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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Accounting Firm | 1 – 2019.02.02 #BeatTheOdds Boot Camp – Myths

1 – 2019.02.02 #BeatTheOdds Boot Camp – Myths | Edmonton Accounting Firm

Very good morning everyone. Welcome. Welcome. Already rich yet Kevin, you’d enjoy how you feel [inaudible] okay. We had a that queued up or everything that this is not above begging for those who actually participated so we can grab the lights will Edmonton Accounting Firm, um, so the things that Kevin’s still working on is Tony robins routine. He’s going to get better at it. So what’s not on the agenda today are breathing and motivational exercises that you can’t deposit in the bank. What we’re doing today, um, what we don’t have for you today. If any of you, you know, how many of you have been to other business seminars or business bumpers is before you have you okay? What we don’t have the whole lot of them have, oh, we don’t have the bankers and software sales people pretending to be entrepreneurs who are going to tell you how to run your business.

That’s not what we have as well. Um, we don’t have any one man consultants or coaches who are experts in growing businesses who don’t have a team, but they’re going to show you how to grow your business. It’s also what we don’t have. And we’re not giving you a bunch of advice that will only work if you buy our product after this service. Everything that you have here, if you can, you can implement in Your Business Monday morning if you want. Um, what are the things, a couple housekeeping things, what we’re going to do the way we’re going to handle the questions we’re going to keep on a schedule here today and the way we’re going to have on the questions is do we, hello?

Oh yeah. Okay. Okay. So we’re going to have a white board and we’re going to have, we’re gonna go in 45 minute sprints, so we’re going to go up 45 minutes and we’re having a 15 minute break in the 15 minute break. If you have any questions from that session, just go and write on the Whiteboard as soon as we get back for the next session on the hour, we’re going to deal with your questions. We’re going to cap that 15 minutes and then we’ll get into our next set. Okay? Yeah. Can you get some markers too loud?

Um, okay. Everybody had this path though. Okay. So what we’re going to, what we’re going to start with Oco one, if you don’t do that. She told me that, hey, so just a couple of things. Um, if you need to use the washroom, it’s just down the main hallway on the rights. Um, yeah, there is an emergency and we have to leave the building. The emergency exit is just outside around the corner. There’s a parking lot out there. Um, and for lunchtime you’re going to let us drink for lunch today. Yeah. If you want to stay in the inmates, um, you can go up and there’s a pet way across to the other building and there’s three restaurants that are open there.

So we’re, we’re gonna, we’re, we’re going to cover, first is still the spreads are going to be, the first part is going to be understanding of the common myths of entrepreneurship to avoid the common mistakes. How do I sound back there? This is Mike’s here, but I don’t know, was it pretty personal? Clear. Okay. Okay. I’m just going to keep going there. My voice dies. We’ll use the Mike’s. But, um, organizing your calendar for business success, we’re going to do making sure you have enough cash for your life. Um, and I’m sure you pay all these taxes, how to get all the benefits of business planning for hours. And then we’re going to break for lunch. When we come back from lunch, we’re going to go into small business and marketing strategies that actually work. Um, there’s going to be people who will charge you tens of thousands of dollars.

I will show you how to get to the top of Google after lunch if you want. If you’re still here, he’s still standing. I want to go you to get the fuck. Um, then I will tell you how to read financial statements. Even if you hate accounting, know I am an accountant, but I realize most people hate accounting. So I can show you what you need to look for. Um, so you can actually spend your time running your business. And then we’re going to show you how to write the checklists or templates, checklists, templates are necessary. If you don’t want to work all hours of the day, the rest of your life, you actually want someone else to work in your business, be able to hire someone, and then we’re going to fall off with human resource strategies. So those are going to be the sections that we’re going to go into today.

Um, I have a couple of things. These are, what I normally start with is, you know, these are where I do the, this is what I do. What I do and why I do these talks is you’re, the stats on small business are terrible. They’re, they’re abysmal. So, you know, according to Industry Canada and these industry Canada stats, and I’m going to throw at you are probably the most optimistic staffs are you ever going to find on this subject? So 15% of all small businesses will fail in year one. So this is funny when, you know, when I got into accounting 15 to federal fail in year one, that means that even if you go out and hire, you know, the best account and the best lawyer, you know, those common sorts of advices, um, guess what? There’s a 50% chance you won’t even make it to the year.

