From Burnout To Living Her Dreams: 111 Hours To 47.5 Hours A Week

Burnout is not new to business owners.

You work hard to run and maintain the business. By working hard, you end up sacrificing things that are so important to you and to your business as well.

In the end, you see yourself working hard endlessly and not having the result you ever wanted.

In that respect, Charlotte was living a typical life of a burnout business owner.

She established her business in 2012 and grew her business. However, she felt that she was drowning and burned out.

Her business could only run with her. Why? She did everything from answering the phone to billing her clients.

She ended up working 111 hours a week and could barely take care of herself.

As Charlotte explained:

“I established my business in 2012, and we experienced extreme growth in 2020. However, by 2021 I was drowning. I was burning out. I was working more than 100 hours a week, and my health was suffering. My work week consisted of answering the phone, scheduling appointments, attending sales meetings, ordering products for clients, and billing clients.”

Some business owners believe that working hard is the key to success. 

Doing things by themselves is the best for business growth.

Charlotte, on the other hand, recognized that she needed help. Even if her sales grew to a million dollars, she knew she would never be happy or have an amazing lifestyle.

So Charlotte took action. Eventually, she discovered Small Business Coach, and the rest is history.

“I reached out to my coach with Small Business Coach Associates. He showed me the 7 Stages of Business Freedom, and I was in the Burnout Stage. My coach helped me to develop a Strategic Plan and then to determine where I was spending my time and how to delegate tasks that were non-CEO level tasks and to work more in executive function activities. I had been focused on sales in the past but not on profits. Delegating lower-level work freed up time some we could work on our gross margins, and we determined that I had been underpricing my products.”
Charlotte has been an amazing client to work with. She is focused and true to her words in changing how she works and runs her business. She already did a great job of growing her sales. All that was needed was a little adjustment in managing her time and delegating tasks.

“I focused on developing employees, process improvement, improving inefficiencies, and managing customers. We are now on the path to Stage 7, the business freedom stage. As we implemented personnel development and daily time management, my entire mindset changed. I began to attend to myself first before working in the business, first with reading, exercise, and yoga. I now feel like I’m succeeding and have more peace. I hired my coach to help with infighting with my son, and I now know how to handle that. Before, I had an “elephant-sized problem,” and the elephant was sitting on me; now, I’m sitting on “the elephant.” My work hours dropped from 111 hours a week to an average of 47.5 hours a week!”

Now, she is living her dreams and on the path to business freedom. Since working with a small business coach:

Charlotte’s working hours dropped from 111 to 47.5 hours a week.

Feels that she is succeeding and has more peace.

Now on the path to Business Freedom Stage

Continued the foundation and system she built for continued growth without a constant struggle.

What is Burnout?

According to Helpguide, burnout is a state of emotional, physical, and mental exhaustion caused by excessive and prolonged stress. 

Therefore, burnout can be triggered by factors such as working long hours, high workloads, lack of job satisfaction, and an inability to achieve a work-life balance. It can also be caused by an unhealthy organizational culture or work environment that is unsupportive or hinders personal growth. 

As the stress continues, you begin to lose the interest or motivation that led you to take on a certain role in the first place. You may start to feel helpless, hopeless, and disconnected from colleagues and family members. Work may feel like a chore rather than a source of satisfaction and accomplishment. Eventually, you may feel like you have nothing more to give. This can lead to irritability, frustration, and blaming others for your circumstances. Are there any secrets? How did Charlotte free from the constant struggle and typical burnout business owners’ stories?

Why is burnout a common problem for business owners?

Burnout is a common problem for business owners due to its tendency to crawl up gradually over time. The combination of long hours, stressful decisions, high expectations, and lack of appreciation can quickly lead to feelings of exhaustion and overwhelm. With so many responsibilities on their plate at any given moment, business owners often find it challenging to prioritize self-care or recuperate, leading to burnout.

Burnout is a common problem for business owners due to its tendency to crawl up gradually over time. The combination of long hours, stressful decisions, high expectations, and lack of appreciation can quickly lead to feelings of exhaustion and overwhelm. With so many responsibilities on their plate at any given moment, business owners often find it challenging to prioritize self-care or recuperate, leading to burnout.

It’s like a car running out of gas – over time, the lack of rest and recovery can cause an entrepreneur to become drained, both physically and mentally. Without refueling the tank with essential elements such as quality sleep, good nutrition, and regular exercise, it’s difficult for business owners to stay motivated and productive. Even the most successful entrepreneurs need to be mindful of their energy levels and take the necessary steps to ensure they are not running low on fuel. They must find ways to re-energize and make time for themselves to prevent burnout, as it can devastate business performance. Taking regular breaks, delegating tasks, and planning ahead are all important steps business owners can take to avoid burnout and stay on the path to success. 

