No matter the size of the business, the length of time the business has been in operation, or the industry, business owners are faced with the same frustrations and challenges that prompt them to seek the advice of a business and executive coach.
As part of our lead generation and new business process, prospects are encouraged to complete a business background questionnaire to give us some insight into the business and its current challenges.
These are the top 5 frustrations and challenges that our clients and prospective clients have regularly identified in our 10 years of business coaching.
72% – I would really like to improve the cashflow of my business
Cashflow is one of the greatest challenges facing small and medium size businesses. The bank account never seems to look as good as the profit and loss statement. No matter what your turnover is, if your cashflow is negative, you don’t stand a chance. The trick is to manage your cashflow as if it is always in crisis, with meticulous planning and forecasting. Implement strategies to maximise the likelihood of prompt payments and stay as lean as possible with regards to expenses.
69% – I want to drive the business forward but keep getting pulled back into fixing day to day stuff
For a business to grow, a business owner needs to remove himself from day to day operations and focus on working ON the business instead of IN it. When you work IN the business, you are simply self-employed rather than being a business owner. It’s not possible to achieve this without a team that knows exactly what is expected of them.
61% – The business needs a few more systems so it is less reliant on me
Nothing happens unless I do it… this is a common complaint from many of my clients. By mapping processes, we are able to systemise the routine and free up the business owner to focus on growing the business.
48% – We’re really busy but there could be more money at the end of the month
Busyness doesn’t always translate into business. Is your pricing right? Have you got the right people in the right jobs? Is there a better, more effective way of doing things? Through business coaching, we focus on working smart to maximise income and making effective use of time and resources.
44% – I’d like to know more about the numbers in the business to understand our profitability better
Many business owners come from a technical background, because they are good at doing what the business does. However, often business owners do not have a business or financial background to assess and monitor the numbers of the business. We show our clients which numbers they need on their dashboards, how to interpret them, and most importantly, how to influence the bottom line with strategies to improve the key numbers in the business.
What are your major frustrations in business? Complete your free business background questionnaire to get some insight into your business and its current challenges or give us a call to vent – I am sure we can help you!