I was browsing You Tube when I found this short clip. Dick Smith is an Australian entrepreneurial icon. He gives 3 pieces of advice that I really like:
I hope you enjoy it as much as I did
Until next time!
Gary
Money kisses - like a peck on the cheek from Mum
Well I’m not noted for writing articles that might be loosely described as … ummm … light reading – but here goes.
To make money fun, I have come up with 7 money kisses and I want you to send me more.
Money kisses? Yes the name is a bit kitchy but reading them is like receiving a light peck on the cheek from your Mum.
So please put on your thinking caps. I know there are over 30,000 of you reading my blog each month so leave your money kiss as a comment.
Leave your link and email address and receive the complete money kisses list when it is done.
No deep thinking or brain strain is required. They are fun and they remind us what money is all about.
So here are my 7:
1. To say that money means nothing to you is simply an excuse for staying poor
2. Making money is much more self-satisfying than struggling in poverty
3. Stressing over money will not attract it; only positive thoughts and action will
4. Money is the finance for the life you dream of
5. Money allows choices but it is you who must choose the life you want
6. Money can trap you in the illusion of well-being
7. Money is a means, not an end. He who dies with the most money is still dead
So there you go. Money kisses sum up things to do with money so well. The take-home is don’t fear it and don’t take it too seriously. If you are stressing over it, ask for help.
BTW do you have any money kisses? 🙂 or maybe a money quote or a saying?
If you want to help make money fun or make fun of money, please send them to me. Leave a comment.
If you make a contribution and leave your email address, I will email you the comprehensive money kisses list when it is completed. The target is 400. Have fun!
Until next time!
Gary
All business owners are interested in gaining competitive advantage, but it is difficult to rise above the pack with a durable competitive advantage.
Do any of the statements below describe you or the way you feel about your business?
Maybe its time for a change!
As a business owner you have chosen a path where your destiny is firmly in your own hands. You have the power to decide whether your journey is going to be exciting and rewarding, or just a frustrating dead-end. It is only through your decisions and actions that your future will evolve.
You are the driver of your business and its most valuable asset – YOU! Your attitudes and values will always reflect in your business. You are responsible for the quality of its product and service output. You shape its culture and reputation.
The rewards will not come to you if you sit back wishing and procrastinating. You must embark on your unique journey of discovery. No one can take your journey for you.
One way or another, you must experience it for your self. Not only is it a journey of external discovery, it is a journey of self discovery as well. If you try, you will discover that you can do things that you never thought possible.
Open your eyes and open your mind to the challenge ahead. Re-ignite your passion and enthusiasm. The benefits make the journey worthwhile. Your family will welcome you home as a much happier person. Your employees will thank you for it because you will make their dreary work lives more exciting. Most importantly you will feel fulfilled and self satisfied.
Contact me at http://www.garyweigh.com to kick-start or re-ignite your business journey and gain competitive advantage.
If you want to see part of my competitive advantage as a business trainer visit my aikido secrets blog at http://www.aikido-secrets-to-calm-success.com
If you are starting your own business or want to boost your existing business read my latest book Recession Riches and Wealth at:
http://www.garyweigh.com/recession-riches-and-wealth
Until next time!
Gary
As you are aware I am a business coach and financial planner. In the course of any ordinary day at the office, I talk to people about ways to make money. In doing so, I see a wide variety of attitudes towards money and some very poor money mindsets.
In my experience, the majority of people have an unbalanced view of money. It doesn’t seem to matter whether people have money or don’t have money people have a tendency to focus on money as an end, not a means. From there, many undesirable money behaviours can ensue!
Focusing on money as and end in itself rather than a means can create a preoccupation with the lack of money. It can also create a preoccupation with hoarding, spending money and the accumulation of personal debt.
An attitude of concern among younger people is the attitude of ‘I want it too, and I want it now’. It means that people are increasingly choosing debt over wealth creation because it is the path of least resistance and instant gratification.
Maintaining a narrow focus on the lack of money creates a perception that money itself is somehow the problem. Money is never the problem. Attitude towards money is the problem. To put it simply, it’s your money mindset that is the problem.
Money is simply currency for trade. It is the societal glue that makes buying and selling easier. It means we walk around with a wallet or purse instead of a herd of cattle and goats to trade.
The amount of money you have or don’t have is entirely a function of what is going on inside your head. The solution of abundance and wealth begins in your mind, as does the perception of lack. Neither is luck nor is it the result of great mysterious forces at work.
