5 Things Your Business Coach Forgot To Teach You
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5 Business Lessons that Make a Huge Difference in Whether or Not You’ll Still Be in Business in a Few Years
I'm stepping on a few toes today, and I'm pretty excited about it. I'm so sick of seeing business owners spending thousands of dollars on coaching, only to not learn several things that were key components to their success. Today I'm sharing 5 things that I believe are crucial to success that all business coaches SHOULD be teaching, but most aren't. Whether you are a coach or are looking for one, you'll need to hear this!
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1. You need a deep understanding of your finances, not just a budget
Keeping track of your finances and setting a budget for your business is simply not enough. Yes, those things matter, but there’s so much more to it. You have to REALLY know your numbers and have a deep understanding of what those numbers mean. That means looking and planning for revenue, profit, profit margins, net worth, etc.
Even if you’re looking for Instagram coaching, you have to have a deep understanding of things like how you’re currently driving revenue, the profit margins on your products or services, and the profitability and scalability of your business before you can really create an Instagram strategy that’s going to be successful. Good coaches know how to coach you through these financial points while simultaneously teaching you about their area of expertise.
2. Your revenue is not your profit
Too many coaches are talking about hitting 6-figure revenues but they don’t tell you how their business isn’t actually profitable. Of course, there are tons of coaches with businesses that are profitable and successful, but there are too many that are sharing their revenue wins but leaving out the fact that they have no idea how to create profitability.
There are dozens of reasons you can make tons of revenue and still not be profitable: expenses, taxes, payroll, and the list goes on. There’s nothing wrong with being in a growing phase where you’re not making a lot of profit, but you probably shouldn’t be coaching anyone else if you’re in that stage.
On that same note, you don’t have a 6-figure business if you’ve accumulated that 6 figures over several years. I’ve seen too many coaches saying they’ve built a 6 figure business but in reality they’ve made that 6 figures over a span of 5 years, which means they’re really running a $20,000 business. There’s nothing wrong with that, but bending the narrative to make yourself sound better doesn’t benefit anyone, and you should look for coaches who have really done what they say they have.
3. Marketing and sales have to work together
Marketing and sales go hand in hand. You need strategies for both and can’t successfully have one without the other. Think of sales and marketing as a married couple. Both of them are their own person with their own thoughts, personalities, etc. but they love to work as a team and try to bring out the best in each other.
Your sales and marketing are the same way. Yes, you can plan their strategies separately and hire a coach for one or the other, but they’re much more beneficial to you when you look at them as a unit and let them work their magic on each other, keeping each strategy in mind when planning the other.
4. Slow growth is still growth
So many coaches are focused on the quick wins and immediate results they can get you. While those are great and quick wins are sometimes needed, it’s extremely important to remember that slow growth is still growth. There are many instances in your business where it’s going to be more valuable to you to play the long game. Look for coaches who know how to provide both, and aren’t solely focused on those quick wins.
It’s also important to look at how a coach promote their success. Coaches that hit a certain revenue or a certain goal in 1-2 years are great, but it doesn’t discount coaches who took years to build what they have. Coaches who have done what they teach can help clients get the same result regardless of how long it took them to finally understand and get those results.
We have to normalize celebrating the success without putting a focus on how long it took to get the success.
5. Sometimes it’s not the content or the system, it’s you
Too many coaches are afraid to say the hard things or offend their clients, but a good coach can recognize when the problem lies in a client’s mindset, and that they need to work through that first. You need strategies and systems and sometimes there are changes and transitions that need to be made, but sometimes it’s about digging into the thoughts and limiting beliefs that you have around something before anything else.
If a coach isn’t willing to do the deep, in the trenches, mindset work with you, then there’s a good chance they haven’t done enough of that work themselves to be able to help you with it. Look for coaches who are going to personalize your experience with them.
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