Three Reasons to hire a business coach – Coaching from the Carpool
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Well, howdy everyone. Welcome. I’m Leslie Hassler. I own Your Business Rules, business coaching and host for our time today. The title is three reasons you’re going to need to hire a business coach.
Part of what makes Your Biz Rules Business Coaching really different is that we’re paying attention to not just the bottom line, but also your take home.
We’re paying attention and it’s helping you learn to pay attention to the financials so that, you can become a good money manager in your business because that’s the name of the game.
If most businesses fail from lack of cash, lack of funding, a lack of capital,
how you manage your money is really key.
If we look at some of the reasons that my clients hire me, I will say that, no one’s a great money manager. No one really tracks the money in the way that I teach you how to track your money. And, that’s OK, because it’s just not common knowledge. It’s very street knowledge for me. I like to say I came from the Harvard School of hard knocks. I have an MBA that’s so much of what I bring to you in my business.
Coaching is very practical, tactical and street knowledge. About running a business well when your cash is not so much, it’s putting all ducks in a row. But when you’ve got cash issues, you will always be in this reactive state of decision making. You will always be chasing fires. You will always be putting out emergencies. Just when you think you’re going to get ahead, comes another expense that can kind of wipe out the money you thought you had coming in the door. In that reactive decision making actually puts you in a really poor position to grow your small business because you never get time to be proactive to have that plan, to do the envisioning, to do the prioritization.
So that’s one reason why the first thing we always work on is cash and getting cash stable. When cash is stable, we can shift. You can turn into the true entrepreneur that you are. I’m a problem solver. You can look for opportunities to grow. You can see paths that you never even imagined and you can take advantage of opportunities. So if you’re in that reactive state, you always feel caught between a rock and a hard spot. Chances are you could probably use a business coach because there are certain things that you can’t see.
There some things about my own business I can’t see. That’s why I have mentors.
That’s why I pay people to help me because I know that I’m not the best one to always look at my own business because I’m too close to it.
The second reason that you probably need to be hiring a business coach is if you’re finding small business growth challenging.
So typically, everyone experiences that initial rush. Even, if you haven’t planned. Again, there’s that plan word. I know it’s kind of crazy for what that dip is going to do.
You don’t know, what you don’t know; what to do and how to do it; to bring yourself back up.
So that’s the first time growth gets hard. The second time growth gets hard is when you’ve been successful. Maybe you’re at a million, maybe you’re at half a million, maybe you know it almost doesn’t matter what the number is. It’s just that growth in your small business becomes challenging.
What you find is that what worked in the past doesn’t work anymore. What got you here, won’t get you there, to your top number. You might be floating, I call it the wave factor. Waves make you feel like you’re moving in them. All you’re really doing is, is oscillating around a point and that’s what your revenue looks like. If you were to average out three, five years, they probably all come right around this point.
But your bottom line, your profit is dwindling. Good time to bring in a coach because here’s the thing in service-based businesses — you might not understand, but you can only cut so many costs. So if you’re not paying attention to the numbers of the business and you’re seeing that profit dwindle, you probably don’t know why.
There’s other things that you need to be doing in your business to actually impact not just your expenses and what your ratio is, gross profit number, and that net profit number. There are all these little factors that actually contribute to that situation. I love working with businesses that have been in business for 3-5 years and that’s because you have momentum. And, you have past clients and you have learnings and you have metrics. Part of the most difficult thing that we’re doing with this business is having no metrics. There’s not really any benchmarks to be able to measure against and every month is different. So, we’re really trying to get a grasp of what the potential is and what our expectations should be. But, when you’ve been around for a while, you’ve got that right.
I usually ask for the last three years of financials for business and I’ll just go through and run it through a couple of tools that I have that just really distill a business in such a way that I can see what’s really been happening in your business in a way you can’t. So that’s kind of the second situation where you probably need to be talking to a business coach.
The third situation is really if what you want is exponential business growth.
10 percent growth is good, but it’s easy, right? You could do 10 percent hands down. Let me just give you this, but if you don’t believe me, I believe this philosophy came forth from Jim Rohn, and I know Brian Tracy as well, talks about it too. When I first heard this, this is what I’m about to tell you. When I first heard of it, I really tried to disprove it.
I’m a bit of a rebel. So, I like to disprove or prove, and this is just crazy. This isn’t how easy this is. You don’t even need me. You want more than 10 percent, 10 percent is good. You track, track your leads, track your sales, track your time, track your marketing dollars, track, track, track, track, track.
Be an expert in your business’s numbers because being conscious in a business and being able to track those numbers, you actually will grow 10 percent.
It’s just what the mind does. It was so interesting. We had just prove this concept. Multi, multi, multi, multimillion dollar businesses right there playing a long game, but they’re managing daily numbers. They’re managing numbers on a daily basis to win the long game. Most service-based entrepreneurs don’t do that, not at all.
And that’s one of those skill sets we try to get my clients into doing into their own business. And if you’re not driving volume, you probably don’t need it every day. But you need it maybe every week, minimally every month. So if you’re looking for exponential growth, you can do it the hard way which is going in and getting more clients—to tell you that’s the hardest thing to do out there. Or, you can do it the easy way and that’s about breaking apart growth as about putting things like the compound of factor impact them. Those are just three reasons why you might need a business coach.
What are your thoughts on that? If you know somebody that’s in one of those three situations that we’ve talked about today, please feel free to share this video with them, tag them, let them know that it’s out there. See, maybe if you can get their brain rolling gift the gears shifting because growth really is, simple, it’s just not always easy and that’s when you really need to have somebody in your back pocket. Somebody in your corner that’s willing to help you make it a lot simpler. So that’s it for today guys. I hope you’re having a beautiful day. This is Leslie Hassler. You’ve been watching from the Coaching From The Carpool.