If you think about money in terms of how much you don’t have, you are thinking negatively in terms of lack. If you are thinking negatively about money, you are probably not putting yourself in the responsibility seat to find an abundance and wealth solution. Wishing and procrastinating is as far as you get.
To be continued next time!
Gary
If you want to read more about ways to make money and the money mindset,
visit http://www.garyweigh.com/recession-riches-and-wealth
So you thought Gross Profit was merely a line on your annual Income Statement. You may be surprised to know that it is so much more.
There is no other line on your Income Statement that has so many business processes feeding into it. Gross Profit is a financial barometer for your business. Understanding Gross Profit could gain competitive advantage and more money for your business.
So what is Gross Profit and how do you calculate it?
In simple terms, it is Sales minus Cost of Sales.
Now let’s break these two concepts down:
Sales = Selling price per unit x Total number of units sold
Cost of Sales = Materials costs + Labour costs + Manufacturing costs + Distribution & selling costs
Therefore, gross profit is the amount of money left over after paying all costs directly associated with getting your product to market.
It could be argued that every single cost you incur is related to bringing your product to market. Whilst this is true, it is desirable to split up your costs into two (2) categories:
Why is it desirable? This seemingly arbitrary splitting of costs becomes important when you have more than one product and / or service. For example, attributing costs to product A and product B enables you to work out which product is more profitable.
Another way of looking at gross profit is – the amount of money left over from the sale of products and services to pay your overheads. In the case of more than one product, it is essential to know which one makes the greater contribution to paying your overhead costs.
So when a financially skilled business coach performs a diagnostic review of your business, he or she is going to look at all the inputs and processes that go into developing the Gross Profit line. Broadly, they are:
Gross Profit reflects everything that goes into assessing demand, finding customers, communicating with them, creating your product or service, distributing and selling to your customers, and providing warranties and after sales service.
It also reflects everything to do with acquiring materials, recruiting and training people, safe processes, productivity, technical expertise and machinery to make the products and services sold.
So the next time you look at your Gross Profit line, remember that a good hard look behind the scenes will reveal a gold mine of information and gain competitive advantage.
If you are starting up your own business or want to boost your existing business read my latest book Recession Riches and Wealth at:
http://www.garyweigh.com/recession-riches-and-wealth
Until next time!
Gary
You have completed your business plan and you have moved to business strategy implementation. Something is not right. Your workplace is not the harmonious pit of productivity you expected.
Part of the answer lies in the different goals and motivations of business owner and employee.
Owners are primarily investors and risk takers who seek career independence. Employees are the opposite. They tend to be risk-averse income seekers who value security and predictability.
The more ambitious ‘2-3 year stay’ employee will appear to be taking a risk by job-hop for promotion but there is little real risk provided he or she is reasonably competent.
Because owners and employees view the business world from opposite perspectives, their motivation and decision making are always going to be diametrically opposed.
Business owners want a return on investment therefore they want profit results. The only results that really interest most employees are their continuing job prospects, a good income and security for their family.
Most employees are happy to exchange a good day’s work for their wages. However, they are not focused on profit results anywhere near as much as the owner is.
Although employees are often judged and rewarded on performance, their performance targets are more likely to be related to sales, gross profit or key performance indicators. It is only the owner who is really focused on the bottom line.
That makes for a natural divergence of goals between employer and employee. Owners’ goals are generally tied to their business while an employee’s goals can relate to anything but the business.
Money can encourage goal confluence in the short term. In other words, people are happy to be compliant for money until it suits them to do otherwise. However, in the longer term, people tend to follow their own path.
I have just released a new guide for any entrepreneur who is starting up a business or even thinking about it. It’s an investment and a time saver because it is brimming with business ideas and you don’t have to make the mistakes that others do.
Visit http://www.garyweigh.com/
Until next time!
Gary
Science World, Vancouver B.C.
It takes a lot of self-belief and courage to blaze your own business trail. It takes considerable self confidence to start up your own business in spite of skepticism; and to convince partners, financiers and other stakeholders that you are pursuing a valuable opportunity and that you have the know how and resources to make it happen.
To then market your own products and services and to constantly talk about yourself and your business usually requires more front than a bus.
These characteristics define many startup entrepreneurs. They also define the attributes of a healthy ego if arrogance and an exaggerated sense of superiority are not present.
The shy retiring types generally don’t do as well in the start up stage unless they have a strategy to circumvent their shyness. They just don’t have the pushing power required. However, they often make good implementers, managers and technicians once the business is up and running.
