BOSSMENTOR® Renaissance Magazine - May Issue by BOSS Management Group

MAY 2011

STRATEGY, GROWTH, LIFESTYLE

RENAISSANCE MAGAZINE

Your Self Determination Listâ&#x20AC;Ś

4 Leave corporate Job 4 Spend 5 months in France 4 Skyrocket finances!

PR Guru

10 Tips for a Successful Press Release

Marketing Corner Myth of the Sales Funnel

Dubai

Eastern Mystique & Western Luxury

Strategy

4 Stages of Growth Which one are you?

Editors Letter Editors Letter

Hello there! Welcome back after our very long break to redesign the magazine and create a new team to produce it. These things sometimes take much longer than we originally plan! The theme for this issue is self determination. We feature Dubai in our Spotlight I learned many years ago how impor-

section this issue and have loads of

tant self determination is in life, and

other articles to help you in your

how essential it is for self esteem and

business, as well as inspire your

personal success.

leisure time.

If you are in a situation that isnâ&#x20AC;&#x2122;t

Enjoy!

Jenny Stilwell

fulfilling, nurturing, rewarding or in alignment with your values (whether business or personal), the best course

Jenny Stilwell

of action is self determination. Take

Self Determination

matters into your own hands and do

Noun: self-government: government of a political unit by its own people; determination of oneâ&#x20AC;&#x2122;s own fate or course of action without compulsion; free will

what works best for you. We all need to take control of our career, our business, our relationships and our life, in order to have the best life we can possibly create. This issue gives you some inspirational stories and some tools to help you do that. From inspirational entrepreneurs who leave the corporate world behind to create a better life, and teach others to do the same, like Heidi Alexandra Pollard, or brave women who jump into the unknown to experience life in another country, like our story on Carolyn Tate and her 5-month stay in Aix en Provence with her young son. We also have articles on strategy, PR and how to build your financial future, as well as profile a new book from our finance contributor Louise Gooden. After all, financial independence is an essential foundation for self determination!

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Table of Contents Table of Contents

Entrepreneurial Profile

4 Take 5 Months off & Write Your Book In France

From Corporate Executive to Leading Lady

Favourite Things

9 French & Country

Strategy

12 4 Stages of Business Growth—Which One Are You?

Spotlight on Dubai

16 Eastern Mystique & Western Luxury

How To 18 Rocket Your Financial Independence This Year Get Started on LinkedIn How Does Your Press Release Stack Up?

Success Mindset

22 Get Organized & Get Focused! Marketing Corner 24 Top Tips: Myth of the Sales Funnel

Best Info

25 Fast Facts

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Entrepreneurial Profile Entrepreneurial Profile

Entrepreneur

Carolyn

Name

Carolyn Tate Position

Founder Company

Connect Marketing Location

Melbourne, Australia Website

www.connectmarketing.com

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Entrepreneurial Profile Entrepreneurial Profile

ingle mother Carolyn Tate, founder of Connect Marketing, packed up her bags on the spur of the moment and went to live in France for 5 months, with her son Billy, 13. Her latest book, ‘Unstuck

Tate

in France’, is the story of their adventure. It was a trip with a girlfriend six years ago that captivated Carolyn and made her fall in love with Paris and all things French. But why the decision to go and live there? Why not? “I didn’t want to go to an English-speaking country; I wanted a cultural experience and a good place to take my son.” Between deciding to go at Christmas time in 2009 and moving to France, it only took eight months, and a swift relocation from Sydney to Melbourne en route to Provence! Carolyn quite amazingly sold her Sydney home and settled on August 13th, flew to Melbourne the day after, and left for a life in France nine days later. Now that is decisive action! I asked Carolyn how her son felt about their grand adventure. “He was very excited about moving to Melbourne and being able to spend more time with his father (who is based in Melbourne). He was really apprehensive about France. He went through lots of changes around that time – he finished primary school, he went to college for six months, relocated to Melbourne and a new school and then to France.” Carolyn says that she and her son both went through huge adjustments and took a while to settle into a routine once in their new European home. “To this day he says it was the most fantastic experience ever and can hardly wait to go back. He talks about that more than he talks about the Sydney friends he grew up with for ten years.”

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Entrepreneurial Profile Entrepreneurial Profile

On the day they left Aix, Carolyn penned the last of 72,000 words for her book. “I need deadlines and projects. I learned to love the process, not the outcome.” Typical activities as part of her new daily life, while Billy was experiencing his own at the international school, were varied. Inspired by the local farmers’ markets, Carolyn would buy and cook fresh produce daily. “Billy said I was becoming quite a good cook!” Skype calls with After doing some online research into bilingual schools in

girlfriends, lunches with new friends, a stay in Luberon with

France, Carolyn found an international school in Aix-en-

friends and a trip to Italy were all new experiences. Creative

Provence, and remembered it as a lovely place from her

pursuits like photography, going to galleries, the art museum,

travels years earlier. With a decisiveness that would leave

and generally exploring her new world, were all essential in-

most people feeling faint, she emailed the school about

gredients of their stay in France, as was the simplicity to fully

Billy’s enrolment, went online and found an apartment

‘be’ in the moment.

and booked it for four weeks’ time. Tapping into her creativity and immersing herself in another Being a networking queen, Carolyn used her core skills

culture were critical for Carolyn. “It wasn’t the doing and

to start building her own community in her new home. “I

seeing stuff, it was the living and the simplicity – no car, no

thought about who I knew that may know people in that

television and few expenses.”

part of France. My neighbour is French so I asked him. As it turned out, his cousin lives in Aix-en-Provence and

So, did their five month sojourn in France change Carolyn’s

through him, I was introduced to a whole group of inter-

perspective on life and business? “Yes! It showed me how

esting people. Plus the community through school always

to create simplicity in life. The more we have and want the

connects you to people. If you want to live somewhere

harder it is and the less satisfied we are. Living in Aix uncov-

new, I believe that you have to go there with a purpose of

ered a creative side I never knew existed. I came back with the

connecting with a group or community.”

intention to live a creative life rather than a functional life.”

So with a new home, a new school organised, and the start of a new network, the next step to organise was her marketing business. Carolyn made the decision to outsource potential new business opportunities to referral partners – a web company and a marketing company – for a commission. Her aim was to maintain her business while she lived in France, rather than grow it. Her blog took on a decidedly French flavour and her mentoring clients could continue to receive her help over the phone. The important thing was to have freedom from financial stress, so the experience could be a fulfilling

Since returning from France to Melbourne, Carolyn has created a true portfolio livelihood from following her three passions; writing, marketing and empowering women. She continues to run Connect Marketing (www.connectmarketing) where she helps small business owners market themselves with brilliance and authenticity. She manages the marketing projects for Fitted for Work (www.fittedforwork.org) - an organisation empowering women experiencing disadvantage by helping them get and keep work. And finally she is about to publish ‘Unstuck in France’ – due for release June 30th. To pre-order a copy, email Carolyn at carolyn@connectmarketing.com.au

and creative one.

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Entrepreneurial Profile Entrepreneurial Profile

from Corporate Executive to Leading Lady

eidi Alexander Pollard has done what so many

did her training in 2005 and left the corporate world at

women and men dream about. She’s left

the end of 2010.

the corporate world to start her own business helping women through the journey of

What do you see as some of the milestones in your busi-

becoming a leading lady, to live their legacy and make the

ness so far? “I published a book in 2009, called ‘Boost

world a better place.

Your Career’, but my milestones are more about shifts I’ve helped people make. For example, I helped someone move

Heidi’s philosophy for her company, Leading Ladies Inter-

from corporate into politics. I help people achieve part of

national, is to take women on a path that starts with earn-

their personal goals that they don’t necessarily share with

ing while you learn in your ‘day job’. Heidi’s background

others. I help people get out of their suit and I get behind

is in communications and PR, primarily in Government.

the ego and coach the real person.”

She has been Director of PR and marketing communications for Government agencies, and as she says “I had the privilege of working with some really good leaders who were compassionate, and understood business and knew it was possible to look after people. Healthcare is about life and death; it’s more than just PR and marketing.” It was in her most recent role that Heidi was putting in long hours in her corporate capacity, whilst also studying and working on her coaching business. Whilst she loved her team and found her work very stimulating, her health was suffering and she had no time for friends. Sound familiar? “I decided there was a smarter way to live your life and do what you want. I’d been property investing for 12 years, and I knew ‘school-uni-job’ was not the only model. I had enough income from property so I could step away from my corporate job and start my coaching practice.” Coaching was a natural move for Heidi, as she got involved in team building at work and spent a lot of time coaching her own team. Other people asked her if she’d coach them. Her interest in human development and human potential led her to interview 50 coaches before selecting where she would go to get her accreditation. She

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Entrepreneurial Profile Entrepreneurial Profile

“Buying my office and creating a space to allow the magic

“Our first tenants were a young couple with a little girl.

to happen – people feel safe and it takes them out of their

They’d been moving from property to property and were

normal environment. Developing Leading Ladies and

worried we’d push them out onto the street. I’m amazed

seeing connections being made – the uplift of individuals

at conditions people have to live in where landlords

when everyone is together. “

wouldn’t do repairs and maintenance. We always put in airconditioning, we repaint, put in new carpets. We update

And what advice would you give to others who want to

the property to the tenants’ preference when it’s time to

leave the corporate world? “The entrepreneurial path

repaint; we build fences for people with little kids.”

is not for everyone. Don’t jump until you know you’re

“Anything is possible. You just have to want it badly enough.”

“It’s easy for people to have trouble getting rentals – they have irregular income, lapsed rent payments, not enough income, no bond. We create easy entry for these people and get new tenants for new properties through referrals. We don’t always do a lease agreement and sometimes waive the bond. They pay market rate for their rent but we provide easier entrance to help them.

ready. Think about it and plan it first; make sure you have enough financial backing for 6-12 months. You need good

Leading Ladies International is about bringing thought

people to support you and you need a cashflow source.

leaders and new ways of doing things back to women

Have a corporate exist strategy and be realistic about how

in Australia. Heidi’s model is to help women grow their

long it takes to remove yourself from that in a way that

career so they can earn while they learn, then build a

is respectful to yourself and your boss and your team.

business which becomes a cashflow machine and in turn,

Double how long you think it will take – who do you want

convert that into investments and property to give you

to send thank-you notes to, how will you do a hand over –

and your family security in life. She teaches women how

plan it and how you want to be perceived.”

to build and live their legacy.

