Low cost marketing

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What’s marketing a business all about?
There’s no doubt about it, marketing is a popular buzzword for people in business. As a business owner you know you should be doing it, but do you really understand what marketing is? And importantly, how can you go about it without it costing you a fortune?

Here’s some advice to get you thinking. Once you’ve worked out your customer needs and wants you can be very, very specific and very targeted about what your marketing is.
This is where I tell people to think there are three phases to marketing – review, analysis and planning.

*Can you tell me more about the review phase? *
This is the most important phase. This is where you have to look at yourself, if you are the owner or the person running the business. In most cases the onus for running and marketing that business comes back to you. What skills do you have?
What are you really good at? What are you not so good at?
Then you have to look at the business itself. You’ve got to do a SWOT analysis on you and your business.

What’s a SWOT?
You can do a SWOT (strengths, weaknesses, opportunities, threats) where you look at your business system, your client base and your competitors. Think about all the aspects of your business.

OK, so that’s the review phase, what’s the next phase?
The Analysis Phase is the most complicated part. Here, you gather all the information found during the review, put it up on flip charts or post it notes, stick it around the room and start to ask:
o Where is the business going?
o Who are the target markets?
o Which are the most profitable, easiest to get and most desirable markets? Once you’ve done that, you can say,
o These are my targets.
o What sort of product development do I need to do?
o What sort of marketing should I be doing?

So you start to analyse where the business growth is going to come from.

So what’s involved in the planning phase?
That’s the ‘do-it’ phase. Here you need to look at putting financial goals on each of your marketing strategies. You may have three or four target market segments you’re going after. You may say: “Ok I want five new clients from this market segment who’ll average about $10,000 each. That may mean we have $50,000 to bring in from that area.”
Next you work out the strategies of what we’re actually going to do.
So the planning process is the fun part, actually going out there and doing it. It’s things such as deciding to take an ad. A lot of people decide to take an ad at the start of the process but they’re not really sure who they’re targeting. You can save money when you start to be very focused on your target market and what business you want.

I don’t have much money to spend so do you have any tips?
Most businesses don’t have unlimited resources (time, money and energy) to spend on marketing. Brand new businesses have heaps of time and energy but very little money. More established businesses probably have more money but time and energy is more limited.
Experts say you should put a market boundary or artificial boundary around your business to show where you’re going to spend the majority of your time, energy and money.

Those boundaries can be:
o a geographical area
o an industrial boundary
o an age boundary
o a sex boundary
o an attitudinal boundary.

For example, if you’re selling a product to an environmentally aware group, you might have an environmentally aware boundary. It’s a way of making sure you get the most out of your marketing time, money and energy.

A lot of businesses tend to think they must be all things to all people. Focus on specific market segments or specific groups of clients and then target marketing specifically to them. Most businesses have one message, put it out to everybody and then leave it to the client to work out what’s in it for them. If you have target market segments with three or four types of clients you’re after you’d then tailor each of your marketing messages and each of your marketing strategies to suit those particular clients. That works better for small business operators than this “oh yes I must have all the business.”
Most of us have some clients we like better than others. Wouldn’t it be nice to have more of those and less of the ones you don’t like.

Is marketing a business expensive?
Not if you work out your customers needs and wants. Look at tight market segments and think of what you can do differently to attract a large number of the people in this group. Focus your advertising and marketing to your target market and you can save money.
Effective marketing should put financial goals on each marketing strategy.
Marketing overkill will happen if you don’t tailor your strategies to suit your specific target market. You’re wasting time and money on marketing to someone who isn’t specifically suited to your product.
Use marketing boundaries to decide how to divide your resources. This is an effective way to monitor and make sure you get the best out of your marketing money, time and energy.

If you’re needing help and want to hire a marketing agency, I’ve worked with Chatterbox Marketing Agency in Melbourne and they are great people that get results through a targeted and strategic approach.

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Building a business on repeat customers

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Sometimes business owners focus far too much on attracting new business, when often the easiest customer to attract is someone who has already been a customer. If you have a quality product or service and can incentivise repeat business strategically then attracting business becomes a lot easier.