One trait that defines a healthy entrepreneurial ego is attracting people smarter than themselves and people who have expertise that they don’t. The unhealthy ego either tries to go it alone or hire substandard talent who pose no threat. The problem is that substandard talent is still a significant expense but doesn’t contribute much to the bottom line.
Similarly the smart entrepreneurs know how to get the best out of other people by not feeling the need to micro-manage everything, but by making others accountable and by leveraging income and profit off their skill and hard work.
It still takes great confidence and self belief to start up your own business, take the ownership reins firmly and manage it. Managing by being the boss is always preferable to managing by consensus or by being popular. In my experience, employees still respect a clear job description, clear rules and a strong, fair, decisive leader.
Being a firm and fair leader doesn’t require arrogance or an overwhelming need to be right all the time. It means ensuring that people work to the plan and to the systems in place. Being decisive means making timely decisions; not ignoring good advice.
Starting a business and making a profit requires a healthy positive ego, not an unhealthy negative ego. After all, the successful entrepreneur must make him or herself attractive to many stakeholders before they can even get out of the blocks.
Until next time!
Gary
For more reading about an Aiki way of life visit my Aikido Secrets blog at
http://www.aikido-secrets-to-calm-success.com
I have just released a new guide for any entrepreneur who is starting up a business or even thinking about it. It’s an investment and a time saver because it is brimming with business ideas and you don’t have to make the mistakes that others do.
Visit http://www.garyweigh.com/recession-riches-and-wealth
Ego can be harmful to your business. While healthy ego can drive self belief, set standards of quality and customer service, unhealthy ego can cause a business operator to become too self absorbed, with insufficient focus on the needs of customers.
Business should not be about you. If it’s about you, then it isn’t about the customer, and all businesses must stay customer focused to thrive. You are not in business to create a self legacy. That might be an outcome but not your initial intention.
It is customer demand and their favourable buying decisions that form the foundations of our income and wealth. Satisfying customer demand builds repeat business. You reap the rewards when your business exists for the problem solving and betterment of others.
One of the symptoms of an unhealthy ego is the need to be right all the time. Professional advice providers like doctors, accountants, lawyers and financial planners can be prone to this condition. It is because they are in a position of being experts in a narrow field of knowledge and eventually start to believe that they are experts on everything. Untreated, this condition may cause the business owner to become obstinate, opinionated, and close minded. This combination is very unattractive to customers.
Another detrimental symptom arises out of the need to talk about ourselves incessantly during the never-ending process of marketing our business. This can breed an over-inflated attitude of superiority and self importance. It can also result in becoming attached to the outcomes of what we do. If possible, let others do the speaking for you in the form of advocacy and testimonials.
Appropriate behaviour in business is paramount. All behaviour is preceded by thought, so the way in which a business owner’s ego perceives him or her self in relation to the wider customer population is critical to business success. This also applies to interaction with staff.
An attitude of arrogance with customers will result in a decline in sales, particularly repeat sales. Also, there comes a time when being the boss and having your staff follow like drones will stifle future growth.
It is much more enlightened and profitable to delegate responsibility, accountability and decision making, and allow others to shine. This will get you the human leverage you are already paying salaries for.
Customers like to do business with people who they find attractive. In general, that means being attracted to someone who is friendly, knowledgeable, attentive and helpful. In other words, treat customers as you would like to be treated.
A good start to attractiveness is to develop a healthy ego. Being attentive and making customers feel valued means developing good listening skills. Knowledge is always an advantage in business but more important is the ability to maintain an open-mind and an attitude of endless learning.
To represent quality and still be able to be humble enough to acknowledge your own frailties and imperfections means combining smart business with humanity. Customers never tire of dealing with real people, flaws and all. It makes all of us realize that we are human, and no better and no worse than anyone else.
Until next time!
Gary
If you enjoyed this article and would like to read more, visit my other blogsite at:
http://www.aikido-secrets-to-calm-success.com
Financial stress is a common experience for many. The continuing effects of the global financial crisis, combined with rising interest rates and rising prices puts many families under stress. Here are nine (9) tips to help you get back on the path to stress-free living.
1. Work on improving your income
You must have a regular source of income and preferably more than one. Your income is the foundation of a stress-free financial life. Income can flow from a variety of sources, but most importantly, it creates the opportunity to repay debt, build wealth and maintain your desired lifestyle.
