Key Things Your Business Coach Won’t Tell You
That’s what people call the love-hate relationship between coaches and athletes.
Reading this, you’d probably conjure distinct imagery in your mind of an overly worked up coach –
pacing back and forth, shouting and drilling (accompanying measures of spit unavoidable) instructions to hapless players on the bench.
Partly motivation but mostly reprimand, the goal was to get these athlete’s adrenaline pumped up and running, obliterate any harbored weak spots, and push them to their limits, all in a mad bid to annihilate the opposing team – and win.
While cheerleaders can be good motivational boosts that get players’ blood running, it was the coach who really made the athletes do the right things along the right path. The coach’s words might have stung a lot, but these same words (delivered via maximum tone and volume rates) got the ultimate job done.
The same scenario might not necessarily hold true when it comes to a relationship between a business coach and an entrepreneur. Most so-called “professional business consultants” tend to sugar coat the words and advises they gave to people, letting them hear what they simply wanted to hear.
Business coaches like these were afraid that if they’d hurt their client’s feelings, they would lose their business consulting services contract.
But authentic business coaching for small business is simply not like that. As a business mentor, I look at clients from an objective perspective. I objectively assess their business performance and suggest ways on how they can get rid of kinks and eventually fine-tune their efforts.
I can tell them sweet-smelling words that encourage and motivate them, but I can also tell them hard truths that can help identify their business roadblocks more accurately. Once identified, they can be solved much more effectively.
So, without further ado, here are five key things that many business consultants won’t tell – when they should — so you’ll eventually be equipped with the tools and the right attitude to succeed.
1) There’s a Chance Your Business Won’t Succeed
Ouch! That’s like dumping a bucket of freezing metaphorical water over the head of an overly-excited entrepreneur wannabe. It’s harsh, but let’s take a look at some hard-line stats to open our eyes.
- There are more than 2.1 million small businesses in Australia according to the Bureau of Statistics, but sadly 54,992 of these endeavors went kaput. That’s a 12.7% increase in failed small businesses from the previous year.
Wait… there’s more.
- The same bureau reported that while new small business is started every 100 seconds, up to a whopping 60% of these small businesses closed shop after three years from opening day.
- A report from the Australian Securities and Investments Commission highlighted the reasons why these small businesses failed. 44% was simply due to poor strategic management, 40% was due to poor money management, and 33% was lost from trading.
There’s a high chance that your small business will fail. It’s a hard truth based on reality but many small business consultants opt to hide the fact, hiding them in flowery words like “your business will eventually succeed”.
Because of these, 43% of small business owners fear that they’ll suffer the same fate – but it doesn’t have to be this way.
Responsible business consultants like me understand this truth and are determined to gear you up and face this truth – the right way.
2) It’s a Rush… But It Won’t Be That Easy
Starting a new business is like an adrenaline rush for many entrepreneurs. However, they have this misconception that they’ll maintain the same level of feelings and excitement all throughout their business cycle.
Less than three years down the road, they’ll soon find out that they got it all wrong.
Credit this to the exciting “overnight success stories” circulating on social media.
As a responsible business coach, I can say that building a business will not really be that easy. Yes, there will be times when you get the highs from small business success, but be ready for those times when it gets really, really low.
Listening to hype talk is simply not enough. You should be ready to work long hours (and you thought you had it easy), get way out of your comfort zone, and be ready to nurture and cultivate that budding seed of business success — until the time comes when you get to harvest the well-deserved fruits of your labor.
3) Focus, Focus, Focus… and Oh Yeah… Focus Some More
A sure sign that gave newbie entrepreneurs away was their attitude of wanting to do too many things all at the same time. They wanted to make their products and services as general as possible, in a bid to get as big a client base as possible.
A real-life SEAL sniper will tell you otherwise.
In his book “Total Focus: Make Better Decisions under Pressure” former Navy SEAL sniper Brandon Webb wrote, “If I had to pick a single core principle for success in business, it would be this: Choose one thing, focus on that one thing, and execute it to the absolute limit of your abilities. Focus on your business, invest in yourself and learn how to say no to everything else.”
The insights he gained on the battlefield proved just as helpful when applied to succeed in business. One of the key elements he emphasised was maintaining focus. When you focus, you can address the specific needs and pain-points of your targeted clients.
Operating generally will spread your business too thin. Focusing on a niche business will put you in a position of authority and make you stand out from your competition.
4) Indecision and Procrastination will Kill Your Business
Many small business coaches will tell you that it’s okay to work at your own pace, and at your own time. Doing so, you’ll end up procrastinating on what needs to be done, or become indecisive when it comes to critical strategies that will make or break your business.
As a business mentor, I make it a point that my clients learn and be comfortable when it comes to risks. They should accept them, be ready for them, and learn how to manage them much more effectively. Having this attitude, they can make critical business decisions faster and with more precision.
Indecision and procrastination will lead to paralysis. Don’t just sit back and watch things happen from the sidelines. Learn how to pull the trigger at the right time – and watch your business soar.
5) Your Business Name Sucks
When asked if the business name a client chose was good to use, many business consultants would say “Well… it sounds good” while cringing inside, afraid they might hurt the other’s feelings.
But as a responsible business coach, I will tell you directly if your business name is simply terrible and is hurting your business. You’ll be surprised how a simple name change can work wonders for your business.
10 seconds was all it took for consumers to have a first impression on a brand and logo. But in order for them to recognize a logo, it took them 5 to 7 more impressions. This first impression was very critical though as more than 48% of consumers became loyal to a brand they’ve had a good first impression.
Your business name has the power to influence, always remember that. Names can trigger the emotions but it’s up to you how you designed your name, brand and logo to trigger emotions positively or negatively.
There’s still a lot of these important insights that many small business consultants withhold from telling their clients.
Let’s focus on these key concepts for now and take these as a new stepping stone to get your business going… and going… and growing.