Stress vs Burnout 

Put simply; stress is like a spark while burnout is like wildfire–both have the potential to cause harm, but one happens suddenly, and the other grows slowly over time.

Stress is the reaction we experience when facing a difficult situation or demand. External pressures, such as work deadlines, family issues, or financial worries, can cause it. Stress can also result from internal factors like worrying about self-image or feeling overwhelmed.

Stress is usually short-term and can be managed with healthy coping strategies. However, when stress persists over time and goes unmanaged, it can lead to burnout. Burnout occurs when we are unable to cope effectively with long-term stressors, and our physical and mental exhaustion becomes overwhelming. Symptoms of burnout include a loss of motivation, lack of energy, or feeling overwhelmed. To combat burnout, it’s important to recognize and address the underlying stressors that may be causing it.

Are You heading down the path of burnout?

Yes, you are if:

You often feel tired, overwhelmed, and stressed out. 

You’re not enjoying activities that you used to find enjoyable.

You feel like you don’t have any control over your life. 

You feel like you’re working too hard without getting enough done.

You’re experiencing physical ailments due to stress 

Types Of Entrepreneurial Burnout

Entrepreneurial burnout can manifest itself in different ways. Some of the most common types of entrepreneurial burnout include: 

Time burnout: This type of burnout is caused by long work hours, lack of sleep, and deprivation of leisure time to relax.

Money Burnout: This type of burnout is caused by the frustration of not having enough money to cover business expenses, such as salaries and capital investments.

Motivation Burnout: This occurs when entrepreneurs become demotivated and stop taking risks or challenging themselves to grow their businesses. 

Burnout from Perfectionism: This type of burnout is caused by feeling the need to be perfect in everything they do, which can lead to taking on too much and becoming overwhelmed with.

Burnout from Unsatisfactory Results: This type of burnout is caused by not achieving the desired results, leading to feelings of disappointment and frustration.

How may burnout affect a business if the owner is burnt out?

Burnout can significantly impact a business if the business owner is burnout. It decreases productivity, creativity, and effectiveness. Burnout can also lead to increased employee turnover as well as decreased morale in the workplace. All this adds up to reduced profitability and overall growth of the business. 

Employees and customers may be able to tell if a business owner feels overwhelmed or stressed due to signs such as reduced engagement during meetings, difficulty making decisions, and changes in attitude towards work.

When a business owner feels overwhelmed or stressed, it can seriously impact the business’s success. Employees will become disengaged and less productive, leading to decreased output and efficiency. Customers may experience poorer service due to a lack of communication and reduced responsiveness from the business owner. 

These issues can lead to decreased customer satisfaction and loyalty, resulting in decreased revenue. Additionally, the business owner may need more time to focus on long-term goals and strategies, leading to missed opportunities for growth and development. Business owners must take steps to manage their stress levels to ensure their businesses remain successful.

Can a business owner recover from burnout?

Yes, a business owner can recover from burnout. Business owners must step back and assess their priorities. It’s important to identify areas of stress or conflict and focus on ways to reduce them.

In Small Business Coach Associates, we recommended that our client take the Time Mastery System.

The Time Mastery System is a comprehensive system designed to help business owners get the most out of their time. It encourages them to plan and invest their time wisely, eliminating or delegating tasks that don’t need immediate attention so that they can focus on the CEO-level activities that require decisions and drive results. This type of time management can help business owners stay organized, prioritize their tasks and make the most of their time.

The Time Mastery System is useful in helping business owners plan and manage their time more effectively and helps them become more productive. By understanding their own time better and knowing how to use it to reach their goals, business owners can save themselves from wasting valuable hours on tasks that don’t benefit them in the long run. It also allows them to focus on the activities that will bring real success and growth to their businesses.

Steps to prevent and manage burnout

Fortunately, there are steps you can take to prevent and manage burnout. Here are some tips for avoiding or managing burnout:

Take breaks – Make sure you’re taking regular breaks from work to give your mind and body a chance to rest and recharge.

Exercise: Incorporating physical activity into your daily routine can help reduce stress and increase energy levels. 

Establish boundaries – Learn how to set healthy boundaries with your business and manage workloads more effectively.

Connect with others – Spending time connecting with friends, family, or colleagues helps to reduce feelings of isolation and frustration.

Get enough sleep – Make sure you get at least 7-8 hours of quality sleep each night to help maintain your energy levels and emotional health.

Invest in some help – Delegating tasks or hiring someone can take some of the burdens off your shoulders and give you more time to focus on yourself.

Stop owning all the hustle because it gains you no muscle

Stop owning all the hustle to gain success because it won’t build the strong foundation you need for a lasting impact. Focus instead on working smarter and more efficiently to achieve your goals more sustainably.

Make sure to take time to focus on your mental and physical health, as well as strategize for long-term success. A balanced approach will help you create a better future and reach your goals effectively and sustainably.

