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Small Business Coaching – 3 Reasons Not to Use One

You can find a ton of resources on why you should use a business coach. In a lot of cases they make sense. Before you make that decision though, you need to think through some reasons why you shouldn’t hire a business coach.

Before we go into the details of why you shouldn’t use a business coach, let’s define what exactly a business coach is. Business coaching involves someone providing you with tools, resources and feedback to improve your business model, profitability, and consistency. They can provide a wonderful way to speed up the process of learning new skills and blasting past roadblocks. That sounds like a great reason to run right out and hire one huh? Well slow down and take a breath. Before you spend your time researching and finding a business coach, lets look at three key reasons it may not make sense for you to hire a business coach.

Three Reasons Not to use a business coach.

1) Financial Commitment – A good 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 your 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 month but don’t base your financial future on it. Be ready to make the financial investment in a good business coaching program

2) Ego – If you are only hiring a business coach so they can tell you how great and wonderful you are. Save your money. 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 this issues because no one I know will ever admit it. Just be aware of it before you make the decision to find a good coach.

3) 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 coach is to isolate weak spots, provide tools to build those weaknesses up and help you grow your business.

There are a lot of reasons to use a coach to help you build your business. You just have to decide if you are willing to make the effort. They can speed up your ability to hit a business breakthrough and enjoy the life you wanted when you started your business in the first place.

What Can a Business Banker Do For Your Business? More Than Just Giving You a Loan!

It can be a lot more than just giving you a business loan,

Sound business practice states that you need a good Attorney, CPA and Banker. The right Attorney and CPA are obvious, but what does your Banker add to the mix, and how do you select the right Banker?

Like an Attorney & CPA, Business Bankers want their clients to be successful. But unlike attorneys and CPAs, for banks this typically means helping out financially through lending. While Attorney’s watch out to make sure you don’t cross the line, and CPA’s are tax driven, banks are more profit driven.

According to Ben Price, First Vice President for Regents Bank, Business Banking Specialist in San Diego, “A good banker cares about your business and is willing to help you become profitable. In many ways, a business banker is your business partner. And unlike your CPA or attorney, a Business Banker NEEDS you to be successful and profitable. They have “skin in your game”

Business bankers see a lot of different types of companies and industries, and over the years, in good times and bad, have learned what makes them successful. They have learned what works – and what does not.

As a result, an experienced Banker is in a good position to discuss industry trends and marketing ideas before they affect your business or personal financials. A good banker is proactive – they can work with you to develop ideas for products, services and business processes that might boost your bottom line.

Every day, Bankers analyze and review a diverse spectrum of company financials – from start-ups to well-established businesses and profitable ventures. Although banks analyze historical financial information, they are really trying to determine your potential financial strength. How is your business going to perform next quarter, next year, over the next five years?

Today’s economic environment is dynamic and always changing, an experienced Business Banker can offer insight into shifts in financial focus of your balance sheet. Several of the financial ratios that Business Bankers like to look at include Current Ratio, Debt-to-Tangible Net Worth Ratio, A/R &A/P turn days, and Fixed Charge Coverage Ratio.

According to Ben, bankers can be a great source of new business for you.

Your banker can be a network source for you to help develop new customers, vendors and suppliers.

For example, Ben recently introduced a business acquaintance/friend to one of their customers, a growing trade contractor here in San Diego. They hired him as a consultant and their backlog of new projects grew from approximately $1 Million to over $10 Million. Most of their new contracts are now coming from this bank customer’s connections. It was a win-win situation for both businesses as well as for the bank.

Ben has connected his banking clients with various business professionals including attorneys, CPA’s, bookkeepers, consultants, other bank clients, marketing firms, professional organizations, etc.

Your relationship with a business banker is more than just getting a loan. A good business banker works with you to help you get your business established and to make sure it is successful, providing tips and business guidance. And once the business is up and running, they can even help build overall business sales and volume through their network of potential partners.

“Remember, you have to bank with someone,” Ben reminds us. “You might as well partner up with the Banker who is most likely to understand your business, and possibly bring you new clients and contacts. This alone can have a positive impact on your ROI.”

Are Online Business Mentors Important For an Internet Business?

Are you looking for online business mentors to assist you in growing your Internet Business? Everyday people are starting a business online, and attempting to make money with limited support and online coaching. This can be frustrating, and is suggested to play a significant roll in why some people will quit a business before making their first sale.

As more and more opportunities have come online, the need and growing demand for qualified online business mentors is suggested to be more crucial than ever. If you are experienced in business building strategies, sales strategies, and marketing strategies than coaching is probably not necessary for you. If you have limited knowledge and experience receiving the right training and coaching may assist you in your problematic areas.

With all the resources online should you have to pay for some one to mentor you? If you go online there is information in every niche to assist you. While there is valuable free content on the Internet that can help you to grow your business, there is also a lot of misinformation that circulates the Internet. This can become confusing and actually can harm your business building steps.

In every case online business mentors may not be your solution in building Your Internet Business. Outlined below are seven critical questions to evaluate if a finding a mentor is right for you.

When Are Online Business Mentors Right For Your Internet Business Growth?

1.) Are You Having Information Overload? – The number one cause to a n Internet Business failing is caused because people do not know how to use all the information they have attained. Many times people will gather all the information and then are confused when implementation begins. Each business building technique is like building steps. You should learn step one before learning step two. If you are experiencing stress from to much information, it may mean you are trying to take to much information in at once. It is suggested to master one step before moving on to the rest.

2.) Are You Ready To Quit Your Internet Business? – Have you had it and are ready to quit your business. If you are becoming overwhelmed, and are not experiencing results most will want to quit. You need to ask yourself why are you not making money what can you do to make money.

3.) Is Your Website Converting? – You have a website, its getting traffic why are you not making sales. It could be a very simple change that needs to be executed in order to have it to start converting to the sales you require.

4.) Are You Happy With The Website Layout – You have a website, but you are not happy with the design, the functionality or even the information. You may not need online business mentors, for the website. Check with some web designers to see if they can provide you with the look or feel. You can also check some mentors, if they provide the website statistics and design factors you are considering.

5.) Are Your Business Earnings At A Stand Still? – Your making money with your business, but your income has not increased. This could mean that you need to up your learning curve, and enhance your marketing.

The top five questions are the typical reasons that people seek online business mentors. It may be time to get the additional training to set your Internet Business up for success, or you may want to test your problematic areas and see if you can find a solution without assistance and help.

Many times when you start your business, you are assigned free online business mentors upon start up. This is obviously the best solution as to not have more overhead expenses upon building your Internet Business. While online mentors and coaches are suggested to cut your building strategies down considerably, you have to consider if they are worth the additional expense if you didn’t get it for free. It may all boil down to whether you want to gain the extra knowledge, or attempt to learn the strategies for yourself.