“Is Business Coaching Worth It? (Discover Now!)”
Small Business Online Coach
“The key is not to win. Everybody has that. It is the will to prepare to win that is important.” said Bobby Knight, an Olympic coach.
In professional sports, you may already know that behind every great athlete there is a coach. He or she is the one who helps speed up their performance. Athletes seek out coaches. It gives them the ‘X’ factor.
Then you look at the business landscape. And you find that most business owners ask themselves: Is a business coach worth it? How strange is that to you? Both fields need top performance to compete. Both professionals need help. Yet, only one finds it to be obvious.
Here’s the scoop. Sooner or later, you will realize that business coaching is to entrepreneurs what sports coaching is to athletes.
1) What is business coaching and mentoring?
Business coaching is a step-by-step method. It takes your business from point A to point B. And a business coach guides you there. As a business owner, you learn how to grow your business. You get a clear vision.
That also means that this fulfills your personal goals. You get all this working with a coach. In contrast, business mentoring is narrower in scope. Here, the mentor passes on his personal experience. That in turn helps you run your business effectively.
Business mentors show how they have been there, done that. They transfer practical skills. You gain from their experience. Now, let’s look at what business coaches do before we see the benefits of having a business coach.
2) What do business coaches do?
You could compare a business coach with a personal trainer. A personal trainer aids you to get in physical shape. How does he do that? Well, he educates you on best practices in fitness. Then he sets you up with your own rule. That helps you reach your fitness goals.
A business coach does the same for you. In contrast, you play the role of business entrepreneurs and leaders. Most people look at business coach vs. business consultant. What’s the difference? A business coach helps you achieve your full potential. But a business consultant solves your specific problem. That’s the major difference. You get to choose which one who you’d like to work with.
With your successful business coach you also get boatloads of experience. You get valuable insight, which will aid you towards your short-term and long-term goals. You get various strategies working with your coach. This allows you to ferret out possibilities for your business. You grow your business with new knowledge working with someone who holds you accountable, week-to-week.
There is nothing like expanding your potential. Small business coaching in Houston helps you transform your business so you grow tenfold. That saves your precious years from unwanted struggle.
You now learn to focus on prosperity and growth. How do you do it? You organize yourself, hold yourself accountable and develop the right methods to grow.
As a business coach starts work, the first task for you is to evaluate your business. To give you the best and great coaching, business coaching in Houston focuses on the reason you got into your business. It is to find out what drives you and why you preferred to do it when there were other choices. The better a business coach understands your dreams and hopes that led you to go into business, the easier it will be to make it a reality.
So how do you work with a business coach? You meet regularly. Between the meetings you get tools and templates to craft your own business growth. You get best practices. You race to achieve your full potential, while the coach keeps you on the hook to perform.
Much like personal trainers, a small business coach in Houston nudges his or her clients consistently. You become a bigger version of yourself to achieve more from your potential. That’s why it makes sense to hire a business coach. Do you see now?
3) The Benefits of Having a Coach
When you discover the benefits, you can answer the question: Is a business coach worth it? Let’s dig in and see what you get working with a business coach.
A) Better Productivity
A business coach can help you make your business productive. You will get step-by-step procedures that have proved to work for other businesses just like yours. Reaching KPI or installing lean methods are just 2 such examples. Besides, employees have to communicate in harmony and have efficient meetings. A business coach helps you build a better business model so you ramp up your business efficiency. You get to work on an overall plan that builds the right culture in your business. These are your game changers.
B) A Deeper Understanding of Your Business
You get an objective view of your business when you work with your coach. That’s because he or she is looking at it from the outside. You are inside the cloud. Now picture the business coach to be in the blue sky. See if that analogy helps. That’s how it should feel.
Developing your brand is one example of deeper work with your coach. Importantly, you learn to craft a business model seen from the eyes of your best customer. That becomes your big advantage.
C) Learning from Small Businesses Success and Failure
You get to see what worked for other businesses just like yours. It does not always have to be about successes. You could learn to avoid failures too. So working with a business coach can give you a unique experience you wouldn’t get otherwise. You will discover how people who succeeded took action. This will make way for your own success.
D) Freedom from Your Comfort Zone
It is easy to get comfortable once you’ve tasted business success. However, that could make you complacent. And that’s not what you want because your competitors will always try to inch their way into your market. A business coach helps you develop your niche. That will help you keep your distance from competitors. Once you're free from your comfort zone, you will reach something you never thought possible. And that’s another advantage of a business coach.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston
“Want to Propel Your Business Plan? (Now You Can!)”
Small Business Online Coach
“If you have a few minutes, I’d like to tell you how to make your business plan sizzle for every investor, every bank and every partner. It will apply even if you’re looking for an sba loan”
Six reasons affect every item you want to have in your plan. It does not change if you offer goods or services. They are: market, uniqueness, demand, price, value and growth.
As you may already know, it always helps to work with a small business online coach. You could get a jumpstart on your small business. This is your chance to collaborate with someone and grow simultaneously.
Are you ready to look at the 6 reasons now? Let’s check.
1) Market Positioning
Think of where your services fit in the market. Are they high-end? Are they competitive? Or, are they low price? This is one way to slice market positioning.
Look at how you compare to your competitors. Do you focus on cost, quality, innovation or service? Then look at the playing field. If you are into product positioning, you may already know that you will disrupt the market sooner or later if you focus on innovation.
2) Unique Selling Proposition
You may know that your competitors could offer services just like yours. If some of them didn’t succeed, find out how you will do it differently. Find the edge in your services.
Your unique selling point is all about the difference. It finds your market niche. It’s more than just a better service. It shows how your services fit some customers.
Have you made that clear in your message to your ideal customer? There are many unique selling proposition examples that mark what small businesses offer. Check them out.
3) Expected Demand
This part is the most difficult, if you ask me. You have to study your leads and then estimate who is likely to buy from you. Then you have to estimate how often they will buy from you.
If you’re selling goods, it could be easier than selling services. Customers want to see the value when they get ready to buy from you. I don’t blame them. I do the same when I want to buy. Don’t you?
What do they feel about market certainty? Such questions affect buying patterns. Finance and cash flow is always important. It is all about small business administration.
These reasons also affect your 6-month or yearly estimates to have a fit small business.
4) Pricing Strategy
Every small business has pricing strategies. Sometimes it is price skimming, where you set a high start price and then lower it over time. Other times small businesses use penetration pricing, where you offer a low entry price for a new service to steal customers from competitors. If you use cost based pricing or value pricing, show the reasons you chose that strategy. Investors and bankers look for them.
5) Value to Customer
If you are in services, offering value in exchange for fees tops the list. If you offer goods, customers want to pay what the market will bear.
Services or goods fall into 3 broad groups--need, luxury or somewhere between the two.
Research the market. Evaluate the demand for your services or goods. Then check the extent of value you offer to your customers. Make certain the value is 5X what you charge for it. Some may want it to be 10X. It’s your call. It depends on the distance you want to keep from your competitors. Importantly, set up your message so it (clearly) shows off the value.
Once you have long-term customers, calculate your customer lifetime value (CLV). That will show you your growth potential. We will look at this next.
6) Growth Potential
Some services produce offshoots. Check the growth you see in the services you offer your best customers.
Look at where the percentage of highest growth lies. Invest in those services that have the highest potential to grow revenues. That’ll give you the focus you need.
If you need help writing a business plan, work with a small business advisor. Or, find a small business online coach. That's even better. You'll recover what you paid quicker than you think.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston