Business Growth and Profit
The unfortunate reality is that most businesses in the UK never grow beyond the sole-trader stage. In fact, only 20% grow beyond this point. Less than 10% of UK businesses employ ten or more staff. So, you can imagine how few reach hundreds or thousands. Those which do grow will often plateau, reaching a point of stagnation from which it’s hard to break free.
A Business Coach will help you onto a clear path of steady and sustained growth. If you ever see a construction site and wonder how tall the building will be, look at the depth of the foundations. A business can be the same; the right strong foundations enable rapid growth that’s sustainable and profitable. But the good news is that, unlike a building, you can work on strengthening the foundations at any stage.
In the wise words of Stephen Covey, author of ‘The 7 Habits of Highly Effective People’ – “Start with the end in mind”. A plan and structure are keys to a successful business and your coach will help you to clarify your goals from the beginning. Your coach won’t set your goals because they’re yours to choose! However, you will be guided and challenged to ensure they really do represent what’s important to you and will generate success.
Another important foundation is having the right business model: You must fundamentally have a profitable business model before you start to grow it substantially. An unprofitable business model rarely becomes profitable just by scaling-up, so your Business Coach will help asses and refine the model to ensure you can scale it and remain profitable.
A common mistake is to discount to build sales. Your coach will help you identify ways to add value and to sell based on value. If you think you need to discount to win customers, chances are you’ve got a flawed strategy. After all, if your customers buy from you based on price – their loyalty is to price, not to you; they’re fickle and will move elsewhere. There’s always someone willing to cut corners and sell cheaper, even if they can’t sustain it. You must differentiate on product or service – ideally both.
To grow profitably you’ll benefit from your Business Coach’s experience in multiple areas. You’ll want to have a plan for building your team, growing your customer base, developing new products or services, and for systems and processes that grow just ahead of the business they support. Your coach will keep you on the straight and narrow, focusing you on these vital long and short-term plans despite the pressure exerted by the day to day business.
Your coach will help with:
- Creating a profitable business model
- Generating profit, not just revenue
- Creating a growth strategy and scalability
- Sustained profit, not a rollercoaster ride of profit and loss
Take Action today and contact us to discuss how Business Coaching will help you get on-track for growth and profit!