What is a Business Coach?

What is a Business Coach?

A business coach’s (coach) responsibility is to the business owner (owner), to help the owner in self-discovery of what the true goals are and how to achieve them. The coach will help define the objective and then aid the owner in developing a strategy and timeline to achieving the objective.  The coach guides the owner thru the process to determine what is important about the goals, why it is important, and what the expected time frame is and why that’s important.

Setting Goals

Each business has different goals and an individual business may have many different goals for different parts of its business at different times. One goal may be to increase sales.  That’s a rather vague goal. It should be more specific.  How much of an increase in sales? Over what period of time? How will you know when you are successful? Goals should be smart goals.

S – Specific
M – Measurable
A – Achievable
R – Relevant
T – Time Bound

Strategy

Ok, we’ve set our goal, but how do we achieve them?  The coach will help you to develop a strategy.  One way is by chunking down.  This works by taking the big picture. Say we wanted to increase sales by $100,000.00 over the next year. We would chunk that down by taking the increase and dividing by the time frame.  So in this case, $100,000 over 12 months gives us $8,333.33 per month or if we go by 52 weeks that is $1,923.07 per week or 384.61 per day.  $100,000 sounds like a big scary number but if you chunk it down 384.61 per day is not so bad.

Now that we know we only need to increase sales by $384 per day, we can come up with a plan. We could take that even further and divide by the number of hours we are open, say it’s 10 hours per day.  Now we only need 38.46 per hour.  How can we increase sales by $38? If your products sale for 19.99 we only need 2 additional sales per hour. How can we do two more? How can you do two more?

 

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