by Simon Hague | Sep 18, 2023 | Insights
We have seen a great example of coopetition this weekend.
Coopetition is a phrase that has over 100 years of history and in simple definition is where two or more parties that are normally in competition, work together to benefit the receiving parties.
On Sunday in Singapore, there was an F1 race. The real standout achievement was the way that Carlos Sainz brought home the first win for Ferrari.
If you aren’t aware, this is the first win outside the Red Bull camp this season.
With Mercedes closing Ferrari down (they had 20 laps newer and softer tyres), it became apparent that Ferrari who was leading had a problem. But, the inevitable was cancelled out by the way that Ferrari drove.
As one of the commentators said,
‘the best driving is the one that is the slowest drive that can win’
and this is what Ferrari did.
They allowed 2nd place McClaren to get closer to benefit (opening their DRS), but not close enough to allow McClaren to be a threat. This allowed McClaren to hold onto the 2nd spot and kept Mercedes in 3rd (despite best efforts with one of their cars hitting the wall on the final lap as they pushed).
This unlikely tactic by Ferrari created a competitive advantage and put Sainz as P1 (the winner).
Why do I mention this?
As we look at our marketplace – there can be unnatural partnerships that can be formed. Relationships that can be symbiotic – that is, ones that are of 2 way benefit. I am not referring to monopolistic activity that controls markets (this is so wrong), but I am talking about natural partnerships that can offer the market and clients more than just you alone can do.
Is this a growth initiative? Absolutely, but one that needs to be entered into with eyes wide open.
What are you doing and what is your market doing that could appreciate a slightly different approach of coopetition?
by Simon Hague | Sep 13, 2023 | Insights
Perspective
Hurray – I have climbed the highest mountain in North Africa. Summitting at 13,671ft, Jbel Toubkal was a five-day walk-in. Overcoming altitude sickness as we weaved up 97 zigzags to a col at 10,000ft was a memorable moment (especially for the rest of the family), as I was smothered in sunblock and force-fed Jelly Babies.
Fast forward 9 years – and the surrounding area of Toubkal was decimated by a devastating earthquake that has seen thousands dead. My memories from that area have been changed probably as much as the landscape itself.
As we walked through valleys and villages, we were greeted with amusement from the children, and as a source of income from the villagers. From fresh mint tea to wonderful fresh dates and figs, we benefited from their wonderful hospitality and friendship. The villages clung to the side of the rough terrain, holding on for dear life and building out of what was available. The arid conditions making living tough.
The earthquake will have caused deeper devastation as the smaller villages try and rebuild not just their decimated community but also their economy.
Whilst the Red Cross is running a fundraiser (https://lnkd.in/eKXTTGUd) and politicians have said they will do what they can, I ask you to hold a moment for reflection on what you have, and what you hold so dear to you.
News has subsided as I search for updates, but the memories of a beautiful area remain slightly altered now.
How quickly thoughts and memories change!
by Simon Hague | Sep 13, 2023 | Insights
I am often asked by friends, when are you going to retire?
From their perspective, the work life segment is almost done and they look to slide into whatever the next segment is in their lives.
From my perspective, my work life segment completed in 2008 as I left the corporate world to do what I wanted to do – which was to join the lifelong learning fraternity. A conscious decision that has materialised wealth in many different ways.
❤ If you are reading this and thinking the same, then congratulations.
❤ If you are reading this and thinking I want some of that, then congratulations and wonderful.
A few words of advice on the latter based on years of experience.
🥇There are virtually no short cuts, no easy ways to make £1m in a year.
🥇There will be people willing to offer you their system that will 10x your revenue and make you a trillionaire in the next 24 hours – what!
🥇Everything stops with you
🥇Sometimes you get paid, sometimes you don’t.
🥇Sometimes stuff just needs to get done – and needs to be prioritised above all else.
🥇Sometimes you just want to stop, but you need to dig deep and keep going.
🥇Sometimes you will have a wobble, and question what the heck you are doing. You need to learn to embrace the wobble as it is in the wobble that you really find yourself.
🥇Sometimes you will have a wonderful day, and you forget all the stuff that I have written above.
But all the time,
⚡ Our passion is our business.
⚡ It is an unwritten creed.
⚡ It is how we do stuff.
⚡ It is our DNA and our hunger.
If you could listen to one thing, what would that one thing be and how could you turn it into something even more aligned with the real you?
by simonhague | Mar 17, 2023 | Insights
Jim Rohn was a highly influential motivational speaker and author who shared valuable insights on personal development, business, and finances. Here are five top tips from Jim Rohn on managing finances when running your own business:
Jim Rohn Reminded us to Pay yourself first
Jim Rohn emphasized the importance of paying yourself first. This means setting aside a portion of your earnings as savings before you pay for business expenses or bills. By prioritizing your personal financial security, you’ll be in a better position to grow your business and make more informed decisions.
Develop a budget and stick to it
To effectively manage your finances, Rohn recommended creating a budget to track income, expenses, and investments. By monitoring your cash flow and allocating resources wisely, you can make strategic decisions to reduce costs, increase profits, and grow your business.
Invest in your personal and professional development
Jim Rohn believed that investing in yourself is crucial for long-term success. This includes seeking out educational opportunities, attending seminars, and building a network of like-minded professionals. By constantly improving your skills and knowledge, you’ll be better equipped to make informed decisions and adapt to changes in the business world.
Learn the art of delayed gratification
Rohn advocated for delayed gratification, or the ability to resist the temptation for immediate rewards in favor of long-term benefits. In the context of managing your business finances, this means avoiding impulsive purchases or decisions and focusing on investments that will yield greater returns in the future.
Surround yourself with successful people
Jim Rohn famously said,
“You are the average of the five people you spend the most time with.“
He believed that by associating with successful and financially responsible individuals, you’ll learn from their habits and experiences, which can positively impact your own financial management skills. Networking with successful entrepreneurs can help you gain valuable insights and perspectives on managing your business finances effectively.
