Focus - Life Lessons from Spearfishing

As I swim along the surface of the ocean I notice a school of bait fish flash sideways, spooked by an unseen predator. I take a few slow deep breaths and sink below the surface, speargun tucked close to my body heading towards the bottom.  I level out and as I do I see them.  15 - 20 good sized yellowtail kingfish.  The heart rate increases and I start to select my target.  As I stretch my arm to line up a good shot I see out of my peripheral vision what looks like a bigger fish.  Tempted I change my aim before seeing another more solid fish once again adjusting the shot.  By this time however the school is getting twitchy and sense my intent.

My new chosen target moves out of range before a shot can be taken, and I hurriedly choose another fish.  The whole school is now moving quickly & I take a rushed shot, finding nothing but water.  The old saying 'if you chase 2 fish both will escape has never been truer. In spearfishing I have had to learn the hard way the value of focusing on my goal.

The result of more focus on an individual fish!

Focus is vital for success. If you have set goals that you would like to achieve, you will need to focus on those goals.  This sort of focus takes discipline.  You should constantly re-focus to ensure you are still heading in the right direction.

If you want to be more successful you should focus most of your time on your strengths rather than focusing on improving your weaknesses.  As a guide it is suggested that you spend 80% of your energy and resources into improving your strengths.  15% should be put into new skills and only 5% working on your weaknesses.  Many people put alot of time and effort into trying to improve their weaknesses, when they should be playing to their strengths.

Some of the most successful people I have met and read about have laser like focus on where they are headed.

The 1st step is to set a goal (business or personal) and then focus on achieving that goal by playing to your strengths.  As in spearfishing, the results of achieving your goals are very rewarding!

7 Keys of effective Communication!

A few years ago our business did a team survey asking for feedback on every area of our business.  The biggest issue by far was Communication!  Many of the issues that were raised all led back to a problem with Communication, and in particular communication from the business owners to the rest of the team.

This came as a shock to us.  We had always seen communication as one of our strengths.  We even have an open office plan in order to improve communication within the workplace.

Through this process we learned some lessons on communication that could be relevant to others.  below I have listed 7 keys of effective communication

1. Listen.  The 1st and perhaps most important part of effective communication is to listen.  Listen well and ensure you understand what the other person is saying.  Confirm you have understood by paraphrasing back what has been said.
2. Don't Interrupt.  This takes listening to the next level.  If you are a natural interrupter, you need to learn to listen fully without interruption
3. Be clear about what you are saying.  Avoid unnecessary jargon and ensure the person or group you are communicating to has understood your meaning!  If sending an email it is vital to be clear to avoid unnecessary multiple emails back and forth to get clarification.  This is a time waster!
4. Use available technology.  Sometimes communication is best in person or over the phone. Sometimes an email is best suited, or a message on Twitter, Facebook, LinkedIn or some other social media may even be the best method. Consider the message you are trying to send and your audience and communicate appropriately
5. Always tell the Truth.  At times you will need to let someone know you have made a mistake.  Communicate this quickly and truthfully.  This can not only make others feel better about you and enhance your reputation, but it will also make you feel better about yourself!
6. Keep your cool.  It is you and you alone who allows other people and things to affect you! If you become angry, jealous, negative or vengeful, you have have been defeated.
7. Don't talk down.  Communication is often more affective when we treat others as equals.  If you are an employer, you are no better than your employee's you just have a different role to play. 

Don't forgot that the little things can often be the big things in a relationship.  In our business we found that the little things we weren't communication effectively were causing the most angst.  effective communication can improve morale, productively and happiness in any environment.

Self-discipline

Self discipline is the ability to motivate yourself to do what needs to be done despite what else is happening around you!

I regularly meet with business owners who want us as accountants to wave a magic wand over their business in order for that business to be successful.  While we can give ideas and advice, ultimately the success or failure of a business will often come down to the self discipline of the business owner.

A good thing for everyone in business to do is to make a list of all the things that you are doing in the business.  Add to that list anything that you think you should be doing to benefit the business.  From this list, circle the 3 most valuable activities to the growth or success of your business. 

These should be your 1st priority.  If the other things on the list are keeping you from the most important 3 things, then they need to be delegated to someone else, to ensure you have the time to do what is important.

This is where self discipline comes in.  You then need to be disciplined enough to ensure that you continually keep these things as the priority.  If you do this your business can truly rise to it's potential.

My wife will tell anyone who asks that my favourite saying is "The only person you can change is yourself".  Being self disciplined is a positive change for everyone to try to bring about!

Selling a business

One of the questions that we get from business owners is "if I am going to sell my business, do I sell the shares in my company, or do I sell the business and keep the company?"

From a business purchasers perspective, most will be keen to purchase the business and set up a new company (or other entity).  This is mainly due to the fact that if you purchase an existing company, you also purchase any skeletons that may be hiding in the closet of that company.  These can include such things as unknown creditors or an insurance claims against the company that arises years down the track.

Having said that, sometimes a purchaser will be happy to purchase either the shares in the trading company or the business.  If this is the case, you as a sellor need to put some thought into what is the best scenario for you!

Probably one of the biggest considerations in this area is the capital gains tax treatment of the business sale.  In some circumstances there are signifcant capital gains tax benefits of selling one way or the other.

The best option for any business owner looking to sell a business that operates through a company structure is to seek expert advice relating to your particular situation.  As with all these matters it is vital that you get this advice before the settlement of the business, rather than seeking advice after the dust has settled on your business sale.

Perspective

I watched an inspiring movie last night. "Soul Surfer" is the story of Bethany Hamilton, a girl living in Hawaii, who surfs every day and is an aspiring professional surfer.  At age 13 Bethany looses her left arm in a shark attack.  Unbelievable she is surfing again within a month of the attack, learing how to stand up on her board with the use of only 1 arm.

Soon after she finds that she no longer has her previous skills and falls into despair believing she has lost everything.  However a trip to help victims of the 2004 Tsunami, helps her to take a step back from her own loss and gain new perspective on her situation.

It is very hard to see the big picture of our lives, given the fact that we are head down involved in them full time. When we loose our temper over the little things in life, we need to step back and take a wider view.  If we do this we may become thankful for what we have, rather than being frusterated by little things.

The same problems arises in business life.  We sometimes take a very narrow view of our business, because we are busy working in our business rather than taking a step back and working on our business.  Some strategies that I have found has helped with our business and clients business in order to get a wider perspective are:

• Plan regular strategy meetings. Monthly or quarterly. These meetings should involve all decision makers within your business, and focus not on day to day management issues, but rather longer term strategy.
• Include an external advisor on your board of management. Someone with a different set of skills, without the baggage of working in the business day to day, can provide fresh ideas.
• Speak to other successful business people about business.  Having a business mentor is a great to have someone who you can trust to bounce ideas and concerns off.
• Keep up to date.  Attend seminars put on by your industry. Look for seminars outside of your industry. Read books or listen to audio books if you hate reading.

After Bethany Hamilton came back from the Tsunami zone she trained hard and realised her dream of becoming a professional surfer.  She also has become an inspiration to others who have had life changing moments or faced a traumatic event. 

All from gaining a new perspective of her situation and a hard work ethic!