Problems Businesses Face & Reasons For Business Failure – What To Avoid!
Yes, there we go cool we're on we're live here we go so, one. Of the reasons why I wanted to put together the, there. We go we're coming through nice and loud and clear so, one of the reasons why I wanted to put together the mistakes. Manifesto. Basically, it's gonna be the first of five videos which I'm putting together running. Through basically. Five, different core areas of business so business and general finances, marketing, sales and those sorts of things and listing. Out the common mistakes which I see businesses, making and. Effectively. If you're making any of these mistakes then you should really be going and getting some help I. Hope you enjoy this this is my new brand obviously, I was busy speaking, to myself for the first four minutes of this video but now, we're on live like. By the way guys if you wouldn't mind like sharing this making sure you hit the like key and things like that just bring it to other people's attention, if. You've got any feedback on the new branding, and I would love to hear from you, we're sticking with the red we love the blue and. I wanted it to be a bit washed out surfy, that sort of thing anyway so, that's what not not what this is about basically. This is about today. This, is gonna be the business, mistakes manifesto. So the. Top 10 business mistakes which I see, business. Owners making pretty. Much every day of the week and then. Wondering, why their business isn't necessarily, and sort, of firing and working the way that they want it to so. What. I'm going to do is I'm literally going to list these out and then I'm gonna talk through route 1 this. Video is probably only gonna be about sort of 10 or 15 minutes but so. Bear with me, I've. Got a cool little offer at the end which. I want to share with you basically, it's. About my members program so if, you hang onto the end of this then it, would be great just to for. Me to tell you a little bit more about and the fearless crew and what it's all about so. Here. We go and basically. The. First mistake is that you're your, mum your friend your brother or your, aunt thought that your idea was great and obviously. They're biased and they're not really going to ever give you like an honest opinion and really. What I'm saying here is that you should always validate, your ideas externally, and through. Whatever. Means sort of necessary so whether that's online market, research doing a poll on Facebook or just, going out and asking like going out and networking and pitching your idea people. Who are too you aren't going to give you like an impartial opinion. On it and they won't be able to validate it against their their business needs so basically. Yeah. Go to them and be excited about it but don't expect to get a, really. Business focused, like answer. Or. Feedback, about your idea because it's, an it might be I'm in unless your mum your friend your brother or your aunt are business, coaches or they run their own businesses they're not really going to know exactly what it is that you're sort, of talking about. The. Second mistake that I think I see people make is that they just think that because they've got this idea and put their product or service out that, they think everyone, is going to want it everyone's gonna buy your thing and in. This. Day and age sorry, I'm having a swig of coffee in this day and age that's just not the case by, the way if any of this is resonating, with you just hit hit the like button or, just leave a comment I'm watching comments as we go so.
Morning. Louise morning Wendy morning, Martin greats your morning mark great, seal' on board. So. Yes a we we have this great idea and we think that just because we've got this idea everyone, is going to buy our thing but the reality is like there's 10, gazillion other people doing exactly the same thing as you and it's. A very crowded marketplace, so it's actually really hard for people to find you so, not any of you got like a good idea but you have to find ways of reaching your audience so are we going through like the marketing, manifesting. Mistakes manifesto, I think on day 3 of this I'll. Be rolling these out I've, got a set structure I'll probably be rolling these 5 videos out. Over. There we go already like Wendy's put my mum thought, it was a bad idea there you go so, had Wendy listened to her mum she might not actually. Got. Into silversmithing, and started, doing the workshops and things and having this really successful, like you, know, craft business like making, making silver jewelry as is so. It's, a lost art in my opinion and. Clearly. There's a market for it so Wendy, good job you didn't listen to her and you, didn't go and sit on a supermarket, till basically. So. Yes so we think that everybody wants to buy our thing and, the. Reality is again we haven't looked we haven't asked the right questions, how do we know that everybody wants to buy our thing what problem are we are we really solving, and. The the likely, it is you know if you if you collect, pin badges and there's an audience out there for people who collect pin badges as well and you, could be a leader an, expert, in collecting pin badges well okay there's there's some, validation, there but, what is your product actually going to be that is going to be solving, everyone's. Meaningful, problems and. So. The next problem in is you sit back and you scratch it and go well why isn't anybody like, buying my stuff you don't actually ask that ask people, when you pitch it you don't ask them why they're not buying it and a. Lot, of the time it's down to fear because we're too afraid of hearing