Addressing the Five Critical Small Businesses Dangers Can Prevent Business Failure
Southbury, CT (Grassroots Newswire) December 28, 2011 – Research sponsored by AdviCoach sites a short, but compelling list of dangers that typically cause business failure and that are prevalent across the board, in all businesses – independent of industry or sector. According to Brian Miller, COO and president of AdviCoachÒ, being proactive instead of reactive with these dangers can be the difference between being a strong player in an industry or another statistic of business failure.
"Our research has identified the challenges or problem areas that all business owners are most likely to face," Miller said. "Business owners need proactive partners to help them implement through rapid impact strategies which will improve business performance and revenue."
Business coaches with AdviCoach work collaboratively with clients to provide customized education and business strategies applicable to each stage of business development. These research findings state that effectively managing these areas increases business owners' chances of success exponentially.
The research found that businesses are weak in one or more of the following areas:
- Financial Management (Cash flow)
Cash flow restrictions – even seemingly minor bottlenecks – are responsible for over 70 percent of business failure with their first year.
- Human Capital (Selection, Retention and Training)
The mismanagement of human capital is the main reason that "good" companies never become great. These issues are actually amplified in situations with high unemployment.
- Planning (Business and Marketing)
The majority of companies pursue projects that are incompatible or inappropriate for their resources and capabilities.
- Sales and Sales Management
Under performing sales people bring in at minimum 50 percent less revenue than top performers. Many companies do not have defined sales processes in place.
- Communications Leadership
The beginning and end of all failure in business lies with the people who make the decisions every day.
AdviCoach works with business owners using a powerful, interactive diagnostic process to assess business performance in 21 critical areas, including staffing concerns. These areas are mapped to AdviCoach's 21 Rapid Impact Strategies, which address gaps and drive immediate results. Business coaches help clients significantly improve their business performance by assessing the current state of their businesses, identify and address challenges and new opportunities, educate them in business best practices and hold them accountable for the short and long term business goals.
"When business owners lose sight of their goals, it is often because they don't have the ability or are unwilling to see beyond their blind spots and take immediate action," Miller said. "Working with a coach can help a business owner remove the blinders, see their company more objectively, and make fact-based decisions in an effort to increase performance."
For more information about business coaching services and AdviCoach, please visit http://www.advicoach.com/.
AdviCoach is the premier source for business coaching and advisory services customized for small to mid-size businesses. With its unique "AdviCoach Advantage," AdviCoaches help businesses increase their ROI and deploy a multitude of Rapid Impact Strategies to impact the bottom line of their business. Today, AdviCoach, along with sister company The Entrepreneur's Source, dominates the $1.5 billion dollar Business Coaching/Consulting franchise market with 33 percent market share in North America. In 2011, AdviCoach was ranked in the top 100 fastest growing franchises by Entrepreneur Magazine; in the Top 100 new franchises by Franchise Market Magazine and listed in the Franchise 500 by Entrepreneur Magazine for 2 consecutive years. Other news on FSBI international brands can be found on www.FranchiseNewsRoom.com
Cynthia L. Schick