And then you thought that you were going to make it too. Um, so that’s your one 30% will fail by year to 50% will fail by year three. It goes up. Yeah. Oh, sorry. 50% by year five, sorry, 50% by year five. Now again, tools are the most optimistic stats. There’s other sources that you can find that they’ll say 80 or 90% failure. Well, let’s go with the Industry Canada stats for at least some little nice it. Um, now it’s important to understand how people think that businesses fail. It’s kind of random that, and there’s, you know, hundreds of reasons that they fail. You know, people get hit by buses, people get sick, people get sued. Um, you have the wrong location. But when you really study small businesses, they actually, the overwhelming majority that fail only fail for three reasons. So the three reasons that small businesses will fail is number one, they won’t be able to attract enough customers.

That’s number one. Number two is that they’re going to run out of cash. And number three is the cat. Find the right team. And if you could solve those three problems in small businesses, you would have an 80 or 90% success rate for small business. So you repeat those please one more time. Yeah. So the number one reason is you’re gonna find enough customers. Number two is you’re going to run out of cash. And number three is you can’t find the right team. Those are the only three problems that we’re trying to solve here today. All the rest of the problems. Yeah, there’s some that exists, but you know, it’s kind of that triage effect. Um, these are the causes. These are the ones that you can eliminate and you have an 80, 90% success rate in business. So this is the exercise I like to do. Um, last time I broke the chains off and chainsaws and eight, um, across something else. Um, so I want everyone in the room to stand up. Everybody sat up. I need to show people this. We need to drive this home again and again and again.

So by show of hands, how many of you you in here? Either I want a business or find start business? Sure. Hope so or this, I don’t know why. Morning minus 20 degrees out there. So what’s going to happen is these people are you here, you and the uh, blue shirt. Everyone here, I want you to just sit down. You’re one. This is what’s going to happen, okay? Do you all think that you’re an anomaly? But I do this year and the year again and I see new business all the time and everyone up to Wally and actually you guys stay there. Year two, you guys sit down. That’s what’s going to happen right here in year three, year five, you may sit down. Now I want you guys at a remaining to look over there because a lot of people think, oh, this is to go bankrupt. It’s trivial. It’s not an issue. You know, what’s the difference in businesses go bankrupt? Why is still standing? He will give up these, that’s the type of Guy [inaudible] you don’t understand.

So people think that that’s trivial, but it’s really not trivial. It’s not like a video game. You know, people quote business that’s like this, they think it’s like a video game. But what’s tended to happen to these failed entrepreneurs is it’s actually really dark as an account from you see what happens. The aftermath of this and these people, you know, they enter into depression, their families break up, they’ve lost a significant portion of their life savings. So when businesses fail, it is not a video game is everything. That’s the opposite of it. Okay? Um, so this is a very serious issue and this is why I work at what I do. Um, and what probably people don’t understand is you guys can sit down. What people probably don’t understand is how significant this is in the Indian economy as a whole. Approximately 5% it varies a little bit by province and province, but approximately 5% of our population are self employed.

So 5% of the population are facing those really bleak. And then, you know, the jobs, 53% of all jobs in the country are created by small businesses. 5% of the population, the self employed, 53% of the jobs. So that’s what’s happening in this century is half of these businesses are failing. Maybe, maybe it’s 80 or 90% and over 50 over half of the jobs are created by this month is this is an absolute epidemic that people probably don’t understand until they sit. They’re confronted with these numbers. And you know, once you’re confronted with these numbers, I mean you, you start to wonder, you know, why would you ever start a business? I guess that would be one question or why someone like me who work, you know, uh, health coaching, small businesses and you know, I’ve been studying small businesses working in, running in or studying spelling lists or advising small business owners you’ll for probably two decades now, and it’s not the rate of failure that is the most troubling thing when I go to bed at night, the most struggling thing, when are you, when I go to sleep every single night, is that they fail for those three very predictable reasons and that there is absolute proven strategies to minimize those risks.

But some of those strategies are maybe a little bit counter cultural, maybe some of the types of strategies that people get attached to sound a little bit easier and a little bit sexier. Um, they sound like, Hey, I can go sign up for a Tony Robbins’ business mastery is to take $10,000 and come back and buy days and I’ll be a millionaire.

I can tell you what happened last time you went to Tech Tony Robbins’ business mastery and in a bankruptcy letter of being sensitive to all of his creditors, one, me included. Um, so it’s not a silver bullet. I don’t, I’m not ragging on Tony Robbins. Motivation is, is important, but if it’s, it’s not what’s going to make your business succeed at the end of the day. Edmonton Accounting Firm, that’s, that’s not what’s going to happen. And so, you know, the experience that I’ve had is, you know, not only you have these failures and there’s a strategy, the business owners who are successful, they demonstrate really common traits and you start, you know, really drilling into those common traits and you start studying entrepreneurship and you start reading all the books about entrepreneurship. And every book has this really unique idea. Usually you read all these books and they have one unique idea and then they start regurgitating the same five or six different ideas too.

