How To Bounce Back Stronger w/ Shweta Jhajharia

Transcript

Unknown Speaker  0:01   The purpose of wealth talk is to educate, inform and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.

Christian Rodwell  0:19  
Welcome to Episode 61 of wealth talk. My name is Christian Rodwell, the membership director of wealth builders joined today by our founder, Mr. Kevin Whelan.

Unknown Speaker  0:28  
Hello Cruz, good to talk to you again. Good to be here, Kevin,

Christian Rodwell  0:31  
and Episode 61. And we're continuing our recent round of really looking at, I guess, this pivotal moment between what we were used to before the corona outbreak and how things are likely to change as we move into the coming months and we talked last week with guy Bartlett who was talking around business and the research he's been doing and today we're talking to a serial entrepreneur. who also has some great insights as to how business owners really should be positioning themselves now? Ready for this bounce back?

Unknown Speaker  1:07  
Yeah. So Shweta Julia, who's in a multi award winning coach, and you can tell when you listen to her, she's laser sharp, super incisive, and a serious player, you know, so if she's got something to say, get your notepad out, make some notes, and she makes some great observations. And I'm sure we'll have a chance to debrief some of those lessons. But as always, Chris, look out for the wealth lessons. Although she's talking specifically about business. There's a raft of information there that you can pick out. And the common themes just keep coming time and time and time again. And maybe we'll draw the threads of those together, Chris at the end, because every time I hear somebody with expertise outstanding in their field, although they've got a twist, a unique take on something. They come from a point of working with solid principles, don't they?

Christian Rodwell  2:02  
They do. They do. And there's quite a bit for us to debrief. So I think we'll definitely focus on all those points after listening to sweater, but just before we head over to that interview, just want to remind or let listeners know a fact that we're actually going to be putting together a guide with some of the highlights, I guess the best bits from these interviews over recent weeks, and really cover all seven pillars and look at how can you really get ready for this next phase, and looking at all of the areas of wealth, not just any one pillar because we know one of anything is risky. Kevin, that's absolutely right. So that sounds

Unknown Speaker  2:39  
like a great idea, Chris to take a moment or two just to reflect and poise and get ready because there's many many opportunities on their way. And, and I think I might just refer to an interesting quote from Jim Rohn later on Chris because both even sweater seemed there that you like Jim Rohn. So, if you sweater Jim and me are all saying the same thing, then it's good to wrap those up at the end won't be

Christian Rodwell  3:08  
here we'll be. Okay. Let's head on over to our interview with sweater judge Aria. So welcome to wealth talks where Todd, good to have you on today. Thanks, Chris. Absolute pleasure to be on the call with you. So sweater, our topic today is how to build stronger. And we're looking really at how business owners can start to come out of the difficult period we've had over the last couple of months and guess almost press reset and look at their business. Look at what their business is heading. And I know you've got some incredible experience of working with business owners. So before we really get into today's conversation, would you mind giving our listeners a little bit of background around yourself, please?

Unknown Speaker  3:47  
Yeah, sure. So I have been an SME side of things since 2008. Call for to be precise. And before that, I was with Unilever and I was global marketing manager was with company for seven years before that I did my MBA and economics honours. And I was actually looking for, you know, your typical consulting role in a big corporate just following, you know, from Unilever and came across this franchise, which is action coach and decided to buy the franchise after a lot of due diligence and said, yeah, this, this looks good. If you can get results for clients, then this would make sense as far as our business is concerned. And then, as we were working, you know, in the whole coaching business coaching side of things, we realised that it's a, it's a it's a good business, but it's more of self employment, and how do we make sure that there is an asset that we are building? So in 2015, we decided to actually buy a business, which was in language sector and this was also when my husband who's the partner and co director in our business who joined the company and he left Morgan Stanley investment banking The company that and came on board to actually work on the investment arm of the company. So we bought the business in 2015. Then we bought another business in 2018 good sized businesses, both of them. And as I speak to you right now, Chris, we are in the process of completing another business acquisition deal. So hopefully that will be done latest by June, if not before. And just because I know it's a wealth building forum. So we are targeting for more acquisitions in the next 12 months. So that's the journey. So we primarily work with SMEs and the range of turnover is literally from 200,000 to 40 million with the bullseye or the title ranges more on 750 thousand to 10 million size businesses. So it's across sectors, and people who are growth minded and they understand that they're in the process of getting a good solid income at the same time having a proper asset which has got a saleable value.

