Begin with the end in mind

Possibly the most complete goal setting tutorial we’ve seen. Beyond merely deciding what you want, John delves into the strategies, tactics, processes, habits, and beliefs that put you on the path, and keep you on the path, to the achievement of your most fondly held ambitions.

Now I don’t know about you but I was at a place in life where I was frustrated by all the uncertainty. My small business seemed to be returning little more than risk, stress and income insecurity – and I was getting tired of it. I’d heard all about the “new economy” and how entrepreneurs who embraced it were on the rampage, but it felt like a world away as I was paying my business rates, rent, staff and a seemingly unending raft of overheads.

It was September 1999 and I’d been invited to a business networking event at an Italian restaurant in Newcastle-under-Lyme, Staffordshire. I went along to meet some folks and to listen to the keynote speaker – the boss of a team of small business managers who worked for one of the big four banks.His talk was rather grandly entitled “Small Business Success in the 21^st Century”

The gist of his talk that evening was that most of the business ideas he and his team were presented with by cash-strapped would-be entrepreneurs were, in themselves, typically pretty good. But as he went on to explain, even those who managed to successfully launch had a 95% chance of being out of business within five years.Ouch.

He meandered through his take on the “solution” (the banks rather expensive consultancy and business support services) before he eventually concluded and I managed to retreat to the lounge for what I felt was a well-earned merlot.

I recall that time seemed to fly. Around 40 minutes had passed and I’m mixing with a few folks I knew and a few folks I didn’t when, quite by accident I found myself in the company of the guest speaker himself. We shook hands and I introduced myself and innocently alluded to his earlier 95% failure rate statistic. I rather naively told him I found it quite shocking and (realising I’d open-goaled myself) braced myself for a sales pitch on the banks rather expensive services.But what happened next took me completely by surprise…

Maybe he’d had a long day, maybe he didn’t care, I don’t know, but he sighed heavily and said something I’ll never forget. He said: “Phil, if there’s one thing I’ve learned after all these years at the bank it’s this – regardless of how strong or innovative the business idea… he then paused and leaned discreetly towards my left ear and in a half whisper said……if the cashflow doesn’t get um, the overhead will”

To say that I related to what he was saying felt like the understatement of the old millennium! Travelling home in a daze that night I got curious. Very curious. Was he right? And if so, was there a better way? It was this search for answers and a better way that led me and a group of entrepreneur friends to spend the next few months in research, reflection and debate. We started by checking out our banker friends 95% failure rate statistic – and were horrified by what we found! Entrepreneurs were indeed being drowned by their overheads and suffocated by their inability to bring money in quickly enough to keep the wheels turning and the doors open.Minimising risk and thriving in the new economy

Our research led us to what entrepreneurs, corporate leaders and economists agree are the key criteria to look for in a new venture:

• Follow an already successful system, model best practice and avoid the trial and error;
• Harness the principle of team-leverage rather than being restricted to just your own efforts;
• Steer clear of high cash outlay (it’s not more cash that’s required, its access to greater leverage!);
• Don’t take on structural overhead;
• Understand that cash is king! Adopt a business model that can turn a profit FAST;
• Utilise a system of gearing to aggressively scale-up to the big money;
• Adopt a business model that creates a residual flow of income not one-shot profit or commission;
• Create income security through multiple product offerings and multiple streams of income;
• Gain access to a range of professional support structures to help you get and stay on track.

My experience…

Today, the feeling of NOT BEING COMPLETELY WEIGHED DOWN by all those traditional risks, costs and hassles IS COMPLETELY LIBERATING. But I found the real payoff is not just in the absence of the downside, but in the presence of the upside.
The EXCITEMENT of harnessing all of our key criteria and the OVERWHELMING SENSE OF SECURITY it brings completely changed my outlook on the world of commerce. I still find it a little bit strange… that a journey that started with a chance encounter with a jaded banker ultimately set the stage for a compelling model of success that’s not been seen before.Welcome to Acumen Strategic Partners.

Phil Colclough

Founder