August 14, 2018 Pat Mannix

Business Intuition Is Not Bullsh!t

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

Business Intuition is not bullsh!t. It is real. If you want to be successful in small business, you will need it.

Expanding on the idea of business intuition, there are five key ingredients that will enable you to make it big in small business.

I’d like to think I’m an authority on this subject because we have a few clients at Paris Financial who are multi-millionaires. Not just one million. Multi-millionaires. These people have started something from scratch, gone through all of the pain of small business, and now they are succeeding on a large scale.

My experience has led me to believe that these successful multi-millionaires have five things in common.

Emotional intelligence

Our most successful entrepreneurs have very high emotional intelligence. Most of them have high IQs too, but it is their emotional intelligence that is ridiculously high.

They understand people, whether it be business people, suppliers, their own employees… they can read people like a book and it helps them to develop strong relationships and gain knowledge from others.

If your EI is off-the-scale, then you’re in with a chance to be successful too.

Understanding of value

This is the most important. Our multi-millionaire clients always have a brilliant understanding of value and they utilise this knowledge to allow their business to thrive.

Firstly, they understand value at the micro level of their business, whether that is a product or service. They can comment on the cost of their product, the expenses associated with that product, and the sale of that product. They then also understand value on a macro level, considering how their product fits into the value of their entire business. All their decisions are made based on this intuition.

Your business intuition must be highly directed and attune to value to be a successful business person.

They pay everything on time

This sounds simple, doesn’t it? But it’s true – people who pay everything on time are more likely to succeed in small business.

Massive companies, like the big banks and Superannuation Funds are examples of entities that will hold onto money for as long as they can. They keep it on the money market to make more money. This is typical of Big companies and of course they often bully smaller companies by holding onto their supplier payments. Very average and “grubby” small business people tend to hold their suppliers out as well because they think it saves them money. This is a complete waste of time.

Our biggest and best entrepreneurs always pay things on time. This is efficient and, once it’s done, they don’t have to think about it. Simple

Acceptance of tax

Obviously at Paris Financial, we try to minimise tax as much as we can legally. However, our biggest clients are aware that taxes are inevitable. They just pay it. Don’t even think about it. No complaints.

They are good people

Finally, our best performing small business clients and entrepreneurs are good people. Very good people. Many of us are brought up to to think these very successful people are ogres who have bullied people into submission to make their millions but these days it is the opposite.

Today you can’t make it big in business if you’re not a good person. They look after their employees and they negotiate well with suppliers and customers. They have a kind heart and great passion for what they do. Screwing people over in Modern Australia is just not the way to a successful business. Looking after people and gaining loyalty is the way.

So, if you want to start your own small business, you should consider whether you have BUSINESS INTUITION.

Can you put a tick next to each of these five points?

They’re not bullsh!t – they’re traits of Paris Financial’s multi-millionaire clients.

 

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

Thank you for providing your email address. You’re now connected with our Small Business Tax Champions.

Do you want insight into the latest tax news and cutting-edge financial advice?

*Required field