And if you really start studying it more and more, you start seeing these common trends and they keep coming true. And I’ve seen anecdotally with clients. And then I’ve also seen it, um, you know, just in the things that you read, you know, if you get rid of those kind of outlier, uh, strategies and you drill into the basic ones that almost everyone’s preaching, you can just increase your odds. You know, it’s like being in a car counter and Vegas, you’re supposed to lose at this game, but if you know which ones that you’re supposed to do, you can just increase your odds. And so you have to, if you want to do that, I mean, you could be an anomaly. Maybe there’s a mark Zuckerberg in this room, you know, what are the statistics that they happened? I don’t know. But chances are probably none of you are.

I’m certainly not. Um, but I know which odds, the cake that you know, just going to increase your chances of success significantly. And that’s what we’re going to focus on here today. So for the first part I have is I’m going to have Chris Milkie from a CW Canada garage doors. Chris will d is a entrepreneur. He is a second generation garage door installer expert. So his family has been doing this for how many years combined? Probably about 30, 30 year. Yeah. Yeah. That’s a lot of experience. And you moved up here and started your own. She was working.

Yeah. So yeah, I started, my dad started in about 1992 with its own business. Before that you had about 10 years experience, uh, in the garage door. Uh, then, uh, decided, uh, not to this I know more than everyone else. I’m going to start my own bit of business. And, uh, he, the one thing I can say about my dad is he has unbelievable drive and I’m sure everyone in this room has unbelievable Dr here in the minus 31 other with the winch, you know, and we’re standing here and tried to make sure our businesses aren’t those statistics she talked about. Right. So that’s, Edmonton Accounting Firm, that, that, that was my diet. Enough shop. Uh, but so I guess, yeah. So I guess what Chris has had to deal with or these myths of entrepreneurship and I’m going to go through these myths of entrepreneurship and confront you with the reality and all that stuff.

The first step is understanding these myths, that entrepreneurship so we can deal with the reality at hand. Um, and again, I commend you guys for being here. It goes, you know, that the cool that I have is, you know, people who are exceptionally good in business aren’t sold because of what they know, but because of their insatiable need to know more. And that’s, you know, Michael Gerber, he has my favorite book. That is going to be a way to you getting my favorite book later on today. If you want. Someone gave this book to me when I was starting out once upon a time. I try to give it away to as many people as I can. Um, so the first one is that you could only do work when you are motivated. Uh, that is, uh, you could do work when you’re tired. You could do work when you’re, when, when, when you really don’t want to.

Again, look at where we’re all at right now. All that shot would be at home. Yeah. So you can’t go to the Tony Rowe but Robin’s conference and come back and only worked for those three days after the conference when you’re Super Jack. It’s just not how it’s going to work out, but you’re going to have to grind day in and day out. Um, you can’t just do work when you’re motivated and people think about, you know, how, where does motivate, you’re a human being. Your motivation is going to be here someday. And there were some that ultimately we’re just a collection of our habits. I can’t tell you how many times where I’ve had like a super motivating day one day where I’m like, oh, I sold three doors today. It’s amazing. I’m going to, I’m going to, next day I’m going to do all of this. And then I wake up and understand the phone doesn’t ring and I’m just like, aw, that’s, it’s a, it’s a sapper.

Absolutely is. But you got to keep going. Right? So then the other myth is you know that you can only work four hours a week. Everyone, anyone read Tim Ferriss’s four hour work week, four hour. These books. There’s some good stuff in it but he’s, you know, it would be like coaching. I explained that one. It’d be like coaching a hockey team and expecting everyone on your hockey team skates like Connor mcdavid, you know he does some things that are in the business world that are like Connor mcdavid doesn’t the hockey and I don’t think the average business owner can execute that. And the stats seem to back me up because people are reading that book and not having much more success. No one, I have four hours. Yeah, so four hour workweek, any of the I ever had any four hour work weeks since I started.

I don’t have any four hour work weeks yet. The other one is that you can change your schedule anytime you want. People are getting into the business because I think my schedule can be super flexible. I can just change it on a whim because what happens if you have an estimate looked with a client and you just call him up and say, Hey, I don’t feel like it’s a, chances are I’m not going to tap that customer anymore. Especially in my industry. Uh, it’s, it’s who’s going to answer the phone first? A lot of the times when you’re, when you’re, when it’s minus 20 out and you’re, your garage door spring is broken, you’ve got to get your kids to school. They’re not going to wait around for you to feel like work if you’re, you gotta be there sometimes five in the morning I’ve been out.

