A4 Newsletter Ed2 2014

1

Copyright © UBT NZ LImited 2014

D E C E M B E R 2 0 1 4 | E D I T I O N T W O | N E W Z E A L A N D

QUARTERLY NEWSLETTER


2

PROVIDING SOLUTIONS FOR YOUR BUSINESS The information in this Newsletter is of a general nature and is not financial advice. The information should be read subject to the UBT Website Terms and Conditions of Use (copy available from [email protected]).

UBT recommends that you obtain appropriate legal, accounting and management advice before acting on any information contained in this Newsletter.

DISCLAIMER

3


LETTER FROM THE EDITORDEAR VALUED UBT CLIENT,The rising economy in New Zealand is very exhilarating and we are encouraged to see UBT clients are using their initiative to take advantage of this positive growth phase.

Our second edition of the UBT Quarterly includes a variety of topics aimed to stimulate your thinking about the culture and constitution of your business and your own personal development.

We suggest you share this with staff by placing it in the boardroom so it can be read by meeting attendees that arrive early! If everyone took one idea from these articles and executed it in the business or their own lives it would have a significant impact on the overall performance of your business.

From the turn-around of confectionery manufacturer Darrel Lea to some inspiration on how to be motivated about fitness, this quarterly has something for every employee. Enjoy!

We love to receive community success stories, and publish them with your approval. Please send any of your success stories or feedback to our New Zealand team.

0800 UBT 123 | [email protected]

Your support is much appreciated by the UBT Directors globally, thank you.

Yours sincerely,

Jeremy Joyce | Lloyd Chirnside


4

EDITION TWOCONTENTS

THE END OF THE ROCKY ROAD! 6SILVERBULLET 206 7

IS YOUR ORGANISATION... 8SILVERBULLET 207 10

THE FUTURE OF THE FAMILY BUSINESS 11WHY IS TEAMWORK IMPORTANT? 12

SILVERBULLET 208 13WE NEED BETTER MANAGERS... 14

WHO IS STEALING YOUR... 16SILVERBULLET 209 17SILVERBULLET 210 18

INSPIRATIONAL TEAMWORK STORY 19WHAT IS ECONOMICS ANYWAY? 20

SILVERBULLET 211 22QUICK RESPONSES WILL... 23

STUCK ON STOP... 24SILVERBULLET 212 25

FITNESS MOTIVATION 26

4

5


SO YOU HAVE A BRIGHT IDEA! 28SILVERBULLET 213 30

PRESIDENT OBAMA’S VIEW... 31IS PROPERTY AT A CYCLICAL PEAK? 32

EXCHANGE RATE GRAPHS 36

5


6

THE END OF THE ROCKY ROAD!DARRELL LEA IS ON A NEW PATHTwo years ago we published

an article about what we

could learn from the collapse

of Darrel Lea, the Australian

and family-owned chocolate

and confectionery group,

famous for its iconic “Rocky

Road”.

Now we can learn from the way it has been turned around.

Just six weeks after the Quinn family bought the troubled company in October 2012, the business was trading profitably. Now it is cash flow positive.

What was the secret of its revival?

Aggressive cost-cutting

Reducing staff from 800 to 120 helped overcome the impact of an ageing workforce with all its entitlements.

Doubling the customer base

While the old business had excellent customer loyalty, it had a restrictive channel-to-market model, selling only through its own stores for which it paid exorbitant rents. It had avoided the supermarkets.

“We are now supported by the major supermarkets to put our products on their shelves”, the new general manager says. “The foot traffic through supermarkets is ten

times more than through the old stores - and we have also doubled our outlets.”

Outsourcing distribution.

Crucial to the turnaround was the outsourcing of its distribution network to a third party. According to the general manager, this took the “complexities out of the business”.

“Our distribution was very costly and we weren’t even good at it”, he says.

Appealing to younger tastes

The new management says the business was missing out on a couple of decades of consumers. It has now expanded its product range to appeal to the younger generation, introducing treats such as “Choc Stix” – licorice with chocolate in the centre – which kids love.

Changing the culture

The biggest hurdle, according to one of the Quinn family, was

changing the culture in the company. “It took us 18 months to change the way the company did business”, he says. “Without the right people behind you, it is a steep road to climb.”

Capital investment

The Quinn family injected a lifeline of $30 million into the business and built a factory in Ingleburn, southwest of Sydney, as part of the strategy to expand Darrell Lea’s product range.

What does the future hold for

the company?

The new management says they could branch out beyond confectionery. There could be opportunities in the ice cream market. And supermarkets are asking about using the brand for baked goods and chocolate milk.

They are also looking to buy businesses if they are complementary to the Darrell Lea brand.

26 SEPTEMBER 2014

Copyright © Universal Business Team Pty Ltd 2014 All Rights Reserved Implementation | Management | Results | Security

206

SILVERBULLET

BE A LEADERDo you have a sense of a

MISSION?Then get on with it!

EDITION

T E A M M O T I V A T O R

Have a continuous sense of purpose and persevere in it.


8

SMART ORGANISATIONS ARE GOOD AT THE CLASSICAL FUNDAMENTALS OF BUSINESS. Strategy, marketing, sales, finance and technology. Of course, these are critical to the success

of any organisation. But being smart is only half the equation. The other half, which is largely

neglected, is about being healthy.

What exactly is the health of an organisation?

Organisational health is the single greatest advantage of any company. It is simple, free and available to anyone.

Yet often it is ignored. Why?

Because many CEOs think it is “beneath them”.

A good way to recognize the health of a business is to look

for signs such as minimal politics and confusion, high degrees

of morale and productivity, and a very low turnover of good

employees.

Executives are more at home with studying Smartsheets, Gantt charts and financial statements because that’s how they have been trained and that’s where they are comfortable. They want to avoid subjective conversations that can become emotional and awkward.

But the difference between successful companies and mediocre or unsuccessful ones has nothing to do with how smart they are. It has everything to do with how healthy they are.

The same applies to families. Healthy families – the ones where parents give their children discipline, affection and time – almost always improve over the years, even when they lack many resources that money can buy. Unhealthy families – the ones without discipline and unconditional love – will always struggle, even if they have all the money, tutors, coaches and technology they could ever want.

IS YOUR ORGANISATION HEALTHY AND SMART?

19 SEPTEMBER 2014

9


So what does an organisation have to do to become healthy?

1. 1. Build a cohesive leadership team.

Dysfunction and lack of cohesion at the top inevitably leads to a lack of health throughout.

1. 2. Create clarity

The leadership team must be aligned and committed to the same fundamental issues – a small, specific set of behavioural values.

1. 3. Communicate clearly

Once the leadership team has established cohesion, it must communicate its goal to employees clearly, enthusiastically and repeatedly. Employees at every level need to know that at the heart of what they do lies something grand and aspirational. They are well aware that ultimately it will boil down to tangible, tactical activities.

1. 4. Reinforce clarity

To remain healthy over time, the leaders of an organisation must establish a few critical, non-bureaucratic systems to remind employees what is really most important.

An organisation doesn’t become healthy in a short, linear, tidy fashion. It is a process that involves doing a few things at once and must be maintained on an ongoing basis to be preserved.

Taken from The Advantage, Patrick Lencioni


207

SILVERBULLET

A problem is often onlya tough decision

waiting to be made.

BE PART OF THE SOLUTION,

NOT THE PROBLEM

EDITION


Get involved! Speak up! Accept responsibility! Be accountable!

11


WHAT WILL THE FAMILY BUSINESS LOOK LIKE 20 YEARS FROM NOW? One thing is sure - it won’t look the same as it does now. Family businesses will be moving away from traditional areas like manufacturing. And their management and ownership

teams will be different.

According to a recent study, the percentage of family businesses in manufacturing, the traditional heartland of family business, has halved from 40% in 2003 to 20% in 2013. Of course the manufacturing sector will be smaller anyway.

But the big change will be in the way family businesses are inherited by siblings. It has come a long way from the tradition of primogeniture – where the business was passed on to the oldest son. This is what will transform the family business

sector. It may become relatively more unstable but much more creative and dynamic and it will place family businesses in different markets.

“Parents are much more concerned now about fairness and equality,” a business analyst says. “Also, the kids are more vocal.”

The next generation will be looking to spark off each other and to create sibling teams. The ones that succeed will be the ones that harness the creative juices of what will be a better educated group of people who have a much broader range of skills than their parents. They will be looking for new products and new markets.

It is often found that in a family where there are three children, one has the creative spark,

another one gets on with all the customers because he has that sort of personality and the third does all the back room work. They complement each other naturally.

In 20 years’ time we could see a big shift for family businesses as the sibling teams take them to a completely different space. At the moment the family business tends to be quite secretive and very paternalistic. That is often a recipe for the death of the business. It will need to become more open to meet the market and understand its clients’ needs. What the next generation will do is to say, ‘There is a great big market out there and we can penetrate that market by looking at demand-based business rather than supply-based business’. And they will use their education and build teams to do it.

The future generation will look at what some of the successful big companies have done and use some of the principles behind their success to be innovative and creative – and then make use of the family!

But why wait 20 years to see these principles in action? Families should act now! Build on the strengths within the family. Diversify and look for new products and new markets, and create strong interactive teams to support overall growth and prosperity.

Based on an article by Leon Gettler in Family Business, August 2014

THE FUTURE OF THE FAMILY BUSINESS 7 SEPTEMBER 2014


12

8 GOOD REASONS!WHAT A DIFFERENCE TEAMWORK MAKES. TEAMS AND TEAMWORK HAVE BECOME A CENTRAL PART OF OUR WORK LIFE. WHY IS TEAMWORK IMPORTANT? BECAUSE:

TEAMWORK:

1. Creates synergy – where the sum is greater than the parts.

2. Supports a more empowered way of working, removing constraints which may prevent someone doing their job properly.

3. Promotes flatter and leaner structures, with less hierarchy.

4. Encourages multi-disciplinary work where teams cut across organisational divides.

5. Fosters flexibility and responsiveness, especially the ability to respond to change.

6. Pleases customers who like working with good teams (sometimes the customer may be part of the team).

7. Promotes the sense of achievement, equity and camaraderie, essential for a motivated workplace.

8. When managed properly, teamwork is a better way to work!

WHY IS TEAMWORK IMPORTANT?


208

SILVERBULLET

PUT THE TEAM FIRSTNobody can get there unless

everybody gets there

EDITION


Personal issues and personality differences must be secondary to team demands.


14

DIGITAL TECHNOLOGY IS THE BIGGEST AGITATOR OF THE BUSINESS WORLD TODAY.Mobile technology, social

media, cloud computing,

embedded devices, big data,

and analytics have radically

changed the nature of work

and competition. And digital

innovations will continue

to do so for the foreseeable

future. Technology has

tremendous potential to

be the engine of increasing

human, organisational, and

economic prosperity.

However, digital technology is not the true story. Digital transformation is. Fulfilling technology’s potential will require leaders to recreate the way their institutions operate in a world of digital ubiquity. Leaders need to engage their people in a process of redefining how they work and what their companies do. Digital transformation is therefore the key managerial imperative for today’s business leaders.

Our research shows that some companies are ready, but they are in the minority. Over the past four years we have studied more than 400 large global firms around the world. We’ve talked with their executives and examined their performance. We’ve worked to understand how they approach all things digital, and what they have achieved. Our overarching

conclusion is that, while many companies undertake digital initiatives, most do not manage to bring about transformative change.

There are, however, some inspiring exceptions. The companies we call “Digital Masters” are different. They use digital technology to drive significantly higher profit, productivity, and customer benefits. They take advantage of the transformative potential of digital technology to radically redesign how their organisations operate and compete.

