Finance Monthly May 2019 Edition

46 www.finance-monthly.com SPECIAL FEATURE - BUSINESS LESSONS ALWAYS THINK OPPORTUNISTICALLY A really useful lesson fromRobert Kiyosaki’s Rich Dad, Poor Dad is one of attitude to the world. Think in terms of opportunities, he advises. Rather than saying things like “I can’t afford this or that,” he encourages his kids to think “how can I afford this?” This type of question makes people search for empowering solutions. He also advises not to buy liabilities, but assets. If you buy a house, it may rise in value over time and become an asset. But if you want it to be an asset now, then rent it out. “The rich buy assets. The poor only have expenses. The middle class buy liabilities they think are assets,” writes Kiyosaki. START WITH THE WHY Simon Sinek’s Start With The Why is a fascinating book. What it covers are the basic aspects of companies, the ascent and descent of major global brands. There are amazing stories of how companies lost their ethos and customers turned their backs on them. There are stories of how large companies reinvented themselves and how some became the sought- after employers that so many want to work for in the world— companies like Apple, Google, Microsoft, Facebook, etc. Sinek’s book and message is compelling because it’s also easy and clear, and applies to everyone. He argues that if you want to inspire others, you don’t start with telling them what you are going to do or how you are going to do it. These do not enthuse and motivate. As his book title says, you start with the ‘why’, set a question that needs to be answered, identify a need that needs to be met first of all. Leaders throughout history use the same technique, communicating their vision by working from the emotional engagement of ‘why’ before the practicalities of how and what. AVOID NEGATIVITY One of the big lessons in Dale Carnegie’s classic book How to Win Friends and Influence People is to avoid negativity in interpersonal interactions. “Any fool can criticise, condemn, and complain — and most fools do,” he ways. “But it takes character and self-control to be understanding and forgiving.” It’s fine for leaders to acknowledge when an employee or partner has not lived up to expectations, or to note the less optimal approach of a competitor, but it’s vital to acknowledge what is working and to authentically praise other people’s achievements. In this way, you will keep the mood positive in your business. You’ll eliminate resentment and get others to accept and share your advice, making them willing and happier to improve. DON’T WASTE ENERGY ON THE WRONG CLIENT Identifying and doing business with the right client is more important than all the techniques and tricks of persuasion you can use to sell is a key lesson that 80/20 Sales and Marketing: The Definitive Guide to WorkingLessandMakingMorebyPerryMarshallteaches us. If you have the right fit with a client in terms of their ability to pay or their commitment to your company, then you aren’t wasting energy tracking down clients who aren’t right for you. Copywriting techniques, sales methods, negotiation tactics and all the rest of it are important, but sorting your clients so you are focused on those who are most profitable should come first. You can, after all, waste a lot of time trying to persuade those who don’t want to be persuaded! 4 5 6 7