It's a long game.... busting the myth about overnight success.
Description:
In today's episode, I want to talk to you about how I believe that to build a successful business you need to be in it for the long game.
I’m busting the myth that says you can build a successful six or seven figure business overnight and I’m calling out those gurus who are selling their magic formula to making millions.
I share my views about the hustle culture and the pressure out there for small business owners to scale and grow and how I believe nobody can tell you what success looks like for you except you and I look at the question of ethics, doing the right thing and looking after our clients, and how no matter how large or small your business, delivering value should be our priority.
I want to offer an alternative and more sustainable approach to growing a successful business and it’s a long game.. Join me as I share my thoughts with you today.
Here are the highlights from this episode:
(00:00) Introduction
(00:56) Why you need to be in it for the long game
(03:02) Myth busting the noise online
(06:48) The more you know what you want your business to be for you, the easier it will be.
(07:13) The Company of One by Paul Jarvis
(08:12) Ethics
(10:48) Code of Business Conduct
(12:11) Pricing
(13:45) The Best Way to Future-Proof Your Business
(16:46) Start the right way, with Consistency, Focus, Grit and Resilience
(17:59) Resource Links
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I'm Lucy Rennie, and welcome to my Future Proof your Business Podcast.
The podcast that provides you with everything you need to know to build solid foundations and ultimately Future Proof your business.
I'm on a mission to share my love for small business with you and help you to enjoy the extraordinary ripple effect that comes through harnessing the power of people and relationships.
And I want to make sure that you can reap the benefits of being a business and a brand that people know, like and trust.
I'm a huge champion for small business and a massive believer in the fact that people do business with people.
This podcast is here to inspire you, encourage you and support you on this roller coaster ride that is building, growing and Future Proofing your business.
Hi and welcome to Episode 12 of the Future-Proof your Business podcast. And in this episode, I want to talk to you today about the fact that I genuinely believe that the best way to future-proof your business and to really create something that's sustainable, that works really well for you, that feels good and that stands the test of time is the fact that you need to be in it for the long game.
And I suppose really just to give a bit of context to this and why I thought this would be a good subject to talk about today on the podcast is sort of, for what it is I'm a bit sick and tired of all the noise that's out there. All the shouting, all the kind of hype and all these different people who are, I don't know these gurus, these experts, these big coaches with massive followings that are shouting to us and telling you to come and work with me, you can make six figures in 24 hours or I turned my business around overnight and created a million pound business or come and work with me I've got a magic formula or quick, it's just all quick, quick, quick, come and work with me come and spend a load of money! Come in, come and buy with me, I can help you come in. Yeah, work with me and I can help you to build a business overnight with no audience, with no connections, go from zero to six figures. Like a rocket.
And if I'm honest, I'm a bit sick and tired of it. To the point where my email box is actually inundated with these offers, with the same people selling over and over again, the same people saying the same things, telling me that they've got exactly what I need to be able to grow my business, to get success, to make more money. And I'm a bit tired of it. And if I'm honest, I just want to kind of call it out a little bit and share with you a little bit about what I think I believe we should be doing if we want to make something that's sustainable. And that's of real value.
So I suppose really, I just want to bust that myth with you now. And that's the second purpose. I sounded like Tess Daly, didn't I really Northern? So yeah, I'm going to bust the myth. And tell you that, you know, 99% of all the businesses that you see around, online and around the world. 99.9% of them have all been working at it for months, years, decades, and in some cases longer. And actually, it takes a lot more than a quick formula to make you successful. But you know, there might be that 0.1% chance of somebody who's suddenly gone viral, with one post, and it's kind of triggered and done for some of them, but probably they've been at it as well for a long time beforehand. So actually, you know, the fact that they've been doing that enough, has helped them to realise what does work in order to get them to create the post or whatever it is that does go viral.
So I really want to kind of get clear that there is no magic formula to building a business.
And actually, we have to kind of take our time with it. We have to do things in the right way. We have to build those solid foundations. And ultimately, we have to do a good job. So I think that's the second thing that I want to say, is there's also this pressure, this kind of noise again, out there that's all about how you need to hustle, how you need to work the hardest, how you need to grow, grow, scale, scale, scale, get bigger, get bigger, get bigger. And those are the kinds of ways that you measure success. And we talked about this in the previous episode, didn't we? We talked about KPIs and really working out what those goals are and what that vision is and where you want to be. I'm genuinely a massive believer in the fact that you've got to build your business in a way that works for you and nobody can tell you what that is. Nobody can tell you what success looks like for you. There's only you that can do that. So again, all this hype that’s out there about scaling up, getting investment growing, getting bigger and all these things, I just want you to step back a bit and take it all with a pinch of salt.
Talking from, you know, from my experience, and I've been running my own business now for the last seven years. And I can tell you that there's so much pressure out there.
