Business Coaching for Business Improvement

Business coaching can actually bring the much-desired changes to your business. Coach is a word which is derived from “kocsi”, a Hungarian name that means “carriage”. Today, however, the word has a wider use and it basically means transportation of people from one point to the other where they desire to be.

Business coaching, therefore, can be defined as a process that can be applied so as to move a business from its current position to where the owner envisions it to be. What a business coach does is to offer guidance and assistance to the owner in view of business growth, helping in the clarification of the business vision and how exactly it can fit well with the personal goals. This is a very important step and should be a point of focus.

Business owners should be made to understand the importance of reaching their goals for the business and how it can affect them personally. The business owner is responsible for the determination of the passion and speed in which goals are met. When the business owner has a passion for reaching a goal, he will be more determined to make it work by all means.

Usually, a coach will get to know the business owner desires and this helps in the prioritization of the goals and strategies that need to be put in place. It is the work of the coach to meet you with the owner on a regular basis so as to ensure they remain on track to all commitments that they may have made.

Accountability is a critical component of business coaching. It is important to understand that a business coach isn’t a consultant. This means that they don’t work for the business. The main aim is to help you with focus and keep on reminding you the importance of reaching the set goals. They also work to motivate the business owner to actually keep the commitments. They are the sounding board and can even hold a mirror so as to reflect all the blind spots that you may have missed.

The Benefits of Buying an Established Business

The dream of business ownership is alive and well these days, especially in Colorado. As of 2015, the state is home to nearly 600,000 small businesses which employ almost 1,000,000 people! Every day you hear about a new start up being launched or a company taking its headquarters to Colorado. Business is good! So for today’s discussion, we thought it would be important to address the benefits of buying an established business over starting a business.

In Colorado, 52% of small businesses fail within the first four years of being established (as of 2016). But this percentage dramatically decreases with the purchase of an established business for a number of factors which we will discuss below.

Proven Business Concept. Buying an established business is simply less risky than starting a business of your own. The concept has been proven to work and has a track record of that success. This also comes in handy when it comes time to finance the business; banks are much more willing to lend to a buyer with a proven concept than fund a start-up business.

Established & Recognized Brand. When purchasing an established business, there will already be a brand in place that is recognizable in the community and has a history and reputation behind it. It is much easier to market an established business to a community than to market a new business.

Staff in Place. Hiring employees is time-consuming and costly and within the realm of a start-up business, every penny counts! An established business comes with staff in place that has already been hired, trained and developed to operate the business. These employees will not only be able to help you transition into your ownership role they will also provide you with a more flexible schedule to focus on business strategies and family.

Customer Base. An established business has had the time to develop customer relationships and a loyal following. Which means the business will benefit from revenue from the time of purchase on. With a start-up company, the owner will have to work much harder to gain traction within the community and attract customers.

Growth & Planning. Instead of working to make your start-up business viable, as the new owner of an established business, you will be able to focus on scaling and strategic planning. This factor alone can alleviate a large piece of the risk and stress of a start-up business.

Deciding to buy a business will put you one step closer to reaching your entrepreneurial goals!

To learn more about how to buy a business or even how to buy a franchise we invite you to visit our website for more information!

How to Make Your Business Financially Fit

Steve is a successful business owner who takes his business very seriously. He focuses on growing his business and has several employees. People love his products and services and are sharing them with others. What Steve is struggling with is making his business financially fit. It seems like his business is always tight, and he is barely making it each month. Sound familiar?

This is what we hear from many business owners. They want to grow and be successful, but they are missing some tools to assist them in staying profitable. Here are four tools you can implement into your business to be financially fit.

  1. Know You’re overhead Cost – It is easy to know what the cost is of each product or service you sell, but many business owners fail to include their overhead cost when figuring their numbers.

Profitable businesses know what their profit is on each product or service after their overhead cost is included. Overhead costs often include, administrative expenses like office supplies. Other expenses may also include marketing and advertising, employee related, facilities and equipment, vehicle related expenses, insurance, and tax related expenses.

Companies should know the percentage of breakdown related to each product sold, each procedure or job performed, or each service that is provided.

This allows the business owner to price their products and services at the right price. If the overhead cost is not included, it can cause the business to lose money on each sale that they are making.

  1. Manage Your Cash Flow Regularly – Cash flow is so important for a financially fit business. If a company does not have a good eye on their cash flow, it can cause them to struggle every month.

Knowing what money you have coming in, and what money you have going out each week and each month will help you to know what you need to bring in each week to manage the bills that are going out.

It will also assist you with meeting goals like buying that piece of equipment that will make you more profitable or investing the money to increase overall profitability. Look at a statement of cash flows; a statement of cash flows will show you what money is coming in and what money is going out each month.

  1. Pay Attention to Your Numbers Each Month -Waiting until the end of the year to get your bookkeeping in place for your tax accountant can be a very costly mistake. A financially fit business pays very close attention to how the business is doing on a weekly and monthly basis.

They know how much they need to make each week in order to be a profitable business. They also look at their financials each month to see what they need to do in order to improve the next month overall performance.

If a company fails to do this, they have no way of making important business decisions because they don’t know where they are at. Not know where your business is at will cause your business to fail. If a business isn’t growing, they are dying.