Today we continue with another article in this series. I trust it will help you clarify your thinking on the value of external coaches and consultants.
Misconception # 5: I am too busy already and I can’t find the time to do what’s necessary to justify the investment
This is a common misconception.
Time is our most precious resource since once we have “spent it” we can never recover/recycle or regain that time again. We all have the same amount of time each day. Yet some people are able to create fortunes, make a huge impact on their society or otherwise move powerfully forward towards their destiny, whereas others almost limp along, struggling from week to week, month to month or year to year with nothing much happening.
Which group do you fall into? Why? And what are you going to do about it?
Do you really know where you spend your time? Why don’t you keep a log of your time for two weeks - I guarantee it will be revealing.
You see, many business people are trying to wear too many hats because they are afraid to “lose control” and have never learnt to properly delegate and systematise their business.
Research tells us that the typical business person “loses” between 2 and 4 hours a day by loss of focus, distractions, crisis management and doing low value activities that others could be paid to do or that could be outsourced.
What about you? Now, come on, be honest.
It’s not really about a lack of time – it’s about how you best use the time you have.
I put it to you that if you were more focused, delegated properly, and outsourced tasks where appropriate you could find the time to work on your business and not in it and still be home in time to have dinner with the family and play with the kids (or do whatever it is that is your burning passion) more often.
Misconception # 6: My business is unique and different and therefore how could you possibly help me?
Yes it is true that all businesses have (or at least should have if they are to be sustainable in the longer term) a unique selling proposition (USP) or unique buying advantage (UBA).
Yet many businesses cannot articulate what theirs is. Can you? And please don’t waffle on about we offer good customer service …. I mean, if I was talking to your competitor what are they going to tell me (that they offer “shocking” customer service …I don’t think so! Good customer service is NOT a USP – it is a basic requirement to begin to do and retain business.
But I digress …
While your product and service offering may be unique, better and/or different that does not of itself guarantee you business success.
And while you and your team may be experts technically in your specialised field, the fundamentals of business are the same whatever the business.
The foundation of all business is “nothing happens until someone sells something.”
So for instance are you a master at sales? Are you confident that your sales people (and we are all sales people – it’s just that some people don’t recognise it to their detriment) are achieving the optimal conversion rates from enquiry to appointment to presentation to business written? Do you have a systematised word-of-mouth marketing program in place? Are you communicating regularly with your past, present and future customers?
Perhaps you have learnt through the school of hard knocks and you may even have a formal education in your particular area of expertise.
However I can confidently say that unless you have deliberately studied and mastered the art and science of sales you and your business are leaving sales dollars on the table.
For example, accountants are typically not very good at sales and as a result their accounting practices although successful can often be running below optimum profitability because sales and marketing is not an area that accountants are typically skilled in.
[Note: I could have used any profession/trade as an example here – however I chose to use accounting since I am an accountant and member of CPA Australia yet I have had to deliberately educate and nurture my sales and marketing skills over the last 20 years. My comment is not to make accountants wrong but rather an observation of what typically is.]
On that basis the right business coach or consultant will help you properly diagnose issues within your business and then make refinements which of themselves may not seem huge yet their collective impact can be massive.
For example, we at The Right Team talk about the 5% formula which in essence states if you tweak three (3) particular aspects of your business by 5% you can improve the NET PROFIT by over 61%.
Like to know what three aspects of your business so you can increase your net profit by over 61% ? See if you and your business meet our minimum criteria to be considered for selection as one of our clients. The criteria is listed in the following FAQ on our website.
http://www.rightteam.com.au/FAQRetrieve.aspx?ID=27975&Q=
Then and only then contact us for your confidential conversation for possibility.
PS: It is my express intent to always provide you, my reader, with good quality content that can help you achieve the success you deserve in your business. On that basis feedback is welcome, as is your suggestions about future topics that you would appreciate my views on. C’mon don’t be shy, use the Contact Us facility to drop me a brief note on your thoughts.
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This column was compiled by Paul Wright from excerpts originally published by Damien Parker, Publisher of the subscription only Positive Business Newsletter & Information Service. The Right Team, Sales Strategists & Business Improvement Specialists, ABN 49006 576 564 ACN 110 466 138 Tel: 1300 66 44 89, have worldwide licensing & distribution rights for the Positive Business Newsletter. Visit our new website www.rightteam.com.au
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