Working hard is fine, but don’t make it the only thing you do. Take the time to appreciate and invest in yourself, too, so that when success finally comes, you’re ready to take advantage of every opportunity that arises. With a balanced lifestyle and a commitment to putting your best foot forward, you can achieve anything you set your mind to.

Going back to Charlotte’s story.

Are there any secrets? How did Charlotte free from the constant struggle and typical burnout business owners’ stories?

Let’s dig into her biggest lesson from her Small Business Coach experience:

Lesson#1

Strategic planning is essential for long-term business success and growth.

Strategic planning is essential for long-term business success and growth. It can help you identify opportunities, set realistic goals, and develop strategies to capitalize on those opportunities.

It’s the process of setting short and long-term goals, analyzing potential obstacles, and creating a plan to turn those goals into reality. It requires a strong vision, an understanding of the current market, and the ability to anticipate future changes. 

“My coach helped me to developed a Strategic Plan, and then to determine where I was spending my time and how to delegate tasks that were non-CEO level tasks and to work more in executive function activities.”

Lesson#2

It’s important to delegate non-CEO level tasks to free up time for executive functions.

If you want to achieve success, it is important to delegate non-CEO level tasks. This allows you to focus on the executive functions of running a business and leads to greater productivity.

Charlotte realized what she had missed while we were working on the delegating process.

“I had been focused on sales in the past but not on profits. Delegating lower-level work freed up time to work on our gross margins, and we determined that I had been underpricing my products. I focused on developing employees, process improvement, improving inefficiencies, and managing customers. We are now on the path to Stage 7, the business freedom stage.”

By delegating tasks that are not strictly within the scope of the CEO’s responsibilities, you free up time, energy, and resources that can be devoted to achieving your business goals. As a leader, it is important to recognize when tasks can be delegated to other members of the team and trust them to do an effective job.

Lesson#3

Self-care needs to be prioritized in order to maintain physical and mental health when running a business.

Parker J. Palmer once said, “Self-care is never a selfish act – it is simply good stewardship of the only gift I have, the gift I was put on earth to offer others.”

In the context of running a business, this statement is especially true. Self-care should be a priority for business owners in order to maintain physical and mental health. Taking time out from the daily grind of work can help you feel refreshed, energized, and ready to tackle new challenges with renewed enthusiasm and vigor.

And this was true for Charlotte’s situation, as she mentioned

“As we implemented personnel development and daily time management, my entire mindset changed. I began to attend to myself first before working in the business, first with reading, exercise, and yoga. I now feel like I’m succeeding and have more peace. I hired my coach to help with infighting with my son, and I now know how to handle that. Before, I had an “elephant-sized problem,” and the elephant was sitting on me; now, I’m sitting on “the elephant.”

There you go. If you are in a situation similar to Charlotte’s and would like to take Charlotte’s biggest lesson and hire a coach to hold your hand to success, we’re here to help.

The post From Burnout To Living Her Dreams appeared first on Small Business Coach.

This week I’m writing about using a Sales Management System in a Manufacturing Company. This is a practical system for building a top-performing sales force by scripting their approach, managing their activity, measuring their performance, and tying their paychecks to results.

I have been writing about some of my hero clients and how we achieve significant results. We have  36 Coaching Modules, or areas that fall under the categories of growth, profits and freedom. These are areas within your business that when we improve your performance, your business will run better.

John’s Manufacturing Company

John is the owner of a foundry (metal castings manufacturer). At this point, he wanted to transition his business into composites manufacturing. Over the previous two years, John had seen a decline in sales and profits. As a result, he had accumulated some debt; John wanted to become debt-free and grow his retirement savings. He has two daughters that are soon to enter college. Besides, John wanted plenty of time to pursue his hobbies of cycling and bowhunting.

Tactical Marketing, Time Management, Key Performance Indicators, Strategic Planning, and Team Deployment for John’s Company

We decided to implement a Tactical Marketing Plan, Time Management Plan and Key Performance Indicators. We then developed a Strategic Plan for his business. When it was ready, we met with his team to share his vision, values, and mission. This was the team’s opportunity to give their input and buy-in to the direction of the company.

The Sales Management System Implementation in a Manufacturing Company

We decided to focus on several of our Coaching Modules. We started with the Sales Management System. With our Sales Management System, we focus on three areas: Attitude, Activity, and Acumen. Based on this, we started by setting up an internal customer relationship management system. Then John and his team began to spend time daily on marketing and contacting prospects. We did a press release about John’s new focus in the composites industry and saw a big response. Additionally, John attended some of the Composites Industry Association meetings and developed relationships with contacts there.

Results For John’s Manufacturing Company In Using A Sales Management System

John’s results with our Sales Management System were dramatic in his company. Here’s what he said:

“Alan has kept me focused on marketing, sales and profits and has held my feet to the fire. The results of this focus are that my sales have grown 30% and profits are up 228% over last year.”