It’s possibly Heidi’s personal philosophy about leadership that guides how she invests in property, how she works with a team in the corporate world, how she engages with clients in her new business, and how she leads her own life.

“10 years and you can be a millionaire”.

“I believe in ‘Servant Leadership’ – in order to be a leader you have to look after people first. A leader is a servant first

And finally, I had to ask about the company’s shoe logo.

and the test is: do others grow wiser, more free, more joyous

“Corporate women express their real selves through shoes

and likely to go on and become a leader, just by being in my

and bags. They can’t do it with grey suits, but every now

presence. My goal is always to leave someone richer after

and then you’ll see a pair of amazing shoes peeping out

they’ve been with me. That’s my lifelong mission – to be a

from under a suit. It’s about breaking out of the mould

true leader for others by serving my people.

and expressing yourself.”

“It makes me a better person by helping people live their legacy today.” Heidi’s goal with property investment is to build her own retirement fund and look after herself. In the course of doing that, she follows her leadership path and helps others along the way using a vastly different rental model than

Entrepreneur, coach, author, property investor and speaker, Heidi Alexandra Pollard helps people to boost their career and create their dream lives. Known as ‘The Communicators’ Coach’ she values integrity and speaks the truth. Her goal is to inspire people to live their legacy not leave it. http://leadingladiesinternational.com.au

the one that exists in the market now.

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Favorite Things Favorite Things

French Country

here are some moments when you walk into a

When the time came several years ago for Suzie to

space, whether it be a home, a retail store or a hotel

sell her much loved Blue Mountains retreat, the many

interior, & you think, this is absolutely divine!

pieces that she collected & restored were relocated to

Such is the style of Suzie Anderson, owner of the

the Sydney Antique Centre, where they were featured in

magnificent Hopewood Country House in Bowral, NSW, &

a small French flavoured stand. From then, her collec-

home to the gorgeous “French & Country”.

tions expanded to include a European style, favouring

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Favorite Things Favorite Things

Suzie’s interior magic in her Highlands property. Her love for creating “a home environment...a tribute to all the senses”, (which I completely appreciate & endeavour to emulate whether at home, for a client or in retail interiors), is once again evident in her latest decorating emporium, Susie Anderson Home. Again, this divine environment reflects her personal style with unique & wonderful pieces. Enjoy a weekend retreat at this stunning estate & experience it original painted pieces in shades of faded greys, sage greens & white, all of which remain constants in her interior palette today. A more contemporary, masculine

from the moment you arrive...

www.suzieandersonhome.com

balance has evolved in recent years with Belgian accents adding a stronger focus to rustic collections. From the idyllic setting of her home, the historic Hopewood Estate, French & Country expanded to occupy the old property stables. Through a series of Open days & appointments,

This content is taken from the blog of Claire Jackson, Haven Interiors

http://www.haveninteriors.blogspot.com

customers were invited to enjoy the beautiful ambience of

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Bossmentor Programs ®

Bossmentor® Programs

Business Growth, Mentoring Coaching Programs

BOSSMENTOR® provides three fundamental levels of

Most business owners struggle at some point to make the

support for our clients:

right decisions about direction or strategic opportunities,

• We help you develop the right strategy and structure for growth

and constantly face challenges with people and day to day operations. Of course, the goal of profitability and growth

• Our programs provide support & direction on a

is always a constant.

group or individual basis • Resources to use in your business – via products,

To enquire how you can enrol in BOSSMENTOR® Busi-

BossMentor® Renaissance Magazine, the Boss-

ness Mentoring to get the support you need to take your

Mentor® Business e-news and free resources via

business to the next level, or for more information on

our website

how we could help with your business growth strategy, contact us now.

BOSSMENTOR® Business Mentoring is for business owners who want one-on-one advice to fast-track their business growth, as well as add depth to their management and marketing expertise.

Other Resources Our website has a range of business information and resources, covering business growth, man-

Business Mentoring can add huge value to your busi-

agement, marketing and strategy. Our Creating

ness growth strategies, regardless of whether you are

a Bigger Future blog has articles and other free

a solo professional, or CEO of an established medium

information you can access any time.

sized company.

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Strategy Strategy

4 stages of

Business

Growth

By Jenny Stilwell

business goes through many stages of growth during its life cycle. To simplify the path taken by a small to medium sized business Iâ&#x20AC;&#x2122;ve defined four stages of growth from inception through to sale,

and used a tree as an analogy to a business. These four stages are: Foundation; Build Structure; Business Expansion; and Optimise Value. Each stage requires focus on different, and very specific, strategies, and at each stage the business owner needs to have very clear objectives, to take that business through to its next stage. The stages are sequential, but at any given time a business will often straddle two stages at once as the business owner reaches for the next level of business growth, while still dealing with demands of the current level. within a year. An analytical consultant may take many

Stage 1: Foundation

years to move from this stage to the next. Factors affecting how long your business remains in

Think of a tree, and sowing the seeds that will lead to

Foundation include things like your industry, your specific

growth. This stage is critical because, like a tree, your

niche (if you have defined one), your own personal drive,

business needs a lot of attention and care to create the

your chosen target market and their need for what youâ&#x20AC;&#x2122;re

foundations for growing into something flourishing and

offering, and market conditions.

strong. Planting the right seeds is the most important thing.

