ePayment Secrets Blog: Welcome To The 5%
Post 1, Version 1, Feb 2020
Garrett J. White is quoted saying…
The Life You Want,
The Marriage You Want,
The Family You Want,
It Is All Fueled By The Business You Commit To Build
Why would we want to start there? A quote by some guy you’ve probably never heard of. Well, if you’re reading this, I’m guessing it’s because you’re searching for a new way forward. Not to just improve your business, but your life, and the lives of those around you. Moreover, you may even be looking for ways to make a lasting impact on the world abroad. I know that’s our mission here at Systems East & Xpress-pay.
Well, it’s our contention that the only real way to make an impact on the world is through business. However, did you know that 50% of all businesses fail in the first 12 months of opening their doors? If you’re reading this, I’m guessing you’ve heard that stat before.
Did you know that after 2 years, 50% of the business that make it past 1 year shut down? Finally, after just 5 years, 95% of all businesses that tried end up closing their doors for good.
That’s not just unbelievable, it’s my guess it’s mostly avoidable. Why? Because the number one reason why businesses fail is under-capitalization. In other words, they don’t have enough money to keep going. I believe the other reason is that many folks who start a business only focus on the parts they like, and let the rest of the business wither and die.
In his book “The E Myth”, Michael Gerber discusses why most small businesses fail. In short, he relates their failures to not learning how to grow both personally and professionally, as their business does.
Just because you may be good at baking cakes, doesn’t mean you’re going to be good at doing the accounting it’ll take to keep the IRS off your back when running your own bakery. Just because you can re-build an engine doesn’t automatically qualify you to open your own garage that’ll require hiring and managing staff.
I don’t say this to discourage anyone from starting, or running their own business. Quite the opposite. Entrepreneurship, and business in general, is the single greatest force for elevating people out of poverty, and into something better.
However, none of that can be accomplished if you don’t commit to growing alongside your business. Commit to learning new techniques and processes. Also, commit to admitting when you aren’t able to perform certain tasks and allowing yourself to get help to handle those shortcomings.
Personally, I know that means I could (probably) never launch a Vlog. Being on camera scares the heck out of me. Don’t know why, it just does. Although, I’m happy to pour my heart out to you with words on a page.
What’s your preferred method of connecting with others, and which would you avoid? The three main methods available right now are Blogs (writing), Vlogs (video), and podcasts (talking). I know, you’re probably thinking, “who listens to podcasts still?” Well, millions of people, if you can believe that.
Anyways, my point is that growth is essential to prosperity, and that’s exactly why we started this blog. We wanted to help give back to our fellow business folks like you, and see how we can grow together.
We opened our doors back in 1981. There aren’t many businesses that can tout a nearly 40-year run. But even we understand how vital it is to continue growing, adapting, and striving for more.
Think about this, in a 2018 call with his staff, Jeff Bezos stunned the audience when he said, “…even Amazon [is] not…too big to fail. In fact, I predict one day Amazon will fail.” Imagine that? One of the largest companies in the world, and the fastest ever to hit a $1 Trillion valuation, could be gone in just a few years?
The point he and I are making here is that no matter what business you’re in, no matter how long you’ve been around, or how big you become, growth is vital to staying relevant and keeping your doors open.
And right there is the very reason we started this blog, and expand on it in my book – ePayment Secrets. While getting paid is the most vital part of any business to avoid “under-capitalization”, but there are also other ways to help ensure your business remains solvent for years to come. We want to walk down the path of discovery with you and forge a path to success.
Along with the ideas and techniques that we’ll be discussing in regards to helping keep the money flowing in, we also want to give you the tools and focus needed in all areas of your business to be successful, and make an impact.
From payments, to marketing, sales, and operations, we’ll take a journey down the road of business together. Join us, won’t you?
Join us in becoming part of the 5% of businesses that make it past that elusive 5-year mark, and start on your path to making your impact on the world.
Welcome to the 5%!
For more on this, and other great content, be sure to connect with us here.