Australians are waking up financially

/in , , , , /by

here’s a Brisbane business building tip!  The majority of Australians want advice without strings attached.  People simply want financial wellbeing without all the rigmarole. Because consumers are mistrustful of financial planners they are researching more and paying more attention to financial matters that they believe are relevant to them.

People are starting to take more notice and become more financially aware.  Whilst the majority of Australians are not financially trained or skilled, they are starting to ask questions and challenge the status quo.

Typically, people want to know:

  • How they can get a better superannuation deal and take advantage of government incentives to top up their retirement savings (after realising that their superannuation actually is their money)
  • More about the advantages and disadvantages of residential property
  • More about the risks associated with investments and how to choose investments that match their personal comfort level of risk
  • Ways to protect themselves and their financial future
  • How to qualify for the age pension and maximise the pension payments
  • How make their money last and how to pass their wealth on to their children whilst denying the opportunity to sons / daughters in law to walk away with their wealth in a divorce
  • How to retire with reasonable security

People of all ages want to know make their money go further and escape the financial rut.  Most people don’t aspire to be millionaires.  They just want to improve their lot to a level of reasonable comfort, do the very best they can for their children, and have a secure and peaceful retirement.   In other words, financial wellbeing!

The area of personal finances is not only about additional income and investments.  It is a broad knowledge base that includes protecting income and investments; making and / or saving money by having access to a professional who knows the hundreds of government rules that apply to this discipline.

For more business building tips Brisbane, and to read more on this subject read the article “The Irimi approach to personal finances” at http://www.aikido-secrets-to-calm-success.com

If you want to try Aikido, try Griffith Aikido at http://www.griffithaikido.com.au

Until next time!

Gary

What people really want from personal financial planners

/in , , , , /by

Another Brisbane business building tip!  It pays to see things from the customer’s point of view.

What do most customers really want when they seek personal financial planning services?  Although they want to achieve a desirable level of financial wellbeing, what they really want often differs from the services that most financial planners want to provide.

There is growing demand in Australia to make financial advice affordable, easily accessible, easily understood and deliverable in smaller portions (as apposed to large complex financial plans).

The industry is changing and this requires a complete change of thinking on the part of financial advice providers.

I know from experience that the majority of people:

  • Don’t always want huge, expensive and hard to read Statements of Advice containing complex advice that attempts to map out the rest of their lives. (Why?  Because life can change so quickly)
  • Appreciate an expert resource with a depth of knowledge and experience they can draw on
  • Would really like to talk to someone who would simply answer questions
  • Appreciate having risks and opportunities that are not obvious to them, drawn to their attention
  • Like to browse for factual and current information without sales pressure
  • Have a continuing love affair and well founded belief in direct property, particularly residential property, even though it is not commonly addressed or recommended by financial planners
  • Are not necessarily wanting to buy a financial product when they seek advice

People who seek financial advice crave it with no strings attached.  They are looking for guidance and advice that is independent any particular product, and not given by someone who is employed by a product provider.

For more business building tips in Brisbane and to read more on this subject read the article “Navigating Life” at http://www.aikido-secrets-to-calm-success.com

If you want to try Aikido, try Griffith Aikido at http://www.griffithaikido.com.au

Until next time!

Gary

Financial wellbeing – what is personal financial planning?

/in , , , , /by

The point of personal financial planning is to work out a way of achieving the things that are most important to you in life.  So what is important to you?  The answer is different for everyone.

For some it could be the dream of winning an Olympic gold medal or taking an around the world holiday.  For others it could be a house in the suburbs and a good education for the children, or saving for retirement.

Regardless of the broad range of individual goals, the common thread to goal achievement is financial wellbeing.  That means having enough money to do the things you really want to do, staying healthy and not having to sacrifice the fun in your life.

That is a long way from making the bland statement, “I want to be a millionaire!”  Accumulating money just for the sake of it is simply being greedy.  If your focus is 100% on being rich, then you are likely to be sacrificing your health and missing the fun in life.

