Did you know, there are over 2.3 million small businesses operating in Australia today. And according to the Australian Bureau of Statistics, 93% of those businesses had a turnover of LESS than $2 million dollars. I find that interesting. My question is, why do only 7% of all Australian businesses turnover more than $2 million annually? Could there be a “secret sauce” to success? Here’s what I found.
Starting your own business is an exciting adventure. You have finally plucked up the courage to “take the bull by the horns” and take your product or service out on your own, to create your own destiny and set up the future you have always wanted.
You dream of running your own seamless entity, that operates without you, driven by a team of like-minded people that all love and share your vision and would gladly do overtime on the weekends, purely because they can’t wait to help create your long-lasting legacy.
Was that too over-inflated?
The stark reality is that most business owners start their businesses with the very best intentions, and over the years of working hard to grow their business, they face challenges such as up & down cash flow, hiring employees, managing their time, overseeing operations and exceeding their customer’s expectations. Sometimes it can become a tough ride.
And all too often, business owners grind it out on their own. Running on their own non-stop business mouse wheel, trying to keep everyone happy and the money coming in. They long for the day when they can “get off the tools” and start to enjoy some of the fruit from the hard work they have put in.
The truth here is this. You don’t know, what you don’t know. What I mean is, if you don’t possess the knowledge, skills or expertise to help shift the business into a different gear, and you continue doing the same thing, the same way, you’ll probably end up with the same results., We all know that CHANGE requires change, but many small business owners struggle to observe HOW they are running their business and fail to implement the change necessary to see different results
What you really need is someone that has the knowledge, skills and experience in helping you to shape and change the way you are running your business, so that you can reach new levels of business growth and success.
So, the question becomes: When should I hire a business coach?
A business coach should generally be able to assist any business owner, whether the business is a start-up or growing into a multi-million dollar company. But the reality is, that most small businesses lack the capital required in their early years to invest in a business coach.
Subsequently, you will most likely require the services of a business coach when your business is either:
- Trading into its first 2-3 years of existence
- Growing too slowly and you want greater results
- Experiencing no growth due to lack of marketing & sales knowledge
- Having difficulty with cash flow
- Having difficulty with not being able to scale
- The business owner is having difficulty with being on the tools 24/7
- OR the business is not meeting its annual goals.
These are the common telltale signs that you will need to engage with an experienced business coach. The role of the coach at this point is to help you find solutions to the businesses challenges, create a roadmap to achieve your goals and help educate you on how to grow the business throughout the process.
Much the same way that you would take your car to the mechanic if you didn’t know what was wrong with it, engaging a business coach with a proven history of helping transform businesses, is the right move if you don’t know how to take it to the next level yourself. Instead of trying to figure it out for yourself, the introduction of a “specialist” will not only save you a massive amount of time, but they will also help you see what you cannot see, as they have navigated that path before.
Let’s think of it in a different way. Picture your business right now. What is THE biggest challenge you currently face? Is it a lack of leads? Lack of cash? Working too many hours? What’s this costing you? And what is it costing your business?
Could you achieve your goals if you managed to overcome this challenge? What would it do for your future? Implementation of immediate solutions to the above challenges are exactly how the business coaches at UpCoach help our clients every day. We act as our clients ‘business growth specialists’.
Trusting in a “business specialist” is a wise move, as they know what works and what doesn’t and can help you fast-track results without loss of money or resources. Much like the mechanic, they have the tools and know-how to help business owners overcome the daily challenges they face and have used these methods to assist their past clients to reach new levels of success.
The realisation is then that hiring a business coach is truly dependent on whether the small business is in a state of being stagnant and not experiencing any growth or the business owner realises they need help to push the businesses boundaries to achieve greater results. Many business owners utilise the skills of a business coach to help them achieve what they could not do themselves. Almost all nationally known companies engage with business specialists in some capacity to help them dominate their markets and grow their revenues.
So the answer to the “secret sauce” question really lies in the ability of the business owner to realise that, in order to grow, they must consult the skills of a professional business coach to help them push past their current reality. In order to reach newfound heights, the success of a business will ultimately depend on who’s behind the wheel.
If you are unsure whether your business is ready to hire a business coach, contact us today by emailing firstname.lastname@example.org and we’ll help you identify if youre ready to grow.