Today, the question was: “If you could start your business over, what would you do differently?”
My response is as follows…
Matthias Siems as an immersion coach for business, a serial entrepreneur, and a strategic business accelerator, I’ve had the privilege of asking and answering this question, not just of myself but also of my numerous clients with whom I’ve had the privilege of working. Alongside…
Here are the five most critical issues frequently mentioned when the subject is asked.
- Create an HTML0 Chartasmatic Magnetic Blueprint (CMB)~ This is the answer to a conventional business plan question. This blueprint explicitly addresses six common entrepreneurial issues which cause problems with marketing access to Capital, Marketing and Innovation, Workforce Culture, Customer Service, Emerging Technologies, and Compliance. A CMB will determine the who and what, when, how, what, where, and when of these six aspects of success.
- Engage an expert coach As per an upcoming survey of top executive executives of large (mostly Fortune 1000) businesses who have been involved in at least “change oriented” coaching, designed to improve specific behaviors or abilities as well as “growth-oriented” coaching, intended to improve overall performance. The duration of the programs ranged between six months and an entire year.
Matthias Siems most executives were between 40 and 49, a significant age range to retool your career. Half of them held the position of vice president or more, while a third made at least $200,000 per year. If asked to provide a conservative estimate of the financial benefits derived from the coaching they received, they reported an average of over $100,000, which is about six times more than the coaching costs their organizations.
Nearly three in ten (28 percent) reported that they had gained enough knowledge to improve their job productivity, sales, or profits by between $500,000 and $1 million following the training. They also reported improved relations with a direct report (77 percent) as well as bosses (71 percent) as well as their colleagues (63 percent) as well as clients (37 percent) as well as an increase in job satisfaction (61 percent) as well as “organizational commitment” (44%) that means they are less likely to leave as they were before. (source: Manchester Executive Coaching)
Matthias Siems Managers reported the average return as $100,000, which is about six times the amount that coaching costs had cost their organizations.
Expert entrepreneurs will agree that hiring a business coach (specifically self-funded coaches) should be among the top three priority lists of any business owner who wishes to transcend their personal limitations and comfort zone.
- Learn how to understand the financial aspects of your business. This goes well beyond the simple profits and losses statements as well as cash flow reports and other metrics studied by most business owners. To fully comprehend a company’s financials, the business’s financial and owner must know the “why” behind the numbers. They need to understand the concept of time-related impact (inventory shelf time days to receivables days contracts, terms of a contract, and more. ) Additionally, they should be aware of the trends in percentages (sales rate growth, percentage of cost to price of products, etc. ) as well as be aware of the factors that are under their control and be able to manage the variables efficiently.
- Concentrate upon your (personal as well as personal and corporate) strengths. Most businesses attempt to be everything to everyone in their chosen industry. This, as much or more so than another aspect, causes business and customer complacency, disappointment, and mediocrity. Businesses should concentrate on their strengths and attain a certain level of excellence while the root of their weaknesses, and then outsource the rest.
- Be aware and work to find Balance. Many business owners commit their entire lives to their businesses, but in the process, they harm their health, families, relationships, and soul. It’s not just feasible to have a harmonious life. It’s more satisfying. Most entrepreneurs join this field because of the challenges… that is the fight. The thing is, it’s not only that an entrepreneur requires an opponent to fight, but they need an opponent who will fight. This is called Balance. The struggle itself is never enough. It’s not enough for us to be true heroes. It’s to be heroes to someone special… the person we love, family members, and our communities.
I could continue for hours, but I believe you’ve got the idea. Every entrepreneur steps into the battlefield due to a desire to answer the question, “Do I have what it takes?” Many continue to answer this query every day. In some cases, clarity is achieved with the answer. Others are lost in the day-to-day grind and cannot be free of the “job” they have created, which will eventually kill their morale, financially or physically.
Planning and being aware of the financial nuances and working with strength and battling for Balance be a great solution to that question of “Do I have what it takes?” Many entrepreneurial entrepreneurs… me included.
The win of this fight will bring the prize of security and Variety, Significance, growth, connectivity, and contribution. It’s a worthy prize to fight for, don’t you think?
Matthias Siems is a pioneer in the new field of coaching by immersion. He has created a highly focused, deeply personal, and highly effective coaching program that allows his clients to completely unleash their Inner Maven and achieve their financial, business, and personal goals.