altReboot
  • Startup
  • Growth Hacking
  • Marketing
  • Automation
  • Blockchain Tech
  • Artificial Intelligence
  • Contact
    • Write For Us
No Result
View All Result
  • Startup
  • Growth Hacking
  • Marketing
  • Automation
  • Blockchain Tech
  • Artificial Intelligence
  • Contact
    • Write For Us
No Result
View All Result
altReboot
No Result
View All Result
Home Growth Hacking

Consider This Before Hiring a Business Coach

Cindy Constable by Cindy Constable
July 28, 2020
in Growth Hacking
Consider This Before Hiring a Business Coach
1
SHARES
5
VIEWS
Share on FacebookShare on Twitter

This post originally appeared on Entrepreneur.com - #Growing Your Business

July 28, 2020 6 min read

Opinions expressed by Entrepreneur contributors are their own.

Related articles

Are You an Influencer? Then You Better Understand These 5 Key Audience 'Tudes.

Are You an Influencer? Then You Better Understand These 5 Key Audience 'Tudes.

March 4, 2021
6 Key Things to Consider When Bringing a Product to Market

6 Key Things to Consider When Bringing a Product to Market

March 4, 2021

Congratulations on your decision to go into business for yourself! Now that you’ve taken the risk, there are a few things you want to pay attention to. For many entrepreneurs, the concept of being your own boss is simple, but how to do that not so much. It’s natural to want to seek help and for some entrepreneur that comes in the form of a business coach.

The internet has no shortage of misconceptions about what makes up running a successful business. The dreams of ‘set it and forget it’ seem to ignore some brick and mortar world’s tried-and-true business practices. Before you run out and hang that shingle, let’s discuss three key elements of any successful business. 

Business Plan

A misguided hope about online businesses is that people will spontaneously find your website. They will magically buy your stuff, and you start making tons of money almost overnight. It does not happen for brick and mortar businesses, and it isn’t valid for online ones either. 

Related: 5 Tips for Hiring a Franchise Business Coach

All successful businesses can benefit from a solid business plan. If you want to scale or attract investors, a thoroughly crafted business plan shows your ability to handle all that running a business entails. It also provides a solid base to help you subsequently establish your strategic plan.

 The seven components of a solid business plan include:

1. Executive Summary

2. Business Description

3. Market Analysis

4. Organization Management

5. Sales Strategies

6. Funding Requirements

7. Financial Projections

Each of these elements has a distinct role in building your business. The primary benefit is showing lenders and potential backers that you have a clear path for success.

Strategic Plan

A strategic plan is more than flow charts and buzzwords. It is a document that establishes the direction of a company, division, or department. Its length and complexity depends on the size and complexity of the business.

In the absence of a plan, work still gets done daily but often lacks a sense of direction and specificity. Making sure everyone on the team is rowing in the same direction is the desired goal. The plan’s benefits include examining where you are now, where you want to go, and how you will get there, specifically.

 The seven crucial elements of an effective strategic plan are:

1. Vision Statement

2. Mission Statement

3. Core Values

4. SWOT Analysis

5. Long-term Goals

6. Yearly Objectives

7. Action Plans

Most business owners and executives have a myriad of reasons for not having a formal strategic plan. A strategic plan is a dynamic document. It drives your business outcomes and efficiencies. Integrating the strategy into every aspect of your organization helps every employee participate in moving the company in the same direction.

Financial management

A solid understanding of your numbers can lead to profitable and sustainable growth. “Knowing Your Numbers” is about more than just the dollars and cents. Having an accurate understanding is about the ongoing tracking and reviewing of your business’s critical financial and non-financial drivers. It will help you know how your business is doing and why.

Related: Six Benefits Of Working With A Business Coach

A financially sound business requires a general framework to ensure effective operations and continual improvement. Management decisions directly affect profits, cash flow, and the company’s overall financial health.

Along with the Business Plan and Strategic Plan, the budget adds to your roadmap of success. It provides the financial parameters against which you will measure success.

Your cost estimating system should include everything from bidding to the final delivery of your goods or services. Systems should consider items like labor costs, materials, overhead, profit, taxes, insurance, and miscellaneous expenses.

 In simple terms, three elements can help your finances stay on track:

 1. Earn more money than you spend.

 2. Invest the difference back into the business.

3. Understand where you are and where the money is going.

It can seem overwhelming to put all of those pieces into place. That’s where whether to hire a coach comes into play.

