I was on a private call with Michael Gerber and a small group of entrepreneurs.
Michael Gerber, is the author of the E-Myth, and has more experience working with small businesses than almost anyone else on the planet.
On the call he shared an interesting statistic: “Fewer companies are started than go out of business each year.”
While they have the expertise between their ears to help their clients, they often have little to no plan on how to actually grow their business.
Untangle those words and what he was really saying is that the failure rate of businesses continues to be high, really high!
More importantly though than some statistic is the question of WHY?
Why do so many businesses continue to go out of business?
The answer Gerber shared is because people continue to do the wrong things.
They have this vague concept of what business is…
…they believe they know what they are getting into, yet they very often have no real plan.
I went on a 5km run recently and reflected on this.
What is very clear to me is that many consultants approach their consulting business the same way.
They take the knowledge they have and decide to turn that into a business.
While they have the expertise between their ears to help their clients, they often have little to no plan on how to actually grow their business. Continue Reading