Best Advice Ever…
Yesterday morning I received the best piece of advice I have had in a long time. I was pondering over a decision that I had to make with my business that had the potential to be confrontational. I have always thought of myself of someone who doesn’t like confrontation. I have always tried to avoid it where possible. I would much rather miss out than go through the difficult conversation.
Yesterday morning I received the best piece of advice I have had in a long time. I was pondering over a decision that I had to make with my business that had the potential to be confrontational. I have always thought of myself of someone who doesn’t like confrontation. I have always tried to avoid it where possible. I would much rather miss out than go through the difficult conversation.
So I rang my mind mentor, Leigh. I explained the situation to him and where my mind was at. One of the questions he asked was “What is the worst thing that could happen if you have the conversation”. My mind automatically went to me living under a bridge, old blue heiler by my side, a scraggly grey beard and a sleeping bag as my only companions!!
He then said to me - “You aren’t afraid of confrontation, you are afraid of the uncertainty. As a result you are thinking too far ahead and going down a path that will probably never happen. You need to learn to embrace uncertainty”.
Boom, there it was! Embrace uncertainty. My first step was to present the problem we were having and provide my thoughts on the solution. That was all I had to think about. Think about the first step and take that. Then see what presents itself from there and then make your next decision based on the reaction to the first step. It is that simple.
Too often in business we overthink our decisions. What happens if I do this and then this and this happens? What will people think and how will they react if I do this? The answer is it doesn’t matter. If you have made a decision in relation to your business and you are happy with the process and reason for the decision, then go for it. Worry about the next step when that next step happens. Too often we are paralysed with fear about what will happen and create imaginary paths that will never eventuate. Embrace uncertainty.
Embrace uncertainty. Thanks Leigh.
David Patterson - Director The Bucket list Accountant
Couple Goals
We go back 4 or 5 years. Paul and Jan (that is what I have called them) run their own small business. It is 8.00 at night, and like every other week night, they are both sitting at the kitchen table finishing of paperwork from the day. Paul stops what he is doing looks up and says “ I am not happy Jan (some will understand this reference). Paul continues, “Our business is going reasonably well, but we are both spending 12 hours a day to make it work. We have no time for the kids and no time to do the things we want. There has to be a better way!”
Paul and Jan have successfully worked through a strategy and now run their business on their own terms and have more time to spend with their children and each other.
I was sent this photo the other day and it got me thinking. I wonder what they are up to? Here is how I think these two got here.
We go back 4 or 5 years. Paul and Jan (that is what I have called them) run their own small business. It is 8.00 at night, and like every other week night, they are both sitting at the kitchen table finishing of paperwork from the day. Paul stops what he is doing looks up and says “ I am not happy Jan (some will understand this reference). Paul continues, “Our business is going reasonably well, but we are both spending 12 hours a day to make it work. We have no time for the kids and no time to do the things we want. There has to be a better way!”
So Paul and Jan decide to make a time to go see their friendly and trusted accountant (We will call him David, The Bucket List Accountant), to see if there is a better way. Before David starts talking about their business he asks them one question. What are the things you want to do in your life? Paul and Jan have a think about the question and come up with the following five key they want to do;
· Spend more time with the family
· Have better cash flow so we can do things without stressing about the money
· Take an overseas holiday every year
· Spend less time at work so we can pursue our love of sky diving
· Volunteering one day per week at their local Foodshare
With these things in mind they start analysing their business to identify areas that they can improve to help achieve their goals. With help from David, they implement a plan and strategies that will help them create a better business and allow them to do the things they want. They start to devise systems to help their business run more without them. Paul & Jan decide that they will meet with these things in mind they start analysing their business to identify areas that they can improve to help achieve their goals. With help from David, they implement a plan and strategies that will help them create a better business and allow them to do the things they want. They start to devise systems to help their business run more without them. Paul & Jan decide that they will meet quarterly with David to ensure that they are staying on track and accountable for their own actions. They have their clear goals laid out in front of them and they know what needs to be done to achieve these goals.
Fast forward 5 years and their business is booming. Yes there have been some troubles along the way. Because Paul & Jan were clear in their goals, they were able to navigate through these issues and continue on their path.
They are now spending way less time working in their business. Cash flow has never been greater, and they are spending quality time with their kids. They are as happy as they have ever been. The photo above was taken on their annual overseas holiday. They are having a quick zoom meeting with their business managers just to make sure everything is running smoothly. Then they are off to go bushwalking with their kids.
That is what I think is the story behind this picture. It could also be they are simply checking Facebook before heading back to the office, but I don’t think so. Their names are definitely Paul and Jan though.
