Edmonton Business Coach | Why Perfectionists Lose At Business
There’s so much information out there that if you put out one perfect piece of content, it’s not going to get any response. But if you put out quality content over time, over time, and over time, eventually you’re going to get some response back
back and see why I can be, because it’s mad.
Hi, thanks for tuning in for another episode of ask the SPURL CPA today, every Edmonton Business Coach talking about why perfectionist lose that business. Again, having a Edmonton Business Coach talking about why perfectionist lose at business. I have may here with me today, may have you seen some business one was taken
too long, some decisions? Oh yes, yes. Especially when we’re talking anything in regards to Edmonton Business Coach and their business plan, they can take hours and hours and still get nowhere.
Yeah, so Gary Vaynerchuk quote on the issue, he says, there’s no such thing as perfect chasing perfect is the shortest road to not achieving it. And the statistic that we have here are 50% of all came businesses will go out of business in the first five years and 29% of these failed business owners will list running out of cash is one of the primary reasons for their failure making running out of cash. The second most common reason for business failure and the story that we have here at business owners, their sole concern of perfection that he don’t accomplish the major milestones quick enough to survive and generally they run out of cash because they don’t get to those major milestones because they wanted that milestone to be absolutely perfect. Before moving onto the next one, so me, what are the questions that these business owners should be asking?
What is a minimal viable product?
So the minimal viable product is that minimum product. So the absolute minimum that you can do that, you can actually sell it to somebody. It’s available for sale, whether that’s a product or service. You know, it might not be the dream product or service that you envisioned or the entire product line or entire service lie. But what is the first step that I could possibly get to where it’s adding enough value that someone’s going to start buying it from me? Uh, that minimal viable product is a huge consideration. You should know exactly what it is and you know, you should work it out in your Edmonton Business Coach head, not just what the end product looks like, but what is that minimal viable product? Let’s get to that one first.
Well that initial revenue is sometimes be the only way to fund a better product.
Yeah. Sometimes if you don’t get to that minimal viable product, even if you know exactly what that better product looks like, that ultimate product or service offering, it looks like if you don’t generate that initial revenue, you’re going to run out of cash and trying to develop that a better product. You know, you want to get that minimal viable product first, get that to market, start monetizing that, get some cash flow coming from that. And you can that if you want to, you know, fund the development of a better product or service.
Does launching the minimal video product provide the best market research?
Yeah. So the, you know, we talked about the minimum viable product and we might run out of cash. Let’s say we’ve got a lot of cash and we, it doesn’t matter, we don’t think it’s necessary for us to launch a minimal viable product because we have enough cash to complete the development phase. Well, just because you think that’s the best, you know, product or service offering, it doesn’t mean the market is going to think that’s the best product and service offering. And you can run as much market testing as you like, but there’s nothing like watching. There’s nothing actually launching the product or service to see what the feedback from actual real live customers are going to be. So the other value of getting your Edmonton Business Coach minimal viable product is a, it’s, it’s cheaper to be, even if you have enough money, you should consider going to your minimal viable product because you’re going to start getting customer feedback that’s going to put you in a better position to develop an ultimate, a product or service offering.
Should you ever be completely satisfied with your product or service? Yeah. And, and
people think that, uh, um, you know, getting to that product or service that’s like a, a milestone. It’s like building the business. They are doing a tenant improvements for the business, but you should actually never be satisfied with your Edmonton Business Coach products and service offering. You should actually think about it in terms of uh, you know, I’m not going to be ever finished developing this product or service at this development of the product and services is actually the ongoing tasks or the business and the minute you stop developing that product or service, you know, the minute the, the competitors catch up for you. So we need to, as business owners we need to stop thinking about, you know, getting to that product or service offering and getting through that launch date in terms of we get to a minimal viable product and we improve that product and service forever. For as long as you want to stay in business.
Should you permanently block time to continually improve your Edmonton Business Coach product or service?
Yeah. So it’s one thing to say we’re going to continue to improve our product and service, but once we get busy in order to start to flow in and we start to grow a team, when is the time in our calendar to actually improve that product or service services? You know, what gets scheduled gets done. So if you don’t put it on your calendar, you’re not going to actually improve that product or service. So he knows to get to that minimal viable product and then permanently block product and service development time into your calendar.
Do customers often value complete and on time more than perfect?
