I’ve had the pleasure of teaching business at one of my clients – a large and successful TAFE college.
The class started with some 20 plus students in late July, all eager to learn about building a business, how to research, and how to write a business plan. Out of the 20 plus students, six have actually handed in their assessment tasks – less than one third.
When we discussed this in class, the students were surprised by the numbers. I was not.
The usual problems appeared; lack of commitment, persistence, fear of not having studied for a while, overwhelm. And yet, while the support was there, only 2 students asked for it.
This is a clear demonstration of the 80/20 rule – “The Law of the vital few.” - known as the Pareto principle after the Italian economist, engineer and philosopher, Wilfred Pareto. In 1906, Pareto noted that 80% of Italy’s land is owned by 20% of the population.
Phil’sosophy (or the point)
What are we learning from this?
· Simply, the 80/20 rule is alive and well and flourishing!
· If help is available and you don’t take it when you need it, who’s to blame.
· Anyone can move from the 80% to the 20%; it’s a case of when a real and committed decision is taken to do so.
Be part of the 20% - the rewards are simply amazing!
Phil
Monday, 15 November 2010
Monday, 27 September 2010
Managing the Boom and Success Trap
“Australia is one of the best managers of adversity in the world and the worst manager of prosperity.”
The above quote was written in an article in “The Economist” magazine in 1986 and reappeared in an article in the weekend Australian Financial Review dated 25 September 2010.
The article implies that when times are good, individuals, companies and nations fall into the “success trap” of doing nothing because the money keeps rolling in.
Over time, Australians have developed a reputation of managing tough situations and coming out stronger at the end. But in the good times, it’s a case of “she’ll be right mate”.
This reminded me of the New Testament, where the story is told of Joseph, his amazing coat and his ability to interpret dreams; in particular the Pharaoh’s dreams of 7 fat and 7 thin cows and 7 healthy and 7 withered corns of wheat.Joseph’s interpretations and explanations were simple: Harvest in the good times to put aside for the bad times.
The point
Here’s my take on this:
· Fundamentals work!
· Have good solid goals in place supported by sound flexible life and financial plans
· Keep a constant watch on your “success trap”, harvest the maximum that you can in the good times – that harvest also includes continued education of you.
· Build adequate reserves of personal strength - physical, mental and financial Sow well and you will reap well.
Why? Because YOU deserve it.
Phil
The above quote was written in an article in “The Economist” magazine in 1986 and reappeared in an article in the weekend Australian Financial Review dated 25 September 2010.
The article implies that when times are good, individuals, companies and nations fall into the “success trap” of doing nothing because the money keeps rolling in.
Over time, Australians have developed a reputation of managing tough situations and coming out stronger at the end. But in the good times, it’s a case of “she’ll be right mate”.
This reminded me of the New Testament, where the story is told of Joseph, his amazing coat and his ability to interpret dreams; in particular the Pharaoh’s dreams of 7 fat and 7 thin cows and 7 healthy and 7 withered corns of wheat.Joseph’s interpretations and explanations were simple: Harvest in the good times to put aside for the bad times.
The point
Here’s my take on this:
· Fundamentals work!
· Have good solid goals in place supported by sound flexible life and financial plans
· Keep a constant watch on your “success trap”, harvest the maximum that you can in the good times – that harvest also includes continued education of you.
· Build adequate reserves of personal strength - physical, mental and financial Sow well and you will reap well.
Why? Because YOU deserve it.
Phil
Tuesday, 14 September 2010
The Positively Selfish Money Warning
In one of my most recent blogs, I wrote about the mysterious and almost fraudulent concept of work/life balance and suggested an idea of “total life management”. This idea has lead into this blog; about being positively selfish about your money.
In 2001, the then governor of the Reserve Bank, Ian McFarlane issued a warning that there would be a day in the future when Australia will no longer be able to provide for its aging population. This seems to have been largely ignored!
Some 3-4 years later, the then Federal Treasurer, Peter Costello, repeated the same warning in conjunction with the public release of the first Inter-Generational report. This also seems to have been largely ignored!
The Australian Government is considering a mining “super/excess profits” tax, which will, in part, fund an increase in the pension and other benefits for us to retain our current lifestyle and not invest in the economy.
My limited perspective here is that the alarm bells are ringing – albeit softly, that we need to be doing something positive with our money starting RIGHT NOW!