Christian Rodwell  6:01  
So you clearly have a, you know, a good overview of different size businesses that you've been working with. Sure. So I'd love to get your thoughts and views on how obviously the COVID 19 situation has affected different industries over the last couple of months. And, you know, how what are you seeing out there for yourself?

Unknown Speaker  6:21  
Um, so this is this is a good question, Chris. And yes, people are, you know, you hear these things very often saying we're in this together, and sometimes the sentiment is kind of looking positive, but generally, it's like, oh, it's gonna be a tough time. But looking at our community of clients. It's a mix, I would say, majority of them are two buckets, basically, the two groups one is where Yes, there are businesses which had to completely shut down like imagine they've got holiday homes or they've got some kind of like theatre programmes, and which requires more like physical one to one working and those businesses are completely shut down right now. So they are impacted in a big way. At the same time, there are some businesses which are coasting and I say coasting as in they're holding their ground. And they are managing themselves pretty well, by focusing more on deep and fast baskets, and being conscious of how their revenues looking, so they're holding on to their profitability levels to a large extent, which is a prudent way of working and which has completely been our advice, saying, we have to hold on to our profitability as much as possible, making sure we are being very, very cash prudent and not just indulging in non necessities in the business. And then there is a third group, which actually is having record months, you know, literally march april has been some of their best months there and it's not because they're being opportunistic, it's purely because of the nature of business. So they are either in online training or care business or food business, and they are doing their best with their team members to reach out to their client base and serve them and create that positive impact and in that process, they are also getting good value in return. So that's that's the full mix. And I always say this, you know, to my clients, and this is the philosophy that we have is, do we say that we are in this together. So we are in the same storm. But I think different people are in different vessels. Some people are in yours, some people are in supership. Some people are in leaky thingies. So we all are going to come out of this storm in different shape and form. And that's what one needs to really focus on. So one should avoid the collusion of this mindset of saying, Hey, we're all in this together. Yeah, we are. That's fine. And let's be human, but really focus on one's own survival and fitness, to make sure that we come out of this stronger and better. And have you seen across all of the people that you've been working with all of the different business owners that there are some key attributes to those that have been able to manage the situation a little bit better than others. Absolutely, and this is very easy for me to answer straight away. I've got you know, two key words which which come to my mind and the attributes which I have seen. And it's interesting the it has been validated as well by a recent McKinsey report that came out in March 2020. And let me tell you about McKinsey report here, Chris. So what they did was they actually studied automotive sector and in the period of 2007 to 2011. And they mapped out how the total return to shareholders was across these different companies. Now, there were majority of them, which were Legos and they were having negative returns to their shareholders, but there were these very few top 20% which were in positive state. And once they did the analysis, they realised that these companies were not to once with some amazing competitive advantage or, you know, some innovation or great idea or some crazy deep pockets, but these were the people who just did some simple things took some simple leads. They maintained that lead over the next 10 years to actually be called the resilience and outperformance. And interestingly, when I look at our community, and how people are responding in these times, you know I am, it's an, I don't know, I say this with love pride. And with loads of joy that actually, I would say most of our clients, majority of them, they're working with two key attributes. One is the velocity. And it's not just the speed, because speed is, you know, you could be moving around with hundred miles an hour speed, but not really moving forward. So it's velocity having speed with the right direction, and discipline. It's actually having the discipline of doing simple things in a consistent way, and making sure that the organisation is focused and the leadership is focused, and you're moving in the right direction. So velocity and discipline, these are the key attributes which I'm seeing in our community of clients and obviously we're working with them to make sure that you You know, they are on track moving forward and enjoying this journey and embracing the change, because it's making them better. They might not see it right now, but it's changing them and making them stronger and better.