I have had clients who have taken a matter of months to move through Foundation, and others who are still there

The Foundation stage may take a few months or several

after ten years.

years, depending on the type of business and the person who owns it. A sales-oriented recruiter could take a busi-

Who is in Foundation?

ness from Foundation through to the Build Structure stage

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Strategy Strategy

• Business start-ups

are presented. If you neglect structure your business will

• Solopreneurs or businesses with no support other

fail. It is essential to take stock and build structure at this

than the owner

stage, so you can continue on your growth path.

• Micro businesses fall into this stage • Any business that needs more clients and more revenue to survive

Who is in Build Structure? • Businesses that have enough sales revenue and clients to require additional support

Foundation Challenges:

• Companies that have grown relatively quickly and

• Survival

have lots of new business

• Learning how to acquire new business • Setting fees and pricing to make a profit

• Any Foundation business that has a solid revenue stream and is ready to grow further • Any company that feels a little out of control with

Goals of Foundation Stage:

everything that’s going on

• Build client base

• Any business where the owner is doing the bulk of

• Increase cash flow

the work

• Become self-supporting

Primary Focus: • Sales & Marketing • Getting out there and talking to people, meeting with people and connecting • At this stage the most effective strategies are in person and face to face • Low cost marketing strategies include speaking, networking, article marketing and referrals When Foundation businesses have acquired enough clients and a reasonably consistent cash flow, and the tree has started to sprout leaves and new growth, the next natural stage of business growth is to Build Structure.

Stage 2: Build Structure This stage is absolutely critical to get right! Think of the structure in your business like the trunk of a tree. If you only focused on more growth and more sales and more clients, so the top of the tree is growing out of control, and you neglected the trunk, the tree wouldn’t survive. Growth would be too much for it and the trunk would not be able to support the rest of the tree. It would fall apart. Many business owners run the risk of this happening when they approach Stage 2. Their focus is still on growth and the irresistible desire to take all opportunities that

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Strategy Strategy

Build Structure Challenges: • Not being tempted to forge ahead regardless and take on still more new business • Making the time to stop, think and do what needs to be done with the business you have

Goals of Build Structure Stage: • Create a sustainable structure • Strengthen the company’s core

Primary Focus: • Building a team • Making sure the right people are in the right roles • Putting systems and procedures in place • Getting the business model right, including equity agreements • A shift for the owner from being the business owner to being the CEO of the company Stage 2 occurs for every new business on the verge of its next phase of expansion, and it also occurs in established businesses that have been through growth and need to take stock, consolidate and shore up their structure to make sure the core business is well supported.

For many, it’s tempting to try and take on all new opportunities for expansion, and for others, the weight of decid-

Once a business has become viable, it will continue on a

ing which direction to take – and getting it right - can be

journey passing backwards and forwards between stages

paralysing.

two and three for some years. This is a natural and necessary occurrence, as business expansion will always neces-

The key to this stage of growth is to know how to navigate

sitate some adjustment and correction to the company’s

it strategically.

structure.

Who is in Business Expansion?

Stage 3: Business Expansion This stage is very exciting!

• Well established companies that have put the necessary structure in place so they can confidently expand

Business Expansion Challenges: • Being able to strategically assess and prioritise new expansion opportunities

This is when your business really takes off to new levels. You may expand geographically, through new ranges of

• Knowing how to be really strategic rather than operational

products and services, win new contracts, form strategic

• Measuring risks against potential growth

alliances, franchise, license, or create new offshoot busi-

• Understanding the many options for expansion and

nesses.

which will fit your business best

There are endless possibilities, and this is often the problem....how do you decide which path to take?

Goals of Business Expansion Stage: • Strategic business growth

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Strategy Strategy

Primary Focus:

Who is in Optimise Value?

• Planning for growth

• Any established business that has been through the

• Having clarity of the vision

expansion stage at least once and is attractive to

• Making strategic decisions for the future

external investors or acquirers • Any company whose owner is ready to sell

This stage could continue for many years and of course this is how global companies become so large – a con-

Optimise Value Challenges:

tinuous cycle of expansion and consolidating structure.

• Not being reactive

However, the next stage for most small and medium sized

• Taking the time to be well prepared to optimise

companies is Stage 4 – Optimise Value.

returns • Knowing when to let go

Stage 4: Optimise Value

Goals of Optimise Value Stage: • Maximise shareholder returns

Reward time! This is the stage when the owner of the

• Sell the business for the highest possible price

company has decided to sell, and maximise their returns from usually many years of commitment to growing their business.

Primary Focus: • Maximise profit • Optimise business value without the business

Too often, this stage is more reactive than strategic, and shareholders fail to optimise the returns they could gener-

owner being involved in running the company • Investor ready

ate from their business. Someone indicates interest, the business owner thinks of a figure that they’d be happy to

It is important to be prepared for this stage as you never

sell for, and discussions proceed along that basis.

know when someone will approach you about selling your company, or for some there may be other imperatives that dictate the timing of when you sell the business. Either way you want to maximise your returns.

Where is your business now? Whichever stage you are at now, if you are serious about business success and would like to discuss how we could work together on growing your business, please fill in the enquiry Sometimes no agreement is reached, and the owner of

form below. Suzette, our Marketing Coordinator, will be

the company goes back to their business. What should be

in touch with you to set up a time for you and I to talk

happening at this stage – and actually well before it – is

about what you would like to achieve with your business,

a strategic approach to how shareholder returns will be

and what type of business mentoring will be the best-fit

maximised at this stage.

for you.