2. Avoid credit cards
Don’t spend money you don’t have and don’t let your credit spending get out of control. It is much smarter and safer to use a debit card to access money you have already saved. Even better, you won’t have the monthly stress of receiving a growing credit card bill.
3. Go ‘pre-paid’ on your mobile phone
A mobile phone is just another way to spend money you don’t have. To add to your stress, many telephone companies are quick to ruin your credit rating if you don’t pay on time. The most economical way to have a mobile is to use pre-paid phone cards. This way you pay with money you know you have.
4. Go back to paying cash
Pretend you are back in the days when credit cards didn’t exist and you paid cash for your purchases. You will once again appreciate the true value of money as you stop and think before every purchase.
5. Pay off personal debt quickly
Owing money can be a particularly stressful experience. It’s always best to spend less than you earn but it is not difficult for debt can get way out of control, particularly when things go wrong in life. It is a common mistake to use expensive debt to finance periods of illness and recovery. This is the job of savings and insurance.
There are no tax breaks for personal debt, so get rid of it as fast as you can. Personal debt includes home loans, personal loans, car loans, hire purchase and all forms of credit. There is a variety of ways to manage debt and reduce your stress levels quickly.
6. Consolidate your Debts
If you have equity in your home or an investment asset, you may be able to consolidate all your debts into one at the home loan rate of interest. As part of a home loan refinance, your personal debts can be rolled into your mortgage loan, which means one loan repayment per month at a lower interest rate instead of many.
7. Create a cash buffer for the Unexpected
Life is full of little emergencies and unexpected events. A stress-beating nest egg tucked away in an easily accessible cash account won’t alter the emergency, but it will certainly help relieve the financial worry of affording a new fridge or car repair.
8. Build a Nest Egg for the Future
Investment means creation of wealth by building your personal portfolio of growth assets. Generally speaking, the more income producing quality assets you have behind you, the lower will be your stress levels. You will need professional assistance to guide you to investments that are appropriate for you.
9. Protect Yourself against the unexpected
Plenty of things can go wrong during your life. Disaster can strike your health, your home, your family, your income, your business and your personal wealth. Smart people are those who not only invest wisely, but sleep easy by insuring themselves and their property against the unexpected.
If you are thinking about a new business or a new income stream, you will get a lot out of my new book ‘Recession Riches and Wealth’. Click on the Recession Riches and Wealth page of this blog:
http://garyweigh.com/recession-riches-and-wealth
Until next time!
Gary
Photo courtesy of Spiral Photography
Besides being a business coach and educator, I am an enthusiastic Aikido practitioner. Over time, I have seen Aiki principles working in practice enough to know that it has application across the full range of human emotion and interaction.
I firmly believe that the principles of Aiki have a valid place in the highly competitive and egotistical world of business, which of course is where I make my living.
Business is merely a subset of life, except for the addition of two powerful factors – money and power! These two ingredients have enormous potential to alter human behaviour. They are catalysts for greed and competition and can bring out the very worst in people.
Aikido is known world wide as the art of peace. It is a defensive, non-confrontational, non-competitive Japanese martial art driven by calm and relaxation, with care for the wellbeing of the opponent inherent in the art.
The introduction of Aiki principles is about applying concepts of peace to business interactions, but at the same time having effective defensive skills to deal with any difficult situation.
Aiki is a powerful addition to the personal strategic business arsenal. In essence, it is maintaining a peaceful mind when competing and fighting are the easier options. It is extending and injecting the power of calm and relaxation into all things.
You may have to do some Aikido training to appreciate it but you will realise what an overwhelming advantage the power of Aiki really is.
Aiki emotional management has immediate and obvious benefits for business. It lowers deadly personal stress levels and plays a direct and positive role in business productivity and performance.
There are three (3) basic main Aiki principles of peace to observe when interacting with others on a business basis. They are:
There are many more Aiki principles that are applicable but they all flow from these basic three. These principles are a must for powerful business interactions and positive results. I will discuss each Aiki principle of peace in more detail in future posts.
For more reading about Aikido and its many life secrets, visit my other blog at:
http://www.aikido-secrets-to-calm-success.com
If you are starting your own business or even considering it, you should read my book “Recession Riches and wealth” at:
http://garyweigh.com/recession-riches-and-wealth
Many thanks to Dean Miscamble of Spiral Photography specialist in martial arts action photography. Visit
http://www.spiralphotography.com.au
Until next time
Gary