 

Congratulations John on using a sales management system to grow your sales and profits. You are one of our business heroes and an inspiration to every business owner. You can view a pest control company using a revenue and profit budget here.

The post Using a Sales Management System in 2023: Manufacturing Company appeared first on Small Business Coach.

This week I’m writing about using a Team Building System in a Landscaping Company. A Team Building System is a reliable system for placing your team members in roles best suited to their strengths and building them into a powerfully cohesive and committed team that delivers business results.

I’ve been writing about some of my hero clients and how we achieving significant results. We have 36 Business Coaching Modules, which are areas within your business under the categories of growth, profits, and freedom. When we improve your performance, your business will run better.

Wendell’s Large Landscaping Business

One of my contacts referred me to Wendell, the president of a large landscaping company. At that moment, his business had suffered from an economic turndown in the residential construction industry. Most of his revenues were coming from large track home building contractors. Some of these builders had squeezed his business on pricing and were competing with him.

Operational Changes in Wendell’s Landscaping Business

Since Wendell had some differences with an investor he wanted to take control of the business operations. Furthermore, his employees were not engaged and helping to improve the business. We wanted them to be empowered and involved in planning and decision making. In his personal life, Wendell’s life was also about to change. He wanted to spend plenty of time with his family since his children were nearing college age.

Strategic Plan, Team Deployment, Tactical Marketing, and Sales Training

We started by performing a profit analysis of Wendell’s business. We were able to determine that we needed to put in place several Coaching Modules. These included our Strategic Planning, Team Building System, Team Deployment, Tactical Marketing Plan, and Sales Training. Our main focus was on marketing on high-end residential clients. These clients wanted outdoor rooms.  We also held margins on the lower to mid-size home builders. We determined that the warranty department was providing too many free services. This represented a significant loss and we saw some upsell opportunities.

Team Building System for Wendell’s Landscaping Business

Our plan was to focus on the Team Building System. At that point, employees were not engaged. We wanted more buy-in from the employees so that they could be empowered to provide resolutions to customer problems and care about the machinery they were operating.  So we began to involve all employees in meetings and brainstorming sessions. We developed a vision for the business that offered more benefits and profit sharing for the employees. As we deployed these strategies we saw dramatic improvements in many areas.

The Results for Wendell’ s Landscaping Company

Here’s what Wendell said about our Coaching Process:

Our annual sales have grown from $3.6million to $13million and our profits have grown by 400 percent. Alan helped create a stronger team atmosphere and was able to get great team “buy in.” This was after helping us to make some tough decisions necessary to initiate the turn around. Alan helped us to develop and deploy key marketing and branding strategies, grow our design-build division by 700% and turn our warranty department from an expense to a 30% profit.

 

Congratulations Wendell on your dramatic improvements in using among other things a Team Building System in your landscaping company! You are one of my business heroes and an inspiration to other business owners. You can view another case study of using a break-even plan in a school bus company here.

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What if I told you that small business success could mean more time with your spouse, profits soar, and an overall sense of fulfillment? It sounds too good to be true, right?

That’s the reality Robbie experienced when he decided to join Small Business Coach Associates.

However, Robbie’s journey was not easy.

Here’s what happened.

Even though they had been operating successfully since 1965, due to the financial situation they faced caused by incurring a very large bad debt, Robbie was desperate and frustrated.

Robbie feared that bankruptcy or reorganization might be their only option.

But the results were remarkable when he decided to invest in small business coaching. 

Before starting one-on-one coaching, he mentioned that his number-one priority is to have a date with his wife.

Within six months of working with Small Business Coach Associates.

Not only did Robbie’s small business succeed and become profitable again, but he had more time with his wife. Furthermore he had an increased income that allowed them to do things they never thought possible before, and a renewed sense of accomplishment.

Robbie’s small business success story is just one example of the many small businesses that have benefited from Small Business Coach Associates.

The Top 3 Take Away From Robbie’s Story

#1 Don’t Be Afraid To Seek Help

As small business owners, we often make the mistake of trying to do everything ourselves. We want to be in control and take pride in our ability to tackle every problem independently.

But truthfully, sometimes we don’t have the know-how or experience necessary to handle certain situations effectively. That’s why it is so important to seek help from a professional if you need to.

These professionals can provide invaluable insight, advice, and guidance to help you navigate difficult situations and grow your small business. They also offer a unique perspective on various challenges small businesses face and how best to approach them. Most importantly, these small business coaches are there to provide small business owners with the support they need.

If you’re feeling overwhelmed or uncertain about how to proceed, don’t hesitate to get help. It can make a huge difference in your small business’s success!

#2 Develop a realistic action plan and collaborate with your team to make it happen.

