Ultimately, we’re all in business for the same reason… to make a profit!
And with stats on small business failure rates estimating that 60% don’t make it beyond the first 3 years, finding ways to increase profits in your business is crucial.
So how can a business coach help? We know from years of experience at ActionCoach, that it’s very easy, as a business owner, to lose perspective. When you work in your business day in and day out, it’s easy to get stuck in a rut.
A business coach will help you to see things from new perspectives, challenge you to try new ideas and guide you in thinking differently.
With this in mind (and armed with a toolkit of tried and tested strategies!), one key area a coach will help you look at is generating more profits in your business.
How? Here’s 4 key ways…
1. Work with you to optimize your sales process…
From marketing strategies designed to generate more leads, to increasing your conversion rate, a coach can help you objectively look at each stage of your sales process and make sure you are meeting customers needs and wants. Ultimately your goal should be to create a streamlined sales process that creates raving fans for your business… the ultimate cost effective marketing strategy!
2. Ensure you’re pricing your products and services appropriately.
Addressing this one single area can significantly impact profit levels. Many business owners are reticent to raise or address prices, or can be unsure of where their highest margins are. At ActionCoach, we have extensive experience of working with all kinds of businesses and will make sure your pricing strategy is working effectively for you.
3. Guide you in running your business more efficiently.
A business coach will guide you in looking at all areas of your business to see where there are opportunities for hidden profits. They’ll help you look at ways to reduce costs, areas that could be systemized and how your team could operate more efficiently.
4. Help you manage your cashflow consistently
Inconsistent cashflow is one of the major reasons that businesses fail, and can be extremely stressful for business owners, so managing cash is crucial. As the saying goes, revenue is vanity, profit is sanity, cash is king! A business coach will work with you to to deal with bad debtors, optimise your working capital and bring cash into your business faster.