BossMentor Renaissance Magazine • www.bossgroup.com.au

Spotlight Spotlight

blending

with

Eastern Mystique Western Luxury

f you are ever interested in combining Arabian mystique with cosmopolitan luxury and opulence, the unanimous recommendation would be: try Dubai. Billed as the desert’s most exciting city and one of 7 emirates of the UAE,

Dubai is chaotic yet ordered. Construction objectives have been simple: the best AND the biggest. Extensive construction, primarily by an army of workers from the Indian Subcontinent, has seen Dubai grow rapidly. What is so unusual is the blend of Arabian culture, tradition and hospitality with a western approach to business. The economy, originally based on oil, has now shifted towards tourism, real estate and financial services and is still recovering from the effects of the 2007 Global Financial Crisis.

Empire State Building. When you’re standing at the base of the Empire State Building and looking up, the prospect of For a relatively small

adding another one and a half buildings on top is daunting.

population of 1.4

That’s Burj Khalifa! It is massive! For those undaunted by

million, size is an

heights, the observation deck is 124 floors up.

eye opener in Dubai.

The largest sky-

In addition to the biggest skyscraper, there is of course what

scraper in the world,

was the tallest hotel in the world until April 2011– the Burj

the Burj Khalifa, is

al Arab. ‘Burj’, by the way, means tower (all makes sense...).

162 floors and 828

For those not staying at the Burj al Arab, you can visit for

metres high (2717

breakfast or afternoon tea – a good strategy to get inside and

ft). To put that into

at least have a little look around and get a feel for what it’s

perspective, it’s

like. But, you must book, and be ushered in by the guards at

about two and a half

the sentry gate. As the world’s only 7-star hotel, you can’t just

times the size of the

wander in for a drink, unbooked and unannounced.

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Spotlight Spotlight

Let’s not

which plunge you into a more mediaeval world of traders,

forget the

luring you to their stalls laden with spices, antiques, rugs,

Atlantis hotel

and silverware. Dubai is one of the world’s great gold trad-

situated on

ing centres with streets of shops selling a glittering array of

Palm Jumeirah

modern machine-crafted and exquisite hand-made orna-

Island in the

ments.

Persian Gulf, which lays

Make sure

claim to the

you take the

most expensive launch party ever at A $30 million. (Click

time to step

on this link to see the Getaway coverage of the hotel’s

out of the

launch.) This article cannot do it justice – you have to see it

midday sun

to believe it!

and into the XVA Gallery

Dubai com-

and cafe –

bines tradi-

it’s also a

tional sport

boutique

and adventure

hotel. XVA is set in Bastakiya, the oldest part of Dubai and

– the highlight

literally transports you into a different world. The Art Hotel

for most is

is a really beautiful building from Persian architecture.

tackling the

Once you’ve been engaged by the art exhibits and have

Arabian desert

become absorbed by the tranquillity of this maze-like space,

– with access

you will be reminded where you are by the sound of prayers

to modern

being broadcast through the streets of Dubai. XVA is defi-

leisure facilities. Safaris, dune and wadi driving are the

nitely worth a visit, and don’t forget to stop by at one of the

most popular choice and sand skiing from the high dunes is

cafes for some refreshments before you hit the busy streets

the latest desert sport. An Arabian barbecue in the desert

of Dubai again. Here’s the link to the XVA hotel and cafe

accompanied by traditional entertainment and belly danc-

website: http://www.xvahotel.com

ing is unforgettable, whilst boisterous camel races may suit your style more. In stark contrast to the desert are plenty

The juxtaposi-

of water related activities: swimming, sailing, water-skiing,

tion of what is

scuba diving and snorkelling and a calendar full of sporting

a progressive

events keep visitors engaged.

modern city with a strongly

Old Dubai can be accessed by boat across the Dubai Creek

traditional and

(river). Once there, you can wander through the ancient

religious heritage

cobbled streets, letting the streets take you on a journey of

is somewhat

discovery

mind-blowing.

as you fol-

But, next time

low them

you’re heading to

round

Europe or find

twists and

yourself flying

turns. It is

to Dubai as a

here you’ll

connection to

find the

another destina-

ancient

tion, do take the

“souks”

time to stop and explore for a few days. You won’t be sorry!

BossMentor Renaissance Magazine • www.bossgroup.com.au

How To How To

Rocket Your Way To

Financial

Independence In This New

Financial Year Did you know that 97% of Australians today suffer some form of financial stress? And only 3% of Australians retire on an income greater than $25,000 per annum. And that’s after all the love sweat and tears put into over 30 years of work and building our businesses. Why is it this way? Well most people don’t plan to fail, they simply fail to plan. I believe wealth creation is a process that can be taught and learnt. Let’s start to understand the process here.

We all have the opportunity to create wealth. Why do very few of us achieve it?

