National Business Advisor Addresses What Keeps Business Owners Up at Night
AdviCoach® Shares How Entrepreneurs Can Mitigate the Concerns that Worry them Most
May 29, 2014 // Franchising.com // Southbury, CT – This year brings a positive outlook for the small business landscape; Kiplinger projects 2014 to be the best year of growth since before the recession. Even with a positive market in place, some small business owners might find themselves worrying how they can fully take advantage of their potential for growth and remain successful going forward.
AdviCoach, a national provider of business coaching and advisory services customized for small- to mid-size businesses, addresses the top concerns and how to mitigate them. They recommend taking the first step in adapting your business for continued success by listing the aspects of your business that worry you. Start by asking yourself: what are the "2 a.m. issues" that keep me awake at night and are based on the fear of losing something?
"Sometimes the hardest part of resolving any issue is actually identifying where the problem is and what's truly preventing you from achieving success," said Terry Powell, founder of AdviCoach. "To simplify the process it's best to get everything on paper – no matter how large or small you think the issue may be. Then, you can target the worries you have that are impacting your business and form solutions piece by piece."
To help small business owners reach the next improved version of their business, or what AdviCoach refers to as Your Business 2.0®, AdviCoach recommends the following solutions for the top three concerns that AdviCoach sees are keeping business owners up at night:
- "I don't have enough profit": Set up a strategic tracking system to take a look at all avenues of the business, and identify where costs can be cut or eliminated for the overall margin of profit to increase. Ensure all potential discounts – whether in taxes, product prices, or employees – are taken into consideration and applied to the business.
- "I don't have enough time": Business owners should evaluate their goals and take a look at what things throughout the day are preventing them from ultimately achieving those goals. For example, a time consuming task such as bookkeeping can take a lot of time out of business owners' schedules and prevent them from actually running their businesses day-to-day. Bookkeeping, along with other tasks, is a responsibility that can easily be outsourced to a trusted accountant so business owners can redirect their time and focus on their goals.
- "I can't find good people": Evaluate your current team with the use of performance evaluations and peer reviews to determine if you currently have the right people for your team. With this process you should identify whether your business needs new employees and what qualities someone should possess to fit those roles and your business' core values. Recruitment is a tough task that can be simplified in multiple ways – by partnering with local universities, outsourcing the responsibility to a staffing agency, or hiring a team member specifically for recruitment purposes. The next step, after you have hired the right employees, is retention. Create a system for employee training and a positive work environment to ensure you keep the good employees you need.
As part of its continued commitment to helping small business owners, AdviCoach has partnered with Expense Reduction Coaching® (http://www.ercfranchise.com/ercfranchising/) and Business Partner Marketing Coach® (http://www.businesspartner.com/bp/) to launch a weekly educational podcast series entitled: "What Keeps You Up at Night." Featured on BlogTalkRadio.com, the show is hosted by company executives and includes industry experts, leaders and coaches as guests. Each show explores various topics impacting today's self-sufficient professionals and strategies to overcome them. The podcast airs every Tuesday at 10 a.m. ET at http://www.blogtalkradio.com/whatkeepsyouup.
For more information about AdviCoach, visit www.advicoach.com.
With more than 25-years of experience in business coaching, AdviCoach is the premier source for business coaching and advisory services customized for small to mid-size businesses (SMBs). The AdviCoach business model is designed to empower SMB owners to increase the productivity and value of their businesses through unique coaching methodologies and the deployment of "Rapid Impact Strategies," ultimately reaching long-term Income, Lifestyle, Wealth, and Equity goals. Part of Franchise Source Brands International™, AdviCoach and its sister company The Entrepreneur's Source dominate $1.5 billion industry with a commanding 33 percent of the business coaching and consulting franchise market in North America. For further information, visit http://www.advicoach.com/.
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