It’s not enough to just have a vision for your small business. To make it a reality, you’ll need an action plan outlining the steps you’ll take to meet your goals. This means taking time to break down what to be done and creating a timeline that works with your team’s resources and abilities. 

Communicating your vision and collaborating with your team to develop actions will help ensure everyone is on the same page when it comes to executing the plan. Make sure everyone knows their roles and responsibilities, as well as any deadlines or milestones they need to meet in order to keep things moving forward

Developing an actionable plan and involving your team in the process can be incredibly beneficial to small businesses and can set you up for success. So don’t overlook this important step!

#3 Take Action

It’s easy to talk about small business growth, but actually taking the necessary steps to get there is much harder. No magic pill will make your small business successful overnight – small business owners have to be willing to put in the work.

This includes defining your mission, vision and values.  It also includes creating an effective strategy and understanding how to optimize various processes within your small business. It takes time, hard work, and dedication to get small businesses where they need to be.

At the end of the day, small business owners have to take action if their small businesses are going to succeed. There’s no way around it – small business owners must be willing to put in the effort required for success

We know that small business owners face obstacles and challenges almost every day. But rather than feeling overwhelmed by them, having a small business coach can help you navigate these issues. You can reach your goals of increased profits, more time with your loved ones, and overall small business success

Many say that marketing is the secret to success.

Marketing is definitely one of the most important factors to success. However, there are other things that matter.

A successful business needs a great team and a well-implemented business system in place.

Most business owners are unable to achieve this and as a result…

They get stuck, desperate, and frustrated.

And unable to grow their business.

If you want to unlock the potential of your small business, seek the help and advice of Small Business Coach Associates. With our help, you can develop a realistic action plan, take action on it and make your small business vision come true. So what are you waiting for? Contact us today!

Together we can create the small business success you deserve.

Thanks for reading! We hope this content has been helpful in inspiring small business success.

The post Seeing Profits Soar and Dates With His Wife appeared first on Small Business Coach.

Do you feel that your business has no direction? Or are you stressed about running your business? Growing your business to a million dollars or to the business freedom stage is hard. If you relate what I mentioned above, achieving your goals or even running your business may feel impossible.

Moreover, if you make the right choices by building and implementing your business systems, you can triple your revenue and have more time to spend with your family.

When business owners don’t have a system in place, they usually face these two common problems:

1. Work 50-70 or more hours a week
2. Compromising family time and health

This was the case with Cam and Cody, who own a painting company.

Their business was doing good, but their revenue had stayed the same.

As Cam & Cody explained,

As a coach, I saw great potential in them during our first meeting.

They also believed they could grow their business and needed to get out of the hamster wheel.

So, I introduced them to our Strategic Planning Process and Time Mastery System.

After simple  preparation, modification, and implementation of the Business Systems and Time Mastery System, they grew their business exponentially and reduced stress.

Because they are now working as the CEO’s of their business, they have more time to make decisions. They can create a solid plan for how to respond to problems with their clients and employees,

While working with Small Business Coach Associates, they exceed their yearly sales goals with two months remaining of the year.

When we first met and talked about their business, their main goal was to reduce their working hours and stress.

They realized the improvement by reducing their working hours immediately after starting to do the Time Mastery System.

Watching and hearing them achieve their goals is always rewarding and amazing.

In conclusion, the main points of our discussion today are.

Through the Business Systems and Time Mastery System, Cam & Cody managed to:

1. Exceed their annual sales goal of $675,000 to $1M in 10 months
2. Reduces their working hours from 70 hours a week to 30-40 hours a week
3. Reduced their stress level

How did they do it?

First, identify tasks that you need to delegate to get you back as the CEO of your business.

As the CEO of a business, it is important to delegate tasks to free up time and resources to focus on more significant issues. Identifying which tasks can be delegated will help you maximize your effectiveness and benefit your business. Examples of tasks that could be delegated include administrative tasks such as scheduling appointments, answering emails, or handling customer service. Delegating tasks can also help to manage workloads and ensure that all aspects of the business are taken care of promptly. By taking the time to identify tasks that need to be delegated, you will be able to reclaim your role as CEO and focus on leading the business.

Second, plan and build your business systems with your team.

When planning and building your system, it is important to have a team of people who can help. This could include IT professionals, software engineers, designers, and other experts who can provide insight and advice. It is important to decide on the scope of the project and ensure that everyone understands their roles and responsibilities. Make sure to discuss tasks, timelines, budgets, and any risks involved in the project. It is also important to ensure that all team members are working together towards a common goal. Finally, make sure that everyone has access to the necessary tools and resources to complete their tasks. With a well-defined plan and a strong team in place, your system should be up and running in no time.

Lastly, making changes to your business and yourself is a challenge.