For example, (and this example happens often) if your partner leaves you for someone else while you were always working on accumulating riches, where’s the fun in that?

What is the point of being rich if you are in poor health and having no fun?  Is that really what you want your life to be about?

Many people dream of riches but most would happily settle for enough money to do the things they want to do now, and the means of generating enough money to finance the future they want as it arrives.

In the process, you may or may not become a millionaire, but does that really matter?  These days, you can own 3 residential properties and be a millionaire on paper, but it is a meaningless concept.  You won’t be the first or the last millionaire who is desperately unhappy or unhealthy.

Financial wellbeing equates to balance in your life.  It means having focus on money to finance your life, leading a healthy life, and having fun in your life.

If the three can be combined in the same activity, that’s great!  But most often, they can’t.  So there must be room for all; and getting to where that balance feels right for you is the point of personal financial planning.

If you are looking for information on the calm positive mindset requires for financial wellbeing, check out http://www.aikido-secrets-to-calm-success.com

Until next time!

Gary

Financial wellbeing – the demand for financial advice in Australia

/in , , , , /by

Australians are becoming more concerned about their financial wellbeing and the demand for financial advice is changing.  In December 2010, ASIC (The Australian Securities and Investments Commission) released Report 224, titled ‘Access to Financial Advice in Australia’.

The report identifies a number of key issues that adversely impact access to advice.  They are:

  • Cost of advice – a significant gap exists between what consumers are prepared to pay for financial advice and how much it costs industry to provide advice
  • Scale of advice provided – Many Australians, particularly those who have never previously accessed financial advice, want piece-by-piece simple advice rather than holistic advice
  • Consumer perceptions that advice is out of their reach – evidence suggests that some people do not seek financial advice because they feel their financial circumstances do not warrant advice
  • Consumer mistrust of financial planners – lack of trust in financial planners to provide unbiased, professional advice limits the number of consumers who seek advice and the value they place of financial advice
  • Access to general advice and information – the provision of general advice or factual information is less extensive than it could and should be.  For many consumers general advice or factual information may be sufficient to meet their current advice needs
  • Financial literacy – gaps in financial literacy especially among certain demographics and in relation to certain financial topics, limits some consumers’ engagement with financial matters and so stops them from seeking advice

In a nutshell financial advice must be affordable, easily accessible, easily understood and delivered in smaller portions.

Check out http://www.aikido-secrets-to-calm-success.com

Until next time!

Gary

Be your own financial planner

/in , , , , /by

Looking for business building tips in Brisbane?  If you are really interested in your own financial wellbeing, become your own financial planner.  Sound impossible?  It’s not as difficult as you may think.

An extraordinary amount of knowledge is required to be a professional financial planner in Australia, but only a fraction of that knowledge is required when you only have one client – yourself!

Think about it!  With only one set of circumstances to understand and one set of goals to achieve (i.e. your own), and no compliance issues to worry about, you only need sufficient knowledge to plan your own financial future.

Let me say upfront that while it is desirable to be involved in the planning of your own financial future, it is dangerous to do the same for others because their circumstances and aspirations are different to yours.  Please refer them to a licensed professional.

In financial planning, the big knowledge areas are taxation, insurance, superannuation, retirement, Centrelink & DVA payments, and estate planning mainly because each is a broad area and there are so many rules to understand.  The other important knowledge area and one that causes a lot of frustration for people, is ‘investment’.

There are so many products and so many options that even the most knowledgeable financial planner does not know them all.  Also, people assume that if a financial planner recommends an investment product, it is guaranteed to make money.  Such is not the case as the GFC has recently demonstrated.

Therefore, if you are seeking to improve your financial wellbeing, it is important to understand the concept of risk.  Risk exists in all investments, bar none.  The value of investments can go up and they can go down.  There are different types of investments and different types of risk, so the real skill is to uncover and understand the risks that are relevant to your particular investment.

Understanding risk requires thorough research – deeper than the glossy brochure.  Also, the closer you are to managing the investment yourself, the clearer the risks are likely to become.  However, that requires some experience.

