Small Business Ru!e of the Month

Small Business Ru!e of the Month

01.8.2020 Business Ethics Do Not Exist. Ethics Exist.

With a lack of cricket being played across the world at the moment, I thought I would go back to one of my favourite cricket memories. No, not a game-winning century by Ben Stokes against Australia. Not Dennis Lillee slicing through the top-order in the Centenary Test. Not John Dyson - part fielder, part soccer goal-keeper - on the SCG boundary. One of my favourite memories of cricket is the dismissal of the greatest wicketkeeper this country has produced. Adam Gilchrist ret ..

01.7.2020 You Attract That What You Are

If you want clients who drive a Tesla, go out and buy a Tesla. If you want clients who focus on buying quality products, then make sure that you are a purchaser and user of quality products. To be prosperous, you need to look prosperous. Conversely, if you want to be known as having the cheapest prices in your industry, then all of your messaging needs to scream out cheap. You need to drive a cheap car; you need to use cheap business cards and make sure that the message is consistent. H ..

01.6.2020 Ego Is A Dirty Word

To be an effective businessperson, you need to check your ego at the door as you come into work. There is no prize for boosting your own ego and proving to a client you are right and they are wrong. There is a very subtle difference between giving good advice and proving to all the world how clever you are. Every conversation and discussion with a client should boost the client’s ego, in a subtle and sincere way. Ego selling relies on sincerity, (and if you can fak ..

01.5.2020 Ignorant ≠ Stupid

Ask me to cook a meal for 50 people, and I would have either a lot of hungry people or enough food to feed an army. Ask me to design a training program for an Olympic athlete, and I hope that person doesn’t plan on winning a medal. Ask me to climb a communications tower and repair the antenna while hovering 100 metres above the earth, and I would be telling people to send more letters. All of these tasks are performed by people across the world every day. Does that make me  ..

01.4.2020 The More Hast, The Worst Spede

Do it once and do it right. How long does it take to go back and fix a mistake compared to the time it takes to slow down and do it right in the first place? The expression was first coined in the 14th century as ‘The more hast, the worst spede’ (c. 1350 Douce MS 52, no. 86). There is the famous story that, many years ago, a man vowed to avenge his father’s murder. He found the greatest swordsman in the land and asked him to teach him to be an expert swordsman. &ld ..

01.3.2020 Be Transparent Or People Will See Through You

Many businesses are currently facing their toughest ever challenge. Who ever filled in a SWOT chart for their business and placed COVID-19 in the Threats box? Similarly with planning for the future of your business, when considering internal and external influences, it would be hard to imagine anyone predicting such a huge negative external impact from a worldwide pandemic. There is a lot of specific advice I am giving to businesses at the moment in what to do to survive - and even thri ..

01.2.2020 Treat Every Date Like A First Date

The well-documented argument over many years about the Australian ODI cricket team’s rotation policy normally focuses on player welfare versus keeping a player in form. For some of the best cricketers in the Australian ODI team, they may play a dozen one-day matches in a summer in addition to six tests and a couple of Twenty20 Internationals. They don’t see any big deal in having a rest from the occasional one-day match as they can play in another match next week. I  ..

01.1.2020 Stick To The Knitting

One of the most common mistakes I see in successful businesses is diversification so far away from core competencies that the business then loses its competitive advantage. A common example is when a small business wants to buy their own building. Any business should be aiming for a return on their business investment of at least 20 percent. Once you buy your building, you have just become a landlord, and landlords are happy with 8 percent. Why settle for such a drop in income? You  ..

01.12.2019 You Get What You Pay For

John Ruskin (8 February 1819 to 20 January 1900) last set foot on this planet over 100 years ago and is best known as an art critic and social critic but is also remembered as an author, poet, and artist. His essays on art and architecture were extremely influential in the Victorian and Edwardian eras. I best remember John Ruskin for one simple series of 100 words. Despite the fact that he lived so long ago, his statement about value is the best value statement I have ever seen. I w ..

01.11.2019 Your Suppliers Are Not Your Bankers

Keeping money in your bank account to save overdraft costs is a good thing. I agree. Stretching out payments to your suppliers as long as possible keeps money in your account, so it must also be a good thing, so the argument goes. Here I disagree with almost every bean counter in the world. Fast supplier payment is a great indication of the health of a business. There are only two reasons that a business does not pay its bills on time. The first reason is that the business simply do ..