Christian Rodwell  11:12  
That's interesting. And when it comes to mindset, sweater, we talk about business health, but there's the mental health aspect as well. And what about resilience in terms of mindset and approach to the conditions that we're in at the moment?

Unknown Speaker  11:28  
Absolutely. Again, great question. And, look, I'll say something on this one, you know, if you really go deep into this whole topic, there's a whole science behind it, but just to just to keep it very, very simple and still understandable is that people talk about authenticity, right? And there's a complex definition. You know, if you look at management books, what really is attend to city and what's authentic leadership in the context of business or whatever one is doing. But 10 cities as Simple as starting from top, which is what we are thinking to what we are saying to how we are feeling and what we are doing these four things basically in one line, it's completely in balance. That's authenticity. Now, my issue or my concern is and this is what we keep a very close eye on as far as our clients are concerned, is that if they're trying to say something to their team members, or they're trying to be some someone else, but they're thinking in a different way, someone is kind of feeling depressed or anxious or overwhelmed, but it's trying to be absolutely in control and trying to project a very confident leadership, it will cause internal stress for that human being. And if that stress is ongoing, it will cause burnout. Now, another thing linked to that is if we go again, one step kind of back and say, Okay, why someone feels overwhelmed or anxious or the mental health as you were talking about, what's really going on here is that I actually think that subconsciously or consciously people are Going off balance. And what that means is that we are attaching our emotional states to what's happening around us. So one day, everything looks amazing or something good has happened. So while this is great, I would love to have more of it. The other day, things are looking dark and bad, and we feel overwhelmed or underwhelmed or anxious or sad. And both the states whether it's craving for something better, or whether it's a version of something that's not going well, it's kind of you know, imagine a pendulum, it's putting you off balance, you're not centred. And if someone is not centred, it's just going to create that emotional imbalance. So therefore, I personally feel and I myself practice this, that we have to be conscious of our mental state. So for example, every morning I have to meditate for an hour, and that doesn't mean that I'm in in balance all the time, but it makes me consciously practice that state of saying I'm aware of how I'm feeling You know what's going on in my mind, and I'm allowing it to pass rather than clinging on to them. And that's what people have to do. They have to practice these things so that they can maintain their mental health, their mental balance. So they can actually put their business back in balance and moving forward. I mean, this is a topic I can go on and on Chris. And I personally think that without mental health without mental strength, mental balance, businesses cannot become stronger. It's just so linked together so tightly and people need to practice it consciously. It doesn't happen on its own. You know, it requires a lot of conscious practice. And once there is deliberate practice in a consistent way, that's where the movement happens. And what's your definition

Christian Rodwell  14:43  
of an entrepreneur sweater?

Unknown Speaker  14:47  
What's my definition of an entrepreneur? Um, that's a very interesting question. I mean, we all have our own different versions. For me, entrepreneur is someone who is willing to fail fast and fail enough to succeed. And when I say fail fast and fail enough, this is my mantra, by the way, Chris. And that's for me is not flipping coins. But it's about making series of decisions in a calculated way, knowing the probability of potential success or failure, and the rewards and risks attached to that, and then going ahead with it. And there are two things I'm saying failing fast and failing enough. Sometimes people fail fast, but they don't fail enough, right? They just do a couple of things as a failure, boom, they kind of step back. There are some people who fail enough, but then they're just taking too long and the journey just becomes long and dragged. So can we fail fast? Can we fail enough? After thinking it through in an objective way and being decisive and moving forward? For me, that's entrepreneurship and that's exactly what I've been following for the last 11 years. And I make sure my clients are also doing that.

Christian Rodwell  15:58  
Now that's interesting. Keun Do you feel that entrepreneurship is something that can be learned? Or do you do amongst the business owners that you work with? Do you feel that some have a just born with an innate quality that kind of helps them in in that success?