I want to emphasize the difficulty of making changes to both a business and an individual. Change requires effort, commitment, and dedication to stay motivated and keep going. It can be difficult to overcome any obstacles that may arise while transitioning into a new way of doing things. It takes hard work and determination to make lasting changes in any area of life. With the right attitude, however, it is possible to turn challenges into successes and create a successful business or lifestyle. Change can bring about incredible possibilities that were once thought unimaginable. With the right effort, it is possible to create a better future for yourself and your business. Making changes may be difficult, but with dedication and perseverance, it is absolutely possible.

I’m always happy to see Cam and Cody’s achievements while working with us. They now have a system in place that takes them in the right direction to move their business forward.

It took multi steps process to build and create their system. However, it paid off because they were able to grow their business to a million dollars while being able to spend more time with their family.

The post Great System in Place To Move Your Business Forward appeared first on Small Business Coach.

This week I’m writing about using a Tactical Marketing Plan in a Law Firm. A Tactical Marketing Plan is an aggressive, measurable plan to increase your leads, improve your sales conversion rates, and increase your annual revenue per customer so that your profits increase exponentially.

I have been writing about some of my hero clients and how we are able to achieve significant results from our work together. We have 36 Coaching Modules, which are areas within your business that when we improve your performance in these areas, your business will run better.

David’s Law Practice

David is this week’s small business hero. He owns a Law Firm that has been in business for over 30 years. I met David in one of our marketing focus groups. He has been successful in establishing a niche legal practice. His firm helps individuals negotiate tax liabilities with the IRS. David was interested in improving his practice in the area of marketing. His law firm had provided a consistent income to David over the decades. However, I saw an opportunity to grow his cash flow considerably.

Law Practice Cash Flow Improvement

We decided to implement several of our Coaching Modules to address his situation. These included a Strategic Plan, Tactical Marketing Plan, Key Performance Indicators, Pricing Plan, Employee Acquisition Plan, and an Organizational Plan.

A Tactical Marketing Plan for A Law Firm

A Tactical Marketing Plan entails developing 5 to 6 revenue streams. We make sure each revenue stream is providing an acceptable return on investment. David began to provide weekly Key Performance Indicators which included his marketing results. David compiled marketing results that we reviewed to give us the information we needed to eliminate marketing that was not providing a strong return on investment.

Strategic Partners and a Strategic Plan for a Law Firm

We decided to pursue some strategic partners. We developed his Strategic Plan and implemented pricing changes. We developed job descriptions for employees and hired some new team members.

Results for David’s Law Firm

As a result of these strategies, his results were immediate and dramatic. Here’s what David said:

“I was initially hesitant to take on a business coach, but now I’m glad I did. Since Alan and I began working together my sales have increased significantly and I’m glad to use his services. My profits have increased an average of 50%.” David, Founder, Law Firm

 

Congratulations David for your remarkable success in using a Tactical Marketing Plan to improve your company! You are one of my business heroes and an inspiration to other business owners. You can view another case study using a Team Building System in a landscaping company here.

The post Using a Tactical Marketing Plan in a Law Firm in 2023 appeared first on Small Business Coach.

Whether it’s a one-person show or a small company with fewer than 500 employees – you’ve got a small business. These are the lifeblood of the American economy… and yet, many small businesses don’t even make it past their first year. About half of them fail within the first five years, and only 1/3 of them make it to the 10-year mark.

Why do small businesses fail? Many factors influence small business success, including financing, marketing, product and service offering, and target market. If one of these things is off, it can create a difficult situation for business owners.

Reasons Small Businesses Fail

Not everyone who dreams of owning their own business has the knowledge and skill it takes. But even seasoned entrepreneurs aren’t guaranteed a win.

No Clear Business Plan

When you get excited about something, it’s easy to want to dive right in and get started. It isn’t simple to answer the question of why small businesses fail. Unfortunately, that motivation and enthusiasm about your new business idea will only get you so far. Business owners who do not plan adequately before launching to the public will undoubtedly suffer. And that poor planning may not come back to bite you right away – but it could spell the end of your business much sooner than you’d planned.

Before you even start becoming a legal small business owner, you should first develop a business plan. No clue where to start? There are plenty of templates available to help.

Your business plan should include:

• A description of the business and value proposition – the clearer, the better.
• An overview of your capital needs, including operating capital, projected cash flow, revenue stream, budgets, etc.
• Current and future staffing needs, including management
• Market research and competitor analysis
• Marketing needs and initiatives
• Broader market opportunities and threats

Make sure you have a solid grasp of your industry and competition. For the greatest chance of success, establish a sound business model and company infrastructure before building out a single product or service.

Small business owners who do not address business needs with a plan before operations start will create unnecessary challenges. Those challenges may be overcome or they could directly cause business failure.

That said, small businesses should also take the time to regularly review the initial plan and make adjustments for the future based on changing conditions.

