BUILD THE BUSINESS YOU WANT

Shout out to Deri


A big shout out to Deri Llewellyn-Davies for a fantastic presentation recently, and, in particular, for sharing some stats which honestly blew my mind.

If you are a small business owner you really want to listen to these stats.

46% of small businesses failed because of incompetence. Incompetence!

So, basically, they did not know what they didn't know. They didn't reach out, didn't get help. They tried to do it on their own and they failed because of incompetence.

That, for me, is a terrifying statistic when there is so much help out there for small businesses.

The other statistic, which blew my mind, and is something that we do need to look at because I get faced with this often, is 30% of small businesses fail because they have unbalanced experience. Now, let me explain what I mean by that.

According to Deri, there are five key areas that we need to get expertise in and they are sales, marketing, operations, finance and talent.

So sales and marketing, operations, finance, and talent. These are the five areas that we need to become not experts in, but we have to get expertise in, in order to help us successfully launch, build and scale a business.

What happens is that business owners come into the market, you come out of the corporate role into the market, with one, perhaps two areas of expertise. My background was sales, so that was my area of expertise. I did not have skills in the other areas. And I had to learn those skills pretty bloody quickly in order to launch, build and scale my business.

And what I see often is business owners coming into the market with one set of skills - sometimes sales, very often marketing, even more often the operational side. They're really good at delivering what it is that they do, but without any other of the rounded skills and that is what's causing small businesses to fail. Absolutely fascinating statistic.

So what that comes back to for me is two things. Number one, don't do this alone. There is help out there - reach out and make sure that you are getting help in order to give yourself the best chance of growing your business.

But number two, and most importantly, be discerning. I'm going to do another video shortly about CCMs, but please be discerning, and please do your due diligence when you are looking for somebody to work with.

But you are not alone. Don't do this alone. There is help out there for you and you stand a much better chance of being successful in your business if you reach out and get the best help.

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