them as well, and increasingly. You're. With peer-to-peer lending. And things happening, in the, financial. Services. Space it's becoming, lots. Of new entrants lots of new products, so it's changing. All, the time I mean even your. Existing, products your over time banks update their products they eliminate, fees they bring out new products, so, it never hurts every couple of years to, just, test the market, with what what you're doing.
As. Well, to make sure that the products you've got suits you bears their most current, you, know the fees are the best that you can get in a marketplace. Because. You're particularly for small, and growing businesses when. You want to keep investing, back. In the business to allow it to grow, attention. To some of those things is important. Oh absolutely. And, quite often you know somebody. Might be getting. A contract to export, and that would require a lot of capital and so you, know there are solutions, it, could be the. Government, organization. There's, lots of different cash flow in it and we've also got our our. Hot one that people can check out as well but, you just know that what. You grew, up with traditionally. Is, not the limit of what's available today, absolutely and you know you mentioned trade is something like trade there's lots of options, around trade finance, as well which will not only, be. A good cashflow funding, option for you where you're dealing with trade. Those. People, that specialize in those areas, are, very um. Across. The documentation. And and the risks, select, of you manage not as, your cash flow but a lot of the risks, associated. With, that as well. And. Make. Sure that you the goods you either get the goods or you get the money. Ritt risk is really important, to to manage your business. Not. Very not, very sexy but. Risk. Is really important, it is the difference between when you stay in business maybe you over don't so yeah, and look it doesn't need to be you. Don't need the same risk, assessments. For a small business that you need for, you, know a large bank or whatever yeah. I've been really believed risk has got to be fit for purpose but it's something that you're part of thought. About you thought well how. Do I minimize this because I really can't afford if. This, if, this transaction, went wrong. Could. Many. End of my business. So. What enough to, cover it yeah. Exactly so Julie, if you had to sum up like three capes that you would want to pass on to other women what would they be, so. Engage. In, your finances, yep. Say. Yes and have a go, and. Relationships. Relationships relationships, and. That's something that we're supreme, at so that's, something we should be exceptionally, good at, yeah. Except, quite often in business women, think, it's different to the rest of our relationship so you know, it's. Not just bring those same skills you take to you. Front your friends your family relationships, it's the same skills just applied in a different way yeah. Fantastic. You, know Julie we are so delighted to have you onboard as an ambassador if. Anyone's, got any of those amazing, questions, and you just have felt. That you're not quite short to ask are you feeling a little intimidated to, ask please. Feel free to contact Julie, she's the, loveliest person. To chat to and I'm sure you've all got a great sense of that now are there gearing is safe. You. Know don't, sit there not knowing because you know this could be really important, to you so thank, you so much for coming on board. We. Will we, will be talking in there not feature, about the new payments, platform of how to come into Australia what, that means, so they. Achieve it and if there are other burning financial, questions that you have you know at them onto this video. And we'll come back and answer them publicly, so that would be great so, thank you for being very. Excited to be on board and look forward to making. A difference with everyone in 2018. Yes, likewise. All. Right thank you. You.