Archive for

Three Reasons Why a Business Coach Can Transform Your Business

The way businesses are run changes every time to fit the rate of competition that is in the business world. A business person should hence be on his or her toes to learn the things that are making businesses thrive in such tough conditions. The fact that a business owner is always busy checking the various elements that makes a business function like reordering for stock, monitoring the performance of employees, ascertaining that the customers are satisfactorily attended to and all the other duties associated with a business owner, there is barely no time to check the rate of competitions and the steps that can be taken to match and even perform better than the competitors. This is where the importance of a coach comes in.

Many may question the importance of a coach, and how long he or she is supposed to be in operation. The truth is that their existence makes businesses thrive and to understand it you will only need to learn about the three areas that they can engage in and turn your business around by improving its growth.

1. A Resource Manager

A professional business coach will revive your business by applying the perfect skills that they have of resource management. When you hire a coach, you will never overspend because when it comes to expenditures, business coaches will never want to see you spend money on areas that are not of importance to the business. They will always know where to channel more funds as well as cut on areas of low importance. In the long ran this strategy will increase your profits significantly.

2. They Help Organize

When a business is starting from scratch, it becomes difficult for the owners to manage it because they are not always familiar with how it is run. Coaches can be hired to help in the organization of schedules and procedures that will make the business run without interruptions. This will avoid time wastage where business people spend more time on things that could have been done within a very short time. Good planning by the business coaches will see the effective handling of the important things first before the less important ones. In that case, the tasks in the business will be spread uniformly, and no employees will be overwhelmed to cause the business to lag in its growth.

3. Hire And Revive

Hiring a coach will help you in reviving a business that has taken a nosedive in terms of performance. Coaches inject new and fresh ideas into your business, and this will eliminate the monotony of old way of running the business, which doesn’t give it the growth it needs. The coach knows all the strings to pull and bring life back to the business. He will do all that is required because the truth is that the business’s fate is in his or her hands, a reality that will make the coach work diligently towards changing the business positively.

Leadership and Marketing – Cornerstones to Lasting Business Growth

There are two critical components for improving and growing a business– Quality Leadership and Effective Marketing. Of course, there are plenty of other factors to consider when you examine how to go about cultivating a business. However, good, effective leadership as well as proactive and effective marketing really stand out as being completely necessary in order to be successful in your business growth endeavors.

Leadership

The role of leadership in business is undeniable. Great leaders create great businesses, while mediocre leaders create mediocre businesses. I don’t even want to think about what bad leaders do to businesses.

High quality, effective leadership can truly catapult a business toward great success. A strong leader maintains focus on the basic business goals that have been developed, fleshed out and refined. At the same time, a true leader is able to facilitate the skill development of the various employees throughout the company in order to promote and experience quicker and more sustainable growth.

A strong leader is also flexible. As we all know, the marketplace is ever changing and therefore, businesses must have a certain amount of flexibility to be able to adapt as necessary. Also, a flexible leader is one who can effectively work though issues of adversity and/or resistance to change such a way that helps rather than hinders business operations as well as all who are involved. This type of flexible manner can also benefit future business growth while protecting and sustaining the current operations.

Marketing

Marketing is one of the very most important activities for any business– big or small. Without effective marketing, your business simply cannot successfully compete in the marketplace. And if your business can’t compete, you lose valuable profit. When you lose profit, your business suffers until it goes under completely.

The good news is there are some very effective and profitable marketing strategies that are easy to implement. Your business can experience positive growth nearly right away too. Every business needs a solid marketing strategy and plan in order to thrive now and into the future.

Without marketing, it is entirely possible that potential customers would never be aware of what your business offers. Therefore, you would miss the opportunity to grow and succeed. And once you utilize marketing to appeal to consumers, customers, investors, etc., you increase your business’ chances that these consumers, customers, investors, etc. will make a purchase.

Your business grows from there. The more you market, the greater your sales will increase without employing effective marketing strategies; your business will lose sales. Of course, a business cannot succeed without sales.

Although marketing is of major importance to a business, it can also be very expensive. In its first year, some businesses could spend as much up to half of its sales to pay for marketing initiatives. There are also ways for a business to market their services without spending nearly any money at all. But the true is, a truly effective marketing program that provides your business with the best chance of sustenance and growth is one that is diversified and taking advantage of the many marketing channels out there today.

Quality leadership & effective marketing are both necessary in order to cultivate a thriving business. Many characteristics make up a good leader, while many channels come together to form a quality marketing system.

Think about important concepts regarding leadership and marketing…

  • What EXACTLY it takes to be a great leader
  • Exactly how leadership can make or break a business
  • Why & how quality leadership is necessary to meet the demands of a changing marketplace
  • How to effectively influence others and lead your business toward higher profits
  • How multi-channel marketing creates a bigger bottom line
  • What you give your competition when you miss marketing channels
  • The components to an effective marketing plan
  • How your marketing strategies and techniques can easily make you stand out from the crowd
  • Your direct results from direct response marketing

The real estate market is changing! To discover how to take advantage of this recovering market and get a 5-step proven formula to show you how create a $9,700 month to month passive income, go to www.rementor.com/freebookoffer and receive a FREE copy of David Lindahl’s new book “Massive Passive Income – The Real Estate Investors Guide To Prosper In A Recovering Market.” Available FREE while supplies last!

