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Does Your Business Have Gaps or Weak Spots?

Picture this; Molly is a vibrant business coach who has enjoyed a reign of success in her coaching business for many years. She could do her job on auto-pilot, and most days, that’s exactly what she does. She enjoys the income and freedom her professional success allows, and happily spends her days “doing what she’s always done.”

Eventually, however, she starts to notice a big drop in both clients and sales. While she is stumped about the reason for the sudden drop, she does nothing to correct the problem and opts for a non-proactive “let’s just wait and see” attitude. It doesn’t take long before Molly’s once successful coaching business is in dire straits.

It’s natural for our businesses and our client’s businesses to morph and change over time; so when we are busy “doing what we’ve always been doing,” we often miss the boat and fail to see opportunities and trends that will help our businesses continue to grow in a positive manner rather than getting stuck, stale and off track. Business professionals who are in a position of complacency tend to take the biggest hit when changes in life or economy occur. All entrepreneurs and business owners need to continually adapt, evolve, and re-evaluate. Roll with the punches, so to speak. They need to adjust, regroup and grow… or get left in the dust.

It’s natural for businesses to morph and change over time. They need to adjust, regroup and grow, or get left in the dust.

Molly’s main issue was that she started taking her once loyal client base for granted and ignored the need for change in her professional life and business. After years of coaching one-on-one from behind a computer screen, and never really making the effort to network or become visible in the social media world, or support her business by attending offline events relevant to her target market or industry, she found herself becoming invisible; lost in the noise and hustle of coaches who offer similar services. The difference was that her competitors were the ones willing to be seen and heard online, as well as hustle and engage face-to-face with potential new clients. Molly had become as elusive as Bigfoot. Her clients knew she was “out there somewhere,” but the sightings were few and far between. Soon her clients succumbed to the lure of something bigger and better… elsewhere.

Does Your Coaching Business Have Gaps?

Not unlike Molly’s, most businesses have “gaps.” Gaps are the areas or weak spots in your overall business plan for success that have been overlooked or neglected. Maybe your “gap” is a lack of social media presence and powerful relationships with your clients, or like in Molly’s case, both social media and the opportunity to actually be seen and physically accessible not only to potential new clients, but to her existing ones. The lesson to be learned here is; when you have gaps of any kind in your business, you are opening a door and making it easy for the competition to slide right on in.

So, what are the gaps, or loopholes, in your brand or business? Is there room for improvement? Are there things you could be doing to excite your clients and solidify relationships? Now is the time to identify your gaps and what you need to do to change with the times. If your “gaps” are areas caused by limited time and knowledge to effectively maintain and grow your business, take the necessary steps to get the help you need to close up those loopholes ASAP.

There are times when we all have to take a step back and take stock of what we are doing and where our businesses are going (or not going). Sometimes life events force us to change quickly, while some changes are more gradual. Some changes are good, some are bad. But in the long run, change should always challenge us and make us take a closer look at our businesses in a new light.

Where are the “gaps” in your business; and what can you do to close them?

Benefits of Running a Passion Based Business

Everybody needs a home, a decent one of course. On top of that, everyone desires to live a self-fulfilling life. But this is not the case always. Most people believe that business ideas have been exploited to the fullest and what is remaining is becoming a slave to somebody else’s work. I find this very disheartening when you see an individual being a slave of somebody for the rest of their lives. The worst part of this all is when one works for somebody at a meager salary that can’t even buy a home for them. If you have a passion for something, pursue it, you will be amazed at the results you will get.

Be ready for a breakthrough when carrying out a passion based business, that is, unquestionable success will be your reward

Running what you are passionate about guarantees a breakthrough in your business. Have you ever wondered why every time you start a business it will fail terribly or not give you enough income to continue running it thus leading to its closure. The answer is simple; you are not running a passion based business. A passionate doctor, for example, should start by running a small hospital which will in time grow to a world-class health facility providing health services across the globe. If he/she fails to do so and finds himself/herself investing in different ideas then they are prone to fail or not reach their ultimate levels.

You will rise above all obstacles your way if you are undertaking a business you are passionate about.

Running a business you are passionate about is a driving force in itself. Buying in to your own business ideas leads to a fulfilled business endeavor despite any challenges that will come your way. All the challenges you face turn to your opportunities since new ideas will be flowing through your mind on how to go about a given challenge. Surely running a business you are passionate about is like doing your most enjoyable leisure activity. You can’t tire watching your idea grow and blossom to what you needed or even surpassing your expectations.

That is not all; a passion based business will be an inspiration to others

If you are running a business you are ardent about, success and much more success will always be in your way. When the world will start realizing your success, you will be the center of attraction. The media which is a major player in broadcasting and distributing information will never hesitate in arranging exclusive interviews with you. This will in turn give you a lifetime opportunity to inspire and motivate somebody at their start-ups.

Never underestimate the power behind this article written specifically for you.

Transitioning Out of Your Business

The extent you need to plan for your business transition depends on if you want to completely let go of your business or if you want to maintain an element of control while not being involved in the day to day operations.

Transition the operations of the business

You might want to retain ownership of your business without being involved in the day to day operations. You need the flexibility of being anywhere in the world only checking in occasionally to see how the business is doing. If this is the case then start working on the following before you leave the business:

Appoint a successor

Look for the person you will like to take over your business and start developing this person’s skills. I have seen business owners suddenly decide there are burnt out and stop actively showing up in the business. This leaves their employees with no sense of direction. In circumstances like this, the manager’s job transitions to putting out one fire after the other. Take the time to groom your successor for success.

Standardize your processes

Standardize your processes so consistent results can be produced even when you are gone. The areas of your businesses that need standardization are as follows:

Financial

  • Forecast and budgets
  • Key performance indicators

Operations

  • Company History and Vision
  • Human Resources
  • Innovation
  • Information technology

Marketing

  • Brand recognition
  • Product/ service differentiation
  • A growing market base
  • A proven sales and marketing process
  • Customer retention strategy

Formulate a strategy for personal income after exit

Some ways to take money out are:

  1. Fund retirement through the business
  2. Lease your building to your business and get paid rent
  3. Get paid dividends or distributions depending on corporate structure

You want to make sure you are financial independent after you leave. If the main source of your retirement income comes from your business, then be very careful to plan you have enough income to supply your needs.

Transitioning for the transfer of the entire business

Some entrepreneurs want to completely walk out of the business. This can be achieved by selling the business. Selling the business has the advantage of exiting with a lump sum which can be invested in other assets. If you plan to exit your business by selling it, then start prepping the business for sale about 2-5 years in advance. Follow the following steps:

  1. Value your business
  2. Perform a gap analysis: this is the difference between what your business values at and what you could potentially sell for
  3. Hire a team of experts to help you fill the gap before selling

In summary, most entrepreneurs do not think of exit until they are completely burnt out. Waiting this long to think about it means you will not get the best value for your business.