Digital Masters achieve so much more because they maintain a dual perspective on the transformation they must bring about. The first one is the most straightforward: they make smart investments in digital technology to innovate their customer engagements, and the business processes and business models that support them. The second is too often forgotten. Digital Masters build strong leadership capabilities to envision and drive transformation within their companies and their cultures. They innovate the practice of management for a digital world. Along both lines, leadership capabilities are required to turn digital investment into the digital

advantage that can lead us to greater human, organisational, and economic prosperity.

So, in a time of brilliant technological advances, the decisive and scarce source of advantage is actually leadership capability. What does this entail? Four key elements stand out in the Digital Masters we studied : their visions, their engagement of employees, the governance systems they establish, and the IT/business synergies they seek.

Digital transformation starts when you create a transformative vision of how your firm will be different in the digital world. Codelco, a Chilean mining company, started its digital transformation by picturing how it could improve its operations with real-time awareness and then automation, including driverless trucks. Its leaders are now envisioning ways to substitute machines for humans in the most dangerous underground environments – changing the economics of the whole company in the process. Codelco’s leaders were not handed a blueprint for the digital future of the mining industry. They drew it. By pursuing their vision they are profoundly enhancing safety and quality as well as productivity.

WE NEED BETTER MANAGERS, NOT MORE TECHNOCRATS BY DIDIER BONNET AND GEORGE WESTERMAN

12:00 PM SEPTEMBER 30, 2014

15


But vision is not enough. You need to engage employees in making the vision a reality. Peter Drucker was on to this truth many years ago, writing that “your first and foremost job as a leader is to take charge of your own energy and then help to orchestrate the energy of those around you.” Digital technology brings the possibility of real-time employee engagement on a global scale. When used well, new tools can give a voice to your employees, encourage collaboration across organisational boundaries, and foster new ways of working. This is where managerial innovation happens. Pernod Ricard CEO Pierre Pringuet puts it this way: “We needed to create new interactions where they did not previously exist. This networking of collective intelligence has been instrumental to speed up the group’s digital transformation at every level of our organisation.”

But, as Drucker also said, “unless commitment is made, there are only promises and hopes, but no plans.” Even with vision and engagement, it is difficult to channel an organisation’s energies. That’s where digital governance comes in. In many companies, coordination, and sharing tend to be unnatural acts. Yet, the biggest benefits of digital transformation come exactly from engaging in these acts

of cross-silo coordination and sharing. A senior executive in an international banking group highlighted: “Digital impacts firms globally, across traditional silos. It requires more coordination when we are making decisions and conducting actions, compared to the way we do business usually.”

Finally, digital transformation requires executives to break down silos at the leadership level. In the ranks of Digital Masters, business and IT leaders fuse their skills and perspectives so that they drive digital transformation together. Zak Mian, a senior IT executive at Lloyds Banking Group, explains: “What gives me confidence is that although we know we need to continue to adapt and learn, the shared agenda and integration of business and IT teams is now in our DNA.”

Driving digital transformation is not an impossible task or arcane art. It doesn’t require that you hire away Google’s top talent or spend 20% of revenue on technology every year. It does require some level of human capital and investment, of course, but the main requirements are time, tenacity, and leadership. With these, knowledgeable companies can assemble the elements of technological progress into a mosaic not just once, but continuously over

time. Digital Masters, in short, keep making digital technologies work for them even though the technologies themselves keep changing.

Regardless of industry or geography, businesses will become much more digitized in the years to come. It’s inevitable. But we do not subscribe to the view that technocrats will therefore become the new managerial masters. Quite the contrary, leadership and human-centric organisations will remain the path to innovation, fulfilling work, and value creation.

So let’s end with another line from Peter Drucker: “What you have to do and the way you have to do it is incredibly simple. Whether you are willing to do it, that’s another matter.” If managers want digital innovation to yield greater prosperity, at the level of their firm or at the level of our economy, the time to start leading digital transformation is now.

BY DIDIER BONNET AND GEORGE WESTERMAN12:00 PM SEPTEMBER 30, 2014


16

CREATING A CORPORATE TIME BUDGETMost companies have

elaborate procedures for

managing capital. But

often an organisation’s

collective time goes largely

unmanaged.

Time is often squandered – on long email chains, needless conference calls and countless unproductive meetings. Organisations become bloated, bureaucratic and slow, and their financial performance suffers. Employees spend time away from their customers and an ever increasing number of hours away from their families, with little to show for it.

Most advice about managing time focuses on individual actions. This is very worthwhile but executives often discover their best intentions are overwhelmed by the demands and practices of their organisations.

Just as you would not permit an employee to steal a piece of office equipment, you shouldn’t let anyone walk away with the time of his colleagues.

Some forward-thinking

companies bring as much discipline to their time budgets as to their capital budgets. They have liberated countless hours of previously unproductive time for executives and employees, fuelling innovation and accelerating profitable growth.

In their book Your Scarcest Resource, Mankins, Braham and Caimi outline eight practices for managing organisational time. Among them are: make meeting agendas clear and selective, create a zero-based time budget, require business cases for all initiatives, simplify the organisation and standardise the decision-making process.

No amount of money can buy

a 25-hour day. To get the most out of employees, treat their time as scarce and precious, and invest the effort to create disciplined time budgets to generate the greatest possible value for your company.

Taken from Harvard Business Review May 2014

WHO IS STEALING YOUR COMPANY’S TIME? 7 AUGUST 2014


209

SILVERBULLET

Be a winner!

SUCCESS REQUIRES ACTION

You must strike to get a hit!

EDITION


When opportunity presents itself, step up to the plate!


210

SILVERBULLET

KEEP IN GOOD COMPANY

The best education comesfrom contact

with great men and women.

EDITION


It is better to be alone than to be in bad company.

