Common Traps Of Business Ownerships -- Business Coaching Tips

After 12 years of business coaching, I have seen certain patterns.  Traps that many business owners fall into.  Perhaps you can avoid some of these traps if you know about them in advance.  Here are some business coaching tips to help you avoid some of the traps that lay in wait for business owners:

Business Coaching Tip #1: My business is different. Most business owners fail to heed good advice because they have come to believe that their business is different.  They tell their coach, accountant, advisers that they can’t do so and so because their business different.  I did this all the time.  To my detriment.  Guess what?  Your business is simply not that different!  Get over it.  Open your mind and listen to what smart people are telling you.  I wish I had.

Business Coaching Tip #2: No one can do it as well as I can. That may be true.  And that’s fine if you want to be stuck in your business forever.  But, if you want your business to grow, you will have to let go of the things you do today so that you have time to build your business for tomorrow.  You will have to hire good people, train them and trust them to do their job.  In my business coaching practice, I see this syndrome all too often.  The business grinds to a halt because the business owner won’t get out of the way and let it grow.  Don’t be the stopper to your business’ growth.  Shift your role from that of delivering the product or service yourself to being responsible for making sure that others deliver that product or service well.

Business Coaching Tip #3: I’ll add these people while times are good and cut them if we have a downturn. Guess what?  Much easier said than done.  It’s easy to say that you will cut people before you know them.  But then you bring them on, grow to love them, know all about their families.  You get the picture.  Better to hire them on contract if you believe there will be a downturn.  That way you both know it may not last.

Business Coaching Tip #4: Avoiding the hard truth. Knowledge is our friend, but we often don’t want to know the hard truth.  Especially if our business is trending down.  I find that one of the most valuable things I bring to the table in my business coaching is the willingness to ask the hard questions.  Things can’t change if the business owner is in denial.  Don’t avoid looking at the truth.  It’s the only way out.

Business Coaching Tip #5: Failing to get input. It’s so easy to get tunnel vision when you own a business.  You work so hard.  You do everything you know how to do to make the business successful.  You don’t have much time.  You, above anyone else, know what’s best for the business.  Yet, you can be making a big mistake if you fail to get input from others.  It can be so valuable.  Seek input from employees (and really listen, don’t just pay lip service).  Talk to customers.  Talk to competitors.  Talk to other business owners.  Hire a business coach.  Don’t stick your head in the sand.  Develop a lifelong curiosity.  It will really pay off.

Business Coaching Tip #6: Becoming too identified with your business. I often see business owners who need to sell their business.  It’s time.  There’s a great offer on the table.  Yet, they won’t pull the trigger.  It took me years of business coaching to figure out why.  They think they and their business are one and the same.  They have worked so long and hard in their business that they simply don’t have an identity outside of the business.  Serious mistake.  Keeps them from being objective.  Make sure that you grow your life at the same time you grow your business, so that you can remain a separate entity.

Now that you know about these traps, I hope you can avoid them.  They are painful and costly and unnecessary if you are aware of them.

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The best solution payday loans

The best solution payday loans

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