Unknown Speaker  16:15  
I don't come from an entrepreneurial background or you know, my parents being in some kind of business, you know, my in laws, my parents, we all come from corporate background, we ourselves were in corporate, corporate, as I told you earlier. So when we got into it, of course, there are a lot of concerns, you know, that will it work, will it not work, and, again, if I and thankfully it worked for us, and we're absolutely enjoying the journey, when I look at our client base, when I look at, you know, extended community as well. And again, if you look at global level, you have all kinds of leadership, right? You have people who are out there charismatic, then you have people who are quiet and who just get on with that thing. So I think personalities are not The defining factor for someone being a successful entrepreneur or not. And I think we're all on our own journeys. Sometimes I also think, Chris, that it happens by chance sometimes, you know, when people realise, yeah, this is fun, and sometimes people try, but it doesn't work out, and they need to go back. So there's so many factors which come into play when someone is a successful entrepreneur or not a successful entrepreneur. So it's more of a decision to try out something different and say, hey, let's see how it works. But it's surely a science and an art as one would expect. I think it's more of a science. One thing I would want to add here, though, which again, I'm very, very passionate about is that the problem with entrepreneurship and why we see a low success rate is because of the low entry or low barrier to entry. And what I mean by that is that anyone you know, five minutes, it just takes five minutes to be called an entrepreneur, you register your company, and hey, presto, I'm an entrepreneur, wanting to become a plumber and electrician and accountant A doctor, a lawyer, it takes years before someone can be called a professional. But an entrepreneurship that's not required. And that's the reason why the failure rate is so high. So I always say that look, someone's quality of business knowledge, quality of you know how you Well, you understand the language of business, which is numbers, and therefore how you're making your decision really determines the probability of success. And that then further feeds on to the confidence of making those decisions even better and faster and more, as I did say earlier. So I think that's, that's the key for me. So if someone does not understand the profession and is getting lucky, then it's just a matter of chance, because the margin of error is so tense, especially in these days now, and even going forward, that's going to be the case. So one needs to master the profession.

Christian Rodwell  18:48  
And clearly ongoing education. You're very passionate about this. And you would say that it's essential for any business owners never to stop learning.

Unknown Speaker  18:58  
Oh, absolutely. It's like personally I invest a lot in my own learning and my trainings and you know, it's like at least two books a month. Because I want to be ahead of the game I want to make sure that my knowledge is helping you know, our clients and they are learning they are pushing each other forward. So more you learn more, you earn more you invest in yourself, this is one area which will never go wasted. You know, it's like, always keep sharpening the soul. Keeping that I mean, Jim, Ron, I'm sure you would have come across this, Chris that don't don't wish life were easier. Wish you were better.

Christian Rodwell  19:30  
Well, Jim Rohn was the first person to really open my mind to personal development. So yes, I love the wise words of Jim Rohn. Indeed,

Unknown Speaker  19:38  
and so you know, the smile in your voice.

Christian Rodwell  19:43  
Let's focus back on how a business owner can build back stronger, what are some of the the principles if we were to do a stocktake? Now, what are some of the things that someone should be looking at?

Unknown Speaker  19:55  
Right, okay, so I will talk about three key principles here, Chris, okay. There are many But I'll focus on three key principles. So, the first the first principle is interlinked with Why just kind of, you know, said in answering your question. And again, going back to what Warren Buffett says that it's only when the tide goes out, one realises who was swimming naked. And that's why it's so important right now to focus on the business objects. That's the first principle making sure that you have full visibility of the key numbers in your business or in the property portfolio that one has, you know, whatever assets that one is holding, and cash is truly the king right now. So that's one that's absolutely essential. The second principle here is that your focus is your organization's focus, and remembering this really properly, that your focus is your organization's focus. And what that means therefore, is that quite a few people are in waiting zone. They are waiting for more clarity to emerge before they do something decisive. I would be saying something very different six weeks back seven weeks back focusing really on deep and fast cuts. But now as we speak about this, Chris, I think the business owners or you know who I mean, depending on whatever position one is, whether in as an employee or as the employer, you need to have at least four weeks of plan. And it's okay for one to change the plan every week. But once you have that plan, your organisation then gets clarity and you will be able to give clarity to your team members as well. So I'm really talking to a business owner here, for example, right? So don't worry about 13 weeks, six months plan, just focus on full week rolling four weeks, and make sure it's being adapted and changed as and when required, but get that focus on a piece of paper or on Excel, whatever works for you. But don't just sit and wait. Why which is the third principle is actually because if I look at the, you know, just sharing actually one of the reports which I came across, very fascinating there Risk is that it showed the productivity decay that's happening with the multiple sites from which people are working. So if the team is together, imagine there is 100% productivity. If we increase the sides to two sites, the productivity plunges down to 76. And if it goes to six sites, it goes down further to 48. That you can imagine the graph it's like steep and downward gradient. This is staggering for people to realise who have got their team members who are working with them, and even for themselves that how productivity is getting impacted. So the point is that right now, how we how you're managing, not your people, but how you because that's just a flawed concept. It's really important to manage the activities of your key players in your organisation. Now for that if you need to have your one to one meetings need to identify the key projects need to have some operating procedures need to have some kind of dashboards, trackers, whatever that is makes You get the clarity on that for your extended team. Because as a leader, you need to provide two things to your organisation to your team. And I would want to ask the listeners to write these two words down, if you're in that position of leading your organisation. One is certainty. And second is clarity. Now, you might say that, look, I can't provide certainty because I myself don't know what it is. It's okay. Even if you provide certainty for a day for a week, that's fine. And that's why frequent communication is so important. And clarity. Tell them what you're focusing on what they need to focus on, and make sure that there is an ongoing momentum. Because momentum begets momentum. It's so fundamental. That's how nature works. That's how life works. So momentum begets momentum, stay focused and keep moving forward. Does that help Chris? I mean, these are the big three key principles I would strongly recommend to build stronger in these times.

Christian Rodwell  23:55  
It does and mentioning communication now. It's been interesting hasn't it? Because we haven't had that face to face connection. But it seems like everyone has just been on zoom all day every day. And so the communication methods perhaps will change now moving forwards, won't they?

Unknown Speaker  24:12  
Oh, absolutely. I totally, totally agree with that. And, you know, again, just, again, coming back coming from this corporate can background what we have heard again and again saying, Oh, my God, like death by meetings, why do we have so many meetings, and when I would be working with clients, you know, initial years, they would say, oh, arbitrator we do kind of catch up with our team and say hi to them or just kind of drop in and speak to them, which is what they're also doing right now a quick WhatsApp message or a quick phone or a quick zoom. But I used to say at that time, and I still say that when the times are uncertain, especially why uncertain because there's a fast growth that's happening, for example, in our clients business, it's uncertain, it's changing very fast right now. It's for a different reason. When things are changing. Little and moving the variables are there, your communication in that case, more is less, you need to have more frequent contact points. And the key thing here Chris's structured communication. So I think people are jumping on zoom meetings and trying to do their best, but the structure is still not that robust. And what I mean by that, literally, one can ask two questions before they jump into a meeting with a team members or one to one meeting. Literally two questions. One is, what's the outcome that I want from this meeting? And let me rephrase this question. What do I want this person to do after this meeting? That's that's the key question. What do I want this person to do after this meeting? And the second thing is, how do I want this person to experience this meeting with me? Because sometimes the leader or the business owner will have to be challenging, sometimes supportive, sometimes just there, you know, just just there as a human being so being clear, especially now when the face to face missing? How did that experience should be? And what do you want this person to do? Which means Are you able to convey that level of clarity to that human being on the other side who himself or herself might be in a very difficult situation, which we are not fully aware of, and people are in difficult situations right now, you know, it's not easy for everyone with young family or the kind of, you know, housing that they are in or personal financial situation. So just being human and empathetic and kind and compassionate. I think it's so important. Hmm,

Christian Rodwell  26:30  
yes, indeed. And as we move into the next kind of six to 12 months sweater, what opportunities do you feel may start to present themselves and how can our listeners start to be in a position to obviously be prepared for those?