19


SOMETHING TO THINK ABOUT…In the daily grind of life we sometimes fail in being grateful and recognizing all of the good

that is done on our behalf. Here is an inspirational teamwork story I heard the other day that

demonstrates that there are many working on a team that we often times fail to recognize for

their good work.

This teamwork story is about a US Naval Academy graduate and jet fighter pilot in Vietnam by the name of Charles Plumb. He had completed 75 combat missions when he was shot down. Plumb was ejected and parachuted into enemy hands afterwards spending six years in a Vietnamese prison. Fortunately he survived and today lectures on the many lessons he learned.

One day while eating at a restaurant with his wife a man came up and said, “You’re Plumb! You flew jet fighters in Vietnam from the aircraft carrier Kitty Hawk. You were shot down!”

“How in the world did you know that?” asked Plumb. “I packed your parachute,” the man replied. Charles Plumb in surprise and gratitude had to catch his breath.

The man then shook his hand and said, “I guess it worked!” Plumb assured him it had and said, “if your chute hadn’t worked, I wouldn’t be here today.”

That night Plumb could not sleep. He said, “I kept pondering what he might have looked like in a Navy uniform – a Dixie cup hat, a bib in the back, and bell bottom trousers. I wonder how many times I might have seen him and not even said good morning, how are you or anything because, you see, I was a fighter pilot and he was just a sailor.”

Plumb thought a lot about that man who had packed his parachute and the hours he spent at a wooden table at the bottom of the ship carefully packing his and others chutes. He held in his hands the chute; the fate of someone he did not even know.

Charles Plumb is now a motivational speaker telling this story to hundreds. He always ask his audiences after telling it, “Who’s packing your parachute?”

In our life many people have a hand in our parachutes. Are we taking the time to acknowledge them, thank them, reward them? It is very easy to overlook the work of many. When an athletic team has won a championship do you ever hear them thank the trainer, the cook, the bus driver? Do they take the time to reward them too? It takes a lot of people to create a championship team.

Who on your team works on your parachute?

INSPIRATIONAL TEAMWORK STORY BY MICHAEL ROGERS


20

EXTRACTS OF A CONVERSATION BETWEEN A PROFESSOR OF ECONOMICS AND A STUDENT.Economics is obviously very important, but what is economics exactly? Would I be able to get my mind around it?

Certainly! Economics has been said to be ‘the study of mankind in the ordinary business of life’. I would add, ‘and the way people are organized for economic tasks by corporations, trade unions and government.’

When I understand economics, what can it do for me? Anything?

To have a working understanding of economics is to understand the largest part of life. We pass our years, most of us, contemplating the money we earn and the money we need.

Economics is about what we earn and what we can get for it. So an understanding of economics is an understanding of life’s principal occupation.

Another thing it can do for you: newspaper headlines, apart from sport and what is happening in the Middle East, are largely concerned with the economic decisions of governments. If people make no effort to understand these decisions, they surrender all power to those who do understand, or pretend they understand.

But why don’t more people try?

Partly because they are put off by the terminology. We economists protect ourselves from outsiders

by resorting to a language of our own. People in all professions do it to some extent. They have their own language – doctors, lawyers, psychiatrists and even burglars, I’m told!

And some are put off by the fact that economic explanations seem to be at odds with everyday reality. So they say, “Economics isn’t my world.”

Economists don’t always agree among themselves. How do I tell whom I should believe?

You should believe me, of course! But there are several reasons for disagreement. Self-interest is one, depending on who employs the economist – a bank, a corporation or a trade union. Political identification is another.

WHAT IS ECONOMICS ANYWAY?

28 AUGUST 2014

21


Then there is the problem of change which is perhaps more forgiveable. The subject matter in the physical sciences such as physics, chemistry and geology is fixed. In contrast, that of economics is always in the process of change. Disagreement comes from different economists having different reactions to change.

Can economists tell what is going to happen in the future?

There are limits to what economists can predict. We must be judged by what we explain will result from the policies we urge, not by what we foretell as to the stock market or the price of oil.

Of course, many economists make predictions, especially around Christmas time, for the year ahead – not because they know what will happen but because they get asked! It’s a ritual.

May I become more technical? Economists talk about microeconomics and macroeconomics. Could you explain?

That’s not all that technical.

Microeconomics is the branch of economics that deals with the firm and the household. It then goes on to deal with the market – how consumers, given their income and preferences,

interact with businesses through the market to determine what is produced, in what quantities and at what price.

Macroeconomics became a separate topic of conversation after the Great Depression in the 1930s. It became a function of government to regulate the overall or aggregate relationships between all buyers and all sellers. Macroeconomics deals with things like inflation and unemployment and how governments can regulate them to some extent.

One final question: Is a combination of inflation and unemployment what some economists call stagflation?

Yes, but it is a term I do not use. One has to draw the line. There are some additions to the English language that are too wretched to use!

Taken from Almost Everyone’s Guide to Economics, John Kenneth Galbraith & Nicole Salinger

Further Links:

UBT’s 4 Month Business

Economics course (4MBE) will enable you to understand the impact that economics has on business and help you make educated decisions to influence the growth and sustainability of your business.


211

SILVERBULLET

KINDNESSThe one language

everyone understands.

EDITION


Kind words may be short and easy to speak, but their echoes are truly endless.

23


A FAST RESPONSE TO LEADS AND ENQUIRIES COULD DOUBLE YOUR SALES IN A VERY SHORT TIME.A company’s reputation is only as good as its

customers’ most recent experience.

Australian businesses are losing an estimated $8 billion per year in sales due to poor customer service, according to a recent survey.

58% of respondents said they would choose to shop elsewhere when faced with inadequate customer service.

92% said they had already switched businesses at least once in the past 12 months due to a bad customer experience.

HOW CAN YOUR BUSINESS REVERSE THIS TREND?

Be accessible

Extend your customer service operating hours.