And even in the beginning, when I was kind of just starting out, and I was making probably, I don't know, maybe not even £20,000 pounds a year, I was part of different entrepreneurial hubs and different kinds of spaces, for businesses to grow and to get the support they need. And it was all just a farce because they were really pushing us to learn how to pitch to go for investment, you only got in, if you actually said that you were going to take over the world and scale and, you know, go big, and it just became farcical. I remember one of the guys that I was with in one of these particular hubs, we used to laugh because you used to have people that say to you, how's it going, and you were literally kind of scraping, scraping the bottom of the barrel to find the pennies to buy whatever it was or pay the mortgage that month. But because you were in this zone, and this place, this farcical place, what you did was you actually went yeah, it's going great, thanks. Yeah, I'm on it, it's good! It's great! I'm doing it, you know, it's all really good. And it was all just absolute rubbish. And the pressure that they were putting on us to go and find investment when actually, it wasn't really what we were about, we were far too early in the journey. And secondly, it wasn't necessarily the best fit for our different businesses to go and get investment when really, we hadn't actually proved the concept in the beginning.
So I just want to kind of bring it back to this and just sort of say, really believe in yourself and really think about what it is for you and the more you can recognise what you're trying to to achieve and what you want your business, to be for you and what feels good, I promise you, the easier it's going to get and the more successful it will be.
Just on that point, a book that I'd really recommend for you to read is called the Company of One by Paul Jarvis. This is a great book. I can remember reading it going “ah, yes, yes, yes, yes, that's it!”
You know, when you're suddenly reading something, and everything just makes sense and it feels really aligned. And it's kind of like you're being validated in what you're thinking, and kind of recognising you know, what you're doing and what feels good. And this book is all about the fact that it's about quality over quantity.
And that actually, it's taking away that hype that you have to grow and scale to be successful, but actually helping you to think differently about your business and think about how you can do things better. And with more quality, than actually growing and becoming something that's too big and or that's kind of getting out of hand. So that's a really good book. And I'll put the link in the show notes. Paul Jarvis, The Company of One.
So the third thing that I want to talk about within this podcast, and it's a link to all these gurus and coaches and all this noise out there that's telling you that you know, they can help you to grow quickly, to make six figures, to turn it all around overnight. I just think it's really unethical. And it's driving me mad.
There's so much noise out there again. And for me, personally, I just believe it's wrong on every level, because actually, what you're doing is selling something that doesn't exist. It's almost a kind of, dare I say it's almost fraud, because you're encouraging people to buy something from you or invest in you and actually, you know, really, that you're not going to be able to get the results for them or with them that they're looking for. And this is genuinely becoming, in my eyes, a big problem.
And there's lots of things going on with this where, there's lots of influencing and persuasion encouraging people to buy, there's loads of different techniques that are being used to, I suppose really guilt people or scare people into buying from you and investing with you, when actually, they're probably not the right fit or they don't have the money for that or actually they're nowhere near the right stage in the business to be even thinking about doing those kinds of things.
And this is happening a lot. And I've got quite a few close friends or close colleagues who are running different businesses who I know who are in challenging situations today because they've been persuaded, cajoled, what's the word? Encouraged to invest in different costs, in programmes with these coaches or gurus or experts. And actually, they didn't have the funds, and they've put it on credit cards. And now, because it wasn't the right fit, or because it wasn't done in the right way, or because the support wasn't there, they're now struggling and having to think of different ways to kind of get themselves out of this situation and turn it around.
I think we can probably create a whole episode on this, and I think this is what I'll do moving forward. But there's something about ethics in business and doing the right thing. And for me, it's a given, I think, if you're going to run a business, you know, you've got a certain responsibility. And I know, as part of the Chartered Institute of Public Relations, we sign a Code of Business Conduct, which has a code of ethics within it, which means there are certain standards and certain ways of doing things and guidance that make sure that we are doing things in the right way for the benefit of our customers and our clients.
And it's the same. When we take on something like I did, a coaching qualification, it's exactly the same thing. We have to study and sign up to the Code of Ethics and the Code of Conduct which says that we are going to do this and there are certain standards, and that we actually are going to do this from a place of integrity. And so it amazes me that I'm having to have this conversation with you today and share this because, for me, it should be a given.
If we're going to start off in business, then we should be doing things in the right way.
So, again, I will create a whole podcast episode on this with some resources to help you and other places to go and read up on this, because there's loads of guidance out there. Sometimes, it can be tricky to know what's the best way of doing things, sometimes it's a bit foggy, or a bit of a grey area. And so we don't get it right all the time. But I think kind of on a minimum level we definitely should be doing this in integrity, as a part of what we do as a business owner.
Another topic that I think I'm going to create an episode on later on, but that’s a lot to deal with as well is pricing and the balance of making sure that you're delivering value in return for the investment that you're asking your clients or your customers to make with you.
Again, at the moment, there are some ridiculous things happening, where I'm looking at certain programmes and certain things that are being put out there. And it's just mind blowing the amount of money that people are asking these small business owners to invest. And it's almost, again I'm going to use that word, but it's farcical and makes me laugh out loud. But the problem is, the serious problem behind it is that actually, like I said, people are investing in this and people are actually taking out loans or credit cards to pay for these investments. And so I think this is a topic as well, that we really need to look into and, and think about.
