Have you ever wondered what it takes to transform your agribusiness into a financially prosperous powerhouse? I have studied this question for decades. It's natural to assume that being a ‘bloody good operator’ producer would inevitably lead to financial success. However, the reality is often quite the opposite.
I have personally witnessed many technically exceptional producers who seem to have it all, struggle to achieve the financial rewards they deserve. So why is this the case? According to Dale Carnegie, a renowned author and business lecturer, a staggering 85% of financial success is attributed to personality traits and skills such as communication, analysis, negotiation, and leadership. Carnegie famously stated, "It's not just about what you know - it's about who you are."
But what about the remaining 15% - the technical expertise? While Carnegie acknowledges the importance of technical skills, he emphasizes that they alone are insufficient for long-term success. True sustainable success comes from combining technical knowledge with a strong mindset, the ability to strategically think and the development of ‘the soft skills’.
So, what does the 85% involve? Firstly, success heavily relies on your ability to collaborate with others, build connections, and communicate effectively. Even if you possess extensive knowledge in your field, without effective communication and negotiation skills, it becomes challenging to translate your vision into success.
Leadership skills are equally crucial, as they enable you to inspire and motivate others towards a common goal. This becomes especially vital when dealing with succession planning, managing employees, and working with professional advisers.
Mindset and strategic thinking are also additional critical ingredients for achieving success. Your mindset shapes your beliefs, attitudes, and ultimately influences your actions. By cultivating a positive and growth-oriented mindset, you can overcome challenges, seize opportunities, and persevere in the face of adversity. Strategic thinking complements this mindset by allowing you to take a holistic view of your goals, assess various factors, and make informed decisions aligned with your long-term vision.
Furthermore, personality traits like empathy, positivity, and resilience play significant roles in your success journey. Cultivating these traits will make you a person that others want to collaborate with and be around.
So, what can you do to enhance the 85%? The good news is that most skills can be learned and developed over time. The key is to be aware of the need for constant self-improvement. Consider taking courses or attending workshops to enhance your communication, negotiation, and other soft skills.
Ultimately, to set yourself up for personal and financial success, technical competence is important, but it is the development of soft skills and becoming the best version of yourself that differentiates success from mediocrity.
Cheers, Ben
----------------------
Disclaimer: The information contained in this article is general in nature and for education purposes only. It is not financial advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this article. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this article.