This week we’re talking to Sandra Gray from Sand Dunes Resort on the Sunshine Coast, Sandra has been running Sand Dunes Resort for over 10 years now and has built a strong business based mostly off repeat customers. Every year her resort is packed full and the large majority of them are customers who return each and every year for their holiday.

This makes her marketing efforts so much easier… after all, attracting new business can be hard in a competitive landscape.

Sandra has implemented a great rewards program rewarding people who come back time and time again to stay at the resort, giving them healthy discounts when they return for another stay. This coupled with a great resort, awesome beachfront location and amazing staff makes the customers not even think twice about their next holiday accommodation, they’re going straight back to Sand Dunes.

This is possible with a lot of businesses and far too often I see businesses spending big money and lots of time trying to attract new business when they have a huge database of customers who have previously experienced their product/service who would be easy to get them to come back for more with the right offer.

Think about this next time you’re trying to attract new business and you’re getting out your wallet to do so…

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Changing your revenue model to be more passive

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There are a lot of businesses who charge an hourly rate for a service, working this way will enable you to make money and sometimes very good money as professionals charge quite high hourly rates, but at the end of the day you’re still exchanging time for money.

There’s an old saying, you’re never going to be rich until you can make money in your sleep, and it’s very true. Sure you might earn a lot charging an hourly rate and if you’re smart with your money you might become wealthy, or affluent, but never rich.

In order to make a lot of money you will have to work a lot of hours, losing work life balance, increasing stress and lowering your quality of life. So I want to talk to you today about a client I’m working with in order to help him stop exchanging time for money and instead working on creating more passive income streams.

Danny Kennedy is a personal trainer in Melbourne, for a long time he’s trained clients out of Albert Park and gotten them amazing results. He’s very good at what he does and works with some pretty high profile athletes.

But as a local personal trainer he is only ever exchanging time for money and he has to be present in order to train his clients. So what we’re doing is helping him create an online presence so that he can have a global exposure and create products where his time is not necessary. Products where the time is invested in creating the product but after that it doesn’t really matter whether we sell 1 or 1,000 it won’t require any extra time on his behalf. We’re also working on developing online personal training programs so that he can reach a larger audience and sell lower cost programs to more people that requires less of his time, enabling him to train more clients at once.

In order to do this Danny has set up a blog and is working on building his audience and his profile online. He’s doing this through creating in depth content resources aimed at helping people make changes in their life and teaching them about his philosophies. This increases his audience and exposure, impressing them enough to sign up to his mailing list where he can then provide more value and continue to promote his different products.

So far he has created some amazing content around how to lose weight, how to build muscle, DUP training, carb cycling and how to lose weight and drink alcohol. All of the information he provides gives a lot of value to the reader, which encourages them to follow him and eventually buy his products.

This change to his revenue model allows for Danny to stop exchanging time for money and to grow a business worth much more than a typical personal trainer. Sure it’s hard going at the start but in the long run it will be well worth it.

This type of thinking is appropriate to many types of businesses who charge by the hour, have a think about your business – how can you get out of the rat race and start making money while you sleep?

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How VolP Phones Can Save Your Business Money

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The internet has triggered a rapid change in the communication industry and the trend has gained momentum and, there is no pointer that this inclination is going to slow down anytime soon. The inception of Voice over Internet Protocol (VolP) has left many businesses to stem from their former telephone methodology. This new framework is offering business with lucre features besides having financial savings that come with VolP.

How VolP Works

Diverse from habitual telephone companies, with VolP you’ll not rely on telephone lines to make a link and disseminate. A broadband internet tie-in such as DSL, cable or satellite is used as an avenue to channel calls electronically over the internet. The recipient of the call is not a must should have a VolP connection simply because calls placed in this modus can reach any cell phone or telephone. This has made it easier to make calls around the globe for at a customary rate instead of extra amount. This also gives an opportunity for service providers to offer a linear rate monthly rate fee regardless of the service that is actually used (local or long-distance).