By Louise Gooden

Australians are generally very good at goal setting for the short to medium term such as saving for a house deposit, planning the next holiday or saving for the children’s edu-

Louise's Bio:

cation but fall down when looking at the bigger financial

Louise Gooden has been a licensed financial adviser

picture. The key question you need to ask yourself is

since 1991. She focuses on education and strategies to help others achieve their financial dreams. She believes wealth creation is a process that can be taught

What amount of money do I need before I can stop work?

and learnt. She has recently completed her first book “Rocket Your way To Financial Independence”

If you want to achieve a goal you need to know what that

which you can view here http://www.halogen.com.

goal is don’t you? Most people simply state “I just want

au/ryw/ or visit her website www.halogen.com.au

enough to be happy!” but that won’t suffice. Let’s look at what we need to be financially independent. We call this

BossMentor Renaissance Magazine • www.bossgroup.com.au

How To How To

our FIF or Financial Independence Figure. It’s simple and

invested to give you $50,000 income for the rest of your

empowering to know.

life. Easy isn’t it!

Firstly let’s understand how much income we can gener-

Then you simply look at if you are saving or investing in

ate from investments. If you have cash in the bank or an

enough assets to achieve his goal in your desired timeframe?

investment property or a share portfolio, they will all pay

Most people are just paying the minimum 9% super and pay-

income of approximately 5%. What I mean by that is you

ing off a mortgage. Unfortunately it won’t be enough.

will receive $25,000 per annum interest from cash at bank of $500,000, $480 per week rent from a tenant in your

Although this can be frightening, awareness is key. The

$500,000 investment property or $25,000 in share divi-

strategies required to actually make a plan to address the

dends from your $500,000 super fund. As 5% is 1/20th we

shortfall are straightforward and empowering. It’s just a

simply multiply the annual income we want at retirement

matter of taking informed action.

by 20 to get the capital amount you need to have.

Education Plus Action = Financial Independence Income I want at retirement x 20 = Financial Independence Factor

So this financial year work out your Financial Independence Figure and when you want to achieve it. Then simply

Here’s an example. If we need $50,000 pa to meet our

see if you are on track for that goal. If you aren’t, and don’t

lifestyle needs when we want to stop work you simply need

worry most people aren’t! educate yourself or see an advisor

$50,000 x 20 = $1.0 million. Now this figure does not in-

to get some expertise. I promise you can do it with a plan. I

clude your own home obviously as you will need somewhere

wish you all success.

to live. So you need your own home and $1.0 million dollars

Getting Started on LinkedIn As the familiar expression goes, ‘It’s not what you know, it’s who you know.’ Yet, with the help of LinkedIn, it seems both what and who you know can make a big difference to

By Jennifer Kiely

So, what is ‘LinkedIn’? Located at www.linkedin.com,

Jennifer's Bio: Jennifer Kiely is the owner of Popwords. Popwords offers copywriting, editing and proofreading services, specialising in a conversational style of writing. Call (03) 9938 3857, email hello@popwords.com.au or connect on LinkedIn at http://www.linkedin.com/ in/jenniferkiely.

your career, your business and your reputation.

LinkedIn is a website that allows you to connect with colleagues and friends by sending invitations to join your network. While, yes, this does sound a little like Facebook, LinkedIn is a tool that has been built specifically with work and business in mind. And with over 700 million users across 200 countries (no, that’s not a typo), there’s obviously something about LinkedIn.

BossMentor Renaissance Magazine • www.bossgroup.com.au

How To How To

It’s What You Know A basic LinkedIn account is free to join and is perfectly adequate for most people’s needs. Once you’ve signed up, take the time to fill in your profile in detail. Ideally, you should fill it in so that it’s 100% complete (you can tell this by the graph shown on screen when you’re in ‘Profile’ view). By filling in your profile in detail, including your employment history and education, you show your potential connections what you know. Showcasing your talent, it lets those that view your profile understand your experience and expertise. And, conveniently, it acts as an online resume, with headhunters and recruiters actively seeking out new talent from the massive pool available on LinkedIn.

It’s Who You Know

"…a powerful function of LinkedIn is the ability to ‘Get introduced through a connection’. Just like when you’re at a networking event with a colleague, you can get introduced to others by a mutual connection. "

Once you’ve joined up and completed your profile, you can start searching for people you know. LinkedIn has a handy function that uses your email accounts to search for connections. Simply follow the prompts to give the

you can get introduced to others by a mutual connection.

site access to your accounts. LinkedIn will also give

So, once you start connecting with people you know,

you connection suggestions (‘People You May Know’)

explore their connections to see if they have any amazing

based on the details you’ve included in your profile. For

opportunities waiting for you within their network.

example, it will suggest people who have worked for the same company.

But wait, there’s more… LinkedIn also allows you to show your expertise by making contributions in forums, joining ‘Groups’ and their discussions (you can also create your own and invite people to join), and voting in polls. Plus, you can add applications like SlideShare Presentations and

To connect, simply click ‘Add to network’ and then

WordPress, add your Twitter feed and more.

select how you know the person from the list. Here’s the interesting part. If you select ‘I don’t know xyz’, LinkedIn

And perhaps the best part of all, you can network from

won’t let you connect with them. The point of LinkedIn

the comfort and convenience of your desk. (No more

is that you’re connecting with people you know and who

juggling a canapé, glass of champagne and your business

know you. That said, a powerful function of LinkedIn is

card wallet!) So, sign up now, or complete your exist-

the ability to ‘Get introduced through a connection’. Just

ing profile today, to promote yourself, your business and

like when you’re at a networking event with a colleague,

your expertise. You never know where it could lead…

BossMentor Renaissance Magazine • www.bossgroup.com.au

How To How To

How does your press release stack up? By Julie Morgan Julie's Bio: How does your press release stack up?

