105: The Five Big Reasons Small Businesses Fail – Part 3

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Hi there! It's David. Day 3. Okay... here we go! The Five Big Reasons Why Most Small Businesses Fail (And How To Avoid Them). Topic number 3 is, "It's Not About You".

What I'm talking about, is it's not about you? You said you wanted to start your business? You've got all these goals, expectations. You want to take your business to the next level. Of course it's about you! Not for your customer. Not for the person that you're trying serve.

If you're thinking about growing your business, it's about the people around you. I've had in the property business. I would never think about the houses. I would think about the people in the houses. They were my assets! Your customers are your assets.

In fact, they will become your referral mechanism for future business. They will tell their friends and family... if you deliver! If you follow up! If you don't have this mindset, "I'll try", "I'll do my best", "All I can do is apologise". If you go ahead and do what you say you're going to do and deliver, they will tell their friends and their family what you've offered. Business will grow that way.

But they really don't care about you. They care about them. So don't bring your egos into it. If you've got a fancy car because you're successful, that can actually alienate and put off your customers. Because they think, if you've got this wealth, this material wealth that they can see, this person could be taking advantage of me. He could be more intelligent. She could be more intelligent. They could be somebody that I can't trust for that reason because of what I see in front of me. Whereas, in another market, it can be a sign of success with people trying to emulate you.

So, be careful of the alienation! And another thing, "What's in it for them?" They want to know that they're going to have the same experience as the next person. The person that you've helped. If it's your customers that have been given a great service and they're complimentary, get their testimonials!

Because it's got be real. And these testimonials where it's Mr J from Leeds, Mrs S from Nottingham, blah blah blah blah blah. Waste of time! Wherever you can it's got be handwritten. It's got to be signed. It's got to be authenticated. It's got to be photographed if it's a photograph. Even better, it's got to be on video. It's got to be on film because, when I'm talking now, you're seeing me as I am.

This is the way people want see your customers... natural, in their natural state. Talking about the experience, that's what they can relate to. They want to see proof. And, unfortunately, people make guarantees and make all sorts of statements, but if you've got no testimonials, no one to authenticate what you do you are going to be running a long, hard battle to grow your business.

Next one. Point number 2 is knowing your customer. Do you really know your customer? Are they buyers or not buyers? What's the good of you getting into a market if they're very interested in what you've got, but the not willing to put their hand in their pocket and spend? So, you've got to be careful of what you're saying.

It could be for the good of your fellow man that you're trying to do something, but if it can't be sustainable for you. If you can't help you to grow your business and look at your family, how can you help all these charities, the noble cause you're talking about further down the track? You cannot do that unless you can look after yourself and survive and grow and develop.

And instead, I know people have this problem, "He's trying to sell me something!", "Oh, there's no sales pitch here!", as though it's like a disease. If you're offering value and you show what you're offering is value and people can see how it can help them... are you going to simply walk away and say. "Look, this is what I can offer. I can do this, this, change your life, improve everything, make things easier for you. But sorry... I can't sell it to you because I've got a problem selling", or somebody's got a problem.

If I'm offering value it is my duty, my obligation, to show somebody, to help somebody, because they will see the exchange in value. Now if there is a value exchange they will perceive greater value than in what they are paying.

But the mindset of the non-entrepreneur is, "He's selling! Be careful! He's a salesman!" A what? Salesman are people that you don't trust. They're in it for the money. And this is why the credibility is important. The people talking about you, so you don't have to sell a thing! No. You don't have to sell! You can just show them, demonstrate them, and the natural conclusion will be, "I want that!" That's what you want.

I've had people come and hug me. Thank me for what I've been able to offer them and give them. They were so appreciative. And what do you think they told other people? That's what you want. And it comes back to point 3.

Point 3 is passion. Now when I'm speaking you I get passionate about what I'm talking about. I get passionate about my business. Are you passionate? Are you going to get up in the morning, plan your day, give yourself some things that you've got do to get you to your goals? And are you going to remain passionate, even if it's a lousy day? It's not going right. What's going to drive you? Remember, if you're in it for the money it won't sustain you. You've really got to be thinking of the lifestyle and how you're going to get over this.

Because, if you haven't got a purpose in your business, if it isn't that "baby" that I keep talking about, seeing that baby grow, and the baby has teething problems. The baby has sickness. The baby doesn't always come out the way you planned. You've got to adjust and adapt.

So, if you've got the passion, and you're surrounding yourself with people that are passionate, that are positive, that are moving you forward, guess what? It is almost impossible not to succeed, because your passion will drive you. The people around you will drive you. Your customers will drive you because you've seen that you've been able to make a difference. Change people's lives. Help them and move them forward. It feels good. It really feels good.

I've got one of my mentors and now one of my business partners, Joel Bauer. I had this in my gut for a long time. I didn't know if I could express it. Then I realised the way I'm thinking, feeling, is the way other people that are successful think and feel too. That's what makes them different. That's what makes them stand apart from the others who don't care. That really don't have a follow-up plan. That are just in it for today, for the money. Here today gone tomorrow! Is that what you want?

So, have a look on my page. Go and have a look now at Joel Bauer. There's a video series there with Joel. Somebody that I've know many years and he's helped me along the way. The same as I'm trying to help you. I want your business to succeed, but I want you to succeed. You've got to put into your mind what you going to do.

You don't want to be jumping around here and there, believing it's all about you. What you're going to do. What you're going to achieve and all these goals. I'm going to show everybody else. They don't care! You just turn them off because if you're successful you're upsetting them because, I told your long, "It can't be done. It can't be done. Who do you think you are?". So you've got to move on, change your friends.

So, it's not about you. It's about everybody else bar you, but you make the things happen. This is day three. This is one of the Five Big Reasons. This is the third of five on what you've got to do to avoid failure and how to avoid it and make your business grow.

This is David Lee. I'll see you again tomorrow. Thank you.