Lack of Funding Can be why small businesses fail

The biggest reason for business failure comes down to money. If you don’t have enough cash flow to support your business during the growth phases, you’ll eventually have to close shop.

Funding for startup companies takes many forms – from a small business loan to crowdfunding and venture capital investments. If you plan on approaching a bank to get funding for your journey as an entrepreneur, you shouldn’t skimp on business planning. Banks want to know they’ll be able to recoup their investment – and if you can’t prove how and when you’ll make money, banks won’t give it to you.

All businesses need a certain amount of cash reserves to fall back on to keep operations running while you wait for accounts receivable to come in. This won’t change as you grow. But, with the right investments and growth strategies, you’ll be able to keep enough money in the bank to keep things moving even if you hit a sales slump.

Small business owners may harm themselves with pricing. If entering a saturated market, it may be tempting to price everything low to capture the market. Doing so may get you customers, but if it means you don’t have enough revenue to generate a profit – you’re not doing yourself any favors.

Marketing Efforts Fall Short

All too often, business owners underestimate the importance of marketing initiatives. They may target the wrong customer base. They may need a bigger marketing budget to execute their marketing campaigns.

One of the most effective marketing efforts you can focus on is getting more Google My Business reviews. Data shows 97% use online media to shop locally. That means most people research your business before ever engaging with you. Your Google My Business presence works much like word of mouth. It will help your search engine optimization efforts, too.

Besides your business plan, spend some time developing a full marketing plan. Outline what you need to do and how you’ll do it. Include the money you’ll spend. Consider hiring a research firm to help ensure you’re targeting the right customers.

Inadequate Management

Another reason companies falter within the first year is that many times, the business owner is the only management staff. A business owner may have the skills to create a product or service, but could easily lack the required management skills to appropriately manage a team.

Without adequate management in place, it’s easy to mismanage crucial parts of the business – from hiring staff to marketing, or finances. A smart business owner recognizes their weaknesses and outsources those areas. Be it because they don’t have the knowledge to handle a task well or just don’t have the time to handle it correctly, effective business owners know a strong leadership team is critical to long-term business success.

Other Reasons Why Small Businesses Fail

These, of course, aren’t the only reasons a business may not make it. No one can plan for every scenario, but the more you’re aware of from the beginning, the better. Other causes include:

• Unsustainable growth
• Lack of data
• Refusal to pivot when it makes sense (did you know that Nintendo and Twitter are only successful today because of the choice to pivot?)
• Lack of understanding around today’s consumer behavior
• Inventory mismanagement.

Protecting Your Small Business During its Vulnerable Time

Don’t let the fact that only 20% of businesses survive their first year scare you. It’s okay to start small and scale up. Focus more time and effort on the research and planning phases. Spend money wisely. Work with a small team of freelancers on a project basis, rather than hiring hourly employees and offering benefits from the start.

Where are you on your small business journey? What advice do you have for brand new entrepreneurs? Let us know in the comments.

Author Bio:

Lucinda Honeycutt is the Head of Content for Orbit Local. She has 13 years of experience in content creation, WordPress, and SEO. When she’s not writing, she can be found binge-watching true crime TV or listening to an audiobook.

The post Why Do Small Businesses Fail? appeared first on Small Business Coach.

This week I’m writing about using a Break-Even Plan. A Break-Even Plan will stop the bleeding of your cash by temporarily cutting all non-critical expenses while driving sales above break-even by selling existing inventory. I have been writing about some of my hero clients and how we are able to achieve significant results from our work together. We have 36 Coaching Modules, which are areas within your business that when we improve your performance, your business will run better.

The Situation in Charlie’s Bus Company

Our business hero this week is Charlie, owner of a bus sales and service company. I began working with Charlie and his parents when their sales were stagnant. At that point, their business had been losing an average of $40,000 per year for several years.

Coaching Modules for Charlie’s Bus Company

We implemented several of our Coaching Modules. These included a Strategic Plan, Team Meeting Rhythm, Sales Management System, Key Performance Indicators and most importantly in the near term, a Break-Even Plan.

A Break-Even Plan for Charlie’s Bus Company

After reviewing their financials, we determined that we needed to reduce their fixed costs and grow their revenues. Their billable hours compared to their shop employee hours was too low. So, we reduced the number of shop employees. We also eliminated some extra outsourced services such as vehicle detailing. We set a goal of selling one bus a week. Billable hours and bus sales per week became two of our Key Performance Indicators. We began meeting weekly to review performance and remove obstacles.

Charlie’s Bus Company Results

The sales and profit growth were dramatic with our Break-Even Plan. Here’s what Charlie said:

“You have really taken the blinders off our eyes to see the potential of our business and now you are taking us there. We are thrilled that you achieved growth from $651,000 to $1,100,000 and a profit increase in excess of $181,000 since we started working with you in January.”

