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Accelerate Your Growth with Business Coaching

Written by: William R. Patterson

Article Overview: For many entrepreneurs, business planning is not their area expertise, so they often feel overwhelmed, procrastinate, and focus on the wrong things. This inadequate planning ends up costing them tens-, hundreds-of-thousands, or even millions of dollars. Learn how planning with business coaching can dramatically accelerate your company's growth and profitability.

Accelerate Your Growth with Business Coaching

The right plan and business model is 80% of your success. To illustrate the point, image trying to drive to a place you have never been without directions. You would undoubtedly waste a lot of time, if you were lucky enough to make it to your destination at all. This is an area where a business coach can provide significant value by identifying gaps and constraints in your business model and providing proven turnkey solutions to help you generate more income and customers.

There are ten key factors to consider when planning the growth of your business:

1. Demand — What is the current sustainable demand for your company's products and services? How many quarters ahead can you reasonably predict the company's revenue and earnings?

2. Business Model — Does your business have an adequate product and service line, diversified client base, and margins to support and sustain growth? Is your company's business model scalable and does it have effective lead generation systems, a product development schedule, marketing and contact management systems, and turnkey joint-venture programs or must they be developed?

3. Exit Strategy — Is your ultimate desire to automate, sell, or take the business public?

4. Market Size and Penetration — How big is your market? What untapped niches exist?

5. Integration and Joint-Venture Opportunities — What are the joint-venture and vertical integration opportunities that can help you quickly lower costs, access new leads, and add new products and services to your line?

6. Competition — Are you in a commodity based business? How strong is your company's brand and positioning in the marketplace? Does your company have first mover advantage, or are you struggling to catch up to other dominant players?

7. Capital — Do you have access to adequate capital and reserves to finance and sustain growth?

8. Management and Staff — Are you able to recruit an experienced management team and staff to help you grow the company?

9. Industry Growth — Are you in a growth, mature, or declining industry?

10. Economy — What is current environment? How is your business affected in a cyclical economy? Is the economy expanding, stable, or in a recession?

Once you have answered these fundamental questions, establish target growth objectives such as:
• Generate $ ___ in Revenue by ___ Date
• Expand Client Base by ___ Number of People/Companies/Subscribers
• Expand Company Offerings by ___ Products/Services

Your objectives should then be supported by a three phase implementation plan:
• Phase I: Business, Marketing, and Product and Service Line Assessments and Gap Analysis
• Phase II: Roadmap and Implementation Plan Design
• Phase III: Optimization, Automation & Exit Strategy

Realize for most small business, there is no better investment that can as quickly and easily provide them with the right knowledge, plan, and tools as business coaching.

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Article Tags: baron, business coach, business coaching, entrepreneurship, sales, sales team development, small business, william r patterson



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