| Business startup and failure rates are | | | | mean you should rush out and buy one too. |
| scary...In The USA...- Every Year Over 1 | | | | That won't guarantee success.You're looking |
| Million People Start A Business- By The End | | | | to find the things that she did in order to |
| Of The First Year 40% Of Them Will Be Out | | | | afford the Bentley in the first place.So find |
| Of Business- Within 5 Years More Than 80% | | | | out as much about their processes and systems |
| (800,000) Of These Businesses Will Have | | | | as you can and then look for evidence to |
| Failed(Source: The eMyth Revisited, Michal E | | | | support applying similar things that work for |
| Gerber, US Department of Commerce)In The | | | | them to your business.Subscribe to their |
| UK...- 2003 Saw 423,100 New Businesses In | | | | mailing list. Visit their premises. Talk to |
| England & Wales Startup- Over Half of All New | | | | their staff. Talk to their customers. Read |
| Firms Fail In The First 3 Years- At Least | | | | their ads (or notice that they don't |
| 211,550 Of These Businesses Will Have | | | | advertise). Network with them.You can learn |
| Failed Before The End Of 2006(Source: | | | | just as much from non-competing businesses |
| Barclays SME Market Research Team England & | | | | too. So why not set up a support / learning |
| Wales Statistics Based On Business Current | | | | group or see if a successful entrepreneur |
| Account Customers)Unfortunately more and more | | | | would be able to mentor you.#3. Have A BIG |
| people are being encouraged to go it alone by | | | | GoalBig goals, by definition, should be |
| government agencies and banks while being | | | | easier to hit than small goals. So don't |
| given out-dated advice that doesn't actually | | | | think small - think big.After nearly 8 years |
| work.The advisors in these organisations | | | | in business I still like to set regular, big, |
| typically have experience in larger | | | | 90 day goals. I call these goals SHAGs - |
| production / manufacturing / financial | | | | Short Hairy Audacious Goals.Too many |
| businesses and share marketing advice that | | | | businesses focus on surviving. They think in |
| really doesn't work for the majority of small | | | | terms of what they don't want. They miss the |
| service-based businesses today.Their | | | | opportunity to really succeed and then get |
| text-book marketing principles simply do not | | | | what they were desperately trying to avoid - |
| translate to businesses with limited money to | | | | failure!Focusing on what you don't want |
| invest in advertising, direct mail and | | | | really doesn't work. If you don't want to |
| telesales.In many cases these advisors are | | | | fail you should focus on succeeding in a big |
| telling people how to run a business even | | | | way.#4. Improve ConstantlyHave goals and set |
| though they're actually working for a bank or | | | | targets. Know what outcomes you want and |
| government agency themselves. They have no | | | | quantify them where possible.Then work |
| real experience spending their own money to | | | | towards your goals using the following |
| grow a business.Survival and inevitable | | | | cycle...1. Implement (Do Something) 2. |
| success means being lean, mean and focused on | | | | Measure (Test & Review) 3. Improve (Learn & |
| getting a genuine result (in the form of | | | | Adjust)As my friend and firewalk trainer |
| profit) from the time and money you invest.So | | | | Sanjay Shah says, if you simply improve by 1 |
| here are 5 tips you can use to take the power | | | | percent a day, you'll have improved 300 |
| back and begin "fail proofing" your growing | | | | percent (allowing for holidays) in a year!#5. |
| business today.#1. Question "Experts" | | | | Don't Follow The CrowdLook, we both know most |
| ThoroughlyBe wary of government funded | | | | businesses fail so don't do what most other |
| trainers and / or advisors put forward by | | | | businesses do or you'll get the same |
| banks.These people, in many cases, don't have | | | | results.Don't just advertise because every |
| a clue what its like to run and grow their | | | | other business seems to advertise. Make sure |
| own business. Make it your job to "suss them | | | | advertising will make you money.Don't just do |
| out" before taking anything they tell you too | | | | telesales because that happens to be the |
| seriously.Some questions that I like...What's | | | | service your local Chamber of Commerce is |
| your experience of starting and running a | | | | selling.Don't measure turnover when profit |
| small business?Have you actually spent your | | | | and cashflow is usually more important.Don't |
| own money trying to make a business work?What | | | | take on staff just because other businesses |
| mistakes have you made? What lessons can I | | | | believe more people equals growth. More |
| learn from your experience?Will this advice / | | | | people often just means less profit!Don't do |
| support / idea cost me money or make me | | | | the same thing, in the same way, to the same |
| money?Who really benefits when I take the | | | | people as every other business like yours.Do |
| course of action you're recommending?#2. | | | | something different!4 Out Of 5 Small |
| Model Excellent BusinessesNow by this I don't | | | | Businesses Go Bust Inside 5 Years! Finally - |
| mean simply copy random things they do.Just | | | | A Guaranteed Way To Make Sure You're Not One |
| because the boss of a successful firm like | | | | Of Them... |
| yours drives a brand-new Bentley it doesn't | | | | |