Why Most Businesses Fail.
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Business Owners Only.
Disclaimer: This Podcast is for Construction Industry Business Owners who want to hear the truth no matter how much it might sting. If you’re looking for nicey, nicey leadership advice? Go watch a TED talk!
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The ugly truth.
The measure of a business isn’t how many profits it makes today, this week, month or year.
The measure of a business is how it performs over its lifetime. Unfortunately, for the overwhelming majority of businesses in the construction industry, that lifetime is less than ten years.
Ninety six percent of small businesses don’t make it to their ten-year anniversary. More than fifty percent don’t even make it to half of that! Those odds suck!
Why?
Why are the odds stacked so incredibly against small business owners? That is what we’re going to discuss in this week’s episode of the Construction MPa Podcast, but here’s a snippet.
Most people would think that it was the economy, cash flow, or just plain unlucky timing. And yes, these things can affect, but they are not the main reasons.
Most business owners know their trade and skill inside out. Therefore we can rule a lack of industry knowledge out also. How about the lack of good people? Yes, that contributes also, but as everyone is dealing with the same problem, that doesn’t count.
Step back.
Most businesses fail because their owners (those people I respect massively for having the guts and balls to take a chance and set up a business with no guarantees!) Don’t respect the fact that running a business is a skill and trade in its own right.
Most business owners are too focused on the day-to-day of their Business and the specifics of their skill or trade. They don’t spend any time studying the art and skill of running a business. And that is a huge mistake.
Time is precious when you’re a business owner, you’re hammered morning, noon, and night. However, you still need to make time for professional, personal, and business growth and development. Or your Business will outgrow your capacity to manage it.
In conclusion
Why most businesses fail in Construction has nothing to do with work ethic, skill, or trades talent. It has everything to do with accepting that you’re back to the beginning again, and you’re now an apprentice business owner! So go a fetch me a glass hammer, and then we’ll talk some more…
Program vs. Podcast?
The Construction MPa Program is an entirely different beast than the Construction MPa Podcast. However, it was ultimately built with the same end goal in mind, too:
A) Help small business owners strengthen their businesses themselves via a step-by-step process.
B) To provide a home for small business owners to openly discuss the challenges they face in a sales and bullshit-free environment.
If you want to know more about the Construction MPa Program, check out: Program Outline Page.
Business Owners Only.
“If you want to strengthen your business today. You need Construction MPa.”