New dawn for Daybreak Equipment
This section is dedicated to our business customers and their Business Banking Managers – working together to help create the business you want. The stories are informative and inspirational as they highlight what you've been able to achieve with the assistance of your Business Banking Manager.
In this issue we report on Daybreak Equipment, a successful manufacturer of farming equipment based near Dalby in Southern Queensland.
Daybreak equipment has been enjoying remarkable success by winning or being a finalist in a swag of export, manufacturing and employer awards over the years. These nods have ranged from the Queensland Training Awards to the Small to Medium Manufacturer Awards and the Emerging Exporter Awards over 2003 to 2004.
Despite having more orders than they could fill, Daybreak Equipment's short term cashflow was hampered by the lag time between producing a piece of equipment worth several hundred thousand dollars, and collecting payment from the purchaser, often farmers with their own cashflow problems.
Owners Ross and Denise Milne bemoaned that their previous banker had not set foot on their property for more than five years. Their accountant refered them to Peter Brown, Business Banking Manager at NAB's Dalby Business Banking Centre.
"Daybreak Equipment has a good name in the industry and is an integral part of the rural economy," says Brown. "We sat down with Ross and Denise and thoroughly examined their business.
"In just a couple of meetings we were able to identify problem areas and opportunities for growth. By fully understanding the nature of the business and their expansion plans, NAB was able to tailor a solution, including a complete refinancing package to meet their individual needs."
Working in partnership
Ross Milne says that he has always relied heavily on his banking partner for financial advice.
"We've made the transition from farmers to engineers during the past 18 years," he says. "We manage a business, employ staff and wear all of the hats that our enterprise entails. But you can't be an expert in everything, which is why our previous bank's inflexibility and lack of support was so frustrating.
"The financial advice, flexibility, business support, and personal contact being offered by NAB is critical for our continued growth."
Although 2005 was a tough year – and Milne concedes no awards were won – the team at Daybreak is optimistic about the future. "This year, we've just started to train a new team and winning awards is also such a great morale booster, as well as being invaluable for the export market."
Everyone is hoping for a speedy return to the company's ‘glory days', including the NAB's Peter Brown, who is, needless to say, a regular visitor at Daybreak Equipment.