Respond quickly

The digital world has made us impatient. Customers expect results instantly. Reduce your email response and phone hold times and your customers will love you for it. Consider creating a ‘frequently asked questions’ section on your website.

Empower your staff

Save time, money and angst by training staff to be the first and only point of call for a customer complaint.

Regularly appraise your policies

Customer feedback and staff training need to be monitored regularly to be sure every customer contact is a positive brand experience – one that your customers will inevitably share with their family and friends.

Taken from Management Today and SMH Small Business August 2014

QUICK RESPONSES WILL BOOST YOUR SALES


24

Like a murderer, time killers look innocent enough. A harmless crossword puzzle in the newspaper. The inviting Sudoku game in the back of the magazine. An informative news feed on the Internet. Phone calls. Emails. Tweets. Facebook messages from friends and clients. Suddenly, your morning’s gone. Unnoticed, innocent-looking distractions killed your valuable time.

We are often guilty of doing activities we like to do rather than activities we ought to do. We might actually work but still not accomplish what we need to get done. For example, scholars like to study; they don’t like to write the paper. A homemaker may grocery shop but spend so much time reading labels that the house stays cluttered. Athletes like to run the winning play but may not want to meet curfew or do two-a-days. But to get ahead, we can’t just do the jobs we like to do; we also have to do the jobs we need to do to succeed.

There’s a way to do both. And a wealthy industrialist paid a lot of money to find out the secret I’m about to share with you—free.

About one hundred years ago, a man named Ivy Lee went to the president of Bethlehem Steel, Charles Schwab, and made a deal with him. Lee told Schwab he could increase Schwab’s productivity as well

as the workload of all his managers. What’s more, Lee told Schwab he could help Schwab’s executives produce a significant amount more if he could just spend fifteen minutes with each of them. To make the offer especially enticing, Lee told Schwab he wouldn’t charge anything at all unless his advice worked. “Then, after three months,” Lee told Schwab, “if my advice proves profitable, send me a check for whatever you think it’s worth.“

They struck a deal.

Here’s how productive he was—Lee actually spent only ten minutes with each executive. Here’s what he told them: “I want you to promise that for the next ninety days, before leaving your office at the end of each day, you’ll make a list of the six most important things you have to do the next day and number them in their order of importance.”

The executives were shocked that that was all they were asked to do.

“That’s it,” Lee said. “Scratch off each item after you finish it. Then go on to the next item on your list. If something doesn’t get done, put it on the following day’s list.”

Each Bethlehem executive agreed to follow Lee’s instructions. Three months later, Schwab studied the results. He was so pleased, he sent

Lee a check for $35,000! (That may or may not seem like a lot of money to you, but this was one hundred years ago. At the time, the average United States worker made $2.00 a day or $4,000 a year. Thirty-five thousand dollars was a LOT of money! Even today, imagine if you spent a few minutes with a group of executives and gave each one the same, simple tip and got $35,000 for it. You’d be thrilled!)

Many people follow Lee’s advice today. The founder of the $2.2 billion direct sales cosmetics company Mary Kay praised Lee’s idea when she wrote the book You Can Have It All: Lifetime Wisdom from America’s Foremost Woman Entrepreneur. Mary Kay Ash boasted that she herself followed Lee’s advice. After all, she reasoned, Schwab was one of the smartest business professionals of his day. If he felt that bit of advice was worth paying $35,000, she ought to try it, too. So, each night she made a list of things to do the following day. But, she added a twist to it. She didn’t just number the tasks in order of importance. She always put the hardest or most unappealing task at the top. “This way,” she wrote, “I tackle the most difficult item first, and once it’s out of the way, I feel my day is off to a good start.”

STUCK ON STOP: HOW TO QUIT PROCRASTINATING!


212

SILVERBULLET

ENDURANCEinvolves a commitment

every day soyou don’t turn aside

or give up

EDITION


If you are facing the right direction, just keep on going. It’s no use running if you are on the wrong road!


26

WHERE DOES MOTIVATION COME FROM? All too often daily life seems to get in the way of our goals and thus our dreams. Even the most motivated of us seem to go through natural ebbs & flows. So what’s the secret to maintaining our motivation? What’s the magic pill?

We all know from personal experience that fear is a really bad long term motivator. If it were the gem some claim it to be then there wouldn’t be a smoker left in the world! Think about that. What’s more frightening than watching a loved one suffer from cancer? What’s more frightening than the thought of living but having to go through chemotherapy and pain and surgery to overcome your cancer? What about heart disease? If fear were really a great motivator than wouldn’t we all be exercising daily & eating quality foods every day? No, FEAR is not a great motivator.

I have broken the “magic pill” into 3 categories because I believe that motivation is so crucial to your success in life that it must be hit from all directions in order to be sustained. Without true and lasting motivation we all fall prey to the obstacles that will always arise while in the process of achieving a desire, a hope, a dream, a goal.

KNOW YOUR “WHY” YOUR INTERNAL MOTIVATORWhy do you want what you want? Sounds simple doesn’t it? It’s not simple. We are human, we are multifaceted we are deep! So let’s take a goal to exercise 6 hours this week. Why do I want that? Maybe my first response is to lose weight. OK- So why do you want to lose weight? Maybe to feel better about myself. OK- So what words can I find to describe how “feeling better about myself” will feel? What does that look like to me?

When I work on uncovering all my “WHY’s” I pretend I am talking to someone who has little understanding of the language I speak. If I said “feel better about myself”, and this person didn’t understand that- what other words would I choose to try and explain it?

The WHY is the number one most crucial step to find your lasting motivation for anything. It’s what will get you past the obstacles, the schedule changes, the mocking, and the nay-sayers.

Sometimes your WHY changes as you do- it evolves as you do, so you must be diligent about revisiting and recreating your why. If you have a WHY to lose

weight and it’s been your WHY longer than you care to remember but you haven’t gotten to your goal- your WHY is bunk! It isn’t a true WHY for you. It isn’t going to EVER get you where you want to go. You might need to simply dig deeper into that WHY or you might have to have a hard talk with yourself and discover a totally new WHY!

