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

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Law Firm Marketing Part 1 of 7 | Edmonton Business Coach

Which ones are going to work in the least amount of time and the least amount of money. Hmm.

Yeah, I can see why because it’s mad. Great timing and thanks for the, for the visitors to, um, and next month I’ll let you know that we have the top 10, uh, management tips and there’s a few detectives in there as well. So, uh, people who are regular members weren’t regular, um, you may or may not get them in bite. So if you do, you might want to consider it a and those of you who are not regular and even those who who are are regular. Edmonton Business Coach, I’d just like to know if we have any other ideas for topics, but I also don’t want to cut into these guys’ time, so I’m going to put that out there and then at the end of it when they’re done and I’ll let them let us know when they’re done. Uh, I’ll just try and stand up and keep you guys a little few minutes longer if you’re prepared you and see if you have any other ideas for future topics as well. Also going into the year, uh, in the, in the, in the fall. So I’m going to sit down. I’m ready. By the way, Peter is going to do a really brief intro and then they’re going to look when these go, let them introduce themselves selves. But I’ll, uh, I’ll stop so we can get on with the presentation.

Thank you all for coming. This is a Mr Josh Bro. I am going to leave it for him to introduce himself as I’m sure you can do a lot better job than I can, so thank you. So yeah, Peter, thanks for, thanks for having me here today guys. Edmonton Business Coach, uh, so my name is Josh Burl from spurling associates charter professional accountants. And let me know after talking with Peter the, the two options were trust account reporting or how do get to the top of Google. And I guess nobody wants to know what trust account reporting. So we’re only going to talk about how to get to the top of Google and how to market your professional practice. So I had an interesting path to becoming a chartered accountant. So I actually ran a small construction company before I was a ca. So before I have my business degree, before it was a ca, once upon a time I had to, I had to hire professionals to try to help me as well because I didn’t know what I was doing either.

Uh, you know, and you know, I’ve, I’ve come to your entire firm is set up to help small businesses and it’s super, uh, you know, important to me. You know, I’m just doing accounting, but making sure businesses succeed. And really when you drill down to it, you know, it, the stats for entrepreneurs are pretty bleak. Edmonton Business Coach, Industry Canada will tell you that 50% of all Canadian small businesses will fail within five years of starting. Edmonton Business Coach, and those are the most optimistic numbers you can find on the subject. That’s why I have those ones on my website. But there’s a lot of other stats out there. Those fuel 80 to 90% failure rate. Um, now does this apply to law firms? Maybe the failure rate isn’t as high a, I see with a lot of, you know, law firms, medical doctors, you know, often they stay in business because they have a high value skill.

But usually what ends up happening is their pay far less then, you know, individuals who actually have jobs and they’re not very successful at it. But that being said, you know, I have depth just as fail. There’s lawyers that fail. It happens a lot. So the rate of failure for Canadian small businesses a lot higher than people think. And why this issue is so passionate to me is that I think a lot of people don’t quite understand. They just hear, you know, businesses fail. And that’s kind of trivial. You know, they think it’s like a video game. He hit the reset button. Um, but it’s, it’s not that trivial. Edmonton Business Coach, you know, when businesses fail, often times, you know, was the account. I’m left seeing what the pieces are and you know, afterwards and there’s families who, you know, there’s families who, you know, their entire life savings, they, they go bankrupt.

Um, you know, it ends in depression or family is breaking up over it. Uh, so it’s really important to me because I ended up seeing that as the accountant after cause we have to file it right to the bitter end. And that can be kind of heartbreaking and a lot of people probably don’t know how important this issues the Canadian economy. So some stats that I’ll give you, their 5% of the Kenyan population are self employed, so 5%. So, um, you know, every hundred people that you see, 5% are self employed. And then the other stat is 50% of all jobs in Canada are created by small businesses. So we’re talking, you know, 5% are direct owners and 50% are employed by small businesses and we’re talking a failure rate of 50%. So you can start to, you know, gravitate on how big of effect this is in the Canadian economy.

We’ll see a lot in the federal election coming up about, you know, pipelines, should we build it? Should we not? Or, or, uh, you know, how we’re going to do a fund education and things like that, or an election issues. But how many times have you ever heard the policies and say, what about the small business failure rate and what are we going to do about it? Edmonton Business Coach, and it’s an incredibly, a pervasive issue. So if you can imagine that there was, you know what, let’s put this into perspective. If there was a, you know, a type of cancer that affected 5% of the people and you know, 50% of the people who are, we’re effectively these people, it would start to hit home on how significant is, this is the Canadian population and myself, you know, I’ve been, you know, running, studying and advising small businesses for close to two decades now.