Unknown Speaker  26:45  
Right, okay. Good question that Chris. So, one, I think just okay. So, in terms of the approach, the two approaches I'm looking at primarily for our clients and for ourselves as well. So one of the organic Yeah, the organic growth. Now I know growth is something which is so desirable right now, but the organic growth and one has to very clearly define what is that organic growth mean as in with their with their existing portfolio, whether it's a property or businesses, but I'm focusing right now on businesses as I speak. So, again, it could be a let's grow our revenue by so much, but I think the prudence would be in really monitoring the margins and making sure that there is profitability coming in with that sales growth. Otherwise, there could be a lot of hustling, a lot of feeling busy and running around from pillar to post, but at the end of the year, it's not amounting to anything or not too much. And that would be a waste of time and effort. So I think that's really, really important. And in that, I'm hearing these common words like, you know, let's pivot and let's reposition, and let's do this and let's do that. And I love the fighter spirit. That's fantastic. But again, I asked our clients to actually slow down when they start talking like this and slow down as it just think it through. Because I think that as entrepreneurs, it's our natural state to try to do more things, try to try different things, which is awesome. But I think we need to also become kings and queens of deletion. And what I mean by that, Chris deletion is, imagine this journey of the last five years, 20 years, 50 years, different people, different places they are at, we, we accumulate so much, whether it's people, whether it's projects, whether it's bad practices, you name it, right, maybe different services that we're providing or wrong kinds of data points or clients, and just saying, This is the time to shed off, this is the time to actually become light. This is the time to actually refocus on the things which are actually creating the biggest impact or will have the potential to create the biggest impact. And I think that's really important before one starts gearing up the business for organic growth and making sure we are pursuing the profitable lucrative channels and blind basis. The second second channel of growth, which again, I'm personally very big on, and I absolutely, you know, consult our clients on this is the whole inorganic side of it. And unfortunately, there will be many good businesses, which will come under pressure, especially in the next six to 12 months, I would say absolutely in that timeframe. And these are all good businesses, but they will hit a wall, and businesses who are in strong position, you know, who have got good liquidity or who have got strong positioning, they are absolutely perfect to look for these opportunities. And I always say this, that look, the fastest way of growing the asset portfolio is by acquiring assets is by acquiring businesses and businesses provide you with the highest returns if one is smart about knowing what kind of businesses to buy. So actually going off to these assets, having a strategy looking out for them to start off with and saying, Yeah, perfect, let's go for it because this is the best way to To work with good businesses to create that impact to create those employment opportunities and to build your asset portfolio in a substantial way. And I know this, and I believe in this, that next few months, 12 to 18 months, there will be some people who will create life changing wealth for themselves and for their next generations to come. And I really hope that every listener of this podcast is actually in that group of people, you know, who are creating some life changing wealth for themselves by looking for the right opportunities by deciding to invest their time and effort in the right areas.

Christian Rodwell  30:38  
I agree. And before I let you go sweater, and it's been very enjoyable speaking with you today, is there anything that we haven't covered that can help our listeners who are business owners in the coming months that you'd like to add?

Unknown Speaker  30:51  
One thing I would like to just remind everyone, you know, listening to this is that it's okay, this show Pass. It's already passing as we speak with every day with every week and with every moment. But try to have a perspective, life is much bigger than just the business or property or whatever financial worries that we have. And there are some amazing blessings right now with which I think each one of us we have, we just need to pay attention to that. And this is a great time, which is amplifying the good things that we have in life. And also amplifying the things are the areas which we need to improve on. So take it as a blessing. Take it as an opportunity either ways, and embrace the change, flow with it, be with it. And as I said, you know, become stronger, become better because that will be worth it then,

Christian Rodwell  31:45  
sweater. Thanks so much for being a guest on wealth talk today.

Unknown Speaker  31:48  
You're very welcome. Thank you so much for having me with you, Chris.