For more business building tips in Brisbane, check out my Aikido Secrets blog site at http://www.aikido-secrets-to-calm-success.com

Next time – Starting with a budget

Gary

…. And here are another seven (7) operational threats to think about!

/in , , , , /by

If you are already in business or seriously thinking of starting up a business, I would like to further highlight and emphasise the need for business planning.

If you thought the previous seven (7) threats to your business (read my previous post) were the only ones you need to consider, well here’s another seven (7) for you to think about.

  1. Management incompetence (lack of knowledge, experience or financial skills)
  2. Rogue staff member (with intent to damage reputation, sets up in competition)
  3. Breach of security (deliberate / accidental leaking, online hacking, viruses)
  4. Over-gearing (too much borrowed money, worsened by rising interest rates)
  5. Litigation (by customer, competitor, supplier, bank, Tax office)
  6. Market downturn (e.g. economic, monopolistic activity, lack of demand shift)
  7. Product obsolescence (failure to follow demand and/or keep up with technology)

And it doesn’t stop there!

Yes there are many more operational threats to think about, so if you haven’t done any planning lately, it’s never too late to start.

Business planning is not only for those starting up a business.  It is also for those who are already in business and who so far have led a charmed life.

The typical Aussie retort, “She’ll be right mate!” doesn’t cut it these days. Business is far too knowledge based and technology based.  ‘Not keeping up’ is a big risk.

Whilst the customer is still King (or Queen), there is so much to know and do these days away from the cash register, that one could be forgiven for thinking that the customer is a mere hindrance.

It only takes one of these threats to obliterate or seriously damage your business – not all of them!    So take my advice and get professional advice!

Check my other blog site http://www.aikido-secrets-to-calm-success.com and learn how the secrets of Aikido can be applied to your business.

If you want to learn the secrets of Aikido for yourself visit http://www.griffithaikido.com.au

Until next time!

Gary

Starting up a business – seven (7) operational threats to your business!

/in , , , , /by

It is not my intention to sound like a profit of doom but it pays to be cautious and examine all conceivable scenarios.  So I am playing the devils’ advocate!

When starting up a business, it is normal to do some serious planning before jumping in.  One of the tradition planning tools is SWOT analysis – i.e. Strengths, Weaknesses, Opportunities, and Threats.

It is important to identify weaknesses, just as it is important to know your strengths.  However, weaknesses aren’t generally fatal – at least not in the short term.  They may cause you problems and probably slow you down.  However, threats are potentially fatal in the short term.  So it is worth spending a little more time on potential threats.

Regardless of the business you are in, here are seven (7) potential threats that could prove fatal to your business.

  1. Putting all your eggs in one basket (e.g. relying on one customer or supplier)
  2. Growing too fast (i.e. too much business to handle, insufficient resources)
  3. Negative cash flow (e.g. from poor pricing, poor costing or unfunded expansion)
  4. Failure to innovate (i.e. not keeping up with technology or competitor products)
  5. Going it alone (i.e. trying to do everything yourself and doing nothing well)
  6. Non responsive to communication (e.g. customer requests, feedback, criticism, complaints, creditors)
  7. Loss of power and / or connectivity (e.g. power outages / surges, internet / telephone problems, failure to back up)

Note that all the threats listed above are operational threats.  And there are more!   Unlike threats posed by natural disasters, these are well within your control.   More importantly, they can all be planned for.  In fact, avoiding these pitfalls is what business planning is all about.

So if you fall victim to one of these threats, it is of your own making.  The fact that you didn’t know that the threat was even possible simply means that you didn’t do enough research before starting up a business.  Any competent business coach or adviser could list these threats.  Get advice!

Check my other blog site http://www.aikido-secrets-to-calm-success.com and learn how Aikido could make a life changing difference to the way you run your business.

If you want to learn the magic of Aikido visit http://www.griffithaikido.com.au

Until next time!

Gary

Threats that can wipe out your business!

/in , , , , /by

The recent floods in Brisbane and along the east coast of Australia have highlighted that fact that rising water and a host of other natural threats can obliterate years of hard work for business owners.

