Why Do Most Small Businesses Fail?

small business

Why Do Most Small Businesses Fail?

What is the Money Date? A weekly time to check in. 3 things we review and update: 
1. Spending
 2. Earning
 3. Savings

At the annual XY Planning Network Conference in St. Louis, one of the keynotes was by Michael Gerber, author of the Book called The E-Myth, why most business don’t work and what to do about it.

I read this book years ago and it opened my eyes as a small business owner.

From the keynote presentation, based on his latest book called Beyond the E-Myth, he outlined 7 things all successful businesses need.

  • Dream – the great outcome my company will create
  • Vision – the form your company must take
  • Purpose – the big result you company will produce
  • The mission – is to bring dream, vision and purpose to life which involves a turnkey operating system to make it work
  • The job or the client fulfillment system, is about developing your “how-to” manuals and software. It involves getting to know your clients better than they do, so you can uncover solutions they can’t find themselves
  • The client acquisition system – about attracting potential clients, with a compelling story, leads generation and conversion.
  • Franchise prototype – adding management and leadership system to run it for you


Anna Sergunina
Anna Sergunina

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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