We say it’s very important, but let’s set the scene at Wirib Store and Tourism Park to understand how much.
Two years ago, Wirib was in financial trouble. The Tourism Park was run down and missing its share of the tourism market because competitors were offering a better service, and the Wirib Store was performing badly because locals chose to shop in Katherine or Kununurra.
Asset owners Gunamu Aboriginal Corporation (GAC) and Wirib Aboriginal Corporation (WAC) couldn’t put profits back into community, and the benefit of owning their asset were few and far between. Local employment was low and public buy-in was virtually non-existent.
In 2019 AIG was employed by GAC and WAC to support with finance, governance, business development and grant writing services.
Last week was the AGM for the 2020-21 financial year and the biggest news was that Wirib Store and Tourism Park is now profitable. In two years, AIG, GAC and WAC have achieved a $200,000 turnaround, and is surpassing budgeted levels in the first quarter of the new financial year (in a COVID climate no less).
How did we turn it around?
Four key areas were focussed on to achieve our impressive results:
- Governance training
- Bookkeeping and finances
- Communication
- Grant writing
Offering cheaper prices in the store and working closely with GAC and WAC to reduce the prices of popular essentials through our Mob’s Choice range has slowly but surely improved trust and changed shopping culture in Timber Creek. More people now shop in the store.
Informed decisions around business design can’t be made without accurate financial data. Our bookkeeping and financial management services have supplied data that facilitates realistic goal setting and highlights where more work is needed.
Open communication with asset owners WAC and GAC has been a welcome change in the way this asset is managed. WAC and GAC provide clear direction on how they want their asset run, and we implement it. They are in charge, and our open communication means they know what is going on with their asset at any given time. This has built trust and understanding between all the players involved which has been vital for positive change.
By mid-2022 $1.5 million will be spent on upgrades to the park which will include a licenced café. Through our grant writing services, AIG was able to secure money which will transform the park into a strong player in the Victoria River region tourism market.
Self-determination is our goal
Wirib Store and Tourism Park is an complex business requiring skilled and confident operators to keep it in the black. The midterm plan between AIG, GAC and WAC is to ensure the strength of their boards through succession planning. Recruiting, mentoring, and training the next generation of board members is the goal for all parties moving forward.
AIG will continue working with WAC and GAC to improve the performance of their asset which will inject more money into the community and ultimately improve the health, lives, and wellbeing of the Timber Creek community.
For more information about our business support services, check out our webpage https://www.aiggroup.org.au/business-support-services/ or give us a ring on (08) 8922 2666
