Are you curious about what a local business coach could do for you? Many entrepreneurs benefit from business coaching and we’ve made a list of 17 disciplines a local business coach can help you with.
17 Disciplines: How A Local Business Coach Will Help
- Create Your Life Plan and Use a Daily Planner
- Create or Refine Your Mission Statement and Guiding Principles
- Install a Management and Execution System
- Create or Refine Your Digital Dashboard
- Install a Talent Management Playbook
- Develop Your Executive Communication Abilities
- Clarify Your Marketing Message
- Install a Marketing Sales Funnel
- Develop a Sales Pipeline
- Streamline Your Sales Administration Process
- Install the Use of a Product Brief Worksheet
- Conduct a Product Profitability Audit
- Install a Customer Service Representative and Process
- Audit Your Overhead and Reduce Unnecessary Expenses
- Install a Revenue Director
- Install the Money Made Simple 5-Checking Account System
- Create Compensation Packages that Incentivize Growth and Profitability
The day-to-day of an entrepreneur can be overwhelming. There are seemingly too many things to think about. Some of you are probably snickering at my use of the word seemingly. Yes, okay, there ARE too many things to think about. You’re wearing far too many hats while you navigate the rough terrain through each department.
We’ve compiled a list of the disciplines a business coach will be able to help you with. These disciplines have to do with leadership, marketing, sales, product, overhead, and cash flow. I like the sound of that last one and I know you do too.
Follow us through the six major departments you’ll find in any business and find out how you could benefit from having the expertise and support of a business coach. When each of these departments works together you’ll have an unstoppable machine of a business.
You can learn all these disciplines for yourself and become a business virtuoso by following this link and subscribing to Business Made Simple.
Disciplines 1-6: Leadership
Create Your Life Plan and Use a Daily Planner
Create a life plan, you say? Yes, we know this can feel overwhelming. The good thing is that you don’t have to have this perfected. It’s more of a trajectory plan… but, it’s just that, a plan. The goal is progress, not perfection. So, stop avoiding this. Yes, you! You’re reading words written by the world’s greatest procrastinator. You can’t fool me.
Each member of your leadership team should create a personal life plan. This includes you, of course. Your life plan will include answering questions having to do with who you want to be, what you want to accomplish in your lifetime, visions for ten years, five years, and one year, defining goals using the Hero On A Mission goal-setting worksheet, and habitually using a daily planner that helps you remain focused.
Create or Refine Your Mission Statement and Guiding Principles
In Business Made Simple, author, Donald Miller, talks about purpose being the primary incentive to achieving a goal.
When speaking about the area of productivity, he states, “in all my years studying story, I came to believe that a human being’s life has the most meaning when they live it as though they are a hero on a mission. When we are a hero on a mission, we have little room for frantic activity. We know what we want, what opposes us, and what we must accomplish to solve some of the world’s problems.”
What is the frantic activity he mentions? Distractions. All kinds of distractions. It’s difficult to stay focused in the world today when we have so many things pulling us away from our focus, and that’s if we even have any focus, to begin with. Let’s talk about honing in on your mission statement and guiding principles, which will help you with focus.
Your mission statement should be one that people can remember, repeat, and actualize.
It should be formulaic, and look like this:
We will accomplish [insert GOAL] by [insert DATE] because [insert YOUR ‘WHY’].
Your guiding principles include specific and key characteristics needed for leadership and for employees to embody; which are essential to reaching the mission. Also included will be necessary actions that need to be taken, a story-pitch that tells your story clearly, and a theme (more like the “why”) for your organization which gives it a solid philosophical foundation.
Install a Management and Execution System
Do you know what works when you need to do something over and over again to function? Systems! In business, you can’t operate properly and maintain long-term momentum without creating dependable systems that are easily understood and repeatable.
Once you have a dependable system that can be repeated, you need to execute. Business Made Simple calls the daily meetings you’ll have with departments, standups.
Your daily standups will be with the directors of each division/team and each department. You’ll have a weekly speed check with your directors and team members as well as a quarterly performance review.
Create or Refine Your Digital Dashboard
There are metrics to track for every business and these four are key:
- Revenue
- Profit
- Profit for each team member
- Leads
Here are two recommended software tools for digital analytics: dashthis and klipfolio
Install a Talent Management Playbook
You want to hire the right people for the positions you need to be filled. It matters to your bottom line that you do this. It’s also important that you understand how to manage and lead talent. Your talent management process should focus on recruiting, interviewing, onboarding process, retention, and compensation.
These need to be well thought out, fit the particular needs of your company and employees, as well as be grounded by your guiding principles.
Develop Your Executive Communication Abilities
I think we can all agree how important communication is in business not to mention everyday life. Just one small misunderstanding can lead to a litany of issues resulting in a domino effect that can throw your business off-track. Then you have to deal with the interpersonal issues that resulted from each fallen domino. This is not fun or productive.
So, you must develop your executive communication skills. This should be a goal for each member of your leadership team as well. A well-rounded professional should have the ability to create a communication campaign that includes the following elements: Talking points, speech, video (speaking and presence), email, social media campaigns, and press releases.
Exceptional communication abilities will help you energize and motivate your team with your vision. This makes for a powerful company dynamic that translates directly into the customer journey.
Disciplines 7-8: Marketing
Clarify Your Marketing Message
There’s no point in having a marketing message that isn’t clear and that doesn’t convert. An unclear message is confusing and…
“If you confuse, you lose.”
– Donald Miller
So, why waste time on marketing messages that don’t work? Instead, learn how to clarify your marketing message, get it right the first time, and see your leads convert.
