43 Reasons Why Businesses Fail: The Three Steps to Double your Revenue

[00:00:00] Yeah, Face It and Fix It, when I wrote that, at that time I had researched why do businesses fail? And don't forget at that time I was already training and coaching people in business and asked me the same questions. And because of my own near fate, well, my failures and near collapse in my business, I knew where I went wrong. But I realized through my research was 43 different reasons why any business fails.

[00:00:25] 43 different reasons. And I remember I published a digital book on that and then later on I published the full book. And so within the book I teach people what they are and also how to, once you identify what's going on with you, how to turn that around. And I give case studies in there as well. Companies that were almost at failure turned around and now real big companies.

[00:00:49] 43 Reasons Why Businesses Fail. That's remarkable. I've had an experience of turning a business around, but nothing compared to what you've done. I mean, I read that, you know, that you helped someone triple the revenue from $15 million to $45 million, which is remarkable. It just shows the level that you've got to. And I mean, there's no wonder that you're sharing stages with the likes of Robert Kiyosaki, Tony Robbins, you know, I think I've seen you do some work of success resources. 43 Reasons Yeah.

[00:01:18] 43 Reasons Why This is the level that you're at, it's just absolutely remarkable. 44 Reasons Why Thank you. 43 Reasons Why Thank you. 43 Reasons Why Thank you. 44 Reasons Why Thank you. 44 Reasons Why Thank you. 44 Reasons Why Thank you. 44 Reasons Why Thank you. 44 Reasons Why I just mentioned you tripling someone's revenue for 15 to 45 minutes. So you fix it, so you faced it. You fixed it. You now know how to kind of help a business generate revenue and solve their problems. Let's talk about what people need to do to double their revenue. Is there like a system? Is there a strategy? Talk us through that.

[00:01:45] 44 Reasons Why Yeah. If you want to double your revenue, you have to understand that, or even triple your revenue, which we've helped our clients do, you cannot play with a self-employed mentality. So as Robert Kiyosaki, I've done 14 international tours around the world. You know, he talks in his Cashflow Quadrant book, which really changed my mindset around business. He talks about four mindsets in business. The employee mindset, you know, exchanging time for money. I turn up, you pay me.

[00:02:15] The self-employed mindset. If it has to happen, it has to be me. I'll be the business owner mindset, which is I'm going to leverage systems. I'm going to leverage other people to get it done. So whether I'm there or not, it still happens. The investor mindset, you know, I want a return on my investment. And so if you want to double your revenue, depending on what level you are. So for example, our client who tripled her revenue from $15 million a year to $45 million a year, I had to get her to start thinking differently.

[00:02:43] And in most cases, it's like the way you are set up and structured would either create a limitation or a ceiling in terms of where you can go. And we work with clients from, you know, just doing a few hundred thousand a year to, you know, multiple millions. And so if you get this, so the mindset is a critical thing. First of all, once you understand the mindset, then it's like, then thinking about what strategy are we going to use to get to where we want to go? Yeah.

[00:03:12] So it's three key things, the mindset, the strategy, and then the action, the implementation of taking that. So with Princip, who the company grew by three times, once she understood that, she started to delegate a lot more, not so attached to certain things.

[00:03:29] And so as a CEO, I said, don't get involved in a lot of these things, but your job is to strategize in terms of strategic vision where the company is going, find the right talent, find the right partnerships, make sure things are set up the right way. So the, so mindset and then the strategy is like, so how are we going to get there? So how are we going to attract the right type of clients? And then how are we going to close them?

[00:03:55] So this, we put a system together in terms of lead generation, in terms of how are we going to get these leads? And then she, she got involved in getting her people trained, her salespeople trained. So if you were trained and using a script, the script then creates consistency, not like a robot, but just like, make sure we cover this, we cover this so we can create consistency. And so the action part, the third part is for all our clients, we set up what's called a dashboard and that dashboard.

[00:04:24] If you worked in sales before, it's like, what are the numbers? Let's look at the numbers because the numbers don't lie. It's a numbers game. Yeah. It's a lifeblood of the businesses. Exactly. And for most small business owners, especially self-employed, they don't really look at the numbers. They just do the same thing over and over and over again. But when we get them on the dashboard and where we're saying, okay, every day you've got to report your numbers in terms of how many, you know, whatever business is in, whatever business you're in. Yeah. But looking at the different activities, because you're now focused on that, there's less distractions.

[00:04:54] And guess what? The more you focus on the key things that actually turn the wheel, money comes out the other end. Yeah. So we create bespoke dashboards and help our clients just monitor that, calibrate that, tweak and go. That's brilliant because it could vary for different businesses, but depending on the business, it could be maybe, are you making enough cold calls? Is it the emails you're sending out? Is it the DMs that you're sending in? Yeah. Whatever their metric is. Yeah, definitely. All of that. Exactly.

[00:05:23] Depending on the business, if it's a property business, how many viewings that we have, you know, it's all this kind of stuff. And it's important because once you can understand what's working, what's not working, what conversions are at certain places, then you can establish whether it's actually, do we need to pump more money into marketing, get more leads? Do we need to actually, if it's a sales issue, do we need to get the salespeople trained in a different way because the conversions are?

[00:05:49] And whenever we've got them to improve in terms of the script or adjust bit, we see percentages going up. Wow. Right. So the dashboard is so critical because they'll tell you, you know, I can speak to a client. They can tell me all the stories they want. Right. And they'll say this, this, that and this. And I said, just let's look at the numbers. And when we start looking at numbers day by day, week by week, there is a trend. Then we can make key decisions based on the numbers, not on our feelings.

[00:06:18] Right. Yeah. Yeah. Yeah. Because I think it's easy that people can get emotional about, you know, their business or whatever it is that they're doing. But at the end of the day, you have to realize that it's more rationale than emotions. Definitely. Really is. Definitely. Definitely.