The advantage of working with a certified business and executive coach is gaining access to a professional who has seen and experienced it all. In my over 30 years of occupying operational roles and working with small and medium-sized businesses to help them achieve growth, I’ve observed similar obstacles all small business owners eventually confront.
Today, I’m clarifying some of the small business pitfalls that business owners have requested my help solving so you can plan and possibly avoid some of these common challenges.
Conduct a Thorough Local Market Analysis
As a small business owner, assessing your local industry marketplace is essential in gathering relevant information for service and product innovation, ideas for future promotions, choosing optimal advertising strategies, lead generation, and more.
As business coaches, we are certified in market analysis and are knowledgeable in researching community trends, events, and shifts in consumer demand.
Explore and Assess Different Funding Sources
Many small business owners achieve funding through crowdsourcing, investments from family and friends, or working another job to save enough cash – but you can attract investors with a compelling business plan. Your business plan must illustrate your profitable potential, include financial projections, and state the capital you need to fulfill your business endeavor.
I use a financial assessment to determine the optimal path to acquiring capital based on your industry benchmark using geography and sales volume. Then, I will advise you about your finances and assets. By assessing and revising your business plan, we will work on incorporating the necessary information for your small business to gain the interest of investors.
Improve Your Branding and Marketing
Personal marketing and branding are effective for small business growth because they give you community recognition and differentiate you from your peers. Based on local industry research and your position in the market, you should aim to highlight your best and most unique services and products.
Network and Maintain Relationships for Strategic Collaboration
Any business benefits by collaborating with other businesses or organizations and needs the cooperation of its suppliers and vendors to succeed. But with a busy schedule and limited budget, many small business owners need help with networking opportunities and maintaining several professional relationships.
Working with a business coach is a great way to learn about the most effective networking and communication strategies.
Prioritize Your Work/Life Balance
Many small business owners work longer hours, assuming this will generate more profit. Instead, you overwork and most likely don’t see significant results because you’re doing nonessential work. In a business coaching session with me, clients learn to focus on the most valuable tasks without working overtime.
Ready to get your small business off the ground? You can book a consultation with me today to get started.