Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
The top 5 things ‘Netflix’ can tells us about disruption and innovation.
I was reading an article recently where ‘Marc Randolph’ the co-founder of ‘Netflix’ revealed the 5 core secrets to the success of their business.
In 2000, ‘Blockbuster Video’, a then $6 billion company, turned down an opportunity to invest in ‘Netflix’. 10 years later, Blockbuster Video had gone bankrupt and Netflix is now ranked 35 on the S & P 500.
The top 5 takeaways are:
- There are no bad ideas – at one point ‘Netflix’ were testing 2 or 3 new ideas per day
- Be Persistent
- Constantly look at ways to disrupt your own business
- Taking risks is a must
- Look for ‘Pain’ in businesses / industries – think of anything that frustrates you, then look at ways to solve it.
As ‘Will Rogers’ put it, “Even if you are on the right track, you’ll get run over if you just sit there”.
