Why do I need a Business Coach?

“Why Do I Need A Business Coach?”

For many business owners small or large, this is a common question. Here I will seek answer to this question.

In 1987, Dr. Ken Carter, Senior lecturer University of the West Indies (U.W.I) Jamaica campus, conducted a study on “Factors that cause Business Failures in Jamaica ”. The result of the study goes as follows:

Personal Factors

Lack of business knowledge
Unwillingness to accept professional advice
Unwillingness to work long hours
Content with things as they are
Excessive expenditures in good and bad economic periods
Using operating funds for non income generating expenses
Lack of economic knowledge about industry and region


Inadequate Planning

Location
Failure to foresee major marketing opportunities
Failure to plan properly for financial needs
Failure to anticipate personnel requirements
Inadequate advertising strategy and planning


Inadequate Financing

Use of working capital to purchase fixed assets
Not enough capital reserves to withstand slow business period
Lack of funds to purchase adequate inventory
Lack of sufficient funds to obtain best location






Desolate Methods

Poor expense controls
Poor inventory
Poor accounts receivable controls
Poor personal policy
Lack of modern equipment
Poor cost records and pricing methods


What is very disturbing is that, even after 22 years these are still the same reasons why businesses are failing today. Haven’t we learnt anything?

I could write an entire article on every reason given, but what I will seek to do is to explore just two of the most common causes associated with businesses in general and how someone experience in these areas can help you;



1) Unwillingness to accept Professional advice.

2) Failure to foresee major marketing opportunities.

Unwillingness to Accept Professional Advice।

Most people are in business long enough to know that total dedication and complete research into the pros and cons of business is important for its success. Yet they believe that they know everything and they do not need to worry. Like their trusted advisors, a Business Coach can help to take their business to the next level. Every business is exposed to some kind of risk, pure or speculative and it is important for one to know and understand these risks.

Ignorance is the greatest cost of doing business and it is the number one reason why 4 out of every 5 small businesses are doomed to fail. Just in a matter of time!


Failure to Foresee Major Marketing Opportunities

Now let us examine the importance of marketing to your business. If there is to be profit, the product must be moved. But in order to exchange your product for money, you must find creative ways to inform consumers of your existence.



What are some of these major opportunities you can benefit from?

Major investments in the hotel rooms, luxury shopping malls and entertainment/recreational facilities to the tune of billion of dollars. in almost every country worldwide. In an effort to drive the construction, tourism and other related sectors.
Unbelievable bargains! Whether it be stocks, debentures, mutual funds, or real estate, the bargains are out of this world; making it an apportune time for repositioning for diversification and expansion as soon as the recession is over.
The expected increase in the computer and the interllectual property distribution industries.

What ever business you are in this is good news to you. Just imagine your goods and services being in great demand!

There will be a great demand for construction products and services, agricultural produce ( as the world is in short supply for food), art and craft, transportation, restaurants, security and many more goods and services.

It is important that you take stock of your business today and reposition your business to take advantage of these opportunities. Get out there, make your business known! Get the advice you need, work with an experience Business Coach. In the words of renown motivational speaker Les Brown, "Its Possible!"

Denver Brown is an Executive Business Coach and the Author of the book The Turning Point....how the 8 best practices changed my life...
http://www.strategicpublishinggroup.com/title/TheTurningPoint.html

He can be reached at denverbrown84@yahoo.com