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Do You Need A Business Coach

There are a few primary areas in which the small to medium sized business owner truly needs coaching.

Planning

A Business Plan is an essential document that lays out the direction of your thoughts and efforts. The manifestation of your concepts in a real and tangible form will help allay concerns from family, friends, investors, bankers.

Reading the Business Plan should tell people that you have given this idea extensive, in-depth thought, conducted market research to investigate perceived or real competition and identified a real market demand for your product or service. On the other hand, your well thought out plan may demonstrate the need for a novel product.

Your business plan will present a viable marketing strategy complete with attainable financial projections covering investments, start-up capital and cash flow forecasts. Investors in particular will want to see the financial forecasts to ensure they will be repaid on schedule. You will want to see the potential to realize a true income from your efforts.

Marketing

The more comprehensive your Marketing Plan the better. You will need to share details that specifically identify opportunities and how you expect to develop your business and client base. Stating that you will create a web-site, distribute a few brochures,call your friends and distribute a few free samples is not an overly comprehensive Marketing Plan.

This is when you will need to demonstrate an understanding of the difference between strategy and tactics. Strategy is the over-reaching concept of what you intend to do and how you plan to get there. Tactics are the feet on the ground tools and practices of engaging the strategy. The more specific you are the better.

Strategy is the overall plan, the desire or need to conquer an objective.

Advertising in the local newspaper is a tactic. Writing blogs is a tactic. Tactics help you attain a specific target.

You will need to identify your Niche Market with your Perfect Clients, how you intend to reach your Perfect Clients and what is your USP, Unique Selling Proposition.

Identifying the Niche Market and Perfect Client are fundamental to your business plan. Building the best $200K electric sports car certainly narrows your market. Potential clients will be few and far between, but they do exist. Hopefully, you understand this before your investors do.

Your USP is a compelling message that will undoubtedly inspire the Perfect Client in your Niche Market to engage you in a conversation that will ideally lead to a business transaction that includes the transfer of cash.

The daily fundamentals of running the business are an area that will need to be addressed. Hiring and mentoring staff, routine dealings with the bank, capital and operating budgets are a few of the issues that the creative spirit may need some guidance with.

Growth

Ideally, your business does so well that discussions of growth become an issue sooner than later. You will need the key people in place at the right time with training and experience relevant to your immediate and impending needs.

A coach who has experienced rampant growth and slow growth scenarios will be a blessing, they will be akin to a calm hand on the rudder.

Adversity

Every business goes through periods of adversity. Having a reliable, conscientious sounding board can help you weather the storm with both feet firmly on the ground.

An experienced coach will help you see the light at the end of the tunnel and enable a continued focus on your objectives or facilitate a carefully revised approach.

Succession

Ultimately, you hope to retire from your business in an efficient and effective manner with as little ado as possible.

Letting go of the business you developed can be tougher than you think. Having a plan, and a confidant to help guide you through the plan, will help make the transition proceed as smoothly as possible.

The Business Coach will not necessarily drive the bus. Often their only role is to listen, observe and challenge your assumptions. That challenge may be all you need to help you think things through with a little more sober thought, possibly contemplate an oversight.

Your business coach will ensure the continuous application of sound business fundamentals in all scenarios. They work with you for your success.

Andrew Hoffman has enjoyed a successful career building and developing the potential of companies with domestic and global business in manufacturing, service, distribution, CPG and food and beverage. In line with this Andrew has mentored many senior executives and budding professionals.

Andrew Hoffman

Building Your Million Dollar Business

Every small business owner will tell you they want to have a million dollar business; unfortunately less than 1% realize their dream. Over 90% of small business owners will be out of business within 5 years.

These are staggering stats, so what is it that makes so many people think they drink the magic Kool-Aid. Do they have a strategy heretofore unknown to their business colleagues? Do they possess a magical tactical plan?

There are 5 key strategies for building your million dollar business. If you want to dominate your competition you will need to embrace these strategies in all that you do.

LEADS

Are you driving enough Leads to your door step. You need to engage your market, expand your market, create value with innovation, satisfy a need and be consistent with your message.

CONVERSIONS

Are you Converting your Leads to actual sales? Your business card, elevator pitch, blog, newsletter, advertising, web site must present a consistent message. You need to understand what your customer is thinking, what they value and why they value that.

TRANSACTIONS

Upsell, cross sell and even down sell if necessary. Build your Transactions by creating value through innovation.

PRICING

When was your last Price increase; hopefully not five years ago. It is important to understand the market Price for your product / service. Innovation creates value.

PROFIT

Re-invest some of your hard earned Profit back into the business to drive the Leads that will in turn continue to grow Profit.

An outdoor home improvement service has driven enough Leads over the last three years to quote, on average, $2M / yr. Actual revenue is $400K / yr. A 20% Conversion rate.

Improving the Conversion rate to 30% will increase revenue to $600K. A 50% Conversion rate increases revenue to $1M. Imagine the Profit.

Strategic Transaction thinking can Convert 50 of these existing Leads to landscaping clients with weekly contracts priced at $100/week for 30 weeks for an additional $150K / annum.

There is also the gym owner who never cross sells Transactions by promoting existing in-house services such as a physiotherapist, chiropractor or one on one coaching. With over 300 active gym members, many of whom compete at an elite level, the potential is enormous.

Many of these athletes would benefit from a regular maintenance program. The gym could embrace a strategic Transaction program that up sells 250 members with an annual Price increase of only $150/member/annum for additional Profit of $37.5K. That is barely $12/mth/member. This Transaction strategy generates Profit by better engaging underused capacity.

5 Steps To Your Success. Build Your Million Dollar Business

P.S. Remember that at any time you feel ready and qualified to move forward and acquire the professional help that will enable you to build the business of your dreams, call Andrew at +1.647.991.2282. We help small business owners, just like you, get the answers and help they need to build the business they have always wanted.

We help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that will Build Your Million Dollar Business.

Andrew Hoffman