13 reasons your business is suffering (if you don’t already have a coach)
Whether you’ve ‘bitten the bullet’ and quit, been made redundant, inherited or otherwise. You’ve made the shift from employee to the business owner. Congratulations, you’ve just joined the ranks of individuals who will become successful entrepreneurs — or failed ones.
Naturally, once you’ve established your start-up company, the question becomes:
“How can you maintain an amazing organization as a new entrepreneur?”
Being an experienced professional in one’s field is one thing; being a professional and successful business owner is another.
We’ve spent over 7 years surveying over 117K Businesses to identify the most common risks (and how to avoid them) along with the hidden opportunities so many miss sight of.
Business owners often believe they know everything and no longer need anyone to look after them. At the same time, as their businesses get larger and more prosperous, successful entrepreneurs seek new guidance and more accountability. That’s fantastic if your start-up is performing well. Be mindful, however, that new accomplishments will bring new challenges.
In any event, a decline always sets in beyond a certain point. It is impossible to reach the top without help from others. The situation occurs all the time. Simply think of it as a phase in a start-up’s life.
Entrepreneurs face a range of issues that require a variety of answers. If you lack a clear goal and plan, you will be distracted and challenged at every turn. The most important thing you can do for yourself as an entrepreneur is to connect with others, either through a peer-to-peer support group, or better still a coaching/mentoring program. A coach/mentor can help you expand quickly and support you to oversee your business’s growth.
Why do you need a coach?
The best athletes in the world, the top performers, actors, musicians, and political leaders all hire coaches to help them succeed, so why wouldn’t you? Adter all, it’s the only way to discover what you’re capable of is to be pushed out of your comfort zone.
Here’s why you should consider hiring a business coach to do just that.
As the business owner, who holds YOU accountable? Who determines the speed and direction of travel, and ensures ALL the decisions, time, energy and investment made, is directly impacting the goals and aspirations you desire?
We can ALL suffer from SOS (Shiny Object Syndrome) and so without an accountability partner, you are already being drawn off course, and away from achieving ALL you are capable of!
A business coach will enable you to see your potential so you can leverage your talents and abilities, but they will also hold you accountable. We all do better when we must answer to someone for our actions. If you start to get side-tracked, a good coach will make sure you follow through on what you said you would do. They will motivate you while also keeping you accountable and tracking your progress.
I often refer to this as Shiny Object Syndrome (SOS) Those great ideas or opportunities that we all face, often take us just one degree off course, but prevent us from ever achieving what we first set out to achieve!
Through our commitments section within the #ADDAZERO Methodology, we agree on what you will and won’t be doing and held to account for the agreed actions you and I shall be taking to activate and accelerate the growth of both you and your business.
2. Attainable/Stretch Goals
Whether you are ready to admit it or not, the majority of business owners ‘play it safe’. You might ‘think’ you’ve set some pretty ambitious goals? But, the fact that only 1% of Start-up businesses ever SMASH their original goals, shows that the mass majority fail to achieve their (or the businesses) FULL potential.
Your coach will help you visualize and reach your goals, working with you step by step to define what you want and how to achieve it. I don’t subscribe to SMART objectives (and neither should you as an entrepreneur), instead, we agree on a set of BFHAG DUMB goals, and set about to achieve those instead. Whether it’s evaluating your schedule, prioritizing your tasks or helping you to manage your time more efficiently, we will work together to make sure you get more of your goals accomplished in both business and life.
The Vision/Values and Goal setting element of the #ADDAZERO Methodology identifies exactly what you want to achieve in life, so that you can both live and leave a legacy, then ensures both you and your business are aligned with being able to achieve this, quickly and efficiently.
How much time do you spend PLANNING in your business? How much time do you spend IMPLEMENTING? and how much time do you WASTE? As a business owner, it’s easy to get overwhelmed by your day-to-day tasks. It’s so typical of owners to fall into the trap of BUSYness, at the expense of growing an effective Business!
As a business owner, it’s easy to get overwhelmed by your day-to-day tasks. With a business coach, you’ll get the structure and organization necessary to run your business like a well-oiled machine. We help you implement and maintain systems and structures for success. We shall provide you with effective time-management plans, as well as tips and strategies to enhance your performance based on your work style and personality.
By determining what you want to achieve, and the parameters you wish to work within, we can review the model, structure and strategies employed to ensure you and the business are working as efficiently as possible, in pursuit of your goals.