like negative feedback, and. And. You. Know the, probably. The worst thing we can do is just keep on bashing your head against the wall thinking we've got this fantastic idea and not asking anybody for feedback and that, and beyond that they're not actually listening to them so if they come back and say look you know Rob this thing you're doing just as a really bad idea. You. Know they're not actually listening to the reasons why they're doing it you know thankfully Wendy didn't listen to her mum maybe, had she gone to a business coach a business coach like me would have said yeah Wendy that's a fantastic, idea, but. I bet probably had Wendy come to me and I'd said no no no Wendy that's a really daft. Idea don't do that. But. She carried on regardless and, then would have still been scratching her head wondering why people when buying her, workshops buying her jewelry and things like that. And. Then when it comes down to is we, then start to have the fear sets in and we we haven't validated idea, idea we haven't validated ourselves. Like, why we're doing it we haven't asked any of the right questions and so, we just give up and like. One of the key things in business is that you just have to have this massive like again like I said just if any of this is resonating just hit like and. So we actually just start looking for jobs basically we just go back to what we knew knew, before that kind of worked and we start you know exchanging, time for money again and. All of these things just you, know if you're going to start a business you have to kind of commit to it even if it's like I'm going to commit to this for 12 months commit. To it but, try and just keep on asking questions and get to the the bottom of what people's problems really are what pain points your products and services are going to solve. Because. The last thing we want you to do is go out and get another job hey. Nick how's it going mate I hope you keep well hey Liam nice to see you mate everybody, keep on hitting the like buttons let's get some more people watching this.
The. Biggest mistake so now basically I've had a hundred and no. 246. People now, complete. My. Assessment. Form, okay. The first question on it is do. You have a business plan you know on a scale of one to ten rate your business plan pretty. Much pretty. Much everybody. What definitely, everybody a scored less than five. Pretty. Much everybody, scores zero, or one or two. So. Yes where did we get two so they don't have a business plan pretty much nobody has a business plan that they were scoring themselves sort, of anything from like a 1 to a 5 and and that really shocks, me because a business, plan isn't basically just about getting, like. Funding from banks and loans and things like that most isn't. Just for banks and loans and things like that it's actually for. Yourself. Basically, and a business plan doesn't have to be complicated it. Can just be. Basically. A bit about you a bit about your products and services and things like that and then. Now. We've got a massive delay on the video this is slightly confusing I'm trying to catch up with where I'm up to but I'm totally, lost anyway so, I'll carry on so basically, just needs to be a bit about you a bit about your products and your services who. Your target market is how you're going to attract that target market and and. Then sort of finally like, some. Just very basic finger, in the air financial, projections, like if you want to hunt a hundred, thousand pounds a year and. Basically. Your average, client. Is worth a thousand pounds a year will you need 100 clients okay how are you going to attract those hundred clients and then that constitutes, your your marketing plan or your, business plan. To. Write this stuff down it's not it's not complicated but basically what it then means is there's a document, then for you to kind of check back on on. A regular basis, like. Come back to every month every 12 months or something like that and just just check in on where you are compared, to where your goals where it's at your business plan and you can lock that away in a drawer do whatever you want to do with it. So. Then we move on to the like. And, the thing as well as like have it there even if you don't refer to it because a simple like, act of writing it down is one, of the most important, things it, locks in its you making, a contract with yourself that you're going to do some work with with, a specific goal in mind, and. And also you have some financial projections, to kind of then check back in and see whether you actually achieved your goal or not so. Have it there like at least grow yourself a 5 on a business plan and I, think it's absolutely I was so shocked when I looked at the stats like for my assessment, form that like, literally, one person, out of 245 of you heard. Given, yourself more than a 5 and that was only because they've gone and had to put together something for a funding circle loan um. So. Linked to that is the fact that actually most of you don't have any idea what your goals are see you've got, this great idea you, start putting onto the market place but nobody really wants it and and, you, don't have a business plan which kind of tells you how you're going to achieve your goal so basically. We need to have like SMART. Goals in place specific, measurable actionable realistic. Time-bound etc, and. The. Simple process then is you've got again you've got something to, measure. Against. Having. A goal is a bit like punching, the the postcode in to a sat-nav it gives you a destination, and then you can actually start to plot, a route in order to a journey in order to get to that goal.