If rising or rushing water can wipe out your business, what else is out there that could do the same thing?  People tend not to think about the threats or plan for them, when starting up a business.

Here are seven (7) threats of nature that have the potential to put you out of business if you don’t plan for them.

  1. Flooding of business premises and connective infrastructure
  2. Destructive wind & rain events (e.g. cyclones, hurricanes & tornadoes)
  3. Fire (localized or bush fire)
  4. Drought & resultant water shortages
  5. Earth quakes & tremors
  6. Volcanic activity (lava, ash, gas, tsunami)
  7. Environmental disasters (e.g. ocean spills, pollution, toxic soil).  Although man-made, have the potential to affect natural resources and do wide scale damage.

We are at the mercy of nature always, no matter what we do or where we go.  We are also 100% dependent on a wide variety of technology that creates the environment in which we can live and work together in an orderly manner.

So it is not surprising that there are so many ways in which nature can interrupt our lives and our businesses.  It can be achieved by destruction of premises, equipment, machinery and stock, or simply by wreaking damage on the connective technology we depend on 24/7.  A prime risk to business is a power outage.  It can effectively halts life as we know it and if it goes on long enough, it will directly affect fuel and water supply.

When starting up a business, your business planning should involve more than simply assessing your opportunities and forecasting your profit.  You need to include an assessment of those risks most likely to affect your business, and formulating appropriate action.

Insurance will provide the financial protection and the means to repair or rebuild, but other strategies might include:

  • Avoidance – simply don’t set up shop where the risks are greatest
  • Backup – maintain offsite storage, equipment to generate power & stored water
  • Retreat – the means in advance to transfer to a higher or safer location

Check my other blog site http://www.aikido-secrets-to-calm-success.com and learn how Aikido could make a life changing difference to the way you run your business.

Until next time!

Gary

Your ‘ready to trade’ online business – made to order

/in , , , , /by

A profitable online business from the comfort of your home

There’s a creative business in Brisbane Queensland that is doing everything right.  For those wanting to start a new business, Stress Masters provides exactly what is needed.

In this case, a fully functional, ready to operate, online business – made to order!  How easy is that for managing startup business in Australia?

For around $40,000 site build and fitout cost, Stress Masters will build you a brand new online business, ready to trade.  For a further $5,000 per month ongoing expenses, the crew working behind the scenes will grow your business into the future by building traffic and sales conversions for you.

It is no different to buying and operating a bricks and mortar business.  But where else can you buy a business with unlimited global potential for such an inexpensive price?  And if you want, you can eliminate altogether the hassles of leasing local premises and employing staff.

Even if you have no product of your own, Stress Masters will create a high traffic site for you, from which you can sell other people’s products.  They undertake research and you simply choose the affiliate products you like in high demand areas.  They do the rest.

The beauty of a fully automated online business is that you make money while you sleep, you are always in control and, if you like to travel, you can operate your business from any hotel room in the world.

Although you still need to make an investment and do some work, it makes business a lot more fun.  The increased flexibility allows you to lead a well balanced stress free life.

In my opinion, we are merely seeing the beginning of an online trading boom.  Although operating an online business is 100% technology dependent, there are more and more business owners choosing to switch away from the difficulties associated with weather extremes, landlords, suppliers, staff, inventory and storage.

For more information on managing startup business in Australia, email me at gary@garyweigh.com.

To order your fully functional, ready to operate, online business – made to order, email relax@stressmasters.com.au.

Until next time!

Gary

‘Where ideas come from’ by Steven Johnson

/in , , , , /by

This is a great 4 minute video for anyone starting a new business. It shows you in simple terms how good ideas are generated.
Every entrepreneur goes through the sometimes frustrating process of innovative thinking. You sit there and sit there … and nothing happens.
So if you are starting business or innovating / renovating your existing business, watching Steven Johnson’s video for the next 4 minutes will put you on the right track and save you a lot of time. Highly recommended viewing.
Enjoy!