Christian Rodwell  31:52  
So Kevin, let me share with you my favourite quote from Jim Rohn. And that one is you can work hard on your job and make a living or you can work hard on yourself and make a fortune.

Unknown Speaker  32:02  
Well, that's an interesting quote and sweater Unum made the one about. don't wish life were better. I wish you were better. And I think that's a good one. Mine actually, I think is quite poignant. For today's scenario. I don't remember the exact words, Chris, but I remember the gist of it, which is, it's the same wind that blows on us all, you know, the wind of disaster opportunity or change. So it's not the wind, but the setting of the sail that determines our direction. I think that's about what he said. But the essence of that is, you know, in COVID, we can see now that's the same wind, right? Everybody's affected by the same worldwide wind of what's been going on, and some will simply what will they do? they'll they'll kind of fret and, and think and procrastinate, and drift rudderless. The sail We'll be flapping. And of course, if you flap the sail, nothing happens. But those who set the sail, you know and get ready, she talked about caches King that's getting ready, you know, thinking about what you're offering is that's getting ready. So I think we've been saying for weeks now, haven't we that there'll be massive, massive opportunities, post COVID and during COVID, as well, and it's good to be almost planning what your response will be in the next 30 6090 days rather than waiting for something to happen and then reacting to that

Christian Rodwell  33:34  
interesting that you pulled that quote Kevin, because she talked about, we're all in this together as a as a phrase that we might have heard, but we're not in the same vessel. You know, some people are much better positioned, you know, than others. She talked about something in the dinghy something in the super yachts almost and she ended by reminding everyone as well Kevin, not to not to get too sucked in and to have a biggest perspective and I know this is a point that you cover in your speaking engagements as well, when you talk about that, for business owners, we're actually in a bigger business and that's the business of wealth.

Unknown Speaker  34:09  
Yeah. So you know, the the essence of businesses, it's not an end in itself. You know, a business is a vehicle that takes you somewhere whether you want to enjoy it like being a self employed plumber or a craftsperson, you know, you want to do something you want to do, that's great. But in the end, there's a real value to a business, a huge value, possibly the biggest value of all the assets is in terms of building wealth. And if you see the business itself as an asset, then you can create wealth from that business and it can be a major contributor, life changing, contribute to in many cases, to, to the way that your wealth is set, not just for your generation, but for the generations to follow. So I think, you know, listening to watch what he has to say about that. You could tell couldn't do that, if you think of the charter progress there, albeit very briefly, okay, you're not going to get a large lesson in whatever it was a few minutes you know, but she was bought a senior marketing Global Marketing Director for a multinational company, then she became a coach board franchise, you know, obviously didn't need to do that but thought it would be better to get some principles and lessons and now she's adapted or those principles and lessons and created our own kind of style of coaching which she's won so many awards and people kind of queue up to to be coached by her because she's so focused on the success of others and serious players you know, pay pay good note to her so, so I think that's a great thing to see that you know, she's now business acquirer as well. She mentioned that dingy. So she doesn't just got a business, her part of a business or buy other businesses, and by being a great coach, you can see what's going on inside the business. know whether or not there's acquisition. And this comes back to what guy Boland was saying, wasn't it? week or so ago, Chris, talking about, you know, business owners have got good businesses, but they just added the wrong person or the wrong timing, or something's not right for them now, to maximise the value of that business, if you think of that in the vehicle, again, you know, if a business wants to get great value, but they're paddling their own canoe, but you can get somebody like sweater, who can then change the construct of the vehicle, apply a sail to that, and then up her power and your power, then you can get a better result which you can both consumer and so I think very incisive, as I said to anyone

Christian Rodwell  36:40  
shredder mentioned when she first acquires her franchise for action coach and that's a coaching business and she realised that really it was self employment and then looked at how to turn that into an asset that is a trap that many people fall into when they start a business is that the business is is all them talked about this many times. And there are some great episodes if people want to revisit Episode 40 and 41, where we had two of our wealth builder members who also action coaches talking about some of the processes and systems that people can follow. And they're called the five ways and the six steps. So definitely worth looking at that. And Twitter talks about importance of systems right now. And managing your team. Communication in these turbulent times is more important than ever. And we've all been very busy on zoom, but it's about having some structure around that as well and some clear outcomes of those meetings online.

