Top 10 Reasons Why Dealerships Fail – Partnering For Success Part 2

A Business Coach or in my case a Profit Solution Specialist will actually help you to become a success story. The benefits of partnering with a Specialist far outweigh the costs. Five critical benefits of partnering with a Specialist include, but are not limited, to the following:

Accountability:

As your Business Coach, I will help you to maintain focus on driving your business forward, and helping you to work through the temptation to work in your business and not on your business.

A successful Business Coach (and I am) will insist on holding you accountable for achieving your goals and objectives, and work with you to delegate operational tasks that need to be performed and guiding you towards providing the strategic vision your business needs to grow.

I will work with you to develop or refine strategic short- and long term goals and then hold you accountable to achieve them. You need your coach to be tough, yet personable having the capacity to understand your business and where it is you want to take it. A Business Coach's job is to help you formulate that and to get you positioned to attain it.

Formulating Strategic Goals, Ideas, Objectives:

I will work with you to develop and refine your goals, ideas and objectives. It is mandatory to have goals and objectives to be successful, because without them you have no direction. The Financial Performance Analysis that I prepare for dealers gives focus to the goals you need to set based on the past performance of your business.

Contributing Business Growth Strategies:

As an experienced Profit Solution Specialist I have the ability to share and communicate my knowledge and expertise in developing business growth strategies.

Sharing ideas is critical. Thinking outside the box is essential. So, when you've just "run out of ideas", I work with you, as a partner, to develop and then implement the business growth strategy or strategies that are specific to your company and market to meet your growth objectives.

Resources:

When it is needed, I'll provide referrals to contacts or resources for your business. This can include discussions with your inventory finance company, bank, accountant and retail finance provider.

Objectivity:

I provide you with the necessary objectivity to see your business as it really is. This is essential for an honest assessment of where your business is in its life cycle. When you get used to the same processes and procedures, tasks, basic routine, you lose the ability to see your business with the same objective clarity that you once did.

I provide you with a double perspective; looking into your business from the customer perspective, and looking out at the customer from your perspective, then provide you with feedback about what works, what doesn't and what your options are.

In an online article, "Small Business Coach- 3 Reasons Not to Use One", the author points out that as a small business owner, if you find yourself exhibiting one or more of the following traits, then you may not want to partner with a Business Coach.

Fear of Making a Necessary Financial Commitment:

A good Business Coach can provide a huge value to your business. That is how they survive and get referrals. To get the most out of a good business coaching program, you have to understand that you are making a financial commitment. Rarely will one month with a coach resolve your issues and get you to the level you want to take your business.

Think about an athlete. Once they get a coach, he will implement a training regimen for them. They provide feedback as they go along the course to make sure the athlete is correctly executing the program. When a plateau is reached, they provide alternatives to blast past it. It is possible for a small business coach to make huge impacts on your business in under a short period of time but don't base your financial future on it. Be ready to make the financial investment in a good business coaching program. For example, if I prepare a business plan for your company, it is essential to work the plan, not just tuck it away in a draw after you have read it. A monthly review of your actual results to the plan is required to make adjustments on a timely basis.

Ego:

Business coaches are not in the business of stroking your ego. At least not good ones. Many business owners don't really want to make changes in their business. They want someone to tell them that forces outside of their control are the reason they can't be successful or grow their business. I won't spend a lot of time on these issues because no one I know will ever admit it. Just be aware of it before you make the decision to find a good Business Coach.

Unwilling to Change:

If you don't want to make any changes, if you don't want to actually take the time and effort to improve your business, don't spend the time, effort and energy on a coach. It won't matter who you get or what they tell you. You will have wasted your money.

The purpose of a Business Coach is to isolate weak spots, provide tools to build those weaknesses up and help you build your business. It is human nature to resist change because it takes us out of our comfort zone. However, the willingness to make changes is your secret to success

Typically, once a small business has partnered with a Business Coach, they retain them continuously, or as needed.

In today's economic climate, the use of a Business Coach makes strong financial sense. While you might feel you can go it alone, the resulting cost may far outweigh what it would be had you partnered with a Business Coach when needed.

It's sort of like the old TV commercial about changing your oil, you can either do it now at the cost of an oil change, or wait until your engine blows and pay the cost then. Waiting will certainly cost you infinitely more. If you are facing any of the factors the SBA points to as factors contributing to small business failure, or you simply need help in meeting growth objectives, then partnering with a Business Coach makes good financial sense.

If you would like to explore the advantages that a coach may bring to your business call me for a free tele-consult. Contact me

Article by Sandy Graham, MBA, M. Economics, Kauffman Fellow

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