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The sixth cause of poor cashflow – Overheads are too high

Mark Greer. BUSINESS PLANNING

This isn’t typically a place where you will find a lot of wastage. Our experience is that business owners are very careful about managing their expenses, and the smaller the business is, the truer that statement is. Having said that, as a business grows, so do the layers of hierarchy. Management control can deteriorate, and […]

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5 Star Coaching – Get better results

Successful sports teams or individuals would get nowhere without a coach.

It’s the same in business, whether you’re acting as the coach / mentor for your team members or are receiving coaching / mentoring yourself.
So, what does successful coaching look like?

Here’s what we refer to as 5 Star Coaching (note in the examples below we’re referring to you as the business owner receiving the coaching).

Synergy – 1 + 1 = 5 – the power of combining your expertise with the expertise of the coach yields a far better result than you each working independently of each other.  The sum of the whole is greater than the sum of the individual parts.

 

Context before content – before your coach can provide the answer (content) it is essential they ask you plenty of questions about your current situation (to gain greater context).  After all, if the answers were that simple, you’d have worked them out already.

 

Root causes vs Symptoms – don’t be tempted to look for a solution to the symptom of the challenge you are facing in business as there could be multiple root causes.  For example, if your gross margin is dropping (the symptom) the causes could be poor pricing, wastage, lack of systemisation, poor inventory management, errors or rework to name a few (i.e. the root causes).

 

Empower others vs. Creating Dependency – a great coach will empower you to improve your business without holding back information and support. The more you can learn from your Coach the quicker you can get to the next level.

 

Accountability – without agreed and documented actions with timelines and a reporting back process, things just won’t get done.  Likewise, if there is no consequence for inaction (even if this is simply that humiliating feeling that you haven’t done what you said you would) then actions just don’t get taken.

 

So, if you want better results in your business, think like a sports team; talk to us about business coaching.

 

A coach is someone who tells you what you don’t want to hear, and has you see what you don’t want to see, so you can be who you have always known you can be

– Tom Landry

 

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