Uh, but the earliest I’ve ever been out, I think it’s three 30 in the morning, uh, to changing a spring change because that doctor had to go into surgery that day and he kept, he had, he had to get his car out and he, uh, he would, he was willing to pay whatever it took to get that car out, not shady. So, uh, you got a fair price. Uh, and a, yeah, he actually took me 50 bucks, which is the most of the biggest tip I’ve ever gotten. But if that guy was not going to wait, maybe if I want to told him, listen, and three 30 in the morning, I got to sleep, I got to work day tomorrow. That calls. And then as your business gets bigger, this is not just, you have to show your customer, that sounds great, but what about the rest of the stuff I can, I can avoid scheduling that.

As your business gets bigger, your ability to change that schedule will get less and less or you will get farther and farther behind. You know, I have a team eye going to meet with my team every single morning at 8:00 AM naughty 30, not eight oh five, 9:01 AM I going to meet with an Ada and I’m going to prepare for that meeting and we got to deal with the stuff that we need for the rest of the day. Every Monday we have a staff meeting at 1:00 PM, Tuesdays, Wednesdays and Thursdays we have a managers meeting. So we’ve got to repair for the client meetings. I cannot change those because I can’t expect my staff to change their lives just because I changed my mind in the morning because I felt like sleeping in. That’s not how business works. So if you’re getting into business because you think you’re going to have the most flexible schedule, Polish up your resumes and do something different, find a flexible job arrangement because you are not going to scale your business. You, your, your calendar is the single most important thing. And it’s a thing we’re going to cover first after the myths because that’s the most important thing. Um, the other one is, you know, things that don’t appear on your schedule. We’ll get to done in your free time. That asked my favorite. I’ll do that one on the weekend. I’m going to do that one tonight while I’m watching TV. You know what, what gets scheduled gets done. Chris, you got some examples of things that you’ve left. Spend this skeleton.

I learned this the hard way. When I first started out, I was just like that with paperwork. I’ll do the, I’ll, I’ll give him a customer at the heart, coffee by paperwork and I will do, I will put this into my dad. At least I was just like quick books on the weekend. I’m going to do that. Uh, and uh, that, I kept saying that for weeks and weeks and that turned into months. At about three months I had a pile of backed up paperwork. Uh, and that’s because I did not put it in my schedule. I did not sit down and say, okay, Saturday is my day to do this. I am getting myself four hours. And that’s, that’s my people work tight. And it wasn’t until I started doing that did I catch up with my paperwork in the hallways and I’m much happier with it when it comes to that. Yeah.

That you can still be sleep, sleep, bid and work later. How many of you have gives in this room? Yeah.

How many you don’t how many don’t have kids at all. Okay. All right. So that’s, I’m, I’m in that camp as well and a lot of, a lot of people spending, a lot of people think, well, yeah, it’s just me. Of course I can, I get scheduled so I can sleep in and I’ll just work later that day. Uh, I took, uh, I just took a day off on Thursday. I purposely did not schedule anything because I needed to catch up on a bunch of stuff. So I scheduled that and I figured, okay, I can start at 10:00 AM uh, your phone doesn’t care what you scheduled, your phone will ring. Yeah, things will, emails will happen and things will, things will come up. But you need to take care of. Uh, so it’s, it’s not like you’re so much a slave to that to outside forces, but your business oftentimes is bigger than you think it is. And, and it takes up a lot more time than you think it’s going to be. So the bet and your best asset and your best weapon and in that case is going to be your schedule. Uh, whether you were heading down or whether you, uh, you put it on your phone or both of my case,

these are my daughters here. They don’t care if I have to work later. They didn’t have no idea why I work at all. Actually they’re still trying to grasp, especially, you know, the six year old is coming to the conclusion. It was like, well you’re the boss. Why can’t you just come home? She’s still working on that. But you know, if you are to sleep in and work later, when are you ever going to have time for that? When is that happening? Because you’re not going to do it at two in the morning because you’re not going be ready that, that ADM morning meeting again, that’s not how it works. So you need a schedule that’s actually going to be conducive to having a regular life. And the other one is that Saturday is not a regular work day that use nick. You’re going to take weekends off.

If you are going to build a scalable business, there’s an outlier. They might be outlier. This room, chances are not. There is countless. I have a friend and an advisor, he, he, you know, he’s interviewed thousands, literally thousands of successful people and ask them, you know, what is your calendar and what does the first four hours your day look like and does it all the time over and over and over again. Um, you know, when he’s done some, you know, real big names and going through it and you know how many days a week they work? Seven, seven, awesome work. Six actually six. Right? And there is, there’s a whole lot of evidence on that. And you know, I’m not a real religious guy or anything like that, but everyone heard the sign, you on the seventh day, your acid, and I never heard that. What do you believe in it?