Four Elements of Small Business Success

The prospect of starting a small business may strike people as exciting, intimidating, or both. This is for good reason; the appeal of being your own boss and launching a lucrative business is tempered by the high failure rate of small businesses. A quick internet search reveals no shortage of studies providing causes and statistics regarding small business failure rates. While the exact rate of each study varies by industry and timeframe, most studies indicate that roughly half of small businesses remain in operation within a few years of opening.

This reality invites the question of what makes the survivors successful? I recently had the opportunity to speak with a few small business owners, each of which owns a retail storefront. The purpose of my inquiry was simply to learn a bit about the challenges of being a small business owner, and even more so, to learn what has contributed to their survival and success.

Factory Direct Trains is an Asheville, North Carolina-based online and storefront retailer of scale model trains. Factory Direct Trains specializes in HO scale trains, and has been in business for six years. The Music Shoppe is a music store located in Harrison, Ohio, a suburb on the west side of Cincinnati. The Music Shoppe, which has been in business for 21 years, sells musical instruments and offers instrument repair service and music lessons. Originally founded by three partners, the Music Shoppe is now solely owned and operated by one of the original three. The Practical Outdoorsman, which is also located in Asheville, North Carolina, has been in business for two years, and sells retail and consignment outdoor goods for hunting, fishing, camping, hiking, biking and paddling.

In speaking with the owners of each of these three businesses, a few consistent themes emerged that were attributed to their success: conservative financing and the general avoidance of debt, a priority on customer service, business differentiation, and the service of an identified market void or opportunity.

All three businesses started small, slow and deliberate, and did not go into debt to launch their business. Often small retail operations with comparatively little overhead can avoid business loans with proper planning. Each business owner interviewed began with his own money, and in one case, also the money of two partners. Launching with savings as opposed to financing carries the benefits of a heightened personal commitment, as well as the absence of the burden of third party debt. Business loans or some manner of external funding are often unavoidable in other businesses with higher overhead and fixed costs, but retail can offer more flexibility in this area, depending on the scale of the launch.

A contributing factor to the low overhead of these businesses is the small number of employees, the largest of which employs four people including the owner. The absence of debt facilitated a business growth pace for all three, which was directly linked to the growth in sales and revenues. Conversely, some of the interviewees cited the opposite scenario in which a business owner, typically a rival, borrowed money to build a business that was of a scale larger than the market it served, and as such, the business was then unable to both service the debt and generate enough money to cover operating expenses.

Commitment to customer service was emphasized by each business. The age of internet retailing and large discount box stores makes it imperative for smaller businesses to offer value through other means, as they generally cannot compete on price and selection. This is where the human element becomes critical. A personal selling effort and cultivated relationships with return customers, if managed properly, are able to win out over the appeal of larger retail options. Some people are willing to pay a higher price for a more personalized buying experience.

Differentiation was another key factor identified by all three businesses. Something needs to set your business apart to draw customers through the door. As previously discussed, customer service is one area of differentiation when competing with box stores and online retailers. Customer service is the primary differentiating factor between The Music Shoppe and larger, national chain music stores.

Other differentiation criteria were also cited. Factory Direct Trains competes in the scale model train industry. This business, which maintains a physical storefront but is primarily an online retailer, differentiates itself from its competitors by having a sophisticated web presence. Integral to this web presence is a robust and growing degree of social media connectivity. This is a relatively modern model in an aging hobby business. The social media participation makes a small company in North Carolina highly accessible to online customers all over the country and internationally and as such, social media is a key component of Factory Direct Trains’ customer service efforts.

The Practical Outdoorsman is unique in that it offers retail and consignment outdoor gear under one roof. Additionally, this business carries local, handmade outdoor items such as hunting knives, fishing lures and flies, and hunting calls. Such products give The Practical Outdoorsman the appeal of local authenticity that is not found in the larger chain outdoor goods stores.

Each of the three businesses has remained viable by serving a market demand that was either growing or previously under-served. Two market opportunities were dictated primarily by geography. The Music Shoppe opened in a suburb on the west side of Cincinnati that is roughly 20 miles outside of the city. Since the store’s opening, this suburb has grown significantly, and the Music Shoppe has grown along with the population and economy. The Music Shoppe secured dealer status for large music brands such as Guild, Taylor and Martin guitars, and thus serves as the nearest dealer for such brands for the west side of Cincinnati as well as southeastern Indiana.

Research prior to opening revealed to the owner of The Practical Outdoorsman that the nearest similar consignment and retail outdoor goods store was located over 150 miles away. Additionally, this store is located in the northwest quadrant of Buncombe County where there are very few outdoor goods stores. The Practical Outdoorsman is also the only North Carolina Wildlife Agent in this quadrant of the county, which provides such services as selling hunting and fishing licenses. Serving as a Wildlife Agent generates significant customer traffic.

Factory Direct Trains found its market niche by establishing a strong web presence in a hobby industry that has been comparatively slow to embrace online retailing and social media usage. In doing so, Factory Direct Trains has been able to reach out and expand its customer base in areas under-served by local hobby shops with more limited selections.

Of the four elements discussed common to these three successful small businesses, all seem intuitive from an outside perspective. However, small business start-ups have a high failure rate, and even these seemingly obvious attributes escape some small business owners, who ultimately close their doors as a result. These four elements, debt management, customer service, business differentiation and proper market opportunities, are by no means a comprehensive list of the requirements for business success. The formula for business success contains many more variables than those covered in this article. However, the consistency throughout the three cited examples of debt management, customer service, business differentiation and proper market opportunities, underscores their importance as contributors to business success.