How To Find Opportunity In Crisis!

Yes, the world is in economic turmoil and some businesses are too. Now's the ideal time to tap into professional advice, whether it be talking to your bank, accountant or business coach.

But what exactly is business coaching? How does it affect the average business owner?
& how does it work?

Most people don't realise or remember that Tiger Woods has had two very influential coaches (in addition to his father, who was his first coach), who both helped take his game to higher levels. Tiger had a variety of challenges that led him to accept he needed an outside point of view to ultimately get where he wanted to be.

This is exactly how it is, with business coaching. Owning your own business can be one of the most exciting, challenging and creative things a person can undertake. It can also be one of the most rewarding.

On the flip side, it can be one of the most frustrating, tiring, loneliest and costliest exercises you can ever do! Each person has a dream when they go into business and often that dream doesn't eventuate quite like it was intended. A number of challenges may come along that means some additional skills are needed, or outside assistance required.

So coaching's all about fostering/rebuilding those dreams, taking stock of the challenges and coming up with a winning game-plan that guides a business owner and their team to an improved and more profitable result.

And does it work? Absolutely! As is evidenced by the fact that coaching is a growth industry here and around the world. ActionCOACH in particular has a strong track record of success for businesses, with approximately 1,200 coaches owning and operating their own businesses in 26 countries around the world. These coaches contribute daily to the tried and tested toolkit of resources that are available to current clients.

The problem is that anyone can call themselves a coach or consultant and start trading their services, so the challenge becomes: how can business owners distinguish quality businesses coaches from the rest? (just like any other business or service).

I believe with a passion, that a good coach can improve any business' performance, subject to the business owner implementing the agreed strategies, but to make sure you get the right business coach for you and your business, there are a number of questions you should be asking and these are available in a FREE booklet "10 Questions to Ask Your Prospective Business Coach", so e-mail me if you'd like a copy.

Tips for the Times ...

* Focus on Cashflow - how often have you heard that expression "Cash is King?" Minimise your debt and talk to your bank regularly if you even think things are going to be tight - keep them in the loop and get some help from your accountant too, to do a cashflow forecast. Tighten up on those who owe you money while you're at it, after all, why should you be someone else's bank? And review your costs. Cut the fat! When was the last time you analysed your telephone, freight, insurances and other costs? Now's an ideal time to do a comparison (get some quotes) and BE tough. Ask yourself "how can I reduce these costs without negatively impacting on customer service?" and involve your team. They too will have some valuable ideas. One company I worked with saved over $10,000 per annum recently by just doing a review of freight costs - a very simple exercise.
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Examine Your Products and Service Line-Up - I often get my clients to look closely at the stock they're holding on their shelves and to imagine $1 or $2 coins stuck to each stock item. They then can often see the importance of turning stock over as quickly as possible. Better the coins (and $$) in your pocket than sitting on the shelf! Which stock-items aren't turning over? In which case you might "special" them or package them with faster selling items to move them, then not re-stock. Consider also which products and services aren't profitable. You may need to re-price certain lines or offer different things. Be tough!
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Customer Loyalty & Retention - your existing customers will get you through a crisis if you look after them well. Relationships have always been a priority in a successful business and you need the goodwill of customers, suppliers and team. Everyone requires satisfaction when buying a service or product, but what are you doing to "wow" your loyal core customers? There are endless stories of doom and gloom out there, so remember to stay positive and speak positively, especially in front of clients and customers (ensure you have a team talk and insist your staff are doing this too). Reward clients for their continuing support and have some fun! Think outside the square. When was the last time you sent a thank-you card?
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Marketing - Stand out in the Silence. When others are cutting back, it's a great time to be noticed, but as we know every penny counts, so look for opportunities to promote yourself through media-events, or try things that worked for you in the past and also try others that require little $$ up-front. There are ways and means to do this with great results and it's an area that coaching can help. Have fun and talk to you soon...

These tips aren't rocket-science, but are crucial to your business. The coaching process challenges you to do the commonsense things as well as look outside the square. Enjoy!