“Arrogance and scarcity thinking kill more businesses than a bad economy.”
~ Debra Hilton
#1 – Mindset: Arrogance & Scarcity Thinking
There are two key attitudes that have the potential to destroy your business.
- Arrogance: the assumption that your business is different and that therefore, the rules and principles that enable others to succeed or make them fail don’t apply to you;
- Scarcity Thinking: the idea that you need to guard your ideas and resources closely or risk other people stealing them and carrying away your opportunities;
There are certain principles that define all businesses that succeed in the long term. If you ignore them in the belief that you know better you’ll end up in a mess. The most successful and innovative businesses don’t copy others in their own industry so much as they borrow and adapt effective ideas and practices from other industries. This makes them trendsetters rather than copycats and also helps them avoid the common mistake of copying practices that are actually not working. You’ll see these business owners getting together in masterminds and talking to people who are outside their own industry, always inviting people to critique their plans and suggest ways to improve them.
Scarcity thinking is a close relative of the arrogance that only looks to popular culture, peers, and competitors because it leads to a distrust of anyone who might be a threat. Nothing is more certainly designed to repel prospective customers than the combination of defensiveness and arrogance that emanates from professionals who clearly are afraid of having their ideas stolen.
Using Your Business Book to Avoid the Fallout
The unique perspective that you bring to your clients is encapsulated in your personality, background, preparation, and experience. None of this is really reflected fully in your CV or brochures. A website can do it to a greater degree, especially if you incorporate a blog, but your business book can demonstrate, not only your particular expertise, but also your confidence in your approach.
In addition, the process of writing (or providing the material for) your book forces you to explore your ideas and sources.
#2 – Sharecropping: Relying on Other People’s Platforms
I strongly recommend that my authors use Amazon, social media, guest appearances on podcasts, blogs, radio, and TV shows to grow their list, but you should never rely on any platform that you do not control.
I am shocked by the number of businesses who are still using WordPress.com sites, social media and other free hosting options that render their business vulnerable to takeover or closure. Equally dangerous (and less explicable) are the people who allow their hosting company or a consultant to purchase their domain and never request access details. I have several clients who lost access to their websites and domains when the consultant or developer they were using went out of business.
- purchase a domain in your own name not your developer’s or consultant’s name;
- pay for a hosting plan (there are economy options for $4 per month) and ensure you have the login details even if you outsource the actual management;
- use an email list provider to build and communicate with your list (own the login), there are still good free options for less than 1000 names;
Your Business Book is a Powerful List-building Tool
“The money is in the list!” is an old marketing adage.
Many of the most streamlined and profitable businesses use advertising and publicity to build their community… a list of names and addresses (both email and physical) that they own and can mail offers to whenever they choose.
Your business book doesn’t just work as an effective tool for helping people get to know you and decide to do business with you, it is also a fantastic list-building tool. I always suggest to my authors (or execute for those who choose the marketing package option) that they use all the free and low-cost publicity that they can to build their list. Amazon and other platforms allow you to quickly build a list and market to people who haven’t bought your book.
#3 – Perfectionism: Waiting too Long to Launch
There is always more to say and after working with over 100 business authors (as well as agonising over my own book) I can safely say that no matter how long you work on your book you’ll aways have things you could add or change unless you wait until you are on your deathbed.
Done is better than perfect because there is no such thing as perfect anyway. Your first book is a stepping stone to your next book… and the one after that, so it’s OK if you don’t put everything into it. The books are like development milestones, marking the iterations in your thinking and practice and reflection the changes in your business, plus there are good business reasons for publishing something new on a regular basis.
Your Business Book Showcases Your Growth
This is a great confidence booster for your prospects and clients who want to know that you haven’t stagnated. While the core principles and strategies you follow probably won’t change much, the tactics and stories may change.
Your willingness to take a public stand on your process and philosophy also demonstrates your commitment to it and that is very reassuring.
#4 – Assumptions: Mindlessly Copying Your Competition
One of my clients was very impressed by the strategy he saw a competing chiropractor using and he wanted to borrow the idea. At the time, it was a strategy that some marketing gurus were talking about (but not using) that really didn’t make economic sense. I told him how much it would cost and shared my reservations and he decided to hold off. Within 6 months his competitor’s business had folded: despite the appearances it hadn’t generated the leads and conversions it promised.
The moral of the story: watch what your competitors are doing, but don’t follow them mindlessly. In fact, as mentioned above, I believe you’re better looking outside your industry for ideas than copying your competition.
Your Business Book Helps You Stand Out
You can’t write a book without giving prospects and clients insight into the values you hold, the processes you follow, and your basic philosophy… at least, not a book worth the effort and expense of publishing. This gives you a tremendous advantage over your competition, especially if you’re a professional service business because people can discover whether they like your philosophy and practice before they set up an introductory appointment.
It’s especially useful for allied health professionals and even medical professionals who are highly regulated, especially in Australia. One GP has set up a rather unique practice based on her philosophy of medicine (outlined in her book) that attracts patients who want a GP who shares their philosophy of treatment and are willing to pay more to work with her.
#5 – Laziness: Failure to Strategically Use Available Resources
A friend of mine, Jim, was talking about how he has built his business and the multi-pronged marketing strategies he uses and shared the story of one of his friends/competitors who had approached Jim and invited him to purchase his business.
The two of them were talking about what it would take to turn the business around and Jim outlined on a sheet of paper what his friend could do. At the end of the presentation his friend said, “Jim, that sounds like a lot of work. I agree that it would probably transform my business, but I’m not willing to do it. Can we talk about a sale price?”
Jim bought the business at a price which made his friend smile, implemented the strategy, and tripled its value within 6 months. He would have walked his friend through it, but he wasn’t interested.
Most People Underuse their Business Book (and Other Resources)
There are simple strategies that you can follow to ensure that you use every single resources at your command to the greatest effect. I find it distressing when people invest heavily in writing their book, then skimp on the marketing that would make the whole investment worthwhile, but many of my clients are quite happy to do this.
If you want to use your book to generate clients and opportunities, or have the goal of becoming a New York Times bestseller then you need to be willing to put in some work or investing someone who can do the work for you. On the other hand, that work can pay off in a surprisingly short time. Some of my ghostwriting clients are already well-known, others have built a platform from nothing and generated the revenue and opportunities they wanted within nine months.
Would You Like to Learn How to Really Use Your Book to Create an Amazing Business Platform?
Whether you have an existing book that is under-performing or a new book that you want to gain early traction, I can help you optimise your marketing so that your ideas spread more quickly and your business and income grow with it.
This is especially useful if you are interested in building an international speaking career and working outside your existing geographic location.
For more information schedule an appointment use the following link: http://www.scheduleyou.in/aPy7Kmkuez