Um, and really at the end of the day, businesses only fail for really three reasons. They fail because they can’t attract enough customers. They run out of cash or they can’t get the right team. So if you can solve those three issues in small businesses, you’d probably have a 80 or 90% success rate in businesses. All the other problems if you put them together, don’t amount to a whole whole bunch. So, you know, I started my, my accounting career really focused on number two, making sure that people don’t run out of cash. Uh, that’s one of the things that we have to do. But you know, as we gravitated more towards doing business plans and you know, see a full type work and advisory and consulting work, we realized that we need to attach the KPIs for, you know, the key performance indicators for what number one is, is that most businesses fail because they can’t attract enough customers.

And what can we do about that? You know, I go back through my business career and when I started my business career, you know, marketing was a little bit different. You know, it was, it was this much for a bowl of wine in the yellow pages and it was this much for a little square, this much for a half page and this much for a full page. Now, as you know, marketing has come so much more complex. There are so many other options for businesses to do. Edmonton Business Coach, and the problem is, and this is going to sound strange, is the problem is all of those marketing initiatives that usually hear about, usually they’d work. And I said, well, why is that a problem? All of these marketing initiatives where the problem is when you have so many marketing issues at work, business owners can’t really ascertain which ones are going to work in the least amount of time and the least amount of money.

Edmonton Business Coach, and so you know, whether you have enough money to write the biggest check or not, at the end of the day, uh, business owners, they only have 168 hours in the week. So if you get, you know, some marketers saying, you should direct message every single person on Instagram, well, yeah, it works. And the Roi of that is infinite because it costs you nothing. But how are you going to do that as a busy lawyer, you know, how are you going to devote, you know, 20 or 30 hours of your week on some sort of direct marketing campaign? Um, so you know, what I’ve done or the last few years has just gone through the research and discern and discern which initiatives have the biggest payback in terms of, you know, the least amount of time and the least amount of money. And you know, I do this, I have a lot of clients that are professionals.

I do a lot of medical professional work and a lot of construction guys. But lucky for you guys are, are lawyers. I do some lawyers as well. And the way I market my business should be almost identical to the way that you guys are market your business the way you would market a CPA firm. We very similar to way mark at a law firm. Edmonton Business Coach, so who here wants to learn how to get to the top of Google? Who thinks that will be useful in their firms to know how to get to the top of Google? Okay. So we’re going to go through some processes. Um, I’ll, I’ll warn you right now, I don’t have a silver bullet. What I have works and it works 100% of the time, but it only works if you do. So it’s not easy and it doesn’t matter how big of a check you can write, it’s not going to overcome kind of the work that’s going to be done. Edmonton Business Coach, so and also when I’m done, you know, my quest for business owners, I have seven what I think are, should be required reading for entrepreneurs. I’ll, I’ll, I’ll give these away for you guys at the end too. So, Edmonton Business Coach, those are my, uh, my treat for you guys.

A copy of my presentation, have one slide. Can you guys can have it. I’ve simplified it down into one infographic because if I have multiple slides and they try to walk my clients through this, um, you know, it doesn’t go that well. So I’ve made it as simple as possible and yeah, it’s, it’s saved on this computer and they were telling me that you guys could save it to some sort of website. And people could access it. So, Edmonton Business Coach, yeah, it’s, it’s one slide. Yeah. Okay. And for those of you who aren’t members of the section and you can’t access

that, let me know and I’ll send you a copy because the Patriot brave to come here.

Do you have like other people in your firm that you don’t want to learn it or just for yourself?

Okay. Yeah. Nobody else cares. Okay.

Sorry. Can you guys actually see if I can, I don’t know if I can scale it the way I want to feel it.

What did the LRT can go up the escalators. The Washakie scroll? No, we were told that. Can you show us the code?

All right. You guys want to grab munchies while during the presentation? Go ahead.

No, we’re going to help you. We’re the best. And you click and drag the picture.

Hello. This is why I bring call CPA, student and a camera man. Extraordinary and technology. Yeah. Jack of all trades here. So, um, so what we have.