4. Business plan
Our research, (into more than 177K businesses and what causes them to fail) showed the NUMBER ONE reason a business fails, is the lack of an up-to-date, shared and followed business plan!
No matter where you’re at in your business, a skilled coach will guide you on how to craft the perfect business plan and help you implement and maintain systems for success. From clear and specific objectives to strategic action steps, you’ll learn the essential elements of a successful business plan.
Trust me, a Business plan is not just for funding. It’s the roadmap on which successful entrepreneurs use to map their journey to success. It becomes a living document to which all major decisions are made, and enables us to map the journey to which we shall take to #ADDAZERO.
5. Marketing ideas
If you always do, what you’ve always done? Then you’ll always have (at best) what you have already!
So many people get marketing WRONG. They either do the same as everyone else and hope for a different result or do the right things in the wrong order and then wonder why it has little to no effect?
Whether you don’t have the time to develop a marketing plan or you’re not sure how to produce a valuable one, a business coach will help create a personalized, easy-to-implement marketing strategy. You’ll learn how to attract new leads, and convert more into a profitable business while adding value to your current client relationships.
Having a better understanding of your ideal target client audience, and how to attract them is key to maximising efficiencies across the business. And our 17-step Marketing Management has been specifically devised with this in mind.
6. Unbiased insight
It was Donald Rumsfeld that is recorded as having said
“We don’t know, WHAT we don’t know“
and how right he was.
As the business owner, you are intrinsically linked to the business. It’s yours, you know it inside out, and you are passionate and committed to its success.
Yet when did you stop to learn as much as you know about what it is you do, about Marketing, Sales, Finance, Infrastructure, Systems, Processes, Automation, People, Recruitment, Retention, Remuneration, Pricing, Packaging and everything else that running a successful growing business demands?
With a business coach, you get unbiased, constructive feedback. Your co-workers, friends or family members (whether you like it or not) are biased in their opinions. In contrast, when you hire a business coach, they will be able to offer you insights that other people in your circle may not be able to. They can often uncover solutions that those close to you or your business may overlook.
“You don’t know, what you don’t know” and yet it is often that which is the greatest hurdle to making the biggest progress both you and the business are capable of. Your business coach/mentor has the ability to determine how best to overcome/address this and works with you to support you in both personal and professional development.
Whether it’s the fear of failure, the fear of success, the fear of getting it wrong, or simply the fear of the unknown? At some stage in your business’s growth journey, you’re going to stop, because the fear holds you back! When you’re working toward your goals, it can feel like you’re not where you want to be.
A business coach will be there to help you see how far you’ve come and what you’ve achieved. They’ll provide support and encouragement, so you’ll eventually learn to lead with confidence and overcome challenges. They will also remind you to celebrate your wins.
Whether it’s a fear of failure, fear of success, or fear of the unknown, we all face uncertainty, and yet it is often this, that prevents us from making the big decisions that make the biggest difference to both us and the capabilities of the business. We’ll work together to review what causes these limiting beliefs and how to overcome them. (Our 18 ways to become unstoppable, is a great way to review and address this).
8. Fresh perspective
It was Einstein who suggested the definition of Insanity, is doing the same thing, again and again, and again, still hoping for a different outcome! And yet, so many business owners are still doing what they did last year, the year before, and the year before that, still hoping that “This time next year Rodney, we’ll be millionaires”
When you’re too in the weeds of your business, it can be easy to overlook the obvious. The fresh perspective of a business coach can help you identify problems and solutions that you would have never thought of. They will increase your self-awareness and point out your blind spots, so you can perform at your best.
The benefits of a coach that has both a breadth and depth of knowledge come into their own here. Coaching (done well) is one of the most treasured positions, whereby we get to support you in a way no other can. By bringing knowledge, experience and perspective gleaned from years within both our own businesses and that supporting countless others. We can bring consideration that no other will have the ability to do so.
Too many business owners get to a certain level of Turnover, or a certain level of personal income, and then take their foot off the gas!
They somehow think, that to grow a business more, determines MORE hours, MORE effort, MORE risk and have become so comfortable with where they are, that the thought of doing any MORE is the last thing they want to do!
Perhaps your income has remained the same year after year, or maybe you haven’t increased the quantity or quality of your leads. If you’ve hit a plateau, a coach/mentor can take your business to the next level by assisting you in creating a strategic, business-boosting plan. They will help you sort and qualify your database so that you can clearly determine how best to generate the kinds of leads that result in substantial growth.