And that's not me saying that we can't charge what we should be charging, but we need to make sure that the value is there behind that and that actually, you are helping your clients to get a real return on investment so that they can move forward and that it's done in the right way.
So with that, I think I have written down here in my notes, it's nonsense on so many levels. And it really is.
And yeah, I mean, I've had a couple of examples this year with that.
And it leads on to really what I'm going to say next as my bit of advice, or the thing that I've learned over the last 25 years of working in business. Regardless of who I'm working with, regardless of whether that's in a corporate organisation, or as a small business, or as a micro business or sole trader, the best way to future-proof your business is to do what you do, and to do it well. I know it sounds simple. And I know it sounds like a given. But it genuinely is the best way of doing it and the most sustainable way. And, you know, that's what it is. And I'm laughing at myself really at the fact that I'm having to say this, but I think there's so much out there where people are encouraging you to do things in a different way or to push things out or to keep selling or to do this and do that.
Just take a minute to slow down and think about what you are doing. Why did you start your business? What is it that you're trying to achieve? What is the product or the service that you're offering? And how can you make sure that you're doing that in such a way that you're the best at it? That the quality of what you're offering is the best and that you're making sure that you're delivering exactly what you're promising to your customers or clients.
And again, this doesn't mean that you have to be high ticket and high priced. It could be the lowest end of the market. But as long as you're delivering that value and in relation to what your customers are expecting, then that's exactly the way that you should be doing it and moving forward from that.
Because you're going to do what you do, and you're going to do it well, what's going to happen is you’re going to create great customer satisfaction, you're going to delight people along the way and ultimately, you're going to then build that trust and that goodwill, which is, for me, the magic formula, if there ever was one to future-proof your business.
If we can really focus on thinking about how we can go above and beyond, how we can delight, how we can really go the extra mile and show you care and really come from that genuine place of wanting to be of service to your clients, then I promise you that that is going to be the magic formula.
Because what will happen is those clients will first of all, keep coming back. But then secondly, they're going to tell their friends and family about you, their colleagues. And that's where, you know, I talk about this all the time, but that's where the Ripple Effect is going to come in.
So my final word on this and something just for you to think about is, in terms of value, I want you to think about how you can give as much value as possible, to your clients, to your audience. And then I want you to think about how you can give a bit more. And I promise you that this is the best way of future-proofing your business. Don't be like those people that I've even worked with this year, or in previous years where I've invested in them, I've had expectations, and actually, I've not had the return or I have not even had sometimes the product or the service that I've asked for or that I've invested in. And that for me is just wrong on every level.
So we're going to finish on a high, that really is the long game, think of it like a runway effect. So it really is about starting right at the beginning, in the right way and taking your time doing things right, and being patient and thinking about consistency and focus.
You know the one thing that we all need as business owners, is grit and resilience to keep going and keep going. Because, yes, it will take a lot more time, but it's worth it in the end. So I'm going to finish that here today. It makes me laugh that I've written down “Yeah, nonsense on so many levels”. We don't have to be doing it that way.
So let's all come together and do this in a different way. And really create something special, especially at this time, where there's all sorts of stuff going on in the world, we really need to be thinking about doing a good job going above and beyond and building that trust.
I would love to hear what you think about this episode. And if you've got any comments, or maybe you've got examples of this or where you've worked with somebody, or you've heard something, you know where it's not been right, I'd love to hear from you. I'll put the resources in the show notes to do with the code of ethics, the Code of Business Conduct and the way of working and I would love to hear what you think. Have a great week. Take care.
Thanks for listening to the Future Proof Your Business podcast. I've been your host, Lucy Rennie, I hope you've enjoyed this episode. If you have, then I'd love you to head over to Apple Podcast, Google Play, Spotify or wherever you listen to your podcast and hit the subscribe button. And I'd really appreciate it if you'd leave a review and a rating and help me to reach even more small business owners like you who want to build a business they love.
And don't forget, you can head over to iamlucyrennie.com and sign up to my email list as well as find more tips and tools to help you Future-proof your Business on my website and in the show notes.
Finally, I'd love to invite you to come and join me and lots of other small business owners like you. In my free Facebook group, Communicate with Purpose.
You can find all the links on my website and in the Show Notes.
Resource Links:
I would love to invite you to come and join me and lots of other small business owners like you in my FREE Facebook group: https://www.facebook.com/groups/CommunicatewithPurpose
Book recommendation: The Company of One by Paul Jarvis https://www.amazon.co.uk/Company-One-Staying-Small-Business/dp/0241380227
Chartered Institute of Public Relations - Code of Conduct https://www.cipr.co.uk/CIPR/About_Us/Governance_/CIPR_Code_of_Conduct.aspx
European Mentoring and Coaching Council Global Code of Ethics: https://emccuk.org/Public/Public/Accreditation/Global_Code_of_Ethics.aspx