Why do I need a Business Coach or Advisor?
We find that a lot of Business Owners face the same issues when trying to grow their business. The Businesses (and even Industries) may be very different, but the issues are still predominately the same. In fact, the different Businesses we work in help us to broaden our perspective of these issues and develop better and better strategies to overcome them.
So when you work with a Business Advisor, you get someone who is very familar with the issues you are going through. But more importantly, has a toolkit of tested and proven strategies to help you overcome them.
So what are these Issues?
Business Owner or Self Employed
Your Time - You need to start planning how to remove yourself from being so heavily immersed in the business, that you are the business. Are you a business owner, or simply self employed? How does your hourly rate compare to that of your team members?
Planning and Setting Goals - Are you investing your time to give you and the business the greatest possible return? Are you focused on the big picture and opportunities available to you? Do you have Business Plans? Do you have SMART goals? Are they Specific, Measurable, Action based, Realistic and Time bound? Do you have a contingency plan if you have any more staff resign, or if you are sick or injured? Have you objectively evaluated new business opportunities and are you confident you will actually capitalise on these opportunities?
Financial Issues
What is your current ROCE (return on capital employed)? Investing your time and money into your business what kind of return should you expect? If you are not getting the returns you deserve why not simply invest it in the stock market, financial institutions or property and not have the worry of owning your own business.
Can you easily measure the current performance of the business, or does your accountant provide you with key financial information (which is usually six months old). Are you measuring your debtors, turnover, margins and labour on a weekly basis?
Team Issues
You need to build a more stable team that will handle the planned growth for the business. Think of what it could be like if you had a team which was motivated, committed, trained and rewarded for their efforts. Is measurement made by gut feel or specific quantitative and qualitative performance standards? Do they receive enough incentive for excellent performance? Is under performance addressed quickly and corrected? Is the work load spread evenly amongst the team? Is your system of managing your team as effective as it should be? Is there a formal recruitment process, induction procedures, employment contracts, performance management system, on going training and development opportunities, staff meetings and dismissal procedures?
Growth Issues
Marketing and Sales Issues – Do you have a clear idea of how to grow your business? Are there opportunities out there waiting to be tapped in to? Are your current marketing activities cost effective? Where do your customers come from? What is your conversion rate like? Are your Marketing Plans consistent with your overall Business Plans?
Operations & Production Issues – What is the reputation of the business in the market place? If you do grow the business, how effective will operations keep up with the extra demand? How much will you be drawn back in to the business? Do you ever over promise and under deliver to your customers? Do you keep them informed throughout the entire process? Do you follow up after the sale to see if they are happy? Do you know how they talk about you to their friends? Are they one off customers or raving fans? How well do you know your customers? How much are your customers worth to you? How much are they worth to your team? Will you consistently maintain the high standards your customers expect if you grow your business?
Sound Familar?
If they do, you would definitely benefit from working with a Business Coach or Advisor. If you are in Brisbane, why not contact us to arrange a no-obligation meeting to discuss how we can help you and your business?