It's All Your Fault
What's the most photographed thing at EC HQ?
- The welcome sign?
- The massive sofa?
- Our scoreboard wall?
- Matt the Butler's beautiful face?
Discover what gets people buzzing in this week's episode of our weekly podcast, Business Growth Central.
CLUE: It's your fault!
Nigel - Hi welcome to Business Growth Central where this week we're looking at the bigger picture. Not that picture there per se, but the bigger picture as in your life and in particular, your lifestyle. The way that you are able to provide for yourself for your family, for the people that you love. Cause you know, for me, one of the very best things about being an entrepreneur is the liberation from having to do what anybody else asked me to do. I don't have to, I haven't got a boss and neither have you. There's no one telling me what time I have to come to work or what time I go home from work, or even more importantly what I have to do when I'm at work. I get to make all those decisions. So do you, and that's a liberating thing. And it's liberating on two counts. Firstly, it's tremendous freedom that we enjoy that no one else in society has, everyone else is beholden in some way to somebody else, but we're not. We really are genuinely more free than anyone else in our society. But with that freedom comes a responsibility, a responsibility that says actually it's up to us where our life and our lifestyle ends up because after all our life and our lifestyle is funded by our business. And here's the thing that so many entrepreneurs and business owners choose sometimes unconsciously but they choose to, to ignore is the fact that where your business ends up and therefore in turn where your lifestyle ends up. Well, it's all down to you. It is all your fault. When we built Entrepreneur Circle HQ, it's almost six years since we moved in here and this graphic on the wall it's about 10 foot tall by seven foot wide. And it is the most photographed picture of any that's ever been taken here. And I'm surprised that so many people in the coming down from our training rooms on our courses they take the picture of this sign here. As a reminder that whatever happens to your business it really is all your fault. People say, 'That's ridiculous. It wasn't my fault it was a pandemic. It wasn't my fault, that I had to shut my restaurant that I could have served people for most of the last 12 months' for instance. I said, yeah well but how you chose to react to that, you're in full control of. There are many restaurant-ers within Entrepreneur Circle who have actually, I'll whisper this, They've actually made more money in the last 12 months, than they made in the previous 12 months because they did pivot. They did operate very successful takeaway operations that some of them were doing takeaways for Michelin Star food that was going out the door at 120 pounds a head for a taken away. And there were books and sold out in 10 minutes because they took responsibility because they refused to be a victim. They refused to shy away from the responsibility and the liberation that says when you run your own business where it's ends up, the profitability that you make, it's all your fault. That does mean from time to time, we have to make challenging decisions. My journey as a business owner has not always been smooth. Many of you will be aware of some of the very dramatic challenges that I've had to overcome in our time. Sometimes the world throws us, you know, curve balls or rough seas that we have to sail through. But how we cope and how we handle things is the results of the decisions that we take. And those decisions are always how's that our faults and the people that are most successful around Entrepreneurs Circle and in truth the people that are most successful in business are the ones that actually run towards the responsibility that comes with this acceptance that it is all your fault. That where your business ends up is one hundred percent your responsibility. And I just wanted to remind everybody of that. Now we are hopefully about to enter really booming six or 12 months at a time. A lot of pent-up cash in our economy. A lot of money is going to be spent. Now that a lot of the restrictions that we've been living under for the last 12 months are about to be removed or relinquished. And it's up to us individually within our businesses to look at the landscape that pertained in our industry or our sector to look at the opportunities that are there for us, and to decide the extent to which we're going to exploit them. The boldness that we're going to adapt and adopt on a daily basis to live or breathe by the mantra that you know where my business ends up this year, it's all my fault. One member who had to embrace this it was really was forced upon him by a situation that happened was Nick Allen has been part VC for many, many years this Nick, but the little while ago he had a big, big challenge and he embraced responsibility.
Nick Allen - I'm Nick Allen and I'm the founder and owner of my local news magazines. I was just about to go away to the U.S. for a 10 day conference. The day before it's I got the Brown letter with those infamous words, you know, HMRC on it. They wanted a hundred grand office before VAT returns. And I'd had an with me for the, you know, the two or three years prior to that and cut a long story short. Some of the, that paternity thing hadn't been accurate. It actually been claiming VAT back on some of the printing that we've had and printing zero rated. But also we've been on the flat rate VAT for awhile in the early days. And you should be de-registered once you had 250 K threshold and we'd we'd gone past that some way at some above one point bottom line, as Nigel always says, the buck stops it's my fault. You know, I employ these guys. It's my fault. And then again, you know, probably by the end of February we've got a deal in place where we have to ultimately pay off by the end of the year But a case of, really roll the sleeves up and make sure it happen. And, you know, so we sneak prices at where we where we could, but I was also paranoid at the time because you know, I need all these customers. I need to be very careful what I do do. And we had a, we had a record year. We had a record year. We have, we know we put another a hundred grand whatever it was on, on on our bottom line, which coincidentally is what I needed
Nigel - In my inner circle mastermind groups. What we do right at the very beginning is we sit down and map out two things. We get really clear. First of all, on where the business is at today we understand the numbers what's actually happening in the business. And then we go through a process where the business owner starts to map out where they really want that business to be. In other words, when, where what does the business look like when it's in a position to fund the lifestyle that they aspire to and want for their family and for themselves, the, the the life that they want to lead. And then all we got to do. And I know it sounds simple but fundamentally when you think properly is is we just map out a plan. To move the business on where it is today, to where they want it to be. Now sometimes that does involve some really difficult decisions. Sometimes a few bravery pills have to be consumed. And it's sometimes the first steps that we take don't actually deliver us to where we thought that would, we have to come back and replay. But in all cases when the business owner embraced is the responsibility and he's focused on the goal we're able to make it happen because genuinely as an entrepreneur, wherever our business ends up, and that includes yours in the same way that it includes mine. It is all our fault.
Matt the Butler - What? Don't come here for last minute Butler bailouts, it's all your fault.