Not everyone’s misreading. Everyone’s like, I need a day off. The key of that statement is he worked his ass off for the other six days. That’s what happened there. But no one was, everyone was missing the point of that say, but that’s not the rest of it was the other six days. So when Josh came up with, I worked on the same, we’re talking a lot. And when he left with that, with this, with my scheduling blocks, it’s all part of this. You had Saturday for paperwork and I was like, Josh, I don’t work Saturday, Monday, Friday guy. That’s who I am. And Edmonton Accounting Firm, you know, again, that’s the candid entrepreneur that I am. Uh, I decided that, listen to that for a couple of weeks and uh, you all heard the story about the people were piling up and stuff. So yeah, it doesn’t stop because you feel like it’s going to stop.

It stops when it’s put the energy towards it when you block it off. All right. I think there’s a, uh, uh, a big quarter and some people thought, I think though you’re crazy, but one of the cool coming up from Gary Keller and he will there, he started the biggest real estate firm in the world and you’ll time on a task will be his time on a task. Over time, we’ll be skill every time, you know, um, you know, I’ve built a business and I know it starts at 5:00 AM and it ends, it’s 7:00 PM and then you do that Monday to Friday and then Saturday five and the 5:00 PM and I’m out when I’m not at seven o’clock, I’m out. But you know, I keep doing it every day and I get other people there are only working 40 hours a week. I’m getting done what they get done in a year and I’m getting it done in four months.

I just keep doing that. Right? You just keep replicating that and it’s going to be skill every single time, but it requires that kind of discipline. And if your calendar is regimented, you can actually do it and have a life too. If your calendar is all over the place will be an agile. The other one is that you can effectively multitask and love seeing multitasking. And I read it, I can multitask. There isn’t an overwhelming amount of stats on multitasking that, um, you were just completely innovation. And then one’s coming up in one of our slides. You know, the average person loses 28% of their day to multitasking. Um, that’s not the way to do it. Who here thinks they’re do multitask here? Just blew up. I don’t want to guess what the stats also say that people who think they’re a good multitasker or actually worse multitaskers and what people think they’re bad multitaskers. So that’s actually, you might be great. I don’t know, but that’s this. The, the, the, the odds on that.

I actually just finished reading a book out by Randi Zuckerberg, Mark Zuckerberg’s sister calling me three is anyone heard of that? Pick three. It’s about multitasking and about how the human psyche, the human brain is capable of doing all the things that you think you need to do throughout the day. Uh, so she, she calls it being balanced by being lopsided. And that’s picking three things in your day that you’re excellent at. It’s a really fascinating book. Got Smaller, but I’m just saying it’s a pretty interesting,

like I said, I’ve never read that book, but I’ve read this principle in multiple books and you’ll see them over and over and over again. Just keep seeing him from successful people will start writing the same thing all the time. Um, I would want a business degree will help you run a business. Who here either has a business degree or is it registered for business degree? Yeah, it’s going to help you. A business degree prepares you to help you have an intelligent conversation with people. Once you start working in a business, it really does not prepare. You could run a business. Um, you know, it’s not gonna prepare you to do everything, wear all the hats and do it yourself. It just won’t. Um, and if you think it will, I have a business degree. It didn’t prepare me. It all. In fact, I got my business degree after I ran my first business.

I probably got more education in the first business when I got out of the business. Great. So, um, the other one is that you can scale your business by hiring outsiders to kill, to fill key positions. Oh, the common thing is if I get big enough, I’m going to find this, you know, a level person. I’m going to bring them in, you know, version me 2.0, that’s, this is not going to work out. One of my favorite books, good to great. They went and studied, you know, companies that were average companies for a long period of time and then switched and became a ball average companies for a long period of time. The companies that became above average companies, it moves very few of them. Almost all of them had internally promoted CEOs. It was, it was overwhelming. I, it was more than 90% of them had internally promoted CEOs, not ones that they brought in from the outside.

Um, the other one is being a specialist in your field qualifies you run a business in that field. Chris, this, Chris is the example of this. You know, there’s a family experiences doing this for how many years? Uh, professionally, uh, close to 15, uh, unprofessionally my whole life. The guys knows everything about garage doors. By the way. It could get into a gate rd. Then later he knows everything about it. But did it prepare you at all for running our garage door business? No, not at all. Not One little bit. I showed up to my first meeting [inaudible] anyone who here knows of or has and I at all. Uh, perfect. Yeah. So, uh, talk to those people because it’s great. And I showed up, uh, in a hoodie tee shirt and jeans and torn up jeans, uh, scuffed up boots, don’t we? Let me start that one also. So the uh, uh, but uh, and just a complete mess and not knowing what to do at, but I didn’t know one thing. I knew how to fix your garage door and I can do it better than anyone in the city and the things that you will learn from the people around you. Uh, other businesses, entrepreneurs, uh, other, um, uh, other, uh, people that elk a is what helped me, you know, looking like the side you see 40 right now.