What makes a great business coach

Besides earning an MBA and working for some of the world’s largest financial services companies like Morgan Stanley and Bank of America, I have also hired a business coach and other types of coaches. A good coach’s value is in their ability to collapse time and help you avoid costly mistakes.

Starting a business used to mean starting a company that added value to the world. While there are plenty of people still starting businesses, becoming a guru has become the new ‘start a business.’ 

People aspire to coach people without having first done the work to have lessons available to coach them on. Business coaches are teaching people how to become a business coach for business coaches, and along the way, they all forgot to start a business.

When deciding to hire a coach, consider whether business coaching is the primary way they make their income. A fancy website, $2,000 lifestyle photoshoot and a slick sales funnel does not qualify you to help someone else run a business. It’s only adding to the grim statistics on coaching business failures.

Many challenges come with running a business, and “on the job” learning can be one of the most expensive lessons. An investment in the right coach can cut the learning curve and save you money in the long run. Having a firm grasp on real-life business strategy and skill is a crucial element to coach someone else on how to be a successful entrepreneur.

It takes more than theory and fancy marketing to be a successful entrepreneur. Together, a solid business plan, an actionable strategic plan, and sound financial management are critical to owning, operating, and growing a successful business.

If a potential business coach doesn’t understand the essential elements of structuring and growing a business, you’ll end up investing resources that could be used for what will help your business grow. 

ShareTweet

Related Posts

Are You an Influencer? Then You Better Understand These 5 Key Audience 'Tudes.

Are You an Influencer? Then You Better Understand These 5 Key Audience 'Tudes.

by Jason Falls
March 4, 2021
0

Turns out size does matter. But so does intelligence.

6 Key Things to Consider When Bringing a Product to Market

6 Key Things to Consider When Bringing a Product to Market

by Danielle Sabrina
March 4, 2021
0

The vast majority of new products fail, but yours doesn't have to. Here are the necessary steps to plan and...

Creating and Inspiring Confidence Through a Business Model

Creating and Inspiring Confidence Through a Business Model

by Emily Washcovick
March 4, 2021
0

Building a business where people go to feel inspired and confident is much easier said than done. Replicating and franchising...

Building an International Brand: What to Centralize, and What to Localize

Building an International Brand: What to Centralize, and What to Localize

by Natacha Rousseau
March 4, 2021
0

As you build your startup, what do you keep local and where do you go global?

The Buddha and the Business

Time to Power up Your Business During Dell’s Semi Annual Sale

by StartupNation
March 4, 2021
0

Power up your small business during Dell Technologies’ Semi Annual Sale, running Thursday, March 4 through Wednesday, March 24. StartupNation...

Load More
  • Trending
  • Comments
  • Latest
7 Advanced SEO Strategies I’m Trying to Implement Before 2020

7 Advanced SEO Strategies I’m Trying to Implement Before 2020

September 10, 2019
What Do Successful Sales Look Like for the Rest of 2020?

13 Expert Tips to Increase Online Conversions in 2020

September 26, 2020
Creating SEO-friendly how-to content

Creating SEO-friendly how-to content

October 24, 2019

How to Start and Fund a Coffee Shop

September 30, 2019
A Beginner’s Guide to Facebook Insights

A Beginner’s Guide to Facebook Insights

0

Which Social Media Sites Really Matter and Why

0
The 12 Ironclad Rules for Issuing Press Releases

The 12 Ironclad Rules for Issuing Press Releases

0
How to Get Started Building Links for SEO

How to Get Started Building Links for SEO

0
The Buddha and the Business

When is the Right Time to Launch Your Business?

March 5, 2021
Meet the AI algorithms that judge how beautiful you are

Meet the AI algorithms that judge how beautiful you are

March 5, 2021
How to Resolve Duplicate Content

How to Resolve Duplicate Content

March 5, 2021

How to Find and Grow Your Amazon Sales Rank

March 4, 2021
altReboot




altREBOOT is committed to sharing the game changing advancements that are revolutionizing how you do business. From startup to goliath, innovations in technology are changing the face of the business landscape. We are committed to exploring these and how to apply them to your business at any stage of development.





Categories

  • Artificial Intelligence
  • Blockchain Tech
  • Growth Hacking
  • Marketing
  • Startup
  • Uncategorized

Tags

blockchain branding guest post marketing mobile apps
  • Home
  • Topics
  • Write For Us
  • Privacy Policy
  • Contact

Powered By Treehouse 51

No Result
View All Result
  • Startup
  • Growth Hacking
  • Marketing
  • Automation
  • Blockchain Tech
  • Artificial Intelligence
  • Contact
    • Write For Us