Are you trying to learn everything about everything in an effort to save money? Sure, it’s tough to admit you need help but if you continue being everything to everyone, you’ll burn out and resent your business.
Years ago when I was first starting my coaching business I was in an online conversation about the importance of choosing a niche for your business rather than just saying, “I want to serve EVERYBODY.” Of course, you want to make money so instinctively business owners tell themselves that it’s better to appeal to more people than a selective few. But somebody in the conversation responded by saying, “Do you want to be known as Walmart or do you want to be known as Neiman Marcus?” The point is Walmart appeals to everyone but they depend on the sheer volume of customers to make their profit. Neiman Marcus, on the other hand, appeals to a very specific demographic which has the disposable income to spend and they don’t shirk at those retail prices. So Neiman Marcus can make the same profits as Walmart by serving a more selective customer base.
A similar argument can be made for why business owners should work with business coaches: owners can’t possibly know EVERYTHING there is to know about business as well as knowing everything about their chosen niche. There’s just not enough time in the day and you’d stretch yourself too thin.
Owners are more focused on their business niche (rightfully so) providing relevant services and products for their customers whereas business coaches have a greater understanding of business practices overall and work with businesses in many different niches. If you’re trying to learn everything you can about efficient back-end processes, for example, you’re taking time away from your money-making marketing efforts to your niche customers, which could negatively affect your profits. Whereas your business coach can give you advice about efficient back-end processes plus help you implement them while you continue with your marketing efforts.
Think about large corporations. Does the company president know everything there is to know about the inner workings of the company and the daily processes? Probably not, that’s why there’s a CFO and department heads; they focus on their own specialties and advise the president, who then makes decisions based on that input. The same can be said about your company; you’re the president of your company and your business coach can advise you about which steps will yield the most profits.
If you’re ready to work with a business coach, I’ve got some openings in my calendar for new clients so call me to book your discovery call.
How Much Time Have You Got?
We all have the same 24 hours in each day but how we USE those same 24 hours will determine your level of success. Have you ever analyzed what tasks you accomplish during the day, especially on those days where you question where the day went and wished you had an extra eight hours to finish your to-do list? Knowing where you spend your time is part of the equation for success.
Are You a Do-It-Yourselfer?
When you’re first starting your business it makes sense that you want to watch your budget and not hire any outside help. After all, you need to make money before you spend money, right? Do-it-yourself business owners take on every task that deals with sales, marketing, billing, and operations, plus everything else that doesn’t fall into those categories. But if you’re working on closing a sale, it stands to reason that you don’t have the time to develop a strong marketing campaign or to create content for your website or social media channels. Do-it-yourselfers are stretched too thin and become an expert at nothing. Very often these business owners feel behind, like they’re always playing catch up with what their clients need and trying to salvage those relationships instead of forging the way to bring in new business.
Are You a Business Leader?
Business leaders know they can’t do everything themselves. They see grand plans for the future of the business and know what their own strengths and weaknesses are. These leaders will shop around for expert advisers, coaches, and assistants to handle the myriad tasks involved in the backend of the business so they can dedicate their time to finding new clients and building those relationships while their team handles their own areas of expertise.
Can You Go from Do-It-Yourselfer to Business Leader?
Of course! Don’t be intimidated by others who tell you something is impossible. In order to change your mindset, find a mindset coach who can help you work through the reasons why you need to do everything yourself and identify your fears about hiring help. Find a business coach who can analyze your backend operations and give advice for automating certain tasks or suggestions for who to hire next. Consider a social media manager to keep your accounts current with posts and to engage your audience. Hire a virtual assistant to manage your email and your calendar while you’re handling sales and marketing. Think of how much time you will save if every one of these team members do their own jobs within the same 24 hour time period. You will definitely see faster growth in your business but making that first hiring hurdle can be tough.
If you’re ready for a complete business analysis and ready to grow your business, call me for a discovery call. A good business coach can simplify your business operations and create a blueprint of how to proceed with hiring a team.