5 Reasons to work with a realistic business coach......
Have you ever noticed how easy it is for business consultants and the like to throw around important sounding terms like "value added, taking ownership and synergies"? And they do it with a smile (probably because they don't figure anyone knows what they really mean). At CMOR Solutions, we only use big, mysterious words if they don't obfuscate the point. Today, we will give you specific examples of how a good business coach will boost your ROI and your REM (sleep).
Precise Budgeting and Pricing - Let's say you are developing a new product. What's the first thing you need to move forward? If you answered price, try again - you need to know the cost. Manufacturing is a tricky business, especially overseas where you have to deal with wholesalers, suppliers and sub-suppliers, trading companies, agents and supply chains (even before you select a factory). A good business coach will drill down with you to obtain your start-up and production costs. Then, you can apply different margins to see what price appears most appealing.
More Sales - Everyone wants more sales, but who among us has unlimited funds to throw at the issue? Coaches know markets and they know your competition. They will be able to tell you if you are targeting an area ripe for sales or if you're stepping into a price war snake pit. How about this - Instagram, Facebook, LinkedIn or Twitter - where should your ad spend go, and where should you establish your online presence? If you're selling auto detailing services, you probably don't want your ads appearing next to plushy pink unicorns. Your coach will be sure this doesn't happen.
Ambitious (but Achievable) Goals - In an earlier post I made fun of squishy goals like becoming a world-class provider of IT services. IT beauty is in the eye of the beholder, so you may actually have thought you achieved IT stardom even as you were filing Chapter 11. Your coach will listen to your champagne wishes and caviar dreams, but run them through the reality filter to obtain goals with power and purpose. Boost sales and active customers by 50% by year-end - that's a good one (and he/she will tell you how to do it).
Fixing what doesn't work - Has a staff member ever handed you a document that spent hours in review after review, and you immediately spot a typo on page 2? Congratulations - this is often exactly what a business coach does. Without the institutional memory (and inertia) shared by everyone in your office, a third party can zoom in on what's wrong and fix it in record time. Is your printer mysteriously making hundreds of copies on Sunday nights? Apply controls. Are you taking two days to run payroll? Outsource it. Is sales burying you in expense reimbursement requests? Use an app. You will see the difference.
Efficient networking - Your coach won't network for you, but will be able to do the following: • Target appropriate groups to join - Affinity groups can be a major boost to your business IQ and virtual rolodex, but joining the right ones is critical. • Identify community event opportunities - Which events get the best news coverage? Which are most likely to attract local VIPs and other mucketymucks? Which provide the best sponsorship bang for the buck?
These are just five specific ways business coaches can boost your profitability, and there are dozens more. So, if your are ROI (and REM) deficient, it's time for us to have a talk!