Although many businesses are now using VolP, there are some which still have the big question of whether VolP will save money or increase cost? The answer is yes, VolP help saves money and, there are sundry ways that this happens. Take a look

No International Calling Fee

Call cost is a prime consideration for many businesses especially if you make calls overseas to speak to manufacturers and distributors. With traditional phone lines, it is easier to accrue expensive cost but with VolP, you will reduce the cost because you will be wielding an internet connection to make calls. The best part is that many providers offer video conference and conferencing allowing you to communicate to a number of blocs at the same time. This can help you save some serious dollars besides enjoying a streamlined communication.

Call Stalking and Monitoring

VolP has features such as call tracking and calls recording which will help you increase your business coherence. With these features, you will be able to track he output of your sales team, inclusive of the metrics like a number of calls made each day and time spent on each call, assure quality control with regular reviews and improve staff tuition using good or bad call examples. You will able to keep your sales team on track and hit their targets each month.

Aerodynamic Employee Communication

A VolP system comes with workflow features such as Company-focused instant messaging, instant see where you can view colleagues and staff that is online and when, and peer to peer chat for an efficient and easier conference calls. With all these, your teams will communicate in time thus helping everyone gets work done in less time.

Operating a business is an extortionate affair; therefore, cutting back expenses is important. Getting your business setup with a business VolP phone system and plan is not only a business asset but it will reduce your communication costs substantially. You will have everything you need at the same time; you’d have reduced your overhead costs.

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How To Keep A Positive Cash Flow

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Placing other business goals ahead of your company cash flow is a big blunder as a business owner, and for many start-up businesses, this is a common norm. It is critical that you spend the time to establish your trademark and sales leads, at the same time, it is vital to develop a ceaseless cash flow (amount of cash coming into your business). Cash flow is the lifeblood of every business and if you can retain 10% or 20% of your monthly revenue, you will be able to pump the cash back into your business.

To have a consistent cash flow in your business, here are ways how to

Be Familiar with your Expenses

Several businesses offer discounts to attract and possibly retain a customer, right? We’ve have seen before haven’t we? Some have harnessed the use of a site like Scoopon and Groupon while others have done this on their own. Despite all this, you should offer a discount if you know the cost and the hit of hat you are offering, if not, prepare yourself for reverberations.  As a business person who would like to see your merchandise grow, you should be aware of your comprehensive cost basis, how much you’d theoretically charge, the cost of what you’re offering and the profit gap on your products and services.

Pay bills when You have to

In regards to bills, the idea is that you try and get your outgoing invoices paid as soon as possible and pay your bills when you have to. However, it has to be said that there is an effect of paying your bills on time that builds a positive relationship with your suppliers. If you’re having trouble recouping bad debts then it’s always wise to get a debt collector to help, I always recommend Network Debt Collection.

Combat the Urge to Offer Immense Discount

There are 2 buttons that many business owners seem to battle with “panic and discount”. When discount overwhelms panic, the next step is to drop prices which are the biggest mistake you can ever do. Although it’s good to offer discounts once in a while, make sure you’re still being profitable when you offer discounts. Say after every three months you have a big sale, customers are not fools, they’ll just wait until that time you have a big sale and then will show up.

Encourage Repeat Business

If you can be able to land and retain customers (continuous) and especially if you’re in a volume-driven business like retail, you’d have cemented your cash flow, profit, and growth. In this case, what you need to do is consecrate yourself to see your customers coming back again and again.

Think about how you can make good use of loyalty programs, VIP offers and other frequent shopper programs. They are some of the best tools to systematize continual business.

What else are you waiting for? You have the tips, go for it!

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How to Get An App Developed for Your Business

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Since the inauguration of mobile application development, many business, and upcoming entrepreneurs have joined the use of applications to take their businesses to the next level. Although many are not well aware of how to get their feet wet, but the rate at which applications are being generated shows it’s a lucrative business.

To develop an application for your business isn’t a facile affair. As you deliberate on how you can go about your application initiation, there are those already in the progress of instigation, marketing and even reaping from their apps. To help you navigate this bumpy ride, below are common ones that will help you develop a successful app.

Which App Idea to Start?

Perhaps you have many app ideas and you don’t know which one to follow. Successful entrepreneurs have built their business on multiple ideas. So, don’t hold yourself to a single app idea. Apps are like single music hit. You never know which one will hit. After you launch your app, give it a grace period of 6 months. If you see your user base isn’t growing, budge onto another idea

Where to Start

Jot down all your ideas as clearly as possible. Peruse the internet and note prototyping tools and create functional elements of your app. Look for an app developer that can design and develop your app once you are coherent about your essentials. In my personal experience I’ve used Production Media App Developers in Melbourne and they offered a great service at a reasonable price. But there are plenty out there

How to tell if Customers want your App

It’s desirable that you get into the market with a prototype. Design your app with core propositions and see if customers are ready to buy it. The moment they do, you will receive important feedback that will help you to modify your app to meet customers’ expectations and business as well.

Distinguish Between Mobile Website and Native App

Deciding whether you need an app or whether a cheaper mobile friendly website would do the job is an important decision, one that could save you a lot of money. There are thousands of applications in the Android App Store and iOS and you will be competing against the best-selling apps and the best to be seen and engaged with.

Should the App Development be in-house or outsourced?

If you look at popular products like Skype and Alibaba, they were outsourced during their initial days. In this case, you can keep the cost low by outsourcing your product to a provider who wholly understands your requirements. If your product continues to be in demand, you can then take over the development and maintenance in-house.

Should you submit your App to the App Store or Android Market?

Create developers account with Google and Apple by registering through their websites. Pay yearly app store fee of $99 for Apple and $25 for Google. The process of transferring you app to the app store should be done by your developer.

What next after your app is ready?

Products don’t take themselves to customers, you need to do that. You have to tell customers where to find them. The same applies to your app. Although app-store optimization can help you to get discovered, you still need to take your app to market visibility.

Marketing your App

The best form of marketing for any business app is the use of a third-party endorsement where press coverage, reviews from bloggers and word of mouth should be a go for.

How much will it Cost to Develop an App?

Application development depends on several factors. But it ranges between $3,000 up to $100,000 or even more depending on complexity.

I believe you have been able to get something from this article. Now, go and get your app developed.

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Save time, save money

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When it comes to matters of tax, most people don’t know what they don’t know! That’s why seeking out expert help is important.

The key to running a good business is finding experts, such as an accountant, business coach, bank manager or lawyer, who can add value.

When the end of the financial year approaches, the focus for most businesses is on how they can minimise their tax. But you should work with your accountant several times during the year not just at the end of the financial year. Quite often cashflow issues at this time can reduce your options for reducing your tax.

A trustworthy accountant who can work with you on developing strategies to take your business forward, is not easy to find. Many accountants are either busy tending to compliance or don’t have the skills to be a business adviser. Still, you shouldn’t give up the search.

The key thing to remember is to see your accountant well before 30 June – after that date there’s nothing that can be done to improve your tax situation for the previous year.

How to find an accountant
The best way to choose a trustworthy accountant is to ensure they are a member of professional association and/or come with a personal recommendation.
o Ask your friends, family and other contacts (but remember, what works for someone else isn’t necessarily going to be right for you)
o Tap into the referral networks of your lawyer, financial planner or bank manager
o Call or visit the websites of professional associations, such as CPA Australia or the National Institute of Accountants (NIA). The CPA Australia website has a ‘Find a CPA’ quick link (www.cpaaustralia.com.au)

Here are some general answers to accounting questions frequently asked by small business owners:

What payroll methods can I use to reduce my employees’ tax bill?
A salary sacrifice arrangement is also commonly referred to as salary packaging or total remuneration packaging. It’s an arrangement between an employer and an employee, where the employee agrees to give up part of their future entitlement to salary or wages in return for the employer providing them with benefits of a similar total value.

Many of my staff require vehicle for their work. What is a novated lease?
A novated lease is a three-way arrangement between the employee, the financier and the employer, where a vehicle is leased under a finance lease in the employee’s name and assigned to the employer by way of a novation agreement. The employer recovers this amount from the employee’s salary package. The lease, the FBT and the operating costs associated with running the vehicle are deducted from the employee’s gross salary, therefore reducing their income tax.

Can I reward my staff without increasing their tax bill through cash bonuses?
Yes, use other methods such as hampers or tickets to sporting or cultural events. If the benefits are less than $300 and are irregular, then generally they’re not subject to fringe benefits tax (FBT).