So, and then, um, I’m going to break your hearts with these books. There’s always a lot of pushback back to people think they can be different if this one you’re not, when it comes to the team and this is a hard one to come, the reality is that employees will stay forever. Average employee these days, days for two years. That’s about the average these days. Um, that employees will always be happy with you. Uh, progress without friction is fiction. I’m going to tell you that I’ll come in a couple of different ways. Um, that people tell the truth on resumes that employees value the rate of pay the most customers, employees, you know, they like they need to get paid a certain amount. That’s probably not the highest thing on there. They’re listed meets. Um, and the other one is the number of people you need to interview to make a good hire and number of people you need to interview you make a good hire. People grossly underestimate how many people you have to meet before you could make a good hire. You’re going to want to hire the first person that a friend of yours for recommends to you. It’s, it’s, it’s a bad idea. Um, that skill is important as attitude or adversity. Ocean attitude or adversity. Potion, attitude sounds really easy. Anyone ever heard the term adversity? Quotion anymore?

What is manager and I have to graduate or installers for you, Kristen. One of them is exactly like you. He’s a second generation guy with 20 years of experience. Well that guy’s been doing it for two years. Got some experience with the surface. A right? The Guy, number one, when things get tough, when it’s minus 20, when a part breaks or something he gives up and the other guy, he will keep going and he’s not quite as skilled but he will keep going. Which one do you want on your team or that guy? Every time. Every time. Uh, and uh, coming from the garage door industry, it’s very small. You can’t go to the, actually I think recently they actually opened up the school board. But, uh, before, uh, there was, there was no soil board. So it was actually really rare to find someone that had that experience.

I do bounce the, what we call her diva, the 20 year olds experienced by that. Again, like what is minus 20? He’s nowhere to be found. He turns off his phone at two o’clock because he’s done all the service calls and he’s out the door and, and that’s a yen. It depending on your business model, no, that guy’s not loyalty. Um, that employees don’t have interests that compete with the interest of the business. Now, in a worst case scenario, this is someone who’s blatantly competing with your business outside. They’re doing something on the side that’s one extreme, but it can be, you know, even more subtle. You know, they have family time to schedule a time. When you have client meeting times, you know that there is interest that can keep them. They’re not always aligned. Um, that the number of times, um, that you can get employees to do what you want. Okay, I want you to show up at 8:00 AM but I’m going to roll in at nine 30.

Let them out. Um, that the business owner can do everything with Chris. How would it be if you tried to do absolutely everything in Your Business? Uh, there would be time to do my business. It would be time for me to actually go install a door or go do service calls or make money because for some us seven minutes that you don’t want to count work stuff ray on staff. So I’ll switch to the customer. That price is the number one consideration of your ideal and likely buyer that price is their number one consideration. Chris, have you ever gotten a job where you weren’t the lowest bidder? Oh, okay. All the time. I get jobs all the time. So a, what one that comes to mind

is I was actually $1,000 more expensive than the kind of the customer I’m going up against. Uh, the kinds of, the, the, the, the other 50 of the pig was a key GG special guy. He was going to just grab the door and install it. Install it for him. And, uh, it was back alley garage and the guy didn’t really care, but he’s going to install the exact same door that he had previously. And that door was rusted out because, uh, our, uh, our leather is not fair to garage doors. Uh, so, uh, he and, and I take, simply explained to them, listen, the guy’s to do the exact same Jordan, why would you want that? You’re going to be here in five years. Again looking for another one. And he saw the value in that and it’s saw I value my expertise and Westwood

and, and I get this time and time again, I get it. I can’t suddenly roofs because they just want the cheapest price. It’s like, no, we don’t want to keep this brazen. Your presentation sucked as hard conversation to have with people. The presentation sucked. They didn’t build any value and they’re only going to hire you for the cheapest and even the cheapest. They might not hire you because they still don’t think you can do a good job. Um, I’ll, I’ll prove this point more. Everyone got home. I don’t have a phone here. Hold on her phone, so I just wanna see your phone. What do you, what do you guys have?

I don’t see a single Nokia flip phone that I can get the gas station for 20 bucks. Why does no one have the cheapest phone in this room? Well, here drove a car of today or we owns the car. Who here owns a Nissan Versa Nissan versus the cheapest car caused the owners with the you can buy. None of you have it. No one person in the room has it because you all had other things that rank higher in your buying decision process. He is all things of value more and every one of your customers for whatever you’re trying to sell. It’s the same thing. Then we can go on and on. You can look at the clothes that you wear. I can keep us the place that you live in. I guarantee it wasn’t the cheapest and business owners come in and say, I need to be the cheapest.

