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.

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

Russell Pillemer talking opportunities in this post Covid - tumultuous time

Russel Pillemer was recently interviewed by James Thomson at The Australian Financial Review where he highlights how economic turmoil will throw up good opportunities for private equity investors, providing they can move quickly.

Russel notes that the confluence of events roiling markets right now – inflation, COVID-19, rising interest rates, geopolitical tensions, and now a commodity shock – have given him and his team pause. The heady days of last year, when markets kept making record highs, seem long gone.

“You do see in times of crisis that there’s nowhere to hide,” he says. “It’s the flip side of the market where everything is going well and everything looks expensive.”

But for fundamental investors, times like this can also mean big opportunities for those willing to block out market noise and back their convictions. It’s part of the reason the ASX-listed Pengana Private Equity Trust this week announced a one-for-five entitlement offer that aims to raise $75 million.

https://hubs.li/Q0168mYC0

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The Benefits of Networking!

 By Roger Amir - www.Mitronics.com.au

Currently most of us are networking remotely through zoom or team meetings.

With the announcement of opening businesses up again in NSW, it is expected that from December 1st networking face to face will be back on track, compliant to regulations.

So here are 5 benefits to help to grow our networks to help grow our net worth.

 

1) Raises your business profile and builds on your business brand. 

2) Keeps you front of mind which creates recognition and awareness.

3) Exchange of leads and being a source to help others.

4) Develops long lasting relationships with key people across various industries.

5) Creates introductions to other networks which become referral sources.

 

We are all looking forward to meeting new people, along with catching up with some familiar faces in the near future. 

Leadership in Public Life - Gladys Berejiklian

Gladys resigned as Premier of NSW last week as a result of an ICAC inquiry into her dealings a few years back . Whether she is guilty or innocent (nobody is perfect) -  she has bee an outstanding example of leadership in  Public Life - and In my view, NSW is richer  for having such an outstanding leader.

I, for one, believe that Gladys would make an outstanding Prime Minister one day! 

Below is a LinkedIn Post from the Deputy Chief of Staff and Director of Policy to the Premier of NSW, Armine Albandian 

Over the past few days, there has been an outpouring of support following the resignation of Gladys Berejiklian. The love for her has come from people of all backgrounds and from all corners of the country and has been truly unprecedented.

Politicians can be hard to like, and I understand why.  

Politics is obscured by process and tradition, translated through someone else’s opinion, and executed with pragmatism that seems to forever trump ideals. It is the part of politics I like the least.

But Gladys was not your typical politician.

Throughout the pandemic, she entered our lives and our living rooms, and spoke directly to us. She never stood on ceremony. Gladys told it straight and she did so while leading us through some of our darkest hours as a nation.

She was a politician we could like.

We will remember her time in public life as a high watermark for dedication, resilience and courage. That she was the first female elected Premier in NSW is thankfully, now an afterthought.

Many people have been inspired by Gladys and have asked what it has been like to work for her for more than 6 years. This is what she taught me about public service:

1.    Work harder and smarter than everyone else, be persistent and always come prepared. If you do, you will find a way through any seemingly intractable challenge.

2.    Govern for everyone. It’s your job to understand what it means to represent the views of the citizens you serve. Never take the people you serve for granted, you govern at their behest and that is the ultimate privilege.

3.    Leadership isn’t about popularity and it’s not about perfection. It’s about making the best decisions based on the available facts and then holding your nerve. It’s also about apologising when you get it wrong.

I am proud 

I am proud of the Government’s work throughout the pandemic and bushfires. I am proud of the innumerable reforms that will impact lives for generations. And I am proud of the infrastructure that has transformed the city and state I first encountered when I arrived in Australia ten years ago.

Most of all, I am proud of my dear friend, this remarkable woman, for her spectacular leadership.

Credit to Teny Aghamalian for the black and white photo!