How to coach your small business into greater profit in 2015

How to coach your small business into greater profit in 2015

Considering a small business coach in 2015? There are a lot of business coaches in Brisbane and you may be considering enlisting one to help you out – does this sounds like you:
• You’re not sure where you should go next
• You’re not sure which areas of your business bring you the best ROI
• Your business is stagnated or at least, not growing the way you’d hoped
• You can’t afford a business coach but you don’t know what to do next
• You feel like a lot of your time is wasted on annoying tasks
• You need more money or you fear you may need to close up shop.

So, what will a business coach actually do for you?

Firstly, there are a lot of business coaches in Brisbane. There are different kinds of business coach and very different pricing structures for mentorship – most however are not priced in a small business friendly way. I sometimes think that any business coach worth their salt would tell you that a thousand dollars a month for their services is money best invested elsewhere! So what do you actually need? Most mentors will act as a cheerleader – boosting your confidence and empowering you to make decisions. That’s powerful. Some will examine your business practices and make suggestions based on their own working knowledge of small business. Some will even put solid KPIs in place to ensure you get return on your coaching investment. These are the bare minimum you should be getting for your hard earned money.

For a small business owner, a thousand or more per month is a big investment – so consider if those services are what you need or if there’s a different solution that would suit you better.

Determine what is holding you back

This can be tricky but it’s more about knowing yourself than your business. Do you lack confidence or are you a bit of a control freak? Don’t worry, we embrace control freakism here! Do you struggle to stay organised and on top of your work load? Do you hate, just hate, worrying about money? Do you struggle to understand what you should be charging? You have big gaps in the knowledge you need to effectively market and grow your business.
Once you understand the areas you need help with, you can decide what you ACTUALLY need for your business, and it might not be a pricy coach!

Financial management vs business coaching

As a money manager, I’m not a huge fan of traditional small business coaching, as I see clients who need desperately to invest in areas like stock, marketing, SEO and staffing who instead invest in a business coach – it can be frustrating. Here’s some differences in approach between business coaching and financial management services.

Service Business Coach Financial Management
Analysis Your business coach will ask you what’s wrong and then check for evidence Your financial manager will do an audit of your accounts and tell you what the issues are.
Approach Your business coach will spend an hour a week talking with you and then set you a series of goals Your Financial Manager will spend several hours a week working on your business for you.
Support Your business coach will check in on you and give you confidence building cheerleading Your Financial Manager will report your progress for the week and highlight any problems
Governance Your business coach will work to motivate you, essentially becoming your “boss” in order to motivate you. Your Financial Manager will not.  Your financial manager will do work and report to you.
Systems Your business coach will examine your systems and give you a task list for correction Your Financial Manager will fix your systems for you
Growth Your business coach will highlight issues impeding growth and show you how to fix them You Financial Manager will highlight issues impeding growth and then give you a list of items to approve before fixing for you.
Opportunity Your business coach will identify opportunities and give you support, cheerleading and an action list for pursuing them. Your Financial Manager will identify opportunities and then put the infrastructure in place to pursue them.
KPIs Your business coach will show you the areas you’ve grown through sales numbers etc

Your Financial Manager will give you a Profit and Loss statement and show you where you need to improve

Service Business Coach Financial Management

But, I’m a bit biased right?
Why yes, yes I am. I am quite biased against small business coaches who don’t deliver on promises, who charge high mentoring fees but deliver no tangible results. Business coaching in Brisbane costs upwards of $1k per month. That’s a LOT of bookkeeping, SEO, social media, graphic design, postage, packaging and networking…small business coaching is about acting responsibly. It’s about checking if the small business can afford coaching or if it’s money better spent elsewhere. So, yes, I am biased – I work hard for my clients and deliver real, trackable services – just like a business coach only practical!