Most small businesses experience up and down cycles. Such cycles can occur monthly, or maybe several times a year. The goal of any business is to stabilize its income so that it travels on a continuous upward trending graph.
Several things cause these cycles;
- When business is in an upswing many owners start coasting uphill which, unfortunately, causes the upswing to stop and perhaps even roll backwards.
- When business is on a down turn, discouragement or frustration sets in and the owner either stops working or is doing more of the same thing which started the downward slide.
I have to speak from my own experience; one of the main reasons these cycles occur is the lack of support. As a small business owner you may feel that you have no one that understands your situation; no one that really cares or no one that can be trusted.
There is a fear that by reaching out to a coach or advisor nothing is accomplished except additional overhead. Another common mistake occurs sometime after a coach is hired. The business is growing, the bottom line is looking good; then the owner thanks the coach and lets him go. The dollar savings is minimal compared to the increased bottom line and the result is an owner once again “flying by the seat of his pants.”
The accountability, discipline, support and positive challenges that a coach brings are worth many times the cost. If your doctor recommends a certain prescription to keep you healthy and alive, you don’t stop taking it just because, after several pills, you are feeling better. The same concept holds true for your coach.
Last week I met with a group of business owners who are currently using coaches in their businesses. Without exception, all raved about the changes and growth in their businesses. Statistics are kept and the success ratio of these firms using outside support is the reverse of the majority of small businesses. In other words, currently 85% of small businesses fail in their first 5 years. Those with a mentor/coach have a failure rate of less than 15% at the end of five years.
Don’t start 2013 by yourself! Get the assistance of a qualified coach/mentor. A caveat: a good coach or mentor will not try to sell you other products in the areas of insurance, investments, equipment, etc., their expertise is to help you increase your bottom line.
The fellow who says he’s too old to learn new trick probably always was. A.J. Marshall
Nick J. Petra CFP Call to find out how your bottom line can grow in 2013. email@example.com
Make it a Successful Today!