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A business plan in only 10 Minutes:
This is true, but as businesspeople, we don’t have time.
So here’ s a 10-minute challenge.
Ready?
Time yourself for just 2 minutes per question. Write down:
1) Your business’s three main intentions – (Be specific in your wish list amongst make profit, deliver service, improve outcomes or innovate a product or service?)
2) Tell me 3 things that make you better than your competitors?
3) What are the threats to your business
4) What are your three personal goals (These are related to your personal life and relate to income, work life balance etc)
5) What’s your exit/ retirement strategy?
Now reread all your answers.
Surprised? Business owners I work with are often surprised by the outcomes. You see, in a short space of time, they will answer the questions in order of their own priority rather than being those of the day-to-day business needs.
Well done.
You’ve now taken the first step of planning your strategic intentions. Next, we can work on your strategic choices which will then lead to a full plan of implementation. Coaching is about getting managers or entrepreneurs to think about their goals and to plan the execution to their own talents and constraints. It isn’t for us to tell you how to run a business, but to make you think about how you want to achieve your life and business goals.
Hopefully, this exercise will have aided your first steps to better outcomes.
Running A Business Can Be a Lonely Place
Running your own business can be a lonely place. I often hear complaints from business owners that the perception from their friends is that owning your own business brings you untold riches and ample time on exotic holidays or on the golf course. Many also think that their staff have the same view. They will of course have their own perspective based on their own personal circumstances.
And it’s a fair assumption.
You, having taken the plunge into running your own business need to take credit for how special you are. But wouldn’t it be nice to hear a “well done” occasionally? We do get the odd congratulations from our bank managers or accountants. (Mainly when we have made a good profit or there is ample balance in our accounts) but of course they also don’t see that you are planning for the next VAT payment, have a particularly difficult customer or just have clients that are slow to pay.
This is the value in business mentoring. Coaches aren’t there to run or reinvent your business. You are the experts, and most coaches have very little expertise in your specific sector. What we do understand is the stress you go through in running your own business.
Similarly, we understand the business theory of marketing, producing & delivering your product or service.The need for understanding your costs and liabilities. The need to employ teams and develop individuals to help grow the business and retain the best people.
Our role is to listen to your ideas, your life goals and help you prioritise them. There is no magic switch. We are there to help coach idea’s from you. We aren’t just a sounding board. But there to help explore strategies, implement changes, measure results, and evaluate the results and impacts of your ideas.
99% of business owners have these skills to be able to do this on their own. The irony is that they can often see more in other businesses than their own. A good coach should be able to help you see the wood for the tree’s, to be your critical friend and not to make judgements. To help you prioritise and organise yourself with someone independent who can provide a viewpoint on how customers, staff and your peers will perceive your plans.
In the years I have come across many businesses where the owners have in their head very specific goals and ideas as to where they want to be in 3, 5 and even 20 years’ time. Sadly, these often remain ideas and the goals are rarely achieved, mainly as most owners either don’t spend enough time in the “planning room” (they are too busy in the business rather than on the business) or perhaps don’t have the confidence to implement their ideas fearing failure.
Ditch the Theory – listen to the Practical
This mainly happens when a business owner is looking to move their business forward but isn’t sure where to start. You end up searching Amazon looking for books that are relevant and spending £50 or so in the hope that it firstly becomes a “Quick Fix” or secondly, you’ll find time to read them.
The answer could be in a Business coach. They act as mentors or sounding boards. It’s like having a counselor where you have a safe and private space to download your thoughts and visions. If you’ve ever had counseling (And I would recommend this on a personal level) You’ll know that there are often subjects in life you cannot talk about with your loved ones for fear of hurting them or their feelings.
Business is often like this. The owners of the business have the vision of where they want the business to be. Sometimes this is a clear vision, but sometimes it’s a variety of ideas in their head. Often however, they will share their ideas or vision with key people within their business which simply leads to uncertainty or insecurity of jobs and the future.
Like counselors, good coaches will allow the owners the space for owners to explore their ideas and relay real time experience to the theory for the owner to consider. After each session there should be a period of reflection where the owner is able to digest the session and make informed choices as to the future direction of the business.
A good coach not only understands a variety of business theory but applies it to real situations more quickly than time it takes to read a management book.
In the first session, I guarantee every client at least one Nugget that will improve efficiency or profitability. Of course, this is part of me demonstrating the benefits of ongoing coaching sessions, but just as one session of counseling doesn’t solve your life problems, business progression won’t be solved by a library of half read management books.
So, is it worth investing 90 minutes to see?
Future Proof Your Business
In today’s rapidly changing business landscape, future-proofing your business is not just a prudent strategy but a necessary one. The world economy, technological advancements, and global events like those covered in the news can significantly impact businesses.
Can A Business Coach Help Future Proof Your Business?
YES – A business coach can assist you in crafting a comprehensive strategic plan that accounts for potential disruptions and helps you capitalize on emerging trends. They can guide you in setting short- and long-term goals that align with the changing business landscape.