SME Owners Need a Shift in Mindset for Business Success

Seminar Participants with Speaker Ian D. Hetri -Far Left 

Papua New Guinea’s small and Medium Enterprises (SMEs) owners need success mindset to be successful in business. This was the key message from the Managing Director of Aila Consulting Limited, Mr. Eddie Aila who hosted a SME success seminar this week at Port Moresby Chamber of Commerce this week.

Aila Consulting Limited is a financial planning company that operates in Australia and PNG providing the much needed, personal development, business management and leadership skills to individuals and companies.

Busy audience 

The aim of the seminar was to develop success mindset in minds of the SME owners so that they don’t wait for the funding to come from the government but be creative and innovative in finding ways to raise enough capital to start up their own business. Not only that but also when they start making money, learn to manage their money, sustain it and grow their business.

It was a highly successful seminar with many practical business skills shared. The seminar covered areas in personal development to business planning, start up and financial management and business leadership skills.

There are nearly a million SMEs in PNG and Government of PNG, led by Minister Richard Maru has recognized the importance of the sector and is placing more emphasis on the sector. But more effort must be placed on developing the capacity of the SME owners so that they build their business on solid foundations.  

Speakers: Ian D. Hetri (left) and Eddie Aila (Right)

It is believed that high cost of doing business in PNG is a major factor in many SMEs failing in business. However, Mr. Aila said as long as owners of the SME owners themselves have necessary business, leadership and financial management skills, they should never go wrong.

 “Success of the business has more to do with your mind than how much capital you have” said Mr. Aila.

Mr. Aila who is a registered Neuro Linguistics Programing and a success coach and speaker strongly emphasized on the mindset as being the key to success in business.

The participants who were most entrepreneurs, expressed satisfaction with the outcome of their participation. 

Using The Power of Leverage To Grow Business and Wealth

Doing More With Less

The word leverage has a Cost Per Click dollar value of USD3 according to my last keyword analysis using Google Adword tool. Not bad to become name of my lending business blog title. Note that SkillTech Money Market will soon be formally recognised as Leverage Finance

Why leverage? Simply its a USD3 word which is PGK7.50. So without doing anything but jusy owning a monetized blog PGK7.50 is anticipated revenue.

 Note*** ONLY IF MY ARTICLES WITH KEYWORD Leverage GET RANKED HIGH ON GOOGLE PAGE RANK.

Secondly, it’s the very definition of the word leverage that makes it worthwhile. Leverage can be defined as doing more with less. Say you buy a K20, 000 worth of car for K5, 000. Buying more for less and that's leverage.

Bestselling author and millionaire teacher Robert Kiyosaki said "People without leverage work for those with leverage" A sad reality indeed.

How is that possible? The search for answer (s) to this powerful question leads me to discover powerful leverages that the rich use and the poor and middle class don't.

1. Intellectual Leverage

Most powerful of all. Knowledge gives your power and momentum. I have seen entrepreneurs amass greater wealth with just a simple idea. Studying, thinking and asking more directed questions forces ones mental capacity to expand and so does his chances of success.

2. Financial Leverage

This is an obvious one but many people can’t differentiate between good and bad debt. So they buy into bad debts and wreck their financial future.
Fianancially intelligent people Refer to this leverage as Using Other Peoples Money (OPM) to grow their wealth. This is the only legal way to do it.. And that's using good debt to build their wealth

3. Brand Leverage

Established business have this leverage. Having a unique product that meets the demand makes your brand sell and its 
The brand that sells and brings in revenue for the compnay. Digicel and BSP and powerful brands in PNG.

There are two ways to apply brand leverage. 1. Is to use expansion strategy through francishing and 2. Is to use licensing to allow other business to use your trade marks in return for royalties. Bill Gates is a multi millionaire through this process

4. Personality Leverage

This leverage works with your expertise and credibility in what you do. People will buy if they know you are a credible source.

Get out, test the waters. Expect to pass and fail and keep an open mind to learn and better yourself. When all is satisfied and done, you will hold a PhD in result rather than theory and in most instances you will be far more better and well informed than a college professor in your financial decisions.

Conclusion

Achimedes said "Give me a lever and a place to stand, I will move the earth. I have just given you few leverages.  This are the giants you whose shoulder you stand. I am referring to the leverages as the giants. Poisant said "He who stands on the giants shoulders: Sees farther than the giants"
Unfortunately, some stand on the shoulders of giants with eyes closed.

Are you one of them?

Please do share this article with your friends and family who you love dearly and wish to see them prosper in life.

If this article helped you in some ways, email me on ian.hetri@gmail.com and share personally with me or comment below.