Our #ADDAZERO methodology has not only been implemented successfully in thousands of other businesses but has also been recognised nationally and internationally with awards for its impact on businesses. It’s also seen no less than EIGHT of our clients as National Entrepreneur of the Year finalists, and countless others winning both regional and industry awards for growth.
But beyond this, it’s enabled them to buy their ‘forever’ dream home, take extensive exotic holidays with their family, and fall back in love with their business because of the reward it now provides for their continued efforts.
Surely, the whole point of growing your own business, is that it provides handsomely for you, your family, and your employees. Whilst providing a great quality of life, and the freedom to do more of what you want, where you want, when and with who you want?
Then why is it, so many business owners admit to “working harder than they ever have done before”
The right business coach will teach you how to balance your professional and personal life. As a business owner, you can often fall into the habit of devoting all your time and energy to work. Your coach/mentor will encourage you to take a break to indulge in an activity you enjoy or spend time with loved ones. When your mind is sharp and your attitude is positive, your business will thrive.
After all, it’s all about you and your achievements, and what the word success means to you. We support you to both set new heights and achieve them. Whilst creating a legacy for others to follow, that as you exit there is a continued succession plan, that others strive to follow, creating a sustainable business, that provides for both you, and your employees long after your last working day.
With the right business coach/mentor. you gain a trusted advisor who will guide you on your path to success. They will put things in perspective and provide you with invaluable ideas and strategies. Whether you’re just starting out or looking to scale your business, investing in a coach is one of the best ROI decisions you can ever make.
How to identify the right coach/mentor
You have now recognized the value of hiring the right coach to help you with your business. Now let’s see how to pick the right one:
1. Employ a coach who has been where you want to go
Whilst there are numerous people who can read from a crib sheet and advise you on the theory of what is possible. You might consider finding someone who has experience in owning, growing and running a successful business, as your mentor or coach. As an entrepreneur, you ought to be mentored by someone with an established track record, of knowing how to apply the theory in practical terms that get real results.
You can bet there are hundreds of so-called business professionals operating “scam” geniuses. With some copywriting magic, anyone can convince you that he or she knows what he or she is talking about. But that doesn’t mean that person actually does or has any real experience of implementing those decisions and working through the impact they have.
How can you determine whether a coach is real? You should first do your research and make sure the person has a track record of success. Do they have any case studies or testimonials on the website, is there the option to speak with/meet existing customers? Can you ‘sample’ their coaching before signing up for an extended programme?
2. Meet other entrepreneurs who are dealing with similar issues
Entrepreneurship can make you feel as if you’re stranded on an island, cut off from the rest of the world and with no one to turn to for support.
For that reason, enrolling in a coaching program alongside others can offer significant advantages; beyond the directly obvious. These programs bring together entrepreneurs from other companies to deal with similar challenges and can help you figure out which mentors or programs are worth your money and time.
3. Make connections with successful business owners
When you join a coaching program or hire a coach/mentor, you also want to network with other entrepreneurs. Not only will these connections potentially help you identify the best direction to take your business to the next level, but your network is an invaluable tool in its own right.
Your network determines your net worth. Whether you like it or not, the people you spend the most time with will impact you the most. By spending time with successful small-business owners, both your learning and earnings are likely to increase.
Today’s top entrepreneurs spend tens (if not hundreds) of thousands of pounds on coaching, even when their businesses are doing well, because coaching/mentoring helps people accelerate both themselves and their businesses, beyond the realistic and possible, to new heights otherwise unreachable alone. It gives you the confidence and competence to do new things, and bot the support network and accountability required to exceed individual capability.
So, now you know both why and how to select the right Business Coach: are you ready to #ADDAZERO?
Jay Allen is the Chief ScaleUp Sherpa within My TrueNORTH, The Ethical Coaching Company, and Founder of the #ADDAZERO Business Challenge.
Having spent more than 7 years researching the cause of Big Business Failure, to really understand the FLAWS within so many businesses, that prevent them from ever achieving all they are capable of. We’ve made it our mission to support 1,000,000 Business Owners to #ADDAZERO to their Personal Disposable Income. Growing their businesses sufficiently to create at least 3 new roles per business, and collectively eradicating unemployment in the UK, by creating more new roles than there are those actively seeking employment.