The point
Adopt a positively selfish approach with your money. What this means is taking a “total life management” approach with your finances; developing a good solid understanding of aspects of money especially the terminology and jargon that is used.
When selecting advisers, accountants and planners, interview them; check their credentials. Ask those around you. People are generally willing to refer you to their financial planner when they are good.
And to quote the world’s greatest investor, Warren Buffet: “I only invest in things I fully understand.”
Be positively selfish and profit!
Phil
In 2001, the then governor of the Reserve Bank, Ian McFarlane issued a warning that there would be a day in the future when Australia will no longer be able to provide for its aging population. This seems to have been largely ignored!
Some 3-4 years later, the then Federal Treasurer, Peter Costello, repeated the same warning in conjunction with the public release of the first Inter-Generational report. This also seems to have been largely ignored!
The Australian Government is considering a mining “super/excess profits” tax, which will, in part, fund an increase in the pension and other benefits for us to retain our current lifestyle and not invest in the economy.
My limited perspective here is that the alarm bells are ringing – albeit softly, that we need to be doing something positive with our money starting RIGHT NOW!
The point
Adopt a positively selfish approach with your money. What this means is taking a “total life management” approach with your finances; developing a good solid understanding of aspects of money especially the terminology and jargon that is used.
When selecting advisers, accountants and planners, interview them; check their credentials. Ask those around you. People are generally willing to refer you to their financial planner when they are good.
And to quote the world’s greatest investor, Warren Buffet: “I only invest in things I fully understand.”
Be positively selfish and profit!
Phil
Thursday, 2 September 2010
The Myth of the “Work Life” Balance.
Much has been written about this strange, almost mysterious concept of work/life balance. An industry of consultants, coaches, trainers and speakers have emerged as “experts” in this field.
I believe the whole work/life balance thing to be a myth - almost to the point of being fraudulent. It’s the same as the concept of “compartmentalising” your life into work and life.People have been “conned” into believing that work is not part of life!
What the..…so the premise is, when I go to work, I suddenly stop living???
The whole thing sounds like a juggling act! The same with time management; what a crock!
The reason we are not “in balance” is we are possibly in the wrong jobs, wrong businesses, etc…for us
The Point
Instead of work/life balance, how about total life experience? Instead of time management; how about life management. Throw out the balancing act; leave that to others who want to walk on tightropes. Consider a total life experience and life management, be it at work, at leisure, or at time for you. And watch the results!
Phil
I believe the whole work/life balance thing to be a myth - almost to the point of being fraudulent. It’s the same as the concept of “compartmentalising” your life into work and life.People have been “conned” into believing that work is not part of life!
What the..…so the premise is, when I go to work, I suddenly stop living???
The whole thing sounds like a juggling act! The same with time management; what a crock!
The reason we are not “in balance” is we are possibly in the wrong jobs, wrong businesses, etc…for us
The Point
Instead of work/life balance, how about total life experience? Instead of time management; how about life management. Throw out the balancing act; leave that to others who want to walk on tightropes. Consider a total life experience and life management, be it at work, at leisure, or at time for you. And watch the results!
Phil
Thursday, 10 June 2010
A new Paradigm shift - The Importance of being Positively Selfish.
G'day
I touch on a controversial subject and also a new paradigm shift – that is the importance of being “Positively Selfish”.
Current personal growth and self development strategies talk about “doing whatever it takes for as long as it takes”.
The issue with that statement is that it does not take into consideration what you and I really want.
Maybe a better statement is “doing whatever it takes for as long as it takes as long as I enjoy my life!”
It’s certainly become my philosophy that I need to:
While this sounds and looks arrogant, to me it is the critical part. The exodus of people from stressful corporate positions is a real example of individuals saying “why am I doing this?” and also coming to the conclusion that there must be a better way.
A “Positively Selfish” approach to life, creates innovation and smart life operating skills; shifting from a “time for money and life” strategy to a “knowledge for money and life” strategy.
By developing a “knowledge for money” strategy, I have personally found new subject areas that I can share with others and more importantly, my contributions to my family, friends and clients are more valuable.
Question: What are some “knowledge for money” strategies that we can use or develop to give us the lifestyle that we truly want?
The promotion...
I can’t help it but….. We are really excited about this…. It has taken a great deal of time.
Look out for the launch of our ‘Business of Your Life’ program in the 1st half of July, in which we will:
Call Carmel on 0438 363 530 or email enquiry@philipwagner.com.au to register your interest.
To your ongoing investment in yourself….and your success!
Phil
I touch on a controversial subject and also a new paradigm shift – that is the importance of being “Positively Selfish”.
Current personal growth and self development strategies talk about “doing whatever it takes for as long as it takes”.
The issue with that statement is that it does not take into consideration what you and I really want.
Maybe a better statement is “doing whatever it takes for as long as it takes as long as I enjoy my life!”
It’s certainly become my philosophy that I need to:
- Look after myself
- Look after my partner and son
- Look after everyone else!
While this sounds and looks arrogant, to me it is the critical part. The exodus of people from stressful corporate positions is a real example of individuals saying “why am I doing this?” and also coming to the conclusion that there must be a better way.
A “Positively Selfish” approach to life, creates innovation and smart life operating skills; shifting from a “time for money and life” strategy to a “knowledge for money and life” strategy.
By developing a “knowledge for money” strategy, I have personally found new subject areas that I can share with others and more importantly, my contributions to my family, friends and clients are more valuable.
Question: What are some “knowledge for money” strategies that we can use or develop to give us the lifestyle that we truly want?
The promotion...
I can’t help it but….. We are really excited about this…. It has taken a great deal of time.
Look out for the launch of our ‘Business of Your Life’ program in the 1st half of July, in which we will:
- resolve many of the questions
- set KPIs
- SWOT and WISH
- develop a transition flow that establishes a clear action program while keeping you focused and grounded
- develop a risk management plan
- And a whole lot more!!!!
Call Carmel on 0438 363 530 or email enquiry@philipwagner.com.au to register your interest.
To your ongoing investment in yourself….and your success!
Phil
Sunday, 9 May 2010
Is your life a business or a practice
In recent times it has been interesting to watch how people treat themselves and their lives. In my view, many of the most successful people/entrepreneurs today have achieved success by treating their lives as a business.
It may sound cold, but it isn’t – it is simply applying a business approach and methodology to achieving the life you want to live.
At everyday workplaces and businesses, there are many who have a great understanding of business drivers. They understand profit and loss, balance sheets, cashflow, value propositions, key performance indicators (KPIs), goal setting etc.
Great valuable tools! And the start of what I believe is a new paradigm shift.
So, can business principles and tools be used in our personal lives?
Those that treat their lives as a business generate a great deal more success; personally, professionally and financially.
What about KPI’s - Key Performance Indicators?
Can paying off a mortgage by a certain date be set as a Key Performance Indicator?
Can scheduling specific time with our partners, children, friends, be a Key Performance Indicator?
By doing this and becoming the “managing director” of our lives, we are delivering more value to the community and therefore are more valuable to an employer or in our own business.
Those of us, who are parents, often, treat our children’s lives as a business without ever realising it. We make an investment in their lives (i.e. education, health) with the view there will be a return on investment – they will have good jobs or businesses and they will be healthy happy young people.
Ever heard the phrase – “wanting to ensure your child has more opportunity than you did.”
The business of parenting is about making decisions that will directly or indirectly affect the future of your child. This is the same principle as running a store or doctor’s surgery or any other business. The most successful of these are the ones where business decisions have been made focusing on the question; will this directly or indirectly make my business better than it is today?
So how do you treat your life as a business?
Watch your level of growth and contribution rise to new heights!
Want to learn more?
Look out for the launch of our new program “Your Life is Your Business” planned for July, 2010.
Email enquiry@philipwagner.com.au to register your interest.
To your ongoing investment in yourself….and your success!
Phil
It may sound cold, but it isn’t – it is simply applying a business approach and methodology to achieving the life you want to live.
At everyday workplaces and businesses, there are many who have a great understanding of business drivers. They understand profit and loss, balance sheets, cashflow, value propositions, key performance indicators (KPIs), goal setting etc.
Great valuable tools! And the start of what I believe is a new paradigm shift.
So, can business principles and tools be used in our personal lives?
Those that treat their lives as a business generate a great deal more success; personally, professionally and financially.
What about KPI’s - Key Performance Indicators?
Can paying off a mortgage by a certain date be set as a Key Performance Indicator?
Can scheduling specific time with our partners, children, friends, be a Key Performance Indicator?
By doing this and becoming the “managing director” of our lives, we are delivering more value to the community and therefore are more valuable to an employer or in our own business.