It’s just a flawed reality is it’s just a race to the bottom and that’s a big one. Um, minimizing expenses will help you in a business. This one’s a hard one. This is a hard transition to make for entrepreneurs because when you’re in your personal life, you get a set salary, a set wage. And if you can minimize expenses, you can save more than you can win in business. You always want to trade money for. What do you think you want to trade money for it? What do you want back value value. High time. I can trade time back. If I can spend another dollar to make two, I’m going to spend that dollar every single day of the week more and more and collecting the longer, make $2 with it. Um, that’s a hard one. So business owners who are concerned with, I’m going to minimize costs, minimize costs, minimize because they’re missing the boat.

You know, businesses fail because they’re not tracking of customers. Um, that perfectionist win at business. Perfectionist. When everyone like a perfection, you don’t want to hit her head. Someone say, I’m a perfectionist. It says, and I’m not very good at hitting deadlines or getting tasks done, I’m really good at starting and just thinking about that and contemplating fashionist they’ll win business or don’t got to get done. You’ve got to move on to the next thing. You know, a website that’s launch is better than a perfect website. It takes two years to watch. I can attest to this. I, my website is far from perfect. It’s actually at the Cadillac of landing pages is all it is. It works. It gets me customers, uh, and uh, it has a, has a simple, Edmonton Accounting Firm, fill out of [inaudible]. It’s getting better then progress, but that, but I couldn’t have no web presence.

Having No web presence is, uh, a death sentence. Nowadays you need something that customers will come just because your brought up service is good. Chris was an expert as soon as you set up at, you were absolutely expert. Did everyone come? Oh, around the door. Everyone’s lined up the mill. It’s a it, yeah. Again, I came to be and I, and I, and I gave my little spiel and I said, listen, I’m the second generation Josh, or there’s no one in this city. Thank you. Fix Your door. Or put in a garage who are like, I can cause trust me on this. And I reached 30 people and I did actually get a sale out of that, but I got one sale and that was because no one knows me. No one knows who I am. Yeah. A lot of you meeting for the first time, a lot of you are thinking about your garage door for the first time.

He’s got a garage door guy in front of you. But that’s a, that that’s what it takes. You need to get your yourself out there by networking, by, by advertisements, whatever it takes. Uh, uh, yeah. So it could happen one day, the other one lots. And to do with time that you can build a sustainable business or make major changes in one year. You know the quote that goes back and there’s a bunch of people who say this, it’s hard to determine who said first, but you’re going to overestimate what you can do in one year and underestimate what you can do in 10 and almost every single time. That’s going to be the truth. So the changes that you can make in your business and you’re going to overestimate what you can do in a year, underestimate what you can do in 10 that you can tackle only the types of projects that you like.

How many friends do I have to take out the garbage at our firm? The garbage? Oh, I still have to take out the garbage. I, there are products that in, uh, in the garage drove world that absolutely low that I’m not going to mention those names, but, and electricians in this room, I know there are third private boxes. What was the one Kevin [inaudible] but yet hated so much. It was exactly, but you had to deal with it, right? You can be like [inaudible]. I’m like dealing with those things. Sorry, a customer. Thank you very much. I, I don’t want your money. No. You have to deal with stuff and that and even when you hate it, it, Edmonton Accounting Firm, I can’t sit, I can’t stand doing this work. You’ve got to do it because not only do you have to make that, but you have to make that customer

happy because that customer is, is five, 10, 15 customers later on down the road and about it. And you never know who’s that cut in that customer sphere. So you must treat that person as if this is your own house. Uh, especially in my industry. I guess there’s a lot of people out there that are just looking to get the quick buck from him. Like, how much money can I get from this person? I don’t like dealing with this project. Forget it, give it to the next guy, that sort of stuff.

Um, I’ll rapid fire some of these here are going to get to the end of the, hey, customer suppliers or employees value your time. Chris, if you underbid the job as the customer to kick the care that you spent extra time, you guys are coming from an employee world. You got paid by the hour. That’s sort of not there. They do not care how long it took you that any website we’re generally leads. When you first launch your website, did anybody call you dad? And I got a funny story about this rule

quick. I told my wife, hold off on my website because we’re about to go on vacation and I don’t want people to call me. And she looked at me like, Oh, child

throw you that. Don’t know. She’s a

developer. She knows her stuff and she then she goes, yeah, websites are one thing, but it doesn’t mean just because you, it you’re going to get you starting to get piles of bots and calls

that meeting your customer at customer’s expectation is good enough. You need to over deliver. You need to over deliver meeting your customers’ expectations. The quickest way to bankruptcy, um, that you can avoid sales. You need to sell any of it. If you hire a salesperson, you need to sell them on why they should work for you. So you need to be able to,

you’re constantly selling your business. I’m selling my business to

that. People will buy from a faceless business and you see ever see the business you searched, you small visit websites and they don’t have the people in the business who were there. That was the one criticism

a Cadillac landing page had that Josh Shack was the fact that he’s like, I don’t see you will have people, how people can trust you.

