While all business owners face unique situations, most challenges they face are common and cut across all industries. These challenges can often be categorized into 5 strategic areas:
1) Financial Management (Cash flow)
? Cash flow problems are responsible for over 70 percent of business failure with their first year.
2) Human Capital (Selection, Retention and Training)
? Now may be the time to acquire talent to top grade your business.
3) Planning (Business and Marketing) When should I launch my next marketing campaign? What’s going to create the best return on investment? How can I capture market share?
4) Sales and Sales Management
? Under performing sales people bring in at minimum 50 percent less revenue than top performers.
5) Communications Leadership
? The beginning and end of all failure in business lies with the people who make the decisions every day. Leadership affects every area of your business.
A Business Coach can help business owners focus their energy on these critical aspects of running a business not only to survive in a negative economy, but increase performance at every level of the business. Are you pulling back on marketing because you think that’s the thing to do? It could be a big mistake. Now might just be the time to take market share from a competitor. There’s a lot of great talent out there right now, and you can acquire some very talented people who just might be looking for the “next” opportunity. How will you attract them to your business? What cost cutting measures should be taken? What areas should be expanded? A seasoned Business Coach can help guide you using Rapid Impact Strategies with cost effective solutions designed to drive immediate results and improve the bottom line of your business. In subsequent blogs, I’ll address individual Rapid Impact Strategies that can positively address these business challenges.