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Saturday, September 8, 2018

Richard Kranitz, How Do You Grow Your Business?

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