What tax deductions can be made for the home and serviced office? Can I claim part of my mortgage repayment?
It’s not recommended to claim part of your mortgage repayment, as it could become partially liable for capital gains tax (CGT) if you sell your home (your residential property is usually exempt from CGT). This may also apply to council rates and water bills.

You can claim utility bills by estimating the percentage of business use (based on the number of rooms utilised). You should make a reasonable estimate of the area used for the business, for example, one third of the property equals 33.33% of the bill.

All of your office furniture and serviced office fees will be tax deductible. For simplified tax system (STS) payers, all assets less than a certain value means a straight deduction. On other hand, for non-STS payers, all items need to be depreciated at a percentage, as per the Australian Tax Office (ATO) guidelines (visit www.ato.gov.au for more exact details).

Therefore, it’s important that you engage a qualified accountant to ensure you receive the maximum tax deductions.

What records should I keep?
Keep all invoices to support a claim (for five years). If you lose receipts/tax invoices, make sure you have secondary evidence such as credit card statements, bank statements, a petty cash book or diary evidence. In the case of flood or fire, make a statutory declaration and keep the insurance claims documentation.

Can I claim entertainment expenses if I have a meeting at a café or restaurant?
If the meeting is arranged to discuss a business proposal and you simply have a cup of coffee and a biscuit, this cost would generally not be seen an entertainment cost, but a legitimate business cost.
It is recommended as a good business practice/policy to keep a diary with some notes from the meeting – for instance minutes of the meeting, who attended, reason for the meeting and so on.

If we travelled overseas for a business conference, can we claim the expenses? What if we included a side trip for personal reasons?
All travel expenses for business purposes are tax deductible. A side trip to Disneyland would be excluded from the calculation, as it’s non-deductible. Again, keep a diary to show what’s business and what’s personal and have a chat with your accountant if you’re not clear on this.

Are any courses we attend tax deductible or just ones related to the business?
Courses, seminars and any professional development (including business coaching) that is designed to bring in more revenue for the business is tax deductible.

Can I claim my dry cleaning?
This is very hard to claim, as the ATO’s view on this strictly classifies what is a uniform (it must have a logo or be registered with the ATO). A uniform is not a suit or shoes that you wear everyday, with the exception of protective shoes. The argument that you need to look presentable is not a valid one. If your income depends on your image eg a TV presenter it would be worth discussing this with your accountant.

What happens if I get audited?
You will be asked to provide all the documents to support your claims in the tax return. Your accountant is not responsible for the expenses that you claim, as the Australian tax system works as a self-assessment and whenever you sign the tax return, you’re signing a declaration that all expenses claimed in your tax return are correct as per your advice.

How can I legally reduce my tax bill?
o Use a qualified accountant who will claim the maximum deduction for you
o Talk to your accountant several times a year
o Keep a good record of all of your expenses (even the ones that you’re not sure about it), such as communication bills and consumables, postage, advertising/promotion, travel, motor vehicle (keep a log book for a minimum period of three months and renew every five years), bank fees, merchant fees, interest on business credit cards and loans and gifts for clients.

This information is provided as a general guide. You should seek your own detailed accounting advice to suit your individual business circumstances. Remember – that advice is tax deductible!

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Help from above

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It is one of the oldest cliches in small business, but it is one of the most misunderstood. It says one of the greatest problems with small business people is that they spend too much time working in their business and not enough time on their business.

When it comes to government money or assistance and contracts there are so many business owners out there with their heads down, ‘doing it, doing it, doing it’ as Michael Gerber has said in the past, that they don’t see the opportunities just waiting to be discovered.

Gerber, the author of the E-Myth Revisited, a perennial international best-seller, differentiates the entrepreneur from the technician, who simply does the work in his or her own business. The entrepreneur works on the business.

Working on doesn’t just mean thinking laterally about market opportunities, which searching for government contracts – at federal, state and local government levels – could mean. It also means thinking about government assistance out there that could make you take your business to the next level, to a new overseas market or to network into other groups who could tell you something you don’t know and create opportunities for you at the same time.