Congratulations Charlie on your impressive growth of your sales and profits using a break-even plan. You are a true business hero and an inspiration to us! You can view another case study about using an Employee Acquisition Plan in an auto repair business here.

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This week I’m writing about using a Comprehensive Exit Strategy. This is a detailed strategy for identifying the current value of your business, quickly enhancing its value, and developing a marketing plan to identify the ideal internal or external buyer to pay the best price for your business. I have been writing about some of my hero clients and how we are achieving significant results from our work together. We have 36 Coaching Modules. These are areas under the broad categories of growth, profits and freedom within your business that when we improve your performance, your business will run better.

Ann’s Plant Nursery Business Before Using Comprehensive Exit Strategy

Ann, this week’s business hero was referred to me by a M&A business intermediary. She owned a Plant Nursery that was very well established and she was ready to sell her business. However, her business was underperforming. Still, we listed the business for sale and tested the market. We had a few inquiries but no serious offers.

Coaching Modules for Ann’s Plant Nursery Business

We decided to develop her business by doing some business coaching with her. The Coaching Modules that we deployed included different aspects. A Strategic Plan with a follow-up team deployment planning meeting; a Revenue and Profit Budget, a Unique Selling Proposition and most importantly, a Comprehensive Exit Strategy.

The Implementation Of Our Comprehensive Exit Strategy

A Comprehensive Exit Strategy is all about monitoring the business value. This is a quarterly task and managers are accountable for increasing the value. To meet the peak seasons of the business, we had to adjust the business hours and personnel. We also performed a competitor pricing survey. This allowed us to determine that we could raise prices. Additionally, we turned the store into more of a customer experience. We started offering evening events that include wine, hors d’oeuvres and entertainment.

The Final Results For Ann’s Plant Nursery Business

The profits for Ann’s business rose by more than $110,000. With the implementation of our Comprehensive Exit Strategy, her business quickly sold. Here’s what Ann had to say:

“When you own your own business, it is difficult to accept an outsider’s observations. But Alan was able to present both criticisms and suggestions in a logical form for me. Once my personal resistance was overcome I was able to embrace recommended changes and successfully grow my business profits. With Alan’s guidance, I was even able to sell the business on my terms. “ Ann, Former Owner, Plant Nursery

Conclusion

Congratulations Ann for seeing your business and profits grow, and then selling your business using a Comprehensive Exit Strategy! You are a business hero and an inspiration to us.

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This week I’m writing about using a Revenue and Profit Budget in a Pest Control Business. Your budget should forecast discretionary cash-flow, identify your required working capital, and demonstrate your ability to service debts and deliver a return to investors(which may be you).

I have been writing about some of my hero clients and how we are achieving significant results. We have 36 Coaching Modules which are areas within your business under the categories of growth, profits, and freedom. So, when we improve your performance, your business will run better.

Jonathan’s Pest Control Business

After reading one of our social media posts about budgeting, Jonathan contacted me. As the owner and founder of the business, he had been able to grow it steadily. Yet, Jonathan wanted to learn about budgeting and how to put in place a Revenue and Profit Budget in his business. He had had some financial setbacks throughout the years. At that moment, his daughter would soon be leaving for college. So, he wanted to take his large family to Hawaii for several weeks. Additionally, he planned to travel frequently with his daughter to her volleyball tournaments.

The Revenue and Profit Budget Implementation

We took Jonathan through a coaching module and provide a revenue and profit budget template for him to fill out. After a couple of iterations, we had the budget finished, which included sales, gross profit, expenses, net profit, and cash flow.  This is a great tool to set goals for all the above and then monitor your actual performance against your goals. It also serves as a great check and balance for surprise sales and expenses. It helps you to “know the story” of your business’ financial performance.

Other Coaching Modules for Jonathan

As we began to review his business, we saw an opportunity to put in place some of our other Coaching Modules in his business. At first, we decided that a Tactical Marketing Plan and a Break-Even Plan could help Jonathan. But we also decided to increase his pricing and standardize his billing. We were able to develop his Strategic Plan and then held a plan deployment meeting with his team. We worked weekly on deploying these strategies.

The Results for Jonathan’s Pest Control Business

As a result of these strategies, we saw a significant increase in Jonathan’s sales and profits. Here’s what Jonathan said:

“Using Small Business Coach Associates has been a real benefit to my company. Alan has the perfect combination of business knowledge and real world experience. His willingness to help and hold me accountable have helped me in positive ways that I couldn’t have anticipated. After only working together for 3 months we have deployed 3 strategies that will increase my small business profits by 90% in the next 12 months.”

Conclusion

Congratulations Jonathan on growing your sales and profits using a revenue and profit budget in your pest control business. You are a business hero and an inspiration to all of us!

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