5 Mistakes Killing your Business with Becky Auer
Most new coaches are making 5 business busting mistakes. Let’s face it, we weren’t all born with amazing business skills, but the most successful entrepreneurs learn these lessons early. As a coach, you’re responsible for a lot. Make sure you’re not missing the boat on these critical elements.
As the great Benjamin Franklin once said, “If you fail to plan, you plan to fail.” With all the moving parts of a business to look after, it’s no wonder that some things fall through the cracks, thus affecting your business growth and bottom line profits.
Let’s look at 5 mistakes that will suck up your profits if not fixed right away.
1. Inconsistent Marketing
It’s just not enough to publish one Facebook post or a couple of tweets every week. And ignoring your email list and not keeping ‘top of mind’ with your customers can be death to your business.
If you don’t keep up with a consistent marketing plan, people will forget your name, will forget how they ended up on your email list or forget why they’re following you on social media.
These forgotten people need to be won over yet again and they need to hear and see your company name on a consistent basis before they decide to spend money on your products or services. You, as a business coach, can offer solutions and ideas to make your clients marketing more consistent and more effective.
2. Not Automating Systems and Procedures
Are you stuck in the old school way of doing things – like making phone calls to confirm appointments instead of using SMS technology to send text message reminders to confirm? Even posting on social media can be automated using platforms like PostPlanner (my favorite) Hootsuite or Meet Edgar.
Yes, these automation tools can cost money but compare the monthly or annual costs to the cost of an employee or a virtual assistant doing the same task. The old school ways are much more time to consume and cost you more money in the long run.
You, as a business coach, must be knowledgeable about the latest technology so you can help your clients automate while sticking within their budget. Be a forever learner and stay up to date on different technologies. You owe it to your clients.
3. Poor (or No) Branding or Messaging
What’s your company’s mission? Your company’s core values? What is your Unique Selling Point? How can you stand out? If you can’t answer these questions, you need to revisit your messaging and your business image.
Branding is more than your logo and business colors; branding is your overall image and what you promise to your customers. You, as a business coach, can ask the right questions that help you drill down to these core principles that will drive your client’s business.
4. Bad Money Management
What processes do you have in place for your bookkeeping and paying your monthly invoices? Do you have any idea what your income vs expense spreadsheet looks like? Do you have a habit of buying training classes that you don’t have time to use?
There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year. Businesses that are positioned for growth have good money management solutions in place.
Part of being a business coach is helping your clients create a budget for their business along with solid processes for handling their monthly expenses.
5. Reluctance to Reinvest in Your Business
Think of reinvesting as a way to grow your business. Instead of taking the extra profits out to pay yourself every month, keep those profits in the business and use them to hire a virtual assistant, purchase software or training tools that will help your business or invest in a business coach or mastermind group for yourself.
Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your clients and prospects. Of course, you should pay yourself a salary every month. It’s the profits (or a percentage of the month’s profits) that should remain in the business to help it grow.
As you can see, being a business coach is more than just running your own business. You have to help your clients fix their business mistakes and offer more solutions for their growth. Take care of your own solutions first by fixing any of the above mistakes in your coaching business.
By doing so, you will be able to recognize these in your client’s businesses and help them grow and prosper.
About Becky Auer
Becky Auer has started 3 multi-million dollar businesses. The last was a Japanese Steakhouse and Sushi Bar that she took from $0 to $6.5M in just over a year and kept it there until she sold it. Becky runs group coaching and mastermind groups as well as coaching private clients. For Free Resources, go to www.BeckyAuer.com.
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