Unknown Speaker  37:38  
Yeah, I mean, I think anybody can just have meetings, but I think if you were the leader of business, then you know, you would want to be kind of reassuring people as well and letting them know what your plans are for the future. So as you That's why you need to take stock and create a plan so that you can share and communicate that To all the people in your team from the people who are leading to the people who are sort of, you know, enacting some of the things so you know, that's why we have a constant pulse every week, don't we with with, with our teams, every every week, same time, same place, trying to get that regular rhythm. And that's, that's something that's important to us. But I think if you're in business on your own, you still need to have that quiet time also to think about how you're going to react, as opposed to just simply reacting I should change my language, how you choose to respond, because that's responsible, right? You're able to choose a response rather than reacting which is constantly being pushed, you know, by that wind and blustered away from one crisis to another. Anyway, enough about that. I thought she made some great points that again, I think I'd pull back from I think a lesson we learned from Joanna Martin. A few weeks ago, Chris, probably you could link to that one where she was saying on her channel You know, from originally being a GP into an entrepreneur, if she had to take small steps, you know, she kept saying yes to things. And when you asked, which was great question, I thought, when you asked sweater, what's your definition of an entrepreneur? kind of took a little aback For a second there. And then as a accomplished professional, you know, she went fail fast fail enough. And you go wow, that's an insight we've been saying to people for a long time now in wealth building, take little steps do something every month, you know, keep doing things, because the drifters, you know, spin wheels, don't they? And it's the dynamics who take action, keep the wheels turning, keep the flow of wealth coming. That's the difference. And again, drawing life lessons and wealth lessons. She said exactly the same thing. So just different language, but the same principles are coming out time and time again, indeed.

Christian Rodwell  39:56  
So continuing our theme, moving forward. So looking at the bounce back next week, we will be focusing on the investment pillar. And we'll be inviting one of our wealth coaches from inside of the SEM steps 12 programme to share his thoughts on the markets.

Unknown Speaker  40:14  
Yeah, and that's an interesting one, because, you know, nobody knows where the markets going. But there are many things you can do. And mohnish will share some of those. But I just, you know, I'm just thinking a little Chris about the future. Maybe there's an episode we could plan. You know, how in our seven steps to wealth programme, we teach people the principle of debits, you know, that real focus at the beginning of their journey, not to overlook these things, again, a momentum test, to do to check their debt and their education, their bills, their insurance, their tax and their support costs, and that we tend to direct that more towards a personal level, don't we? I'm just wondering, to what extent we should be leading to try and help You know what's going on inside the business, you know, most quite another version of that. Because that would be an ideal thing, wouldn't it in a business, too, you find money in your business, you could reinvest that money in coaching, or in education, or in building assets inside of your business or indeed, make more profit, and you can build wealth outside of your business. So that would be an interesting one to have a look out

Christian Rodwell  41:25  
there that could be incredibly powerful and measurable as well. So obviously, reinvesting into marketing. And could could be Yeah, really interesting. So yeah, let's, why don't we have a go that one in the next couple of weeks?

Unknown Speaker  41:38  
Yeah, we'll be a few weeks maybe. But we'll definitely put that on the agenda and get that done. Certainly within weeks, not within many months. So sounds like a good one, Chris.

Christian Rodwell  41:48  
Okay, good stuff. Well, thanks once again to sweater for sharing those wonderful insights with us today. And thank you, Kevin. enjoyed it. As always, I'll catch up with you on the next episode of wolf talk.

Unknown Speaker  41:57  
Looking forward to it, Chris. See ya.

Unknown Speaker  42:02  
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders co.uk slash membership right now for free access. That's wealth builders Don't count on UK slash membership