When budgets are strained, many small-business owners respond by cutting their spending as much as possible. This often involves reducing spending on training services and professional advancement. However, cutting ties with your small-business coach could create even more problems for your business. When times are tough, you need all the expert help you can get to turn your business’s financial situation around. Read on to find out how a small-business coach can help you out of a tough spot and make your business profitable again.
What a Small-business Coach Does
A small-business coach can help your business to thrive in both the short and long term. By balancing your focus between short- and long-term goals, business coaches can help you take a holistic approach to business development.
As a small-business owner, you probably work very hard to keep your business running smoothly on a day-to-day basis. But are you working efficiently? Many small-business owners work themselves to exhaustion without realizing that a few changes to the way their business runs could free up time in their schedules, as well as making their businesses more scalable and easier to manage.
A small-business coach can look at your business processes from an outside perspective and therefore spot aspects that could be more efficient. This could involve documenting the core processes that your business relies on and finding ways to make them part of an efficient system that everyone in your organization can follow. Systemizing your business in this way can help boost productivity by reducing the amount of time that you and your employees are wasting every day.
As well as improving the day-to-day running of your business, a small-business coach can also help you plan future initiatives that could increase your revenue. As a creative entrepreneur, you can come up with ideas on your own, but it can be difficult to work out which ones are worth pursuing and develop them into a realistic plan. By drawing on experience of working with a wide range of startups, a small-business coach can guide your planning process, helping you to focus on the ideas that are most likely to bring in revenue for your business.
Measuring Profitability in Your Business
The first step to increasing the profit that your business makes is to understand its current profitability. Under the guidance of a small-business coach, you will learn how to accurately measure profitability in your business, taking into account both long- and short-term costs, investments and revenue that is due to come in from sales that are currently in the pipeline.
Once you have an accurate picture of profitability in your business, a small-business coach can help you make an actionable plan to increase it. The first step in this process is to come up with strategies that could increase revenue and cut costs. Next, you and your business coach will work together to identify the strategies that are the most realistic and develop a plan for putting them into action.
By guiding you through the difficult process of working out which strategies to pursue to improve profitability in your business, a small-business coach can have a direct effect on your bottom line. When you are embroiled in the daily running of your business, it can be difficult to take a step back, take a considered look at the big picture, and work out where you should go from here. A small-business coach can offer the outside perspective you need to work out what is the best direction for your business to go in and what steps you need to take to set it on that path.
When you consider the effects of a small-business coach on both your daily experience of running a business and the long-term potential of your company, it’s clear to see that you can’t afford to cut back on this valuable resource. If you find yourself experiencing tough times and you don’t already have a small-business coach, it could be time to consider finding one to help you out.
Do you want to learn more about small-business coaching? If you’re ready to find out about the potential benefits of coaching for your company, contact Chris from Traction Inc. today for a free 90-minute consultation. During this time, you will have the chance to get to know Chris, discuss the problems you are having with growing your business, and find out how he can help you turn things around and become more profitable than ever.
If you’re still not convinced of the benefits of small-business coaching, that’s no problem. You can review the evidence for yourself by taking a look at our case studies. These provide concrete, real-world examples of how our small-business coaching services have helped other small-businesses to grow and thrive. If you are not sure how a small-business coach would benefit your organization, these case studies may give you a clearer picture of the benefits that this kind of service can provide. Use this information to work out whether a small-business coach is right for you and your company.
The Entrepreneurial Operating System (EOS) was created by Gino Wickman (Author of Traction-get a grip on your business) and is a registered trademark of EOS Worldwide. Chris Hallberg of Traction Inc. is a Certified EOS Implementer(tm) that helps business owners and their leadership teams get more of what they want from their business.