Anytime you hear a person give their WHY yet they still never achieve their goal it’s ALWAYS because the WHY they have isn’t strong enough, deep enough or it’s the wrong WHY for them.

FITNESS MOTIVATION MAXIMIZE INTERNAL DRIVE TO REACH YOUR GOALS

27


KNOW YOUR RESULTS INTERNAL MOTIVATOR #2If you don’t know where you are today versus where you were last week then how do you know if you’re headed in the right direction? When you are passionate about your dream, your goal, your desires you simply cannot leave the results to chance! You need to check in with yourself. What results are you getting? Are you moving closer towards your goal? Are you going in the wrong direction? Are you stagnating? What’s happening? The last thing you want to do is to get 30 days down the road only to find you haven’t moved an inch in the right direction! If you know something is working that becomes additional motivation! If you know its not you can shift course a bit so you CAN get some results! Many of us call this the Feedback Loop. Decide what criteria will be part of your Feedback Loop for any given goal. Check it weekly- chart your results and change course if necessary!

Sample Feedback Loops:

• Weight Loss: Log your weekly weigh-ins and daily nutrition

• Body Fat Reduction: Log your weekly measurements

• Exercise: Log the hours per week you desire for cardio and strength training

• Eating Clean: Log your food intake

FEED YOUR MIND EXTERNAL MOTIVATORLasting motivation must come from within however the people and things we surround ourselves with are also contributing to our ongoing motivation. No matter how big your WHY is, no matter how much you track your results with your Feedback Loops, if you are constantly bombarded with negative, stinkin’ thinkin’ people and reading negative, stinkin’ thinkin’ magazines - it’s going to be a serious uphill battle! You may not be able to take every negative person out of your life but you are 100% in charge of who you choose to call friend, what you choose to listen to and what you choose to read.

I have a rule. For every negative person I have to deal with I spend 15 minutes on filling my mind with positive uplifting people or reading material. The second I get off the phone or email from a negative person in my life I either pop in a positive CD or grab my book of the month. If

I’ve read something that is just full of negative stinkin’ thinkin’, I immediately call a mentor or send someone an uplifting email. It’s my way of ridding the nasty negative vibes from my mind & my heart.

THE BOTTOM LINEIt is our personal responsibility in life to take care of our dreams & our desires & goals. If you’ve ever met a person who lost their hope and dreams years ago you will truly want to devote time to this- starting today! There is nothing sadder than a person without hope for a better tomorrow, a person without a clear direction in life, a person who has given up on their dreams. My hope & wish is that you will never be that person- in order to make sure you never become that person, take charge of your dreams, hopes, and goals today. DECIDE that if it takes you a lifetime to achieve you will have exactly what you most desire in this life. Then one day you wake up and your life has become your dream. That’s a prize worth fighting for!

By Traci Breazeale


28

BUT DOES IT WORK AND DOES IT PAY?INNOVATION AND ENTREPRENEURSHIP

Innovations based on a bright idea probably outnumber all

other categories. Think of the zipper, the ballpoint pen, the

aerosol spray can and many more.

Yet bright ideas are the riskiest and the least successful source of innovative opportunities. The casualty rate is enormous. No one knows which ideas are likely to succeed and which are likely to fail.

An old adage is: “Successful inventors keep on inventing. If they try often enough, they will succeed.” But there is no evidence that persistence pays off in pursuing the “brilliant idea”.

The entrepreneur is therefore well advised to forgo innovations based on bright ideas.

What, then, are the principles of innovation that should be followed? There are a few “do’s” and “don’ts”:

SO YOU HAVE A BRIGHT IDEA!

THE DO’S

• Analyse the opportunities

Purposeful, systematic innovation begins with analysis of the opportunities. All innovative opportunities should be systematically analysed and studied. It is not enough to be just alerted to them.

• Look, ask and listen

Successful innovators go out and look at the customers, the users, to find what their expectations, their values and their needs are.

14 SEPTEMBER 2014

29


• Be simple and focused

An innovation, to be effective, has to be simple and it has to be focused. If it is not simple, it won’t work. It should be based on a specific need that it satisfies, and on a specific result that it produces.

• Start small

Effective innovations start small. They are not grandiose. They should require, at first, little money, a few people, and a small and limited market.

• Lead the way

Aim at leadership, but not at suddenly becoming a “big business”. Lead within a given environment; find and occupy a “niche” in a process or a market. Otherwise it creates an opportunity for the competition.

THE DON’TS

• Don’t try to be clever.

Innovations have to be handled by ordinary human beings. Anything too clever is bound to fail.

• Don’t try to do too many

things at once.

Do not stray from a core of unity in an enterprise. Do not over-diversify.

• Don’t innovate for the

future

Innovate for the present, not the future.

The popular picture of an innovator may be something like a Superman. But successful innovators, in real life are quite unromantic and more likely to spend hours on a cash-flow projection than dashing off looking for “risks”. Of course there are risks in any innovation, but they need to be defined and confined.

Effective innovators

are conservative. They

have to be. They are not

“risk-focused”; they are

“opportunity-focused”.

Taken from Peter Drucker, Innovation and Entrepreneurship


213

SILVERBULLET

PREPARATIONis the mark of a

PROFESSIONAL PERSON

EDITION


Preparation is the key to success in every field.

31


HIGHLIGHTS OF AN INTERVIEW WITH PRESIDENT OBAMA FOR NEW YORK TIMES 8 AUGUST 2014 Mr President, are we in a time of disintegration with so many States collapsing and the level of disorder we see around the world?

You can’t generalise across the globe because there is a bunch of places where good keeps coming. Asia continues to grow; we’re starting to see democracies in places like Indonesia solidifying – and that’s a huge part of the global population; the trend lines in Latin America are good. (In Central America we’ve got some real problems.) Overall I think there is still cause for optimism.