Julie Morgan is the Principal of JMM Communications and the founder of PR Guru, a DIY PR

You have an announcement to make and news to tell. So you write a press release to let the media know about it. It reads well to you, but how can you be sure it’s going to cut the mustard with the media?

solution for SME's to get media coverage. 4. Have you proof-read it or had someone else read it? It can be helpful to get a fresh pair of eyes to review your writing and check for typos.

Journalists receive hundreds of press releases everyday and

5. Have you used industry jargon and business speak?

most don’t get much more than a cursory glance. That’s

When you’re writing for the media it’s best to get your

why it’s important that your press release stands out.

point across simply and succinctly, in plain English.

The best way to do this is to have a relevant, attention

6. Have you included your key facts – what your news is,

grabbing heading and a tightly written opening paragraph.

why it’s significant, who it’s going to affect, where it’s

It has to be presented in a clear and

happening, when it’s happening and how?

easy to read format and pasted into the body of the email (not attached as a file).

Here’s 10 Tips to make your press release sing: 1. Re-read your media release – does it sound like an ad, sales pitch or like a story you would read in the paper – be honest! Journalists are looking for a news angle.

7. Have you included any quotes from a spokesperson? It’s good to do so. 8. Are your sentences more than 25 words long? If so, start editing! 9. Is it longer than one page in total? If so, try to shorten it to just the key points. 10. Have you included your logo, company information and contact details on the page?

2. Is your heading informative and attention grabbing? If you were to read your story in the paper what would the headline be? 3. Does your media release sum up your news in the first paragraph or do you need to read four paragraphs to get a sense of what your news is? If it’s the latter, re-work your first paragraph.

Want an expert opinion before you send it to the media? PR Guru’s ‘Review my press release’ service includes: • expert feedback to enhance readability • professional format and style advice • attention grabbing heading suggestions • editing and grammar check and • feedback on which media to target.

BossMentor Renaissance Magazine • www.bossgroup.com.au

Success Mindset Success Mindset

Get Organized Get Focused!

& M

anaging your time is all about managing, and focusing on, your priorities.

I personally don’t find time management courses very useful, as they are a little too prescriptive. As with everything, if it isn’t easy to do, we won’t do it! The system that I now use for managing my priorities and getting more done is a combination of different components from several different strategies. What I’ve developed for myself, works so well that I wanted to share it with you. It’s very simple:

Preparation Day I use Monday as my Preparation Day

• Setting my priorities for the week

for the whole week. It sets me up to

(my team are part of this process

achieve more than just my to-do list;

as they have to feed into my

it helps me power through what is a

priorities as well)

priority. I use my Preparation Day for things like:

activities and doing the required work prior to these meetings • Clearing my desk so I can focus the rest of the week on what

• Preparing for client meetings and

needs to get done – this may be

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Success Mindset Success Mindset

literally clearing it or clearing it

• Projects with my team

of admin related tasks

I’ve told my team that these aren’t the days to have calls, emails and

• Follow up calls • Organising personal and business appointments (I have never

completely! • New business calls

delegated my diary management, much to every PA’s chagrin!)

interaction from me. It’s blocked out

The Preparation Day sets up my By knowing I have three dedicated

entire week and helps keep me re-

days in a row for revenue-generating

ally focused on the handful of top

Having this one day to prepare for my

activities, keeps me very focused on

priorities that I need to action during

week, and do the necessary prepara-

what needs to be done, and I don’t

the week. I can give my team better

tion work for client activities, means

get sidetracked by other ‘interesting’

deadlines as to when they can ex-

I’m really well prepared. The better

diversions!

pect my input, my involvement and

prepared, the better results I have.

completion of any commitments I’ve

Focus Days

Action Days

made to them. This system is flexible but in big

These are the days I work on my

enough chunks that you can be very

I use Tuesday through Thursdays as

business. I use these days for plan-

clear about how you focus your at-

my Action Days. These days are for:

ning, reading and making notes,

tention in any given week.

implementing, reviewing progress • Client meetings

and course-correcting as required.

Since I started using this system I would say my productivity has at

• Client activities (such as workshops, strategic retreats, etc) • Meetings with prospective new

I block out the entire day, and by

least doubled, if not more. If you’re

having all this time to focus on my

having problems with your own out-

business, I can easily get into my

put, I urge you to try a variation on

‘zone’ and power through priorities.

this for your own business!

clients

BossMentor Renaissance Magazine • www.bossgroup.com.au

Marketing Corner Marketing Corner

Top Tips

Myth of the Sales Funnel • A ‘sales funnel’ is the path you’re meant to take your

value of $1500. Thirty seven new clients at $1500 on

clients on as they first use your entry level product

average is just over $55,000. That represents a lot of

and then move on to bigger, better and more expen-

work to look after 37 clients, for little joy. And to get

sive offerings as they grow to know, like and trust

to $1500 on average, they buy the entry level product

you. That’s why you will see every person and their

and then another service along the funnel, which

dog selling something for $47 (or less), and scaling

means over 12 months there are around 74 projects/

up to a top of the range offer for $4997 (or some-

units of service delivery just for the new clients. All

thing similar).

for $55,000. If that person stopped forcing clients through the funnel and instead, had only 10 clients

• You need to know it doesn’t always work that way,

worth $10,000 each, that would come close to dou-

and you don’t necessarily want it to!

bling her business.

