Jackie Nagel, Synnovatia
What Makes an Effective Strategic Business Coach
When it comes to engaging a business coach, there are a multitude of choices available. What really matters, however, is whether or not the business coach you engage actually makes an impact on your business. You’ve made a substantial investment in your business therefore, you’ll want to perform some due diligence in researching business coach candidates and ensuring that the one you select is a valuable asset to your business. In order to do this, you need to know what makes an effective business coach to begin with to give yourself a starting point for measuring potential candidates.
Is Ungrowth the New Growth Strategy for Business?
Imagine my intrigue when I read an article of a business that intentionally avoided growth as a company objective. That comes as a surprise to most entrepreneurs. It’s hard to fathom, isn’t it? Could a business actually exist without a primary objective of growth? In spite of conventional wisdom, some businesses who are adopting the ungrowth growth strategy are experiencing stunning business growth that is the envy of any of their competitors!
Solo Entrepreneurs: Better & Smarter But Maybe Not Richer
The numbers are in on the “nonemployer business” (i.e. solo entrepreneur) – and they’re not pretty. An article released by The Business Journals noted that as of 2010 (the latest year for figures) there were 22 million U.S. businesses classified as “nonemployer businesses” with combined receipts of $950 Billion. Not a bad figure when you’re looking at the entire pie. When you divide the average revenue among the 22 million businesses, however, the typical “nonemployer business” made $43,000 in 2010! Granted, when you’re grading on the curve, you get the good, the bad, and the not-so-pretty “nonemployer business” revenue. None the less – we have to do better!
Solo and micro entrepreneurs (those who employ less than 10 people) add tremendous value to the economy. They’re an important source of competition in our global economy. They create jobs, enhance income, and add tremendous convenience to the business environment. In fact, here are some additional startling statistics:
- Over half of all the solo and micro enterprises are owned by women.
- Solo and micro businesses employ 52% of the private workers with the largest proportion being younger, older, women, or part-time workers.
- Solo and micro entrepreneurs provide 80% of the net new jobs. Sixty-seven percent of all workers received their initial on the job training from small business owners.
- Solo/micro businesses are home-based 53% of the time and franchises three percent of the time
Adding Fun to Your Follow-Up Can Actually Grow Your Business
Did you know that only 2% of entrepreneurs consistently follow-up with potential clients? In this crazy economy, one would think it would be much higher, especially since studies show that 80% of all sales are made after the 5th attempt. 
Is it Time to Rethink Your Business Growth?
What if your business was growing – and your growth was wrong. Think about it. Although entrepreneurs measure success by the growth of their business, not all business growth is created equal. It is possible to experience a type of business growth that could end up choking your business long-term. Babson College demonstrated that point quite well with a recent ad. The ad they produced claimed that, “Over 40% of companies that were at the top of the Fortune 500 in 2000 were no longer there in 2010.” Where did these top companies with their vast resources go wrong?
Every Entrepreneur Needs a Business Coach
No one ever said that running an entrepreneurial business was easy. Over the past few years, there’s been an enormous increase in complexity in business. With increased complexity comes increased uncertainty….and there’s no end in sight. Despite all the complexity and uncertainty, however, your business still has to accomplish. To whom do you turn to help you perform at your best?
….And It’s Killing Business Growth