The cold war has gone and with it the proxy battle between the West and the Soviet system that propped up a lot of governments that weren’t

very strong. It left authoritarian regimes that weren’t producing the growth and civic and political hope that allowed them to sustain themselves. You combine that with globalisation, technology and all the forces we’re familiar with – and the Arab spring was going to come sometime. We didn’t know what the spark would be.

Now what you have is the end of the old order but a very rocky path to a new order being built. You have old autocratic systems and you have new systems but no civic traditions there, no economic framework that can sustain itself. So the populist mob gets channelled into some very negative ways, particularly around extremist and fundamentalist ideologies that

PRESIDENT OBAMA’S VIEW OF THE WORLD 14 AUGUST 2014

have no chance of delivering for the people in these countries in the 21st century but are simple organising principles that allow people to recruit and gravitate towards them. So it’s a very dangerous time for that reason in the Middle East and North Africa and parts of the Muslim world.

The other trend that you see is that great power competition is lessened. The United States militarily is so dominant that the likelihood of a face-to-face standoff between the big countries has been reduced, partly because of global or economic integration. What you see are a lot of regional contests between those like the United States who believe in an international set of rules that can underwrite prosperity, and a more traditional view of “spheres of influence” – big countries wanting to muscle small countries to gain advantages with respect to trade or maritime rules or what have you.

Our goals should be to help usher in a new order in places like the Middle East and North Africa, but also to recommit countries to a broader project of setting up international rules and norms that can serve everyone. But that is a big long term challenge and when you combine it with things like climate change, it’s not surprising that what you are seeing right now is a lot of chaos in various places.


32

CURRENT AFFAIRSIS PROPERTY AT A CYCLICAL PEAK?For a starter home the house shown here is a pretty good one. It has four bedrooms, three bathrooms, two garages. Asking price is only $275,000. Any catch? None really; except the price is in USD and it’s located in San Antonio, Texas. But even in NZD (about $360,000) it’s not a bad deal. Try finding an equivalent newish house for that sort of money anywhere in New Zealand, let alone in an affluent urban location.

There is a combination of factors working to pushing up the price of NZ housing. Investigations over the years have listed them: New Zealanders’ fondness for custom designed dream homes rather than using off the peg standardised plans (only 1.4% of homebuyers select a design from a builder’s standard plans with no changes). Building Code requirements for weathertightness, earthquake safety and insulation add to the cost. Regulations push up the cost of land development and building permits. Prices of many building materials sit at above world prices (in San Antonio a standard concrete block costs US$1.25; at Bunnings it’s NZ$2.85). Kiwis are emotionally attached to their houses, resulting in a perception of value that’s higher than it should be. Liability issues with leaky buildings have resulted in more regulation and more cost. The construction

industry is cyclical, which hits long term profitability and limits the retention of skilled labour. And apart from anything else, New Zealand is just a very small market.

The government isn’t unaware of all this. In fact it is directly taking aim at the issue. “The Government will also have a focus on housing in this Parliamentary term,” said the Governor-General, Sir Jerry Mateparae, reading the speech from the throne during the opening of the current Parliament.

“More special housing areas will be created ... Changes to the Resource Management Act will assist housing supply in the longer term.”

And the Government’s new KiwiSaver HomeStart grant, which was announced during the election campaign, will be introduced next year “to double the support a first home buyer can get if they are buying or building a new home, which will encourage the supply of more affordable new housing.”

The housing sector in New Zealand is big, and votes are at stake here. New Zealand’s stock of residential housing is valued at

around $625 billion and it is the largest component of the wealth of New Zealanders. Because of this, swings in the housing market have a big impact on the wider economy. Housing affordability has become a hot issue, especially in Auckland, where a combination of strong growth and restricted supply has escalated prices.

On the demand side, the country’s population has increased from 2.9 million to 4.4 million people between 1971 and 2011, with much of the growth attracted to Auckland. Projections from Statistics NZ say Auckland will grow by an extra 23,000 persons per year and the city’s population will approach 2 million by 2031. According to their figures, this growth will account for over 60% of nationwide population growth, and Auckland will make up 38% of total New Zealand population by 2031.

But at a time when supply of Auckland housing should have been increasing, the rate has actually been shrinking. Issuing of Auckland residential building consents has averaged less than 3,800 per annum since 2009, only about half the historical average of closer to 7,500. Over

33

CURRENT AFFAIRSthe same time Auckland’s regional population has expanded by more than 20,000 persons per annum.

As a result, land price pressures have become particularly acute in Auckland. The average price of residential land in Auckland is now close to double that of the rest of New Zealand. Section prices there now account for around 60% of the cost of a new dwelling compared with 40% in the rest of New Zealand.

But although it is most noticeable in Auckland, the problem is New Zealand-wide. Between 2002 and 2011 the construction cost of housing rose approximately 6.4% pa, considerably above the rate of inflation. The interesting thing is that the cost of materials as a proportion of the cost of new housing actually reduced, from 50.4% to 44.6% of the total cost to build. Land prices have been a key driver of house price inflation, along with compliance costs (consent, plans etc) which increased by 19.5%pa.

These price increases have clogged up the normal route from renting to home ownership. Again, this problem is most noticeable in Auckland, where 42% of households rent their dwelling, as opposed to 32% for the rest of New Zealand. The numbers of mid-level Auckland renters have doubled—these are households who might normally have transitioned to owning their own homes.

The government has already embarked on a mix of policies to restrain prices and free up availability. Beginning in August 2013 the NZ Reserve Bank curtailed demand via restrictions on high loan-to-value lending. At the same time the government kicked off supply-side initiatives including the Auckland Housing Accord and Unitary Plan, which aims to build 13,000 units per year in Auckland, launched an enquiry into construction costs, and began to look at changes in the delivery of social housing.

The government has to tread carefully here to strike a balance between pleasing first home buyers, who naturally would wish house prices to be as low as possible, and those who already own property, who would like to see the value of their main asset escalating rapidly. On the whole though, it’s clearly a good and stabilising thing for the country if young families own their own homes—so expect to see government policy tilt in this direction.

High property prices are not just a New Zealand phenomenon, but we don’t compare well internationally. According to a recent analysis in The Economist low interest rates have been pushing up values, which has led to prices being at least 25% overvalued in nine of the surveyed countries. Based on the ratio of house prices to rents, The Economist judged that the most glaring overpricing was in Hong Kong, Canada and New Zealand, saying ominously: ‘the overshoot in these economies and others bears an unhappy resemblance to that prevailing in America at the height of its boom before the crisis.’ And even in the US, (remember that house in San Antonio) The Economist thought ‘housing across America is beginning to look frothy again.’

The moral of the story? Don’t overinvest in property; what goes up can come down.


34

EXCHANGE RATE GRAPHS

0.7700 0.7800 0.7900 0.8000 0.8100 0.8200 0.8300 0.8400 0.8500 0.8600

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

USD -‐ Three Month Trend Graph USD

0.78 0.79 0.8

0.81 0.82 0.83 0.84 0.85 0.86 0.87 0.88

Nov-‐13 Dec-‐13 Jan-‐14 Feb-‐14 Mar-‐14 Apr-‐14 May-‐14 Jun-‐14 Jul-‐14 Aug-‐14 Sep-‐14 Oct-‐14

USD -‐ Twelve Month Trend Graph USD

0.8000 0.8200 0.8400 0.8600 0.8800 0.9000 0.9200 0.9400

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

AUD -‐ Three Month Trend Graph AUD

0.86

0.88

0.9

0.92

0.94

0.96


AUD -‐ Twelve Month Trend Graph AUD

0.4700

0.4800

0.4900

0.5000

0.5100

0.5200

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

GBP -‐ Three Month Trend Graph GBP

0.48

0.5

0.52


GBP -‐ Twelve Month Trend Graph GBP

0.6400

0.6500

EURO -‐ Three Month Trend Graph EURO

35


EXCHANGE RATE GRAPHS

0.7700 0.7800 0.7900 0.8000 0.8100 0.8200 0.8300 0.8400 0.8500 0.8600

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

USD -‐ Three Month Trend Graph USD

0.78 0.79 0.8

0.81 0.82 0.83 0.84 0.85 0.86 0.87 0.88


USD -‐ Twelve Month Trend Graph USD

0.8000 0.8200 0.8400 0.8600 0.8800 0.9000 0.9200 0.9400

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

AUD -‐ Three Month Trend Graph AUD

0.86

0.88

0.9

0.92

0.94

0.96


AUD -‐ Twelve Month Trend Graph AUD

0.4700

0.4800

0.4900

0.5000

0.5100

0.5200

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

GBP -‐ Three Month Trend Graph GBP

0.48

0.5

0.52


GBP -‐ Twelve Month Trend Graph GBP

0.6400

0.6500

EURO -‐ Three Month Trend Graph EURO

0.6100

0.6200

0.6300

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

0.59

0.6

0.61

0.62

0.63

0.64

0.65


EURO -‐ Twelve Month Trend Graph EURO

47.5000

48.5000

49.5000

50.5000

51.5000

52.5000

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

RUPEE -‐ Three Month Trend Graph RUPEE

48

49

50

51

52

53


RUPEE -‐ Twelve Month Trend Graph RUPEE

4.5000 4.6000 4.7000 4.8000 4.9000 5.0000 5.1000 5.2000 5.3000 5.4000

1/08

/14

3/08

/14

5/08

/14

7/08

/14

9/08

/14

11/0

8/14

13/0

8/14

15/0

8/14

17/0

8/14

19/0

8/14

21/0

8/14

23/0

8/14

25/0

8/14

27/0

8/14

29/0

8/14

31/0

8/14

2/09

/14

4/09

/14

6/09

/14

8/09

/14

10/0

9/14

12/0

9/14

14/0

9/14

16/0

9/14

18/0

9/14

20/0

9/14

22/0

9/14

24/0

9/14

26/0

9/14

28/0

9/14

30/0

9/14

2/10

/14

4/10

/14

6/10

/14

8/10

/14

10/1

0/14

12/1

0/14

14/1

0/14

16/1

0/14

18/1

0/14

20/1

0/14

22/1

0/14

24/1

0/14

26/1

0/14

28/1

0/14

30/1

0/14

YUAN -‐ Three Month Trend Graph YUAN

4.8

4.9

5

5.1

5.2

5.3

5.4


YUAN -‐ Twelve Month Trend Graph YUAN

OFFICES IN AUSTRAL IA | ARGENTINA | CARIBBEAN | EUROPE | NEW ZEALAND | NORTH AMERICA | UNITED KINGDOM

NZ HEAD OFFICEPO BOX 5206, TERRACE ENDPALMERSTON NORTH 4441

NEW ZEALANDALL ENQUIRIES

onesuppor t [email protected]

Copyright © UBT NZ Limited 2014

No part of this publication may be copied, reproduced, scanned, or stored in any electronic database, whether in whole or in part, in any form or by any means. Universal Business Team will not hesitate to take appropriate legal action if its rights in this respect are infringed.

This UBT Newsletter is provided as a useful resource. While we are confident in the products and services, you need not purchase them and should make your own enquiries and determine what is suitable for your circumstances. Although every effort has been made to provide accurate and up to date information, in issuing the document, no obligation is assumed to keep it up

to date, nor is any liability assumed for the contents or for the performance of any products and services acquired or their pricing and no endorsement or guarantee is made or intended of anything in this Brochure by any UBT entity or by any officer, employee, agent or representative thereof.

Edition Two

A4 Newsletter Ed2 2014

Documents

Transcript of A4 Newsletter Ed2 2014