While you may think that politicians don’t have much value to add in helping you run your business, think again.
In filming the most recent series of our program The Bottom Line we have had the pleasure of interviewing Malcolm Turnbull, Greg Rudd, and Peter Garrett; and all three had interesting and very different insights that could add value to all business owners.
We created The Bottom Line in conjunction with joint venture partner, CPA Australia, to highlight and celebrate great leaders from Australia and around the world. Right from the beginning, being part of this program has been a business master class for me.
You will get to see all three interviews on Channel 9 – the second season of the show is commencing again this Saturday the 22nd June at midday – and I hope you get a chance to at least record it and watch it in your own time – Cathy Freeman is our first inspirational guest.
In our interview with Peter Garrett, I got to ask him what the biggest lesson he had learned in politics was. To this he replied, “I would ask where the information I received had come from – I would check my facts and my sources”. Now hindsight is a beautiful thing, and this has been a hard lesson learned, but I have to say this advice applies as much to business as it does to politics.
At the heart of our discussion was the importance of accountability. Accountability is a universal concept that transcends through all professional fields; but perhaps none more so than in the wealth advice industry. Consider this next time you prepare an SOA for a client. Ask yourself, have I produced a genuine account of our meeting and outlined all key issues discussed, or have I simply re-jigged a generic statement and added the clients name to the top document? While it may sound obvious, the true value of a well written and effective SOA can at times be over looked. SOAs not only hold advisers accountable to the advice given, but they provide a unique opportunity to reinforce the service proposition of a truly professional wealth adviser.
Greg Rudd, the brother of Kevin, talked about bringing people with you on your own personal journey. He suggested that rather than having a view and then implementing without consultation, to take as many people on the journey with you as you can – in turn, making that journey both easier and more likely to succeed. So true in business – if you can take your clients and staff with you on your journey to realising your practice potential, you are far more likely to make it through the journey unscathed.
Finally, Malcolm Turnbull talked about managing emotions – namely bitterness and hate. Politics, he said, was full of it, and it could literally kill you.
Storing resentment against government, legislation changes, competitors, and the pressures of a post-GFC environment is wasted energy and can be counter-productive. This point rings true with the impending implications of FoFA.
While I support an industry uniting to fight against changes in which some may feel are unreasonable or tedious, I fear many advisers are becoming a little tangled in the fight and losing site of the bigger picture – preparing their business for any changes on the horizon. At times it’s best to accept what cannot be changed and move forward positively with your vision for your business.
All three of these politicians were leaders in their own right, no matter what side of the political fence you sit on.
Let me know what you think of the new series – we are proud of the work we are doing, recording the legacy of some amazing people. I know you will take something from each of them, as I have. Enjoy.
Other guests of The Bottom Line include Lindsay Fox, James Morrison, Richard Goyder, Lindy Chamberlain and Peter Cosgrove. Click here to see more