So. But. By the way hopefully if you can hear me again like there's quite a big delay on this but hit the like button hit. Heart button I want people to hear this stuff these are common mistakes which every, single business owner is making. At the moment. You. Know across, all of the hundreds of businesses that I've worked with over the last couple of years so. Yeah so having a goal is like one of the most important, things I think in business like if you have nothing else have, a goal like seriously, like I said just now you know if your goal is to make a hundred thousand pounds a year and each client is worth a thousand pounds you you need a hundred clients so. That's your that's your postcode, but punched into the sat-nav and now you can start working out what the route is to get to that goal how do I attract, a hunt clients over the next 12 months and then, that starts to become your marketing, plan how do you attract those people. What. Sir so Wendy's just left a comment so let me just come back to that comment so she said and in the meantime in this interval some comment so I've read much about the persistence and reaching success by is by not giving up 70%. Of businesses give up within within. A few years so I've heard that most businesses fail in the 50%, of businesses fail in the first year 50%. Of those businesses, then fail within the first three years 50%. Of those businesses. Are then gone within five years and only 50% of those businesses, are still in existence after ten years so if you wind that down there's only about four, or five percent of businesses still going after ten years which is just ridiculous. And. I liken, it to kind of like, digging for gold basically you just have to keep on going so yeah, totally valid Wendy you've got hit the nail on the head there. And. In. Terms of like the game so we've got goals now and next. Biggest mistake business mistake, is where I see business owners selling, time for, money and I always say to people you can always make more money but you can never make more time and if you're in the business of selling time for money like you, can double your prices you're already making more money than you were you were making previously, now, everybody kind of get does the International sign of distress at that point waves are hands in the air and. You. Know I can possibly charge that much but the reason is like most people compare themselves to the competition okay, and this, is like the biggest, mistake especially when it comes to pricing because 95%. Of your market might be charging, the same amount how, do we actually know whether they're right and, also we don't need all of the clients, we only need to select handful of people who really see our true value so. Look. At how you're charging, don't, charge the same as everybody else because it's the wrong way to charge, instead. Start, to look at the specific, outcome, which, you deliver for your clients, like, when Wendy you're on the call so, watching. The video so I'm gonna stick with you so when. You moved from selling, like jewelry jewelry is like a commoditized, thing, basically but.
You Sell workshops, all of a sudden it's not about making jewelry, it's about the experience, of the day doing the workshop the connection, with other people in that workshop have. First hand like accountability. Somebody watching you make this jewelry and give, you pointers and tips on how you can improve hence. Why it is so much more valuable than, just making jewelry because. So, many people out there, look. At it as that they see it as like a simple. Like how I'll make some jewelry and then I can sell it so remember the first mistakes you think everyone wants to buy your thing well they don't because there's so many other people like putting this stuff out there. Whereas. The workshops, but, there's so much more value in those workshops Wendy, I reckon, you could probably double the price in those workshops and still get the same number of people signing up to then so I'd like really encourage you to to, to. Look at how much you're charging for those. Now. This one's like a personal, bugbear the amount of time I get people saying stuff like oh I'm, just not technical, I can't, do Facebook ads I can't do like mail chat I don't know how these things work I'm not technical. I don't know how marketing works I like they just delegate responsibilities I don't know how the numbers work in a business like if I ask them for a profit and loss or something like that so, um you. Know so. Basically. You're. Delegating responsibilities. And like in business, you. Have to take responsibility for, every, part of a business when you work for a company and, you're, in a specific department. Other departments. Take care of accounting other tech departs take care of sales other departments, take care of marketing but. In your business you, are responsible. For everything now, you don't have to know it inside now you don't have to become a technical, like genius, you don't have to become a marketing, like expert, but. You have to know at, least some of the basics in order to be able to understand, when you go and find a marketing expert or, go and find an accountant or a bookkeeper or go and find a sales person to help you that, you can give them enough information about. The mechanics, of your business, to be able to explain to them what your expectations, are of them, because. If your goal is to get 100 clients in a year and you go, to a marketing expert and say look my goal is to get 100 clients in a year this is what I know works so, you give them a starting point they've, got so much more information to work, from rather than to going hey, I know nothing about marketing here's, some money going do some marketing and then in 12 months time you go well, that doesn't work and they're like what didn't work you didn't tell me what you wanted me to do so, don't delegate responsibility, you need to know the numbers in your business basically, and. Then the final one and and this is just like, I see a lot of business owners just kind of banging. Their heads against the wall wondering my stuffs not working, like. Getting, really frustrated, by it and then they just, don't ask for help and you. Know the first thing you should do like go to a networking event go in if you've got a friend who runs a business go and sit down and have a coffee with them and tell them like tell them what the problems are be, open share because. It's more than likely a they're having similar problems in their business they may, then have answers, like they might have said well I did, this and it worked for me so why don't you try that you.
