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One word for success

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by Peter Switzer

My business life has been dominated by my great fortune to talk to Australia’s and even the world’s greatest business minds, which has included the likes of Gerry Harvey, John Symond, Boost’s Janine Allis, Richard Branson and Jack Welch, who was once described as the greatest CEO of the twentieth century. And they have taught me the one-word secret of success.

The F-Word

So, what is it? It’s simple to say, but bloody hard to do. It is — FOCUS.

Now, don’t react with your typical: “Not that. I want something more magical and game changing for me.”

Focus is the magic bullet. No matter what you do from building a great business to creating a great career to amassing a nice fortune through investing, it is all about the f-word.

From the entrepreneurs

In Richard Branson’s book Losing My Virginity, the 24/7 entrepreneur made this unforgettable revelation about himself:

“I have always lived my life by making lists of people, lists of ideas, lists of companies to set up and lists of people who can make things happen.”

This is how he ensures he’s focused.

Tom O’Toole, the Beechworth Baker who is a big name on the Australian business speaking circuit won’t buy a shirt without a top pocket because that’s where he leaves his notebook for his daily ideas that come into his entrepreneurial brain. (O'Toole is not a modern man. I will tell him about Blackberries one day.)

Jack Welch told me when he was in Sydney in front of a crowd of a thousand people in the Sydney Convention Centre that he sacked 10 per cent of his workforce at GE every year. They were the bottom 10 percent in terms of achievement. They were regularly assessed, informed about their progress (or lack of it) and encouraged to improve.

Welch said these people weren’t focused and really didn’t want to be at GE, though they couldn’t be honest with themselves. He said he often has contact from ex-staff members who thanked him for making them find what they really wanted to do. They found their f-word!

Turn up the focus

I can go on about focus forever, for I am now more focused than ever before. In fact, I have always been focused but you can pump up the intensity of the focus.

This week I chatted with Aussie Home Loans John Symond, who I have interviewed many times over the years, but the penny dropped when he said that his success got down to focusing on Aussie Home Loans.

He said he has no other businesses, no other investments, no shares or anything else that takes him away from his focus on Aussie. He is still focused — the success you get from it makes you addicted to the f-word.

In the toolbox

Sure, other things go into the toolbox for success such as having a big dream or goal backed up by a belief that you can make it happen. This is all driven by passion and helped by assembling great advisers to show you competitive things you couldn’t see by yourself. Finally, through your drive and leadership you create a workforce, all passionately pursuing the vision you share with them. This was what was important for the success of chef, Neill Perry of Rockpool fame. On my Sky News Business Channel program recently, he recognised his business partners Trish Richards and David Doyle along with his passionate staff in Rockpool’s enormous success story.

Addicted to the F-word

This guy has four restaurants, 400 staff, a TV show, books, the Qantas contract and more. Perry, like Symond and Branson, as well as someone like Janine Allis who built up the Boost Juice business from a single store, are all addicted to the f-word and they use it often.

Don’t forget, you can use the f-word for building a business, creating a career and for constructing a fabulous financial plan. You can even use it to make a wonderful family but the bottom line is if you want success you have to get f’d!

For advice you can trust, contact Switzer Financial Services.

Important information:This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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Published on: Thursday, November 12, 2009