How Do You Grow Your Business?
The theme of our newsletter this month focuses on reasons
people use a business coach. One that I frequently hear relates to growing the
business. There are many reasons a person takes on the responsibility of
starting a business. The desire for independence may be one of them. Perhaps,
they have seen a better way to operate a business than what they experienced when
working as an employee for another firm. Most want to own their own business to
build their net worth.
Self-employment can be very satisfying, but in most cases,
it is not enough to operate alone. No matter how satisfying they may find their
work, at some point they have to grow. They need to grow for many reasons. One
may be to reach a size at which they can sell their business for a price that
allows them to retire in comfort. It may be they wish to grow enough to pass it
to their heirs. They may need to grow simply because their competitors are chipping
at their position in the marketplace and they need new sources of revenue to
preserve their market position.
All self-employed business people have common problems in
achieving growth - how to achieve that growth without making a major misstep
that causes major loss – which method will work effectively - how they can
achieve growth without increasing their own time commitment.
Answering their questions are not easy. Doing it alone is
risky. Accomplishing it successfully can be much easier when having the advice
and counsel of an independent person, who not only brings ideas and objectivity,
but also brings the perspective of having worked with others on the same
questions. A business coach can help in supplying this help.
An experienced coach can bring not only ideas, objectivity,
and perspective, all of which will aid in finding answers to the common
problems of identifying an effective growth plan, but also the coach can help
to motivate the owner, help overcome frustrations and bring accountability.
Planning is an important part of achieving success in any
business, but implementing those plans is critical. By meeting with the owner
regularly to review progress and make adjustments, the business coach helps
provide both motivation and accountability in implementing the plan.
Achieving growth effectively, and without making major
mistakes that may risk the business, is not easy, not only because there are
many alternatives to choose and pitfalls into which the owner may fall, but
also because the typical owner of a small business is also a worker in that
firm. How can he find the time to keep it functioning successfully but also to
grow it? A business coach can help identify ways to grow without the owner
devoting more time in the process.
Finally, unlike a consultant, who supplies recommendations
and perhaps a report, the goal of a business coach is to aid the owner-manager
of the business to grow in his capabilities, to achieve new insights, and to
learn how to overcome obstacles in achieving his goals. With the help of a
business coach, an owner can achieve his growth goals while growing in his own
capabilities.
*** Richard Kranitz (Wisconsin) is an experienced attorney and business consultant in the areas of corporate, securities and tax planning for corporations, partnerships, joint ventures, limited liability companies, multi-unit enterprises, and a variety of different non-profit entities. In addition, he has counseled their owners and executives in compensation planning, estate plans, and asset protection. Attorney profile at: https://solomonlawguild.com/richard-a-kranitz-esq