Those of us, who are parents, often, treat our children’s lives as a business without ever realising it. We make an investment in their lives (i.e. education, health) with the view there will be a return on investment – they will have good jobs or businesses and they will be healthy happy young people.
Ever heard the phrase – “wanting to ensure your child has more opportunity than you did.”
The business of parenting is about making decisions that will directly or indirectly affect the future of your child. This is the same principle as running a store or doctor’s surgery or any other business. The most successful of these are the ones where business decisions have been made focusing on the question; will this directly or indirectly make my business better than it is today?
So how do you treat your life as a business?
- You treat yourself as Number One. It’s all about you.
- Decide what you want to achieve in life.
- Separate what is important from what is merely a distraction.
- Plan your achievements – when, where, how.
Watch your level of growth and contribution rise to new heights!
Want to learn more?
Look out for the launch of our new program “Your Life is Your Business” planned for July, 2010.
Email enquiry@philipwagner.com.au to register your interest.
To your ongoing investment in yourself….and your success!
Phil
Saturday, 13 February 2010
How we are seen.......
A recent meeting occurred at a school; the attendees were to be the parents, the teenage student, and the student’s school housemaster. Neither father nor mother could attend (the short notice) so the stepfather attended instead.
The purpose of the meeting? To set clear goals for the student for 2010.
The student politely and firmly stated he wasn’t interested.
This rendered the meeting into a general conversation bordering on the farcical.
The problem?
The student felt he was there at the behest of others, not himself.
The goals were being set for him, not with him
The lad is at that age where he asks “why”, challenges everything, wants, or in fact demands, explanations. Most of all, he wants consistent conduct from his elders.
This teenage boy notices the double standards very quickly.
The point
Children, especially teenagers, are insightful enough to see when we adults behave in a manner, contrary to what we say.
This means, that when we appear to be inconsistent (in their eyes), either rightly or wrongly, we may be asked to explain our conduct to our children.
Let us at least be open in our conversations with our children and take their observations as an example of love and their genuine interest in us and what we do.
That conversation, where we may feel challenged, may be just the one that inspires them (and us) to new heights!
The purpose of the meeting? To set clear goals for the student for 2010.
The student politely and firmly stated he wasn’t interested.
This rendered the meeting into a general conversation bordering on the farcical.
The problem?
The student felt he was there at the behest of others, not himself.
The goals were being set for him, not with him
The lad is at that age where he asks “why”, challenges everything, wants, or in fact demands, explanations. Most of all, he wants consistent conduct from his elders.
This teenage boy notices the double standards very quickly.
The point
Children, especially teenagers, are insightful enough to see when we adults behave in a manner, contrary to what we say.
This means, that when we appear to be inconsistent (in their eyes), either rightly or wrongly, we may be asked to explain our conduct to our children.
Let us at least be open in our conversations with our children and take their observations as an example of love and their genuine interest in us and what we do.
That conversation, where we may feel challenged, may be just the one that inspires them (and us) to new heights!
Thursday, 28 January 2010
Who's keeping you accountable?
This blog is out a little later than normal; partially because I have been enjoying my time being a Dad over the last three / four weeks.
To put this in context, my son lives in Perth, and we had the pleasure of three wonderful weeks of his company around Christmas.
A highlight was a visit to the Australian War Memorial in Canberra. The number of visitors there was remarkable; the interest in both Australian history and world history was wonderful to see. I encourage you to take a trip – you won’t be disappointed.
My son and I have around 30 to 40 days per year together. Our time together is precious but fun, relaxed and at times serious.
At 16, he is that age when he wants a close connection with those that he loves; but at the same time he is watching and observing, looking for any sign of hypocrisy on my part and letting me know when I’m not doing as I say!
So who is keeping you accountable by watching and listening to everything you do?
To your outstanding year!
Phil
To put this in context, my son lives in Perth, and we had the pleasure of three wonderful weeks of his company around Christmas.
A highlight was a visit to the Australian War Memorial in Canberra. The number of visitors there was remarkable; the interest in both Australian history and world history was wonderful to see. I encourage you to take a trip – you won’t be disappointed.
My son and I have around 30 to 40 days per year together. Our time together is precious but fun, relaxed and at times serious.
At 16, he is that age when he wants a close connection with those that he loves; but at the same time he is watching and observing, looking for any sign of hypocrisy on my part and letting me know when I’m not doing as I say!
So who is keeping you accountable by watching and listening to everything you do?
To your outstanding year!
Phil
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