Two classic suppliers of government assistance that every creative business owner – oh, let’s call them entrepreneurs – should think about are AusIndustry and Austrade.

AusIndustry has a myriad of money grants that can help bankroll research and development (R&D) and ultimately innovation. Meanwhile, Austrade’s export development grant has become a great encouragement for entrepreneurs who think outside the domestic market square.

I recently saw a guy who has patented an invention, all on his own time and it cost him tens of thousands of dollars to develop the concept and patent it. Luckily for him, while he was too busy working in his business to see the opportunities, his accountant did his thinking on the business for him and put him in touch with an expert adviser who took him to AusIndustry.

The advice he received helped him add protection to his patent for overseas opportunities and showed him how to access government grants. This guy was lucky to have a lateral thinking accountant – most business people don’t and miss out.
For inventive business owners committed to R&D, looking for money to make their dream come true, be aware that AusIndustry has helped thousands of businesses and many have received hundreds of thousands of dollars. AusIndustry has opened the doors for many exporters and its Export Market Development Grant offers assistance in defraying the costs of the promotion of a product or service overseas.

The bottom line is if you are making money overseas, whether it is via transporting products by plane, ship or eBay, there are many monetary reasons to contact Austrade.

If you are too time poor to work on your business, use a search engine – contact government bodies or industry groups to find expert consultants who know how to help small operators tap into government assistance.

Finally, if you are afraid of the expense of using experts to position yourself for government contracts or assistance, then start putting on your networking thinking caps.

Many businesses have targeted various government departments by putting their hand up to serve on various government-related committees. Some offer their time and expertise to be judges for awards or offer to help in business community groups such as Business Enterprise Centres.

By being on the boards of these groups they have worked their way into the favour of government departments and public servants, winding up with lucrative contracts.

Where there is a will and a damn smart plan, you can put yourself in the right place at the right time to pick up a plum public prize.

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Up close and personal with the ATO

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Did you know that a small business can get a visit from the Australian Taxation Office with the surprising message, ‘We’re from the ATO and we want to help’?

At the centre of the ATO‘s help program is a business register which has been created following a business, for example, filing its first group tax return.

An officer from the tax office will then set up a meeting with the business owners, who can have a tax agent present if they want, to check that the correct record-keeping procedures are in place. There are tax advisers specifically assigned to this task force.

“Our work with small business shows time and pressure with record-keeping leads to downstream problems,” says the ATO‘s deputy commissioner, small business.

Apart from the one-off visits for new businesses, those on the register are monitored for two years to ensure that no tax problems develop.

If not checked early, tax mistakes may result in fines and back-tax payments but also could undermine cash flow, which is one of the biggest reasons for small businesses going bankrupt.

Don’t get caught
According to the ATO, businesses were surprised, but also very appreciative of the ATO‘s involvement.

There are four areas where small business often performs poorly:
o Record-keeping is often inadequate
o Budgeting for tax obligations is unrealistic
o Fringe benefits tax issues, where the business owner is unaware that there is an FBT liability
o Business structure problems, which give rise to different compliance issues.

On the issue of FBT, the ATO suggests that a business owner should simply ask whether the business delivers a benefit which is not in cash, particularly if the owner is also on the books as an employee.

The part-time use of a car owned by the business is a classic FBT issue. Aside from being keen to educate small businesses on FBT issues, the ATO is also concerned about businesses which are not really businesses.

Hobby farmers, direct marketers and people in the arts and craft area are sometimes targeted and tested to see whether they are a real business.

“There is a large number of people who are claiming tax deductions who are not really in business,” the ATO says.
However, the ATO doesn’t necessarily presume that home-based consultants are non-businesses.

Where do you fit in?
While some workers simply leave a job and become self employed to reduce the tax obligations of both the employer and the employee, the ATO conceded that in this age of downsizing some genuinely unemployed people were going into business for themselves.

The ATO suggested the following tests as key determinants of the existence of a business:
o Is there more than one customer?
o Is the consultant available to work for anyone?
o Does the consultant advertise?

All these characteristics of a real business would be important when the ATO investigates the credentials of a business.

