Are You “Great” Or Just Doing OK?
In a recent article I posted to our Small Fish Blog ‘What makes a great business owner?’ the behaviours of great owners were discussed. To continue with this theme and to look at some more specific behavioural data, I have conducted some analysis of businesses I have had contact with recently as a coach.
These results come from the mini audits of 87 business owners, who took the opportunity to try the Free Coaching Session Small Fish provides. (I have to plug this and say it is a great way to seek some feedback, ideas or thoughts on how you can improve your business if this is what you want to do!). Just click here or email me if you have an interest in having one for your business!
So, what did I discover?
From the 87 business mini audits, the following was discovered:
- 75 employed staff (balance solo operators)
- 8 actually have regular structured staff meetings
- 7 provide incentives, feedback or reward processes for their team
- 6 have a formal business plan (I think about 2 had actually looked at it since completing)
- 5 have a Marketing Plan
- 4 tracked Marketing activity for ROI each time
- 6 obtain and review financial information on a monthly basis (i.e. P&L)
- 4 knew their break-even point
These are some alarming numbers, and I am sure all those reading will not be on this list!
Clearly not all people I meet want to become clients for a number of reasons such as time, cost, don’t want to change, not ready, feel they’re doing ok, etc. This is fine and to each their own.
The key point and take away from this is not to sell coaching, but to advise if you are guilty of any of the above. The first step is to recognise your gap. Once you know where you need to modify things, you have to WANT to change. This is where those who seek external help flourish; they have identified a need and want to amend that gap in their behaviour. Don’t waste money on coaches, consultants, training etc. unless you really are serious about change and willing to commit. It isn’t easy, but the business benefits longer term will truly make you a great business instead of just chugging along and doing Okay.
I wish you all the best and hope to see these hit rates change as we all become better (and even great) at what we do.
There are four ways you can engage with me:
1. Subscribe to these emails and get them once a week in your inbox so you never miss a video from me.
2. Join the Trades Business Toolshed Facebook Group where you can watch these videos, ask me questions or talk to your peers.
3. Attend my next Tradie Profit Webinar.
4. Book yourself a 10-minute chat with me. We’ll talk about whether coaching is right for you now and if it is, we’ll go further into the process before you have to make your mind up.
See you later.