This Is Why A Small Business Owner Needs A Coach.
Small business owners are constantly used to wearing many hats: carrying the burden of developing and delivering their products or services, handling marketing, sales, HR, operations, finances and the list goes on. Day bye day they’re being pulled in many different directions, especially in the current global pandemic economy.
But do they truly recognize how they’re spending time and whether those tasks and activities align with their strengths and preferences to help grow their businesses? Chances are, ironically, they haven’t had adequate time to consider this because they’ve been so busy. And the odds are…. they haven’t been as productive as they’d like.
There comes a time in every business owner’s life when trying to do it all becomes too much. They wave the white flag, surrender, and reluctantly declare “I need help!” What they need is a “coach” — a strategic partner who can complement their skill set and make their business thrive.
As an entrepreneur, I know I have been at that point. What helped me was first to identify what I enjoyed most and did best, as well as what I dreaded doing and the things I felt less confident about. For example, my strengths are sales, finance and operations. I’m also a management consultant, LEAN Six Sigma Certified in establishing production efficiencies, objectives and measuring key results that lead to profitability”. I enjoy capturing and analyzing data to help my clients increase their operation’s profitability, efficiency, and the longevity of their business. With that clarity, I’m free to stay in my lanes of expertise and provide coaching for those things that fall outside my client’s strengths and core competencies.
Coaching activities need to be specifically aligned for each business with a focus on the ownership’s basic needs.
Most business owners recognize their core skill set but when it comes to business “knowledge”, there’s a lot of ground to cover. It’s important to pinpoint that much like a business owner identifying and knowing their strengths, a coach should do the same. N2itive Consulting has established strategic alliances with practicing professionals that cover each facet and extraordinary need of the client’s business.
In my business coaching practice, I utilize an approach identifying the three most critical elements of any business.
➢ PEOPLE
➢ PROCESS
➢ PRODUCT
PEOPLE -
It’s not just critical to have the right people—you have to have them in the right roles as well. Create a positive atmosphere where the employees can play to their strengths. It’s the client’s job as a manager to give people the chance to succeed and get them out if they can’t deliver.
PROCESS -
At the end of the day, big companies share the same issues as small companies. Focusing on a streamlined, effective process will improve outcomes for any business.
PRODUCT -
Many times, small-business owners assume that consumers will view their product the same way they do, but that isn’t always the case. Consider what's being sold and key marketing characteristics like pricing, packaging, sizing, and targeting.
Throughout engagements with clients, I ask them, “What hurts them most in business? What happens in their business that really causes them to experience pain?” There are a broad range of responses, as you can imagine.
If they lack profitability, I know I can help them; that’s my specialty. Their needs align well with my offering.
On many occasions once the trends of business indicate profitable growth, many of the personal and mental challenges previously exhibited are overcome with positivity.
It’s easy for clients to get stuck in small-minded thinking, believing that their business is too small for a certain partner. Instead, they should engage an experienced coach who understands small business and can provide proven methods and best practices that yield profitability.
Here’s some ADVICE I provide for small business owners.
Regardless of the size of the company, every business owner needs to know:
➢ How to read and understand their Profit Loss statement.
➢ How to read and understand their Balance sheet.
➢ Your trending annual sales revenue,
➢ Your trending gross profit margins.
➢ Your “break-even” and expenses as a percentage of your gross profit.