Medium-size businesses are generally defined as those earning $1-$3 Million in revenue annually. Medium-size business coaching addresses an unique set of challenges for companies in this stage of business.
Medium-Size Business Coaching Addresses Staffing Challenges
Medium-sized businesses face different issues than their smaller company counterparts, especially when it comes to people. At this stage of growth, the company may have brought on some key employees and full-time salespeople, but may not have created any plans that detail how they will retain these staff members. Meeting these challenges could be the difference between more growth and stagnation, or even failure.
The medium-size business coaching services I provide address existing staffing challenges AND set up systems to prevent future staffing challenges.
The Finance Function Becomes More Critical
Up until now, the business owners have probably made all the day-to-day decisions without the counsel of specially trained professionals. At this point, it is probably wise to get the right Chief Financial Officer (CFO) to ensure continued growth, as financial reporting and the types of projects and investments the business has to evaluate becomes increasingly complex. The right CFO is also instrumental in planning.
Few Key Customers
The problem of having a small number of customers account for a large percentage of the businesses’ revenue is usually present for medium-sized businesses. As the business grows, the dollars at risk grow as well, so this becomes a bigger and bigger problem. Bringing on dedicated sales people can help bring on new customers and a