When you monitor clicks. It’s the second most common click, which one they want to see who’s on the team before they even see what you do. They want to see who’s on the team. Um, that more revenue will solve a broken business model that you can sell customers if you’re not sold on your product or service yourself. It’s got to be something you’re passionate about that you believe that, um, that everyone should say yes to buying your product or service. If 100% of the people are saying yes, what does that mean? What did I tell you the first time you came to me with your pricing rates? Prices. So yeah, I that’s absolutely true. I

was so afraid that I would, I told the customer, my, my, my pricing there, are you kidding me? Why? Uh, and it’s, it goes back to the value of the reason why I, the reason why you set these prices, those two, why you believe in it. I just recently bought a mattress and it was not the cheapest mattress out there and that person sold me on the value of the mattress and they wouldn’t budge on their price. I tried, I’m, I’m, I’m in sales. I can negotiate.

But they knew what they had and knew the value of it so they weren’t going to go down on it. That you can capture a large percentage of your market was the Pepsis of the world. They’re still working on trying to capture 100% of the book. The goal is not going to work. It’s not going to be a large percentage. You don’t need a larger percentage is needed or you know, real good in each part. Vote can make a good living, um, that you can sell 100% of your supplier capacity. I don’t care what you sell, whether you’re renting heaters or do you have a restaurant or you have accounts, you will never be at a hundred percent capacity. We might hit 80 to 98. Doesn’t matter what you sell. You will never sell out always forever. I won’t happen. So you can’t make it projections on that. Um, that you can immediately increase your personally come when your revenue increases, that every customer is a good customer.

That’s your initial product offering or service offering has to be perfect kit to your minimal viable product and sell. You know what the deadline is, that if you’re happy, if you’re not embarrassed by your initial product offering and who started too late, um, so that you need to get to revenue as soon as possible, um, that you can grow your revenue based on word of mouth alone. We will hit a limit. There was only slowly times you can play golf and go to people’s birthday. Parties can’t do that forever. It won’t work like that. Um, that you can make any sort of progress of a friction talked about that, that you will ever be done. Learning that ideas are harder and more important than implementation. Ideas are a dime a dozen. Implementation is as hard as it gets. Um, that text message or email isn’t efficient way to have a back and forth communication with a human being. And that’s hard because everybody used to doing text messages. But if you want to have a sophisticated back and forth conversation with a human being, trust me, I have sold my life in increments of 15 minutes for a decade, had tried to have a back and forth communication with a person by text message or email is extremely inefficient, um, that it’s okay not to pay people or pay your taxes.

I had to, every contractor thinks they bring people over and not pay taxes. Uh, that your personal life won’t affect Your Business and then your business won’t affect your family. You will deal with it and it actually plan for it, um, that your family and friends where we’ll be able to agree or even relate to your entrepreneur life. No, we’ll probably will not. Um, they have the employee mindset and that’s not good work with them. I’m not, everything will go according to plan. You know how long it takes the test. An idea. Most people bounce from idea to idea to idea did because not enough time to test it that you can operate your business with overhearing your numbers. That’s who I did not break the chains off, but I did bring something else. Do you want me to down it up? Sure. Yeah. Are we going all right?

I brought a hundred dollar bills this time, so I wrote a hundred dollar bills. We’re going to have some giveaways today, but the first one, the first one is going to be who was actually here by 8:00 AM. All right. Hey, buy it. Well, we don’t think that they got, they get you to take it. I think they get your raffle ticket. They give you a raffle ticket. You can get a raffle ticket. Is your first lesson in business not eligible? Um, there’s going to be, there’s a self evaluation form on the back of the handle that you got to, there’s a self evaluation form. If you fill out and hand it in, you get another raffle tickets for this one, we’re going to say first it was chainsaws and then it was a hundred dollar bills. What is it going to bring the Nate next time? Yeah. Yeah. Who wants to do, who’s doing it? Who’s lucky? Wanting you pick yourself though. I don’t know. Five to nine. Six, three, six, four, two, nine, two, three, six. Okay, so that’s what we have for the 15 minutes. If you have any questions about what we just talked about, please, but they bring markers, write them on the board. We’re going to answer as soon as we get back. You got 15 minutes.