So I wanted to bring you part 2 of Mr. Beistle’s training on how he achieved success and he was diving into “why do businesses fail” concept.
If you missed my previous post on business building with Mr. Beistle’s Here is Part One – The Golden Rule of MLM Recruiting
Why Do Businesses Fail?
I briefly talked about this in previous posts but I wanted to put the entire training in it’s entirety here.
Here is what Mr. Beistle had to say:
I know the title of this chapter is extremely harsh, and you probably don’t want to hear it. The good news is that I will show you how to avoid failure. So be sure to read every word of this chapter.
Now I’m sure you know how important following up with all of your prospects is so I won’t get too in-depth here. But the sad truth is that this is were the vast majority of networkers drop the ball mostly through no fault of their own.
I’ve personally coached and mentored hundreds, if not thousands of people over the years, and because of it, I’ve gained tremendous insight into why people succeed and why the majority businesses fail.
The top reason why people fail is because they simply don’t market or advertise their business. Thankfully there’s a really easy solution to this problem – start marketing and advertising your business!
But it’s the second reason why do businesses fail that we’re really interested in. And sadly, it’s also one of the hardest to fix.
Reason #2 why people fail with their business is because they fail to follow up with their prospects properly. I’ve identified three main reasons why this happens. They are:
Follow Up Failure Reason #1.
The average networker feels like a “sleazy, used car salesman” (no offense if you’re a car salesman since not all of them are sleazy or use sleazy tactics to make the sale).
But the truth is that the average networker does not have a sales background and associates “sales” with negative feelings of being pressured into buying something they don’t really want.
As you can imagine, this mindset will definitely hamper their ability to close the deal and grow their business.
Follow Up Failure Reason #2.
An extension to #1, many people feel that when they follow up with their prospects, that they are interrupting and bugging them.
Rather then coming from a position of power, authority and leadership; they come across as meek and shy. And instead of confidently asking their prospect a number of qualifying questions, they let the prospect dictate the tone and direction of the call.
Even worse, they will accept any little lame excuse from the prospect for why they can’t get started right now.
After they let the prospect go, they will then say to themselves that this “business just doesn’t work”.
Now as bad as those two reasons for failure with their business are, they can be fixed by anyone through training and practice. Also, a good recruiting script can make a dramatic difference in ones success.
But, as you’re about to see, it’s the third and final reason for follow-up failure that is the most common and pervasive one — and the worst part is that there really isn’t anything one can do about it…
Why Do Businesses Fail?
If you’re like most people, then you probably have a full-time job and a family. Perhaps even a child or two to take care of.
What I’m getting at is that most networkers are so busy with their life, they simply don’t have the spare time (or energy) available to work their business on a regular basis and actually grow it and hit any level of momentum and success,
Think about it. You have a full-time job, that’s easily (and I’ll be conservative with the numbers here) 9 hours of your day gone with commute. Let’s say you’re super motivated and only sleep 6 hours a day — that’s 15 hours out of each day gone.
Next, you’ve got dinner, let’s be conservative and say that you are disciplined and it only takes an hour to make, serve, and eat dinner with your family and then clean up.
We’re up to 16 hours of each day gone. Are you starting to see why do businesses fail?
That leaves you 8 hours to work your business right? Technically yes but that’s not what happens in real life.
Let’s take a look at reality:
Midnight to 6AM: Sleep.
6AM to 7AM: Breakfast.
7AM to 8AM: Kids to school, commute to work.
8AM to 5PM: Work.
5PM to 6PM: Drive home, maybe run an errand or two.
6PM to 7PM: Dinner with family.
7PM to 9PM: Make prospecting calls.
US law forbids business calls to households after 9pm so you are very limited in the amount of time you can make prospecting calls for your business.
9PM to 12AM: Emails, ad writing, training your team, catching up with all the general business work there is to do.
Wash, rinse, repeat.
As you can see, this is an extremely disciplined schedule. One that is not very conducive to a happy marriage or home life to say the least.
Do this for two weeks and see how happy your spouse is with you. I’m going to put my money on “not very”.
So the reality is that this schedule, while it maximizes your time spent working on your business in the time you have available , it simply isn’t grounded in reality. Especially if your kids do any extra-curricular activities and need a ride.
Plus, a schedule like this is impossible for anyone to stick to. Nor would I actually suggest you try to.
So, what can you do?
Luckily, we live in a time of great technological advancement where you can use technology to grow your business largely on auto-pilot.
This is what “working smart” is all about.
One of the biggest upgrades to my personal business and what Mr. Beistle has correctly pointed out was….. Leverage.
Can you leverage your time, your advertising, and even your money…?
Business is built by bringing customers and screening them quickly and efficiently. This is the #1 tool I recommend for ANY business that wants to leverage themselves better for their business.
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Engineering Your Success,