David Patterson - Director The Bucket list Accountant
Enjoy the moments
For Christmas last year, one of our sons (We will call him Jack because that is his name) purchased tickets for my wife and I to go and see “The Imperfects” live show. This is a show loosely based around their podcast which is brilliant and I would encourage everyone to go and see it if you are able to.
Being present - Living in the now
For Christmas last year, one of our sons (We will call him Jack because that is his name) purchased tickets for my wife and I to go and see “The Imperfects” live show. This is a show loosely based around their podcast which is brilliant and I would encourage everyone to go and see it if you are able to.
There were lots of take aways from the show, but the main one that I took away was to enjoy what is going on now. Too often we worry about the past, which we cannot change” or we are worrying about what will happen in the future and we completely forget about what is happening right now. I have been guilty of this for most of my life until very recently.
Running your own small business can be very tough at times.
Sleepless nights worrying about how you are going to pay the bills or getting the work done. As a small business owner I believe we need to learn to be able to do two things. We need to learn to embrace the difficult times (and there will be plenty of those) and work out how to overcome them. We also need to learn to enjoy the good moments when they occur. In small business we worry too much about the future and forget to enjoy the small wins along the way. For me a win last week was sitting around the kitchen table with a client, discussing their business and enjoying a roast lamb lunch that the client had prepared for the meeting. It was so nice to be able to sit with them and learn more about their business, and just as importantly, more about them as people.
In the past when tough times have come in business l have had a bad habit of going back into my shell and almost becoming paralysed from taking action. With some help I have learned to tackle tough times completely differently. Now I sit down, work out why this is happening and try to work out steps to take to improve the situation and put systems in place to ensure that whatever is happening does not happen again. It is empowering and puts me back in control of my business. I can not always control the outcome, but I can certainly control my response to the outcome.
Every weekend my wife and I go for a walk along the beach for an hour rain, hail or shine. Several months ago I made the decision to leave my phone in the car while we walked. It was one of the best decisions I have made. Now when we walk I am present and attentive to all that is going on around me. I enjoy the hour, simply walking along, talking with my wife and admiring the wonderful view. I feel so much more relaxed at the end of the walk, having not been interrupted by messages or phone calls.
Why not try it next time you go for a walk?
David Patterson - Director The Bucket list Accountant
Your 2023 Bucket List
In the past I have talked about your bucket list and all the things that you want to do in your life. Now however I would like break that down into a more manageable chunk. Let’s look at 2023 and start setting some goals of what we want to achieve. I am actually doing this exercise with my wife at the moment. Tammy is writing down the things she would like to tick of her bucket list this year and I am doing the same. Then together we are going to make a list of all the things that we would like to do together in 2023.
Now is the time to get thinking about your 2023 Bucket list goals.
So at the time of writing this we are 23 days into 2023. I have left you alone for a few weeks to allow the dust to settle on a new year. However now is the time to get started.
Let us get working on your bucket list for 2023.
In the past I have talked about your bucket list and all the things that you want to do in your life. Now however I would like break that down into a more manageable chunk. Lets look at 2023 and start setting some goals of what we want to achieve. I am actually doing this exercise with my wife at the moment. Tammy is writing down the things she would like to tick of her bucket list this year and I am doing the same. Then together we are going to make a list of all the things that we would like to do together in 2023.
Make it Realistic
The main key to this 2023 bucket list is to make it realistic for the time frame that we are looking at. I am not going to put down on my list a trip around the world as I know that will take a lot longer than a year to plan and save up for. My life long bucket list has an around the world trip on it, just not my bucket list for the next 12 months.
Timing
Once you have a list of the things you want to do in 2023, it is time to grab out the calendar. With a little bit of thought, start filling in the calendar with the things on your bucket list and when you would like to do them. Take some care with this, because once it is finished it should go up on the wall for all to see.
Savings
Some of the items on your bucket list for 2023 may require some addtional funds to make them happen. Make a budget of how much your bucket list items will cost. For those with a reasonable cost work out how much you need to save per week and start putting that away into a savings account. This part may also show that not all of the items on your bucket list for 2023 are achievable. Thats okay, start putting these on your 2024 bucket list.
This is Your List
I have spoken to a few people who are worried that what is on their bucket list is not exciting enough. If the items that are on your bucket list are the things that you really want to do, then that is exciting. Imagine when you get to the end of the year and you have ticked everything off your list. How bloody exciting will that be. This is your list and no one elses. Write them down, plan them and then tick them all off your bucket list.
Time to take action and live a great life.
David Patterson - Director The Bucket list Accountant
Tips to fight rising costs…(your welcome)
Okay, so all we hear is “inflation, inflation inflation” right?
Yes, things have increased and if you are waiting for things to return to normal then you are risking a massive loss in revenue and profits.