Know Go, and find a business coach for a mentor most business coaches and mentors offer, like a a, diagnostic. Call or they'll have videos, or books or things like like elearning, courses things, that they can share with you, like. The cheapest, way possible to get expert advice is to like read, books or listen to books on audible or, like. Go and download free PDFs and stuff like that and just start to educate yourself, because again delegate. Delegating, responsible. Saying this isn't working and not looking for an answer is like, the biggest mistake that it's not going to help you get anywhere so, go, and speak to people basically. So, the. This is my business mistakes, manifesto, I'm sorry about some of the interruptions which we had I hoped you bet but and bad with it I will also, I've recorded this so I'll edit it up and put it into a YouTube video as well and share that into the groups hey. Debra how's it going hope. You're doing well. Like, you, know if you feel that these business, mistakes, resonated. With you whilst you've been watching this please. Share, it tag, people into this and say hey guys this. Thing you said I think you're making this mistake and I've also managed, to hopefully give you a few answers about how you can start to get, yourself out of them now, that I could do an entire coaching, session on any one of these points I've actually got four more videos so I'll be covering the the. Marketing, mistakes manifesto, the sales mistakes, manifesto, the, pricing, mistakes manifesto, and then another, one I've got five of these planned basically, over the coming like week or two so. If you enjoyed this please, share it please like it, please. Do ask your questions below if you like gosh that resonated me but I don't know what to do about it, comment, below ask a question. So. The last thing I wanted to say because I've given you a bit of my time a few tips and hints and things like that is that basically I'm looking for new people to join the fearless crew so, this is where I have, this. Is like my entry point for coaching, basically at the moment I first of all stop making these bloody mistakes you don't have to struggle through business, you. There. Is an easy way of doing it and having access to experts, in my opinion is one of the best ways I mean I'm biased on the business coach but hey I'm allowed to be um. I'm, also bloody good at what I do I I, can add significant, value to businesses, even just through this and you. Know it doesn't have to be expensive one-to-one coaching through, this group with some accountability, having. Somebody there to signpost, you and be available for 15-minute, turbo calls it's, absolutely, vital so you get all of those things you get access to a Facebook group you get access to me on turbo. Calls you get access to monthly webinar Q&A sessions like a couple of hours worth of Q&A, with me for. Answering your specific, problems and at 47 pound a month which includes that it is an absolute, bargain in my opinion so, get. Yourselves over to Robin Waite calm forward-slash, fearless for slash application, I don't. Take everybody and by. The way by, the time I finish these five. Videos. The. The business mistakes manifesto. I, am, closing down applications. For at least a month because I just. Want to focus on the people who are, who. Are in the crew for a month I want to give them absolutely, everything so, that's a really good reason to join up before I close that down so probably, within the next week fearless. Applications, will be closing so if you haven't got a diagnostic, call booked with me if you, haven't applied you. Won't be getting into the club for at least a month and I say at least a month it, will be at least a month I may even leave it closed for longer because I've. Got a great crew of people in there I would love to have more of you in there but. If I've been giving a lot of value away to two, people externally, and I owe it to the crew to actually spend a lot more time with them so there'd be a lot more accountability and, things like that going on the fearless crew it'd be great to have you in there like. I said head on over to Robin Waite com4 slash fearless full slash application, and if if you did have some staff that. Resonated, with this, like, don't, have to do this stuff alone like stop making these mistakes like, seriously stop making. Bloody mistakes. There. Are people out there who can help you I don't even care if it's not me it doesn't doesn't bother me if it's not me absolutely, fine hey John how's it going mate and don't, forget to like and share this video, hugely. Appreciate, it. Video, is just coming to an end by the way so sorry, if you joined this a little bit late. But. Like jump into the crew I've.
Got A great sales letter which I can send you which like has got some great snapshot, case studies which Deborah helped me write. Up and some, full-blown, case studies as well as to exactly how much value I delivered to my clients I had 45 clients, in 2017. Xxx. And doubled their turnover within six months and the rest of them are kind of well on their way to improving. And growing their businesses or at. Least they have a lot more confidence in within, their businesses, and they're, not making these mistakes that's the key thing so. If you want to join them like 47, per month is an absolute bargain in my opinion so I'm going to sign off now, thanks. For watching everybody thanks, for the likes thanks for the shares and the comments. Wendy. Deborah, John, Mark. Who. Else Nick came on the call. Thanks. For watching guys. Louise. Great. To see you all and and, Nick as well awesome. Thanks for sharing Nick I shall. Look forward to catching up with you all of you in G course like I said there's gonna be four more of these videos so keep an eye out for them if, you like the browning please leave some comments as well and I'll catch up with you all soon thanks very much.