• You could starve to death before you sell enough quan-

• So, sales funnels don’t always work. Many market-

tity of ‘whatever’ at $47. Your client may want to buy

ers advise that you have to start with a very low price

the top of the line service right off the bat. Let them!

point for the ‘first’ offer, and scale up from there. You don’t. Your entry level offer can be very expensive. If it solves real problems and makes life easier for your

• Do the numbers. I know of someone who acquired

target market, and they really need it, they will buy it.

37 new clients last year. Pretty good effort for a small business! The funnel that person takes her clients through has resulted in her having an average client

• I’ve seen people get very caught up in trying to push people into a sales funnel.

Sales Funnel Approach—Example Potential Annual Value/Client

Specialist Consulting Advice & Ongoing Contracts

$50k-$300k from Service Mix

don’t want to be in a ‘funnel’ – let them step out of it. I recently wanted to

$50k-$500k

work with someone on a

Organization Reviews

web related issue and I

$50k-$300k

Training Programs $10k-$200k

Lead Product

$50k-$70k Client Entry Point

This approach is indicative only of how many service businesses aim to lead their clients along the sales funnel. Starting with the lead/entry level product, and moving through the funnel offering higher value, higher priced services. However, the client may start with the most expensive offer first & never buy any of the other services.

Sometimes your prospects

BossMentor Renaissance Magazine • www.bossgroup.com.au

briefed her twice on my requirement. Each time she insisted I start with the ‘entry level’ product (the start of the funnel). I told her I was willing to pay more for a custom solution as I didn’t really want that

Best Info Best Info

Fast Facts

entry level product. I told her twice. She didn’t listen. I’m not

www.bluelightapp.com

www.dropbox.com

For iPhone fans, a free iPhone

Dropbox gets rave reviews from users. It is literally

iPhone app that sends out a safety alert

Dropbox – is this the solution for your virtual organisation?

her client..... • Keep your offer clear

application that enables personal

a virtual server, with online data backup, remote,

– only the other day I

safety – Bluelight is an application

mobile and web access. It is easy to set up (you need

advised a client whose

that notifies friends and family

to download it onto your computer, set up an account

sales funnel was so

when a person does not arrive at

and schedule automatic backup) and use. Best of all

convoluted to simplify

their destination on time. Given

there is a 2 GB version that you can download free to

and divest. Don’t offer

its limited capability – it is set up

see if it suits your organisations needs before upgrad-

too much and don’t

to alert your designated contact if

ing to a professional version (50GB and 100 GB are

make it complicated.

you do not arrive as planned – it is

only US $ 9.99 and $ 19.99 per month).

“The confused mind

a nifty little tool.

DROPBOX OFFER

doesn’t buy.” There have been a spate of safety • A better and more

applications Onna-onna’s SMS

useful way of thinking

service alerting customers to icy

about a ‘sales funnel’

conditions; Aha Mobile’s iPhone

is a ‘value funnel’ –

app allowing drivers to warn one

focus on offering and

another of upcoming hazards, and

giving value, and once

CiviGuard’s mobile app service for

inside your ‘funnel’,

location-specific disaster alerts.

your clients should be

This latest one is designed to keep

able to go on a journey

you safe – using it makes your

with you whereby you

nominated person aware of where

continue to offer value

you are and alerts them to possible

as they need it

dangers if you have not arrived as scheduled.

• What can you do for

• Online backup – backs up your files without you thinking about it. • Web access - A copy of the files is stored on Dropbox secure servers and you can access them from any computer or mobile device. • File sharing is simple. You can see changes instantly and a public folder enables you to offer selected file sharing. You control access to the public folder. • Security and Privacy – You are promised military grade encryption methods to transfer and store data. • Mobile Device Access- You get a free app for the i-phone, i-pad, Blackberry and Android

Dropbox strength lies in its simplicity. It is essentially an invisible tool, backing up your files whilst still

me? What are you

Bluelight also offers a Send Alert

allowing access to them anywhere in the world. If

offering?/What can I

Now button which is an alternative

your business has a requirement for mobility and you

buy? How do I buy it?

to waiting for the applications timer.

are struggling to keep important files from living on

If the answer to these

multiple PCs then this tool may match your needs.

questions is obvious to

Launched in January 2011, the ap-

With it, you never need to email files or carry them

your prospect – either

plication is free to download from

on a USB drive again.

online or in person –

Apple’s App Store. Developed by a

you have a clear value

junior at DePaul University Chi-

Dropbox was launched in September 2008 and has

funnel to move your

cago for young adults, it is a great

attracted millions of users. It has won awards from

clients through.

way to maintain safety whilst still

PC Magazine and CNET.

offering independence and privacy. For more information or an online tour of how it For more information

works visit

Contact: hello@bluelight.com

Contact: http://www.dropbox.com/contact

BossMentor Renaissance Magazine • www.bossgroup.com.au

Best Info Best Info

Fast Facts

www.halogen.com.au

www.flamant.com

by Venn Williams & Louise Gooden

by Raoul Buyle

"Rocket Your Way to Financial independance"

"Flamant Home Interiors: Here & Elsewhere"

If you haven’t developed any kind

If you’re interested in

of plan or strategy to significantly

design and interiors, and

improve your finances because it’s

appreciate a certain style,

all a bit of a mystery, then you need