One of the biggest impacts to hit any business is rising interest rates… especially home loans.
What Can you Do?
Sometimes in life, you just have to put your hand up and ask…
Okay, so all we hear is “inflation, inflation inflation” right?
Yes, things have increased and if you are waiting for things to return to normal then you are risking a massive loss in revenue and profits.
One of the biggest impacts to hit any business is rising interest rates… especially home loans.
What Can you Do?
Here is one way you can handle it…(Assuming you wish to keep more money in your back pocket that is)
You write an email to your banker or speak with someone at the bank where your finance is held. If you know the person who did your finance – even better!
You explain that due to the constant increase in interest rates that you have been forced onto considering other options. Therefore, you will be seeking some alternative quotes to refinance and get a lower interest rate. That is unless they can sharpen their pencil.
It is almost guaranteed that your bank will come back to you and offer you a more competitive rate.
The trouble is… with all the noise in the media and constant talk of interest rates increasing, we can all be guilty of just accepting it and copping it on the chin!
We get indoctrinated by the media and industry commentators who teach you to do what they say and not question it.
What many do not realise is… banks are held accountable for sales and certain performance targets. The saying goes “A new client always gets a sharper interest rate than an existing client”
It has been proven over and again by many of my clients, that requesting a lower rate does often get a positive response.
Here is a copy of an email from a banker to a colleague I know, who did exactly this and as you can see… if he can prove a lower rate elsewhere he stands to drop his rate even further.
What’s next?
So if you want to add a few extra dollars a week to your own back pocket… write that letter now and get yourself some savings.
The best thing about this action is that it doesn’t come at a cost. You can get a lower rate without losing any additional service or value.
Keep an eye out for more tips on saving money without losing anything of value…they are out there!
David Patterson - Director The Bucket list Accountant
Retirement - Why it needs to be renamed?
I think the retirement concept has put too many of us onto a treadmill, that we don’t know how to get off. To me it is crazy. Why are we waiting until retirement before we start doing the things we enjoy? And if we enjoy work, why do we have to stop?
The way I see it, we currently have a two tiered system. From the age of 20 to 65 we are expected to work hard. Sure we take some holidays here and there, but for the most part during these ages there is an expectation that our predominant activity is working. And then a magical switch is flicked and we are no longer working, but are now able to enjoy life. This delineation has us set in a fairly rigid pattern that we don’t seem to escape from. I want to offer up an alternative to this. Please bear with me as I go through this.
Why wait? Don’t wait until you retire to do some crazy things you wish you did when you were younger…
“I can’t wait until I retire! I will get a chance to do all the things that I have wanted to do, but never had the time to do them”.
How many times have we heard this sentence uttered from peoples mouths?
Too often for my liking.
I think the retirement concept has put too many of us onto a treadmill, that we don’t know how to get off. To me it is crazy. Why are we waiting until retirement before we start doing the things we enjoy? And if we enjoy work, why do we have to stop?
The way I see it, we currently have a two tiered system. From the age of 20 to 65 we are expected to work hard. Sure we take some holidays here and there, but for the most part during these ages there is an expectation that our predominant activity is working. And then a magical switch is flicked and we are no longer working, but are now able to enjoy life. This delineation has us set in a fairly rigid pattern that we don’t seem to escape from. I want to offer up an alternative to this. Please bear with me as I go through this.
Let’s Just Live Life!
Imagine this. You are 20 years old and you write down all the things you want to do in life. You write down your Bucket List. You then go about planning your life so that you can start ticking them off. Imagine the memories created when you run with the bulls in Pamplona at 23. They last a lifetime. As you get older you add things to your Bucket List and tick them off as well. You get to the end of your time and you look back. The things you have done are amazing and your life has been full.
Me! in Pamplona at age 23. Living my best life!
Now imagine at the same time you are doing this, you are working in a job you love, or running your own business that you love. This job or business is funding all those things that are on your bucket list. And because you love what you are doing, you see no need to stop working. You just keep doing what you love doing. At some point in time, you stop working but not because you have reached a pre-determined age. You stop working because you choose to.
Don’t get me wrong, what I am proposing here wont be easy and it will take some work and planning. But if you start the work and planning early then it is easier. Understand and embrace what is important to you. And set the plans in place early to achieve what is important to you. Don’t be put off by others, walk down your own manicured path.
If retirement is all about doing the things in life, then let’s start retirement early. That phrase “If you are doing a job you love, you will never work a day in your life” is so true. Don’t settle for second. And (shameless plug) we at The Bucket List Accountant can help you do this. We will help map out your plans and work towards achieving them.
Lets tackle life together, so that together we can do great things in this life.
David Patterson - Director The Bucket list Accountant