Yeah. So, uh, sometimes you know, complete non type that’s higher in the customer’s ranking. You know, sometimes as a business, as a, as a business owner, we’re an artist in that technician, we want it to be absolutely perfect, but the customer is more concerned if they can get it quicker. Um, yeah. A lot of times the customer is going to value it more that it’s simply done and it’s on time rather than it being perfect. You know, a lot of times we have to realize that the, the customer, this isn’t there. Um, it’s not their passion. You know, they’re, they’re hiring you because it’s not their passion. And although that no, sometimes the situation calls for perfect. A lot of times the customer is more concerned that it’s complete and on time. And we have to recognize is the customer dometic it’d be perfect or is the entrepreneurs ego demanding that it to be perfect?
Uh, and then make your Edmonton Business Coach decision from there. Is it often the entrepreneurs ego that demands perfection rather than the customer? Exactly. Yeah, that’s exactly, exactly. So like the entrepreneur thinks that the customer wants to put, really just the entrepreneur wants to say that, you know, this is like my personal net worth statement is how I do this one project. And when the customer really just wants a quicker, they want it quicker, they want it yesterday. They don’t care if it’s 90%. That’s great. They wanted it yesterday. And if you take a month and it’s perfectly, they are going to be absolutely unhappy with you because it wasn’t on time when they wanted it. So a lot of times they, the entrepreneur thinks that that’s the customers, the men, but where that’s their own ego telling them they need to make it perfect and you know more, you’re likely never going to satisfy a that eagle and it being perfect.
So we just need to get it out the door. They get the product out the door. Is Perfection normally scalable or it can, that’s the other thing is, is perfection is normally not scalable. I mean, you look at automakers, uh, their cars break down once in awhile. If they waited to develop a car that would never break down, you know, it, they would never be able to do it in any sort of volume or for any sort of price point than the average person could ever afford. So perfection, we want to have a good quality, high quality of product of service always, but perfect isn’t unattainable goal. Uh, and it’s neither scalable nor a, you know, even if you could do it at scale, the customer couldn’t afford to pay you for it, uh, in most circumstances. So, um, you know, perfection is not scalable or economical and we should focus on developing a high quality product or service rather than a perfect product or service.
Entrepreneurs underestimate the amount of marketing content required. Yeah. Most entrepreneurs, you know, when we were talking about why perfectionist lose a business is they absolutely underestimate the amount, uh, of content they’re going to have to put out there in order to attract, um, attract customers. So, um, you know, when you’re trying to being perfect, that’s going to be very, very difficult. You need way more content online these days. There’s so much information out there that if you put out one perfect piece of content, it’s not going to get any response. But if you put out quality content over time, over time, and over time, eventually you’re going to get some response back. We’ll try and make every piece of content prevent
you from re reaching customers.
Yeah. So if you’re trying to make every piece of content perfect, it’s going to be very difficult to reach the customers. Could you just not going to get enough out there? Right? So it’s not, you know, producing the worst quality content, uh, uh, let’s not want to say, but it was producing a decent quality content, but way more volume of it. You know, a 10 pieces of good quality content will run circles around, you know, one piece of perfect content, know, and certainly a hundred pieces of quality content will run circles around a one piece of, uh, you know, perfect content. So, um, you like time you’re spending on trying to make your Edmonton Business Coach marketing initiatives perfect, that content perfect. It’s actually preventing you from reaching the customers and when it’s supposed to be, that’s supposed to be enabling you to reach the customers.
Can the lack of perfection in marketing content make you appear more authentic?
Yeah. So that’s the other thing too is some customers, they actually like it. That they know that, okay, this isn’t some polished video that they spend hours and hours and postproduction and reviewing it and getting the statements exactly right every time. This is exactly who they are and they’re just going to be more authentic and more likely to believe you. So sometimes in that imperfection, it actually helps you build trust because the customer knows you’re not being fake about it. You know, that this is the actual people of the business. These are their thoughts. This is how they communicate. Um, you know, I believe that, you know, one side I go into that business, that’s, that’s how I’m going to be treated. So, you know, there’s a lot of areas where we’re perfectionism, you know, can can help you lose, you know, we won’t let you get to that minimal viable product and get a, you know, something else that it’s going to start generating revenue in a way to, to test the customers.
You know, um, you know, perfection is something that we strive for, not something that we ever attain. And the amount of content we need these days to put out there so people actually buy from us in the first place is completely, you know, incongruent with trying to be perfect with that content. We just need so much more of it. So I think that’s what we have here today. Thanks so much for tuning in. Uh, we would enjoy any comments that you’d like to leave below so we can answer back and use your ideas for future videos. Please hit the like and subscribe buttons with, continue to deliver your Edmonton Business Coach tips on how to beat the odds of business. Thanks very much.