Small Business Coaching
Do you own a small business? Are you wondering how to grow that business?
Or are you maybe wondering if you should grow that business?!
That is a common dilemma for small business owners. Here’s how the Great Performances Group of small business coaches can help you answer the question.
Many small business owners wonder about the value of ‘bigger’. Is it always better?
Not always, but often, yes. And here’s why:
- Time. Below a certain size, the business is entirely dependent on your presence and your energies. You are never allowed to get sick, never allowed to go on holidays… you can’t take a break. Ever.
- Money. Below a certain size, most small businesses can’t generate the profits to make all the blood, sweat, and tears worth it.
- Below a certain size a small business can’t contribute meaningfully to the community. You can’t be an employer, and you won’t have the time (see #1) or money (see #2) to contribute comfortably to community and charity efforts.
When is a business the ‘right size’?
- When the team is able to run the business well, without the owner showing up every day of their lives.
- When the things that need to be done (finances, marketing, inventory…) are being done by people to enjoy doing those things, and do them well. That means the owner fumbling through the financial books at 1:00 in the morning is just not on.
- When it is generating enough money to support comfortably the owner’s lifestyle.
- When the owner has more good nights of sleep, than sleepless nights.
Small Business Coaching
So how does a small business coach support you in that journey?
A good small business coach can tell you whether a risk is worth taking. To grow a small business with limited resources means taking some risks. Knowing which risks to take is the difference between success and failure.
Risks come in two flavours: the risk things will go well but you will miss out because of a risk not taken, and the risk things will go badly but you proceed anyway because you don’t have the experience in a certain area.
An experienced business coach will have seen many scenarios like the ones you are encountering and be able to provide advice to significantly reduce the risk of making a decision.
A small business has limited resources. Knowing where to put that time and that cash so it will yield the best return, is a very important decision. Especially in areas of marketing and recruiting, business owners too often make decisions based on poor advice, or no advice at all, and end up spending hundreds of hours and thousands of dollars on investments that provide no return at all.
Business Model Design
You can have many parts of a business working well, but if they don’t all work well, none of it matters. Few business owners (and not that many small business coaches, sadly) have experience in finance, marketing, human resources, management, and operations (inventory, productivity, supply chain, etc.). For a small business to grow each major area must not only be well-managed, but it must support the good working of all the other areas.
A good small business coach has the experience and knowledge to set all of the major areas of your business on the right path, and a contact list of experts for when things become extremely technical.
A small business coach has the responsibility to see your business from 30,000 feet and understand how all of the pieces are working, how they fit into the larger competitive environment (the market), and where the opportunities lie in improving your business model.
How Small Business Coaching Works
At The Great Performances Group, out advisors and coaches can work with you in a number of ways:
- In your place of business (if we have a coach in your community)
- Via telephone, Skype, Hangouts or similar technologies
- The core of the relationship is scheduled biweekly or monthly conversations, with check-in calls between conversations to ensure there is progress. These ongoing support engagements run between $500 and $1500 per month
- We also offer one-time Business Performance Reviews. These last from a half-day ($300 – $500) to a full day ($750 – $1200). These reviews look at either particular areas of your business, or the good management of your business as a whole.
- Our business coaches are also available for calls, emails, and messages from clients 7 days a week. You don’t have to make decisions alone again.