How to Get 22% Higher Profits

How to Grow Your Local Profits by 22%

 

Life as a small business owner or marketer can be challenging.  It can feel isolating at times, especially when you don't have a team of people to help bear the load of decision-making and endless tasks.  

How can time-strapped entrepreneurs increase their profitability and overall success?  By getting a coach.

Yep, that's it.  Having a coach or mentor or just a business pal who can help you get unstuck and offer ideas and inspiration can boost your profitability by 22% according to an article from Fortune Magazine.

They also cite that businesses utilizing a coach can boost productivity by 53%.  I think we'd all like to be more productive and have some extra time on our hands. 

But the benefits of having a coach or mentor go beyond just the numbers.

UNBIASED FEEDBACK

Asking coworkers or your family and friends for feedback can be helpful, but they probably aren't going to tell you everything they're thinking, especially if it's negative.  But sometimes that not-so-great feedback is what we need to hear the most.  

Coaches and mentors will tell you the truth (good ones will anyway) even if you don't want to hear it.  And that truth means you can make changes that will have an impact.  

FRESH PERSPECTIVE

Outsiders can offer new insight and a fresh perspective on your business.  They aren't knee-deep in the day-to-day like you are and their opinions can bring clarity to your marketing and business strategy.

ACCOUNTABILITY

Knowing someone else is checking up on you and holding you accountable can do wonders in your business. It's easy to let things slip when you're the only one it will affect.

But when you have to check in with your coach and let them know how your latest marketing initiative is going?  You're a lot more likely to get it done.

NEW IDEAS

When it's time for a new promotion, a website update, a new social media post we can all get a creative block.  That's when having a coach can be invaluable.  They can offer new ideas we've never thought of.

Imagine walking away from your coaching meeting with three fresh promotional ideas or five new strategies for reaching more parents.  That's the power of coaching.

GETTING STARTED

Looking for that perfect coach?  

➡️ Ask other local business owners you admire about their coaches  
➡️ Check your local chamber of commerce or other directories 

Don't restrict your search to your community though.  Virtual coaching relationships can be just as powerful as in-person and your perfect coach might live a thousand miles away.  

Coaching doesn't (and shouldn't) take a lot of your time.  Figure out how frequently you need to check in - weekly, monthly - and schedule those appointments.

And remember that coaching is powerful but is a long-term investment in yourself and your business.  You won't generally see huge impacts after one session but when you make it a routine, success will become routine as well.