5 Common Business Problems Every Business Owner Faces
- Written by Kyle Kalloo
it is important to know when you need the expertise and support of others and where and how to get it. This is where business coaching comes in.
Note: This article contains 1,453 words and 1 image, with an estimated read time of 6 minutes.
In my role as a business coach, I sometimes meet with well-educated and intelligent people who run businesses but are not very adept at solving problems. Many people start businesses only to find out that it’s quite challenging to solve business problems. As a business owner, you probably believe you should be able to solve all your business problems, but that is not often the case. That’s why it is important to know when you need the expertise and support of others and where and how to get it. This is where business coaching comes in.
Business coaches provide the help needed to solve some common problems in business, giving you the opportunity to focus on other important aspect of the business. Most times the underlying problem is that you are too close to the situation, and perhaps you think you know what you need to do. Or it could be that you’re attached to an idea or product that is not really working. Additionally, business coaches have access to other businesses in the same or similar industries, therefore they can leverage from their experiences and best practices in order to help you and your business.
What usually keeps business owners up at night are the same things of any big organization Executives, such as; people – internal or external, product/services, and equipment/resources. The only difference between each is, big organization Executives have access to help from managers and leaders within the organization while the business owner doesn’t have any experts within their business. A business coach can bring a subjective view of the problem and help you see how to overcome the situation. A business coach can also help you analyze what you’re doing wrong and help make significant changes that will help you plot a new course.
The ultimate goal of enlisting the help of a business coach is to build a strong and profitable company. Let’s highlight some of the problems that business owners often face:
- How can we reduce employee turnover?
Retaining high quality employees is an ongoing issue for most businesses and they are faced with the challenge of retaining top employees. As a business coach I point out to business owners that the most important reason why people decide to stay with or leave an organization is based on the relationship they have with their employer. As such, employers should strive to improve the relationship between themselves and their employee as well as provide support.
It is equally important for business owners to recognize the importance of clear agreements in all interactions. Business owners should strive to create a safe environment where employees and managers can discuss specific opportunities and challenges. When employees feel confident about sharing their concerns it helps them to feel better and raises team morale. Sometimes this leads to possible conflict, but increased trust is on the other side of that.
- Where will my business go?
Irrespective of the size of your business I’m sure you would agree that a business should have a clear direction, objectives, visions and plans to reach specific outcomes. Of course, goals are important however the goals will be meaningless without a specific plan to achieve it. Many business owners often overlook this crucial area and as such scaling the business becomes difficult.
The school of thought usually is, they didn’t need any mission, vision, values, or plans when they started the business or even to make money, so why now…? That mindset will not allow businesses to sustain growth and profitability. It’s often said, if you fail to plan, you plan to fail. A business coach realizes that profitable businesses need plans, timeframes, intermediate goals, strategies, lead and lag measures, systems and processes to attain their ultimate goals.
- I don’t make enough money
This is one major business problem that many business owners can relate to at least on some level. Some businesses are neck deep in debt while some have skyrocketing expenses. Still others find themselves close to bankruptcy. It’s quite interesting that many do not even know what got them into that situation in the first place! That’s where a business coach comes in. It’s not unusual to find yourself stuck losing sight of your dreams and aspirations. You may be producing and delivering an excellent product/service and still find it difficult to make sales.
Despite your best efforts, it may seem like you’re stuck with no improvement. Then you probably need help from an experienced business coach. For most businesses, lack of sales is never just a result of one factor; it’s usually a combination of factors including fundamental and operational factors. It could be as a result of;
- No operational structure or systems
- Poor marketing strategies
- Poor approach towards landing sales
- Is your core value properly defined?
- You’re targeting the wrong audience
- Scarcity mindset
- You might even be in the wrong business entirely!
Honestly assess your business – these could be one of the reasons why you’re not making sales.
- How do I instill commitment and accountability?
It is often difficult for employees to sustain consistent and exceptional results. Keep in mind that the more employees are acknowledged for their true abilities, the more committed, confident, and competent they become. And they will become more accountable as they realize that they hold a stake in the success or failure of any given task or project that call for their input. It’s difficult to hold employees accountable when they don’t have clarity on the expectations or strategic goals.
Once everyone understands their roles, it becomes easy to work towards the same corporate goals. Your employees will be compelled to focus on purposeful action, because they have a clear understanding of where they are going and how their contribution impacts the success of the organization.
- I don’t have time
There are so many processes to contend with as a business owner from Operations, Production, Development, Marketing, Sales, HR, Finances etc. The challenge is finding time to get it all done and at the same time having a work-life flow. It’s common to think you should be able to separate your personal life from your career. And here’s where a business coach comes in handy.
The role of the business coach is to help with prioritizing the most important aspects of the business and finding ways to effectively delegate the seemingly less important parts. What are the things that have the greatest impact on your business? A business coach will support you to tackle those things first and then ensure you’re making the maximum use of your time. We all have the same amount of time as the most successful people in the world, but are we being mindful and deliberate about how we manage it? Moving from busy to productive!
Those are just some of the common problems that you may be facing in your business. Without a doubt, each of these problems are important in there own way. However, they may be simply a part of the picture. There may be some underlying problems within your business that you must focus on. As a business coach with years of coaching experience in the real world, I offer practical advice for business owners. I provide help with diagnosing deep-seated problems within the organization and providing concrete plans to keep your business on track. A business coach can provide all the help you need to move your business forward, with the head-fake of increased clarity and mindset.
Sometimes, taking home your challenges in the business home to your spouse/love ones when they are not skilled or experienced in helping you could change the nature of your relationship, add stress and anxiety that could be avoided – unfair situation to put them in. When you think of it, will they be able to be honest, candid, while being supportive with you…? And if they are, will you want to hear it from them? If you need someone to talk to, I am just a call away.
About the author: Kyle Kalloo is the Chief Executive Officer, Business Coach with Change My Life Coaching and Strategic Leader. Through his management training and experience with McDonalds, Famous Players (Paramount) and WestJet, and all of the ongoing learning and development he’s completed, Kyle has refined and perfected skills and processes and is eager to share how to execute them efficiently to help individuals and companies achieve even more of their dreams. 83% of Kyle’s business comes from referrals. https://www.changemylifecoaching.ca and https://strategicleader.ca