Paul Lemberg

You are here: Home / Business Strategy / Keys to Business Failure Part 2

By 35 Comments

Keys to Business Failure Part 2

Last week I was in NYC doing a strategy session with one of my coaching clients. We laid out the exact steps they’re going to follow for the coming year to break through to the next level – in other words really generate some serious revenue.

Nothing weird about that of course because that’s what most of my clients want…

Except they kept bringing up the issue of wanting to make sure it all works out for them.  They don’t want to take on any more risk….

In other words, they want to guarantee success.

And it was perfect timing for that conversation because I’ve been working on this video series.

Watch this 10 minute video to make sure you avoid the things which guarantee failure…

Comments

  3. Excellent video Paul. We solopreneurs have little time, period, and your overview of basic business strategy is welcome. I agree wholeheartedly re the reasons for failure.

    I’m just starting. In the self help biz.
    Have a book: Who Are You and What Are You Doing here The way to know yourself and get what you want. And two workbooks to accompany it (one for general reader and one for at risk students).

    Starting two new interlocking sites this month.
    Will have a lot of original content.

    Time and money are problems of course.
    If I had a tech biz, I think I could find start-up funding easily but my field is self-improvement so I’ll have to slug it out for a while. That’s fine.
    Liked your compressed views.
    Obviously a wealth of experience there!
    Thanks, Frank

    Reply

  4. As always, Paul, this was helpful! Thanks for the value.

    As a small start up, I feel as though I’m down in the ‘weeds’ more then I should be and not enough time for the important. Having a tough time knowing when and at what point will be “the right time” to delegate some of the ‘weed’ responsibilities to another and the business will be able to afford it at the same time…

    Reply

    • Look – everybody needs to get this. Gerber said you should be “working on” your business rather than “working in” it. That’s all well and good if you’ve built yours up to something of size, but for many people who are just starting out (or still growing from small) you have to be both “working on” AND “working in.” The trick, of course, is to work in it ONLY on the things that absolutely require your particular knowledge and skills. Everything else? Delegate it or outsource it.

      Reply

  5. That was really helpful! I'm in the grass most of the time – think I need to list out all the things I could outsource and just do as much off the list as I can, leaving me time for creativity and strategization. Thank you, Paul.

    Reply

      • I’m getting to work on three things as my target over the next few months:

        * reviewing and re-analysing my niche; small businesses started by people with particular skills (tradies and technicians) but not management, marketing and financial skills.

        * more products – desperately needed. Firstly turn more of my newsletters and blogs into ebooks, and develop webinars and training programs. I do it for others. Time to do it for myself.

        * testing – I’m fanatical about measuring and analysing for my clients (their usual problem is not knowing their margins for their products and services so they don’t know which is making money and which is not) but I don’t apply that to myself online.

        It should make for an interesting and challenging few months.

        Reply

    • Hi Derek, you’re the second one, but the only two (that I know of) of thousands of people who’ve watched. Not sure what the problem is.

      Reply

  10. This is great. Getting a high level 10 minute pep talk – for free. What’s not to like ?

    Thanks Paul. I’m getting straight onto an important issue that you just pointed out in this video

    Reply

  12. Thanks for the wonderfully succinct way in which you put things into perspective. By outlining pitfalls and then suggesting solutions you have given me the impetus to move forward with enthusiasm to conquer the issues we have in our business. Awesome 🙂

    Reply

  13. This video contained an EXCEPTIONAL amount of killer content in a RIDICULOUSLY short period of time. I literally had to stop it every few seconds to take notes. It hammered all the most important points of business development and provided recommendations on how to address each one.

    Reply

    • David – I’ve got another approach for you. When you come to a part that will make you more money, stop watching. Go execute and then come back later if you still need to make more money! ~pl

      Reply

  14. Good content. My challenge is I am a consultant. My services are in demand and I rarely have to do much marketing beyond LinkedIn, email, and my website to get gigs. Unfortunately, this is a low/no growth model as I am trading hours for dollars. I am in the process of finding/developing other products/services that will allow me to expand my market and better leverage my efforts through additional personal and technology. Thanks for articulating the points where I need to focus.

    Reply

    • Barry, you’re welcome. Most consultants are in the same position. They are “in demand” except all that means is that they have enough business to fill up their available time. As you’ve pointed out, this is a no-growth model, and for many consultants can lead to a boom-bust cycle. Good luck.

      Reply

  15. The more products and the more price points.. like iPhones, iPads and iPods, etc. Upsell, cross-sell.. new and repeat customers.. + growth (new) continual.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *