The one thing in the mind of every entrepreneur is money. How do i make more money? How do I keep what I have? And how do I actually create more profit. 80% of entrepreneurs have no profit in their businesses and 80% don’t pay themselves. You may want to ask yourself “why am I in business if I am not making money”? And even if you are making the money why can’t you manage your finances and profits. Well good news, profit coaching might be what you need.
What is Business Profit Coaching?
Business profit coaching is about equipping the business owner with the skills, knowledge, tools and techniques to maximize the profit ability of their business (Putney Breeze). No Actor or entertainer performs, without consistently working on improving their technique, skills, scripts and seeking new ways to improve their performance. Likewise it is for an entrepreneur or an organization or company in order to achieve success in their businesses.
Your business is growing, you now have more money coming in. Initially you were more concerned about just meeting your business goals and how to pay your employees but now you are getting more sales and profit for your product or services.
Why a Profit Coach?
Definitely not all months are profitable for businesses. Though that is better, compared to not having profits at all. However, there is always the thoughts nugging you to become better. You may be asking yourself:
- How do I manage my finances effectively?
- What would it be like to have 6 or even 12 months in a role of consistent profit?
- How do I appropriately strategize my business profits?
This is where profit coaching comes into play. Like every other human beings you have blind spots and they need light shining on them. You just don’t know what you don’t know, so seek help from those that knows the formula to what you don’t know and apply the answers from the solutions of the formula, into growing and managing your profit.
Now as one in business, there are lots of coaches that you could hire in order to achieve overall success in your business, most especially at the early stage of your business and even down to the moment when you may decide to sell the business. The effectiveness of having the input of expert coaches in your business, ranging from financial to technical, relationship, marketing coach … and lots more can never be underestimated.
As a result, these coaches all play various roles at different points in your business life. Leading to its overall success. Now let’s take a clearer look at what a profit coach does.
How Can They Help?
According to Meghan Fleury (2015), a profit coach:
- Focuses on profitability
- They work with your bookkeepers to get your accounts in order
- Hold weekly strategy meetings with you
- Also, they create profit-building frameworks for your business
- Consistently work on your company towards growth
If your main concern is managing your profits as a business, then a profit coach will help you with your upcoming growth.
Generally, they help you build a strategic plan to increase your profit, build your team for maximum results, get clear on your goals and ensure the growth of your business.
Driving Success With Profit Coaching
In summary, as a business owner hoping to become very successful in your business, it is of paramount that you hire a profit coach to help you achieve your business objectives and manage your finance and all that has been stated above. In addition there is also a need for you to hire other coaches at the right time when you need them. Coaches tell you what you don’t want to hear and show you what you don’t want to see. They provide constructive feedback so that you can really become the great business person that you want to be.