In addition to the visiting program, the ATO holds free seminars and issues several helpful publications such as A Tax Guide For New Small Businesses, and A Guide To Keeping Your Business Records.

Getting close and personal with the ATO might be a way to keep on the right side of this often misunderstood organisation.

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Wealth creation

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Edward de Bono said great business owners think outside the square; they are lateral thinkers.

Over the years, I’ve pondered what really holds people back and I reckon the greatest hurdle to success is old habits. You see it with athletes when they change coaches, or even get a coach for the first time. They excel. Deep down, anyone who wants to build a business is also in the wealth building game.

You need to be inspired
Building wealth is like building a great business – it not only rests on getting the fundamentals right, it also requires commitment to doing things right.

Of course, business owners hopefully use their operation to create a platform for wealth building. And putting more effort into building a great business makes more money sense.

Unfortunately, like eating junk food, it always seems easier to do the wrong or easy thing instead of the right or hard task.
That’s where inspiration comes in, and that’s why so many high achievers I’ve dealt with never underestimate the importance of being inspired.

Anyone cynical towards the importance of inspiration and motivation has never owned a small business. Business owners know that at times when deadlines, suppliers, customers, staff and even yourself are all piling the pressure on, recalling words of wisdom, experience or success can simply lift you.

Mingling with magic
Not too long ago I did a ‘talkfest’ road show, which meant I worked as a master of ceremonies with some absolutely inspirational people.

They included Lauren Burns, who won a gold medal in taekwondo at the Sydney Olympics, and Ben Darwin, the Wallaby rugby union player whose career ended prematurely with a terrible neck injury in the semi-final of the 2003 World Cup against the Kiwis.

Then there was that great cricketer, Bruce Yardley, who was named international cricketer of the year in the 1980s and who played with great Aussies like Thommo, Lillee and the Chappells.
Another was a guy called Tony Mowbray, who not only battled the seas of that tragic Sydney to Hobart Yacht race in 1998, when many lives were lost, but he also broke the record for sailing solo around the world.

Mimic the magic
Individuals who have taken on the odds and pulled off big results should always be studied. The best way to build a great business is to copy the best.

I once observed young artists copying the masters in the British Museum, and that’s what would-be master business people should be doing to – mimicking the magic.

Follow the success trail
Some champions can give you small yet enduring hints for success, while others can give you a virtual blueprint.

One unforgettable line that Lauren Burns uses is: “I think success leaves clues.” She told her audiences that successful people leave clues on how to win. Working hard was important, but she said when she was young she did too much and overtrained. When she accessed experts at the Australian Institute of Sport, she worked smarter.

Divine inspiration!
One short story before I finish. This is not about a well-known star, but a local hero who turned around a potential poverty problem.

This fella left the priesthood in his 50s and when you cut out of God’s service, there is no superannuation or divine pension.
He had ‘diddly squat’ and there’s not many jobs for out-of-work priests.

After talking to a money expert, he decided the only way he could catch up in the money stakes was to buy ramshackled homes – he didn’t have much money – and he simply did them up and sold them.

He had somewhere to live while he did them up and, as it was his principal residence, he was able to sell the homes with no capital gains tax.

He pulled off the triple play. First, he built up his wealth, so he is set to retire with a lump sum better than most Australians. Second, he gave himself a job, which was really a development business in doing up the properties, and, third, he had somewhere to live.

Part of the inspiration was the knowledge that there is no capital gains tax on your principal residence, while the other part of the boost was the money expert who convinced him he could do it.

Spend a penny to make a pound
We all can do it, but we need education, commitment and inspiration. Often experts or coaches can show small business owners how to do it better.

Too many business owners are not willing to face what is wrong with them and therefore what is holding back their business. That’s where a pair of independent eyes can work wonders.

By the way, the advice and the recommendations will generally cost money, but it will often be the best money ever spent.

Tips:
o Look to others to inspire you if you feel yourself getting flat.
o Mingle with magical people by going to seminars and reading books or this column!
o Make a determined commitment to write a success plan and mimic what successful people do.
o Follow your success plan – if you go off the trail, get more inspiration to get back on it.
o Spend a penny to make a pound.

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