ARE RACEHORSE TRAINERS NEGLECTING THE ADMINISTRATION SIDE OF THEIR BUSINESS??
March 29, 2016
After spending the last six months talking to trainers from all over the country we are finding an alarming trend in the neglecting of stable administration.
We are continuing to hear that trainers are finding this side of their business harder and harder to manage on a regular basis. With the workload of trainers ever increasing, this crucial part of any business is being left behind and creating huge paper trails.
How many stables across the country are complying with national work practices? Correct payment of staff? GST? Super? The list goes on.
“Non-paying horse owners cripple Victorian trainers with debt” was an article that was published back in 2013; it has surfaced again in recent weeks on social media with numerous trainers still talking about how nothing has changed. In this article the ATA & TROA advised trainers that they would be pitching to RVL that owners would be forced to provide trainers & RVL with their credit card details. The big question, how many owners would disagree with this? Would the big owners of this game be happy to supply these organisations with these personal details?
So what is the solution? Well welcome Trainer Connections to the table, a model that was set up to provide trainers guaranteed monthly training fees paid and relieving trainers of debt collection. Money is collected from the owners by ‘TC’ who then hold the money in a trust account, the trainer sends ‘TC’ an invoice for 100% of the training costs for each horse. The invoice is then paid in full within five business days.
With their set monthly training fees, this provides cover in case of a non-payment or unexpected fees. Owners then receive a six monthly financial statement for their account and any amount they have over one months training fee is offered as a refund. Who would have thought owners would be receiving refunds?!?
Not only do they offer this but they also hold a syndication license to help trainers who buy horses at sales be able to take the horse to the market place, for FREE.
Now Trainer Connections are expanding in the direction of helping stables fix up their administration and get back on track, from payroll, BAS statements, invoicing, accounts payable, OH&S, and marketing. This is truly a one stop shop for trainers and the word is finally starting to get out.
We spoke to Trainer Connections about this issue: “We have found it hard to get trainers to listen to what we have to offer, although we are seeing a growing trend in young trainers who want to start their business off on the right note. We have had one bad debt in two years and that person was quickly removed from the horse. Our trainers who are under the model love the system, love receiving invoices fully paid and on time. This was designed to help trainers and take them to the market place, not us. We are happy to sit down and talk to any trainer who may be struggling because we know after transferring to our system they will be back on their feet in no time. Cash flow is king in any business, racing shouldn’t be any different”.
For more information:
Ph: 1300 21 21 11