Every owner-managed small business faces challenges every day. Such as: lack of access to funding; local and national competition; multi-tasking staff, compliance with red tape; and unexpected changes in the economy.

 

Internal Problems for Small Businesses

Sarah Watts at the Institute of Directors; is the Head of Information and Advisory Services and tells us that problems with cashflow; ineffective leadership; ineffective sales and marketing initiatives; no clear plan and lack of execution are also prevalent for business owners.(Source: http://www.director.co.uk/biggest-problems-facing-smes-sarah-watts-blog-22-may-2015/ )

 

There are other factors which are much more difficult to recognise, such as: poor time management, clients eating into profit margins and how to price your services appropriately, and all these will gnaw into your profit margins almost invisibly.

 

Business Author Bernard Marr, who writes for the Hiscox Small Business Knowledge Centre, says the biggest contributor to lack of growth, is a poor understanding of the importance of detailed financial management systems  (Source: https://www.hiscox.co.uk/business-blog/the-10-biggest-challenges-businesses-face-today-and-need-consultants-for/ )

 

Bernard told us: “Many CEOs I know are ideas people; that means they’re great at the big picture and disruptive thinking, but less good with things like cash flow, profit margins, reducing costs, financing, etc. Small and medium businesses may not require a full-time CFO, but would do better to employ a financial consultant who can step into the role as needed.”

 

Consultant or Coach?

Business coaching is often misunderstood as being part of a consultancy role, using an expert to jump in and firefight the problems before walking away and leaving the business to carry on as before, creating the same problems over again, with no ongoing accountability or support process.

 

More than just Consultancy

Business coaching does include elements of consultancy, but it includes three major areas of help and support for business owners: Mindset; Strategy and Systemisation.

 

Laurence Duncan is part of the ActionCOACH network, working WITH and not FOR business owners in Nottingham, Loughborough and Leicester. Not as a consultant, but using a vast portfolio of proven models, to understand exactly where the problems lie, and teaching the business owner how to overcome them to increase their profitability.

Consultancy is an Expense – Coaching is An Investment