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.

Nation in Transition

We are a Nation in transition, coming from a diverse population of 800+ languages and cultures of practice from the islands to the coastlines to the highlands. We are also a Nation of RICH resources, unbelievable amounts in minerals, oils, gas both on land and at sea.....

Our greatness richness though is in the cultural dreams and ideas that sustained us generation after generation and these were passed on family to family in our Tumbuna stories told by the fires in homes, in the gardens or out in the hunting fields.....

Some of the Tumbuna stories from my Grandfather in Mt Hagen, Chief of the Yamka Tribe were about canniballism in our tribe, which only stopped in his generation, 2 generations itself from me, the tribal wars, the wars for land and rich lands that were located near water supplies and fertile lands, then Polygamy, a practice reserved for the Chiefs to create bloodlines which joined tribes ensuring brothers and sisters would not fight in the coming generations, land was distributed, skills were passed between tribes adding value and as tribes formed and grew bigger, haus lains were formed, sub clans and councillors, magistrates or peace makers and legislators were put in place while the Chiefs remained the Kings where a King would never kill a King or attack his people without just cause....

Cultures were a way of thinking, purposeful thinking that each family was built on by the passing of age old wisdoms are the fire places. The cultures of purpose then lead to the education of skills that added value to the purpose, our Tumbuna stories were rarely about pursuing functional ideas, there weren't school on how to be a hunter, or how to be a medicine man or how to be a councillor or the likes, these skills were passed on person to person and in the field itself and there lies the break down of the millionaire kulcha, one that saw abundance, no poverty in villages, health was better than today, bata exchanges were value for value in agreement between 2 parties, there was little corruption and theft and those found doing so were killed or thrown out of the village or stripped of any authority to be made slaves for their wrong doings.

So we bring a culture back, the spirit of freedom from our tumbuna's, where the stories passed on purpose to the bigger picture of life and skill education was passed on person to person and within families, we bring back the culture of Kings and Queens who walk this earth and work, trade and serve each other, we bring back the true Millionaire Mindset Kulcha's and move with this through the transition in the modern age, experiencing and enjoying all that it brings, travelling the lands and the sea's, meeting new people and developing new skills along the way.

Let's start the fires and before our old people pass on, we the young shut up and listen to the ages of the wisdoms of time and take this with us ensuring we continue to pass them on too and keep the importance of it always alive.

By John L.P.Schimidt
@213. All Right Reserved 

Don Polye: Key Initiatives That Will Clean Up the Government Finances Image and Boost Investor and People Confidence

 Treasurer Polye pointing out the key initiatives taken to improve accountability of Government Finances

 People must see in newspapers quarterly, and the Treasury website each month the details of the government expenditures and know exactly where their money is being used, Treasurer, Mr. Don Polye said upon his return from the successful 46^th Asian Development Bank annual board meeting.

With corruption being ripe in the country, majority of the people have lost confidence in the very government they voted into parliament. 

Lack of transparency and accountability in the handling of government finances in all levels of governmental systems has creating loopholes for our systems to be manipulated, distorting our democratic values, depriving and denying us of our basic human rights.

For the last 38 years of being an independent nation, Papua New Guinea knowingly allowed corruption to grow profusely, chronically impacting its social, economical and political structures-making the lives of its’ citizens difficult by limiting equitable participation in economic activities and wealth distribution. 

One possible solution for the government to earn confidence from the people is to be transparent in all its’ dealings. Treasure Polye has taken a leading role in ensuring that goal is achieved. “2013 is the year of implementation and O’Neal Government is doing a good job on their end. I am doing my part and the people must do their part”, the astute treasurer said. 

Key initiatives highlighted by the treasurer include;

• Publication of overall summary by agency type under the Recurrent and Development Budget

• Publication of the report that shows details of Personal Emoluments (wages) and Goods & Service by agency under the Recurrent and Development Budgets

• ·Publication of report that shows funds released by major government priority programs

The reports will be published in selected newspapers and treasury website (www.treasury.gov.pg). Pacific Business Review newspaper will be occasionally publishing updates as follow up to the main initiatives highlighted by the treasurer to keep the government and treasury department in check.