Wednesday, June 22, 2022

Shares end the 22 EOFY year in Red - But Chant West says don’t panic 😱




Chant West senior investment research manager, Mano Mohankumar, is acknowledging super balances will end the financial year in the red ….


But suggests that people  should not panic and sell


Why?


“This is only the fifth decrease in 30 years comes on the back of the outstanding 18 per cent return in financial year 2020/21, the second best in the history of compulsory super.”


You risk missing out when markets rebound – as they will at some point. 

Those who switched to cash during the Covid-19 market meltdown missed out on $110,000 in returns by panicking, Chant West’s research showed.


2030 predicted Growth - expectation that cash is not a place to hold your assets long term 


A member who had $300,000 in super savings at the beginning of 2020, were projected to have $480,000 in super by the end of 2031 if they stuck with their growth fund.


But a switch to cash in March 2020, would mean they have just $369,000 by the end of 2031.

Sunday, June 19, 2022

6 things to help Make your Customers and Stakeholders Feel Special


I have just read a great article by my good friend Rana Kordahi - who has presented at our forums a number of times  and been a member of BBG .


In order to understand and develope a relationship with your customer, employee or shareholder , your child spouse or friend (your stakeholder )  - you need to know what they want - what presses their buttons -  what influences them. 


A10X principle comes to mind - Give a person what they want and you will get what you want
Make your stakeholder feel special! 


Do you make your prospects and clients feel special? 


Be sure to listen to them, ask questions and help them? Both face to face and online


Perhaps give them a piece of information no one else knows? What are some specials that you have for a limited time? (But you need to do this with integrity and be honest.)


Here are Cialdini’s 6 principles of influence will help you develop that relationship and close more deals


John Maxwell says about leadership…. Leadership is About being able to influence nothing more nothing less


Robert B Cialdini, a well-known social psychologist, who spent three years undercover working in places such as used car dealerships, fund-raising organizations, and telemarketing firms. In this time, he observed real-life situations of influence and persuasion.

1. A spirit of generosity and Reciprocity


 If you’re a business coach, perhaps think about giving a free discovery session or webinar. 


If you have a software or app, give free trials and spend some time helping those who sign up using it. 


People feel more indebted to someone who has offered something for free, whether it’s a product, time, advice or service. 


But in the end, give because you’re a nice person and the other person FEELS that you genuinely wants to help whether you get something back or not.


Make your stakeholder feel special! 


Some ideas to build a spirit of generosity and  reciprocity: 


Do you offer value, give free information, time and resources away? Do you go above and beyond to help your clients?


Do you invite them to an event that they may be interested in



A super powerful gift that does not cost a hellava lot is to make a referral .


A problem is that you are giving of yourself - and can be very expensive…. What if the other person doesn’t do a great job? What if he/she does not follow up?


How can you track measure and reward that referral - or warm introduction? 


Referron 


(Referron is a free app that enables you to  send your business card and simply refer people to others (and track those referrals ) .   Would love your feedback.   Click here to view my profile and connect with me https://members.referron.com/bsivc   )    Here is a little instruction video https://youtu.be/s-jhxmABIm4  looking forward to catch up soon.   Best Ivan )



Make your stakeholders feel special


2.Scarcity  


Many times, we are influenced to purchase something when there are not many of it left. It is human nature when somebody tells us that we can’t have it, we want it more. 


Other times, when a product or service is at an unbelievable low price for a limited time, we will be more inclined to purchase because of the fear of missing out. Now as a salesperson or a marketer, don’t ever drop your prices and say that they are limited unless they are limited.


Make your stakeholders feel special 


3 KlT know like and trust 


Klt is l fundamental aspect of being able to sell. People prefer to say yes to those they know like and trust . 


Research done on Tupperware parties shows that the guests are three times more likely to buy products because they liked the party’s host and not because of the products themselves. 


So, it’s important  to make a good impression not only face to face, but online through your social media. Videos, blogs or write Facebook statuses. 


Come across as a positive, authentic  inspiring trustworthy person who the people you want to be your customers want to be around. 


Stay real , authentic and true to your values , be sure toml be what you do and the values of your organisation align with your


 Don’t  compromise your integrity or values to win a deal.


Trust, Credibility  and Social proof - Advocates testimonials 


  • A testimonial is effectively like a referral - on steroids - can go to masses


the trend is your friend


 We prefer to buy things that many other people have used and tested. 


Why is a restaurant packed and the one next door is empty?


 People follow the latest trends and use products and services that are working on others. 


Testimonials from customers and influencers are key - maybe  share photos/videos of your customers and influencers and advocates  using your products and services.


Questions about your   social proof: 



Get  testimonials and happy customer stories you can share with clients? 


Does the company you work for have credibility, and presence when you search for them online? 


Would your existing clients recommend you and your company? 


Do you highlight your company’s social proof in client meetings or even through your email signature?


If you refer - do you track measure and reward your referrals or testimonials ?


Make your stakeholders feel special 


4. Continuous Commitment and consistency — 


This shows that you know what you are doing and are authentic. That is they buy your product or service that it will last 


 How do you get your customer to say yes and get them  to agree and say yes if this is what they want. 


Rana’s gold - ASK and Get agreement - get them to say  yes 5 times  - show them your final offer and gain some sort of commitment from them to take action.


Questions to consider for consistency commitment and consistency: 


Can you show consistency? 


Do you walk the walk - consistently ?


Do you ask clients to commit to their word in regard to showing up to meetings, renewals or even giving you referrals? 


Do you ask good closing questions to get the customer to close themselves?


Make your stakeholders feel special 



 5. - Be an expert - be the centre of influence - have authority 


Be credible and know what you're talking about. Building your centre of influence  - online or offline. 


Share  content that highlights your expertise. Give talks, write articles, feature on podcasts, host events  or simply be good at what you do. 


You cannot fake authority. And it does not come easy - it takes work, practice and time to be an expert and centre of influence in your field


Some questions about your centre of influence 


Are you the go-to person in your field? 

Are you a trusted adviser? 

Are you a centre of influence 


Do you professionally develop yourself rhgilatly and consistently 


Do  you show up with confidence, look and  the part ?


The key 


The 5 Cs - to build a connected collaborative community of people around you 


Connect collaborate contribute competently and consistently


Make your stakeholders feel special 


Learn Collaborate and Grow with us - BBG 

INFLATION CREATES OPPORTUNITIES - especially for accounting firms , financial planners and mortgage brokers




So, inflation has reached 5.1% and seems to be climbing …..


It’s an issue being felt around the world 


  • Russia-Ukraine war which has pushed fuel prices sky high, 
  • post-pandemic supply chain disruptions which have led to shortages in an array of industries.
  • rising interest rates


In the 50’s like today there were skills shortages and rising inflation peaking at 23.9pc in 1951 as a result of Korean War and end  WW2.


Property and construction sector generally booms in times of inflation ! 


HomeBuilder Grant and surplus savings from lack of spending during lockdowns - will create opportunities 


Construction companies have been falling like flies -  going into voluntary administration as a result of difficulty managing cashflow ,  meeting delivery timeframes and supply chain issues amid other  challenges.


Prices are rising and  the surrounding circumstances are extremely volatile and uncertain. 


Business owners need to 


  • Keep a strong eye on the numbers
  • balance capacity to deliver amid high demand
  • Continue exploring new opportunities to meet client needs


Your accountng business will grow if you focus on adding amazing value to the clients you choose to focus on !! 


RSM  started in 40s and 50s and grew 250 pc 


How are you going to 10X your business ? 


Inspired by https://www.rsm.global/australia/insights/big-picture-with-jamie/think-todays-skills-shortages-are-bad-imagine-1940s-big-picture-jamie