This is a StoryBrand Brandscript and it will help you clarify your message for your ideal and targeted customer in a way that will ultimately convert.
Follow this link to download your own StoryBrand BrandScript and get started following the steps.
Are you still with us? I know this can seem like a lot to do. That’s because it is. But, we’re giving you this information because we know that it is possible to do it on your own.
If you’re feeling a little overwhelmed with information overload, reach out and Schedule A Call today. We’ll speak briefly and see if you’d benefit from having a coach help you through these steps.
After you’ve worked on perfecting a clear message you can move on to this next step…
Install a Marketing Sales Funnel
What is a sales funnel, you ask? A sales funnel is a marketing tool that consists of 5 key pieces of marketing well-designed material with your ideal clients in mind. These tools will help you to build and maintain a relationship with your ideal customers and also onboard them once they decide to purchase.
Here are the 5 tools that make up an effective sales funnel:
- A one-liner
- A wire-framed website landing page
- A lead generator
- An email nurture campaign
- An email sales campaign
Creating and installing an effective sales funnel will take your business to new heights.
Disciplines 9-10: Sales
Develop a Sales Pipeline
Do you know that slimy reputation that is prevalent throughout the used car industry? It exists for good reason. Their number one priority is to move cars off their lot. There is no other goal for them. This, of course, translates into poor customer service (if you can even call it service), thereby resulting in a terrible experience and journey for the customer; it doesn’t ever seem like those slime buckets are truly happy and fulfilled either.
I say these things to highlight the fact that you are different. You have a product or service that you know fills a need by providing a solution to your ideal target audience. The last thing you want is to pedal crap. We know this is true about you, and you do too.
A well-designed sales process will guide and direct your ideal prospects through the natural steps of a quality relationship and lead to conversions in an honest way.
The infographic to the left shows the phases of the sales pipeline process you will create.
Streamline Your Sales Administration Process
The number one goal of your sales team is to close deals. That’s what they’re there for and you don’t want them focusing on other administrative items that take time and mental energy away from this priority. So, you need a system in place to streamline the sales administration process.
A well-designed sales administration process will: take care of contracts, process payments, send welcome boxes for your onboarded customers (or whatever it is your company does), write and send thank you cards and any sales material necessary, and fulfill sales obligations.
Are you feeling like you’d like to know where you could be going wrong with your business? Follow the link to My Business Report to get your customized plan to fix it and start getting what you deserve for your hard work.
Disciplines 11-13: Product
Install the Use of a Product Brief Worksheet, Conduct a Product Profitability Audit, and Install a Customer Service Representative and Process
I’ve grouped the above disciplines together because a local business coach can help you through exercises that are designed to give you definitive numbers. This way you know exactly where you are and where you can go from there.
Your products need to be in-demand and profitable.
Have you seen The Profit on CNBC? I love this show! What I don’t love is how many business owners that make an appearance on that show, don’t know their numbers. They have no idea what their products cost to make and how profitable their products ultimately are. This is, of course, why Marcus Lemonis showcases these owners and their train-wreck businesses. I just can’t seem to look away either.
The point is… you need to KNOW YOUR NUMBERS! Otherwise, you can’t make sound decisions.
These exercises you’ll learn with the help of a local business coach should be done regularly and they’ll help you implement them as a discipline.
Disciplines 14: Overhead
Audit Your Overhead and Reduce Unnecessary Expenses
Overhead is responsible for taking titanic-size bites out of business profitability. You want to audit and reduce unnecessary expenditures on a regular basis. When you implement and install the disciplines on this list, either on your own or with the help of a local business coach, you will have put systems into place.
These systems ultimately serve as a structure that will provide residual results and requires less work from you and your team as time progresses. Repeatable, and easy-to-use systems will always help you win!
Disciplines 15-17: Cashflow
Install a Revenue Director
Installing a revenue director will split the responsibility of revenue between the CEO and the appointed director. This is usually the same person who is the director of sales and marketing.
Once this position is filled you want to make sure your sales and marketing team are on one page and have one goal. The revenue director will be responsible for having meetings with the CEO on a regular basis to discuss revenue plans and forecast projections.
Install the Money Made Simple 5-Checking Account System
Knowing the numbers that correspond to your products and overall operations is not enough. You must also have a reliable system for your business checking accounts. This is obvious, of course, but it’s another thing that ends up going by the wayside whenever things get too busy. This is something you must, however, be on top of at all times.
Organized finances keep your company above water.
You should have an account for each of the following:
- Operating expenses
- Owner’s personal account
- Business profit
- Taxes
- Investment holding account
Create Compensation Packages that Incentivize Growth and Profitability
Compensation packages can be tricky, but doing the following will help you succeed in this area.
Deciding on a general percentage of the current market rate to pay your employees, stating an annual revenue and profit goal, installing an ‘available bonus’ plan, installing a ‘pay-for-performance’ bonus structure, and installing a sales team exemption.
Do you know who works hard? People who have been properly supported, compensated, and incentivized. Once you’ve done the work to put the structure in place, you’ll be well on your way to finding and keeping quality and hard-working talent.
We know you work hard too. Entrepreneurs are among some of the hardest workers on earth!
So, like those you employ and value, you should be properly compensated. If you’re thinking you would benefit from hiring a local business coach, Schedule A Call today, and we’ll take some time to see what would be the best fit for you and your business.
Have you implemented some of the above steps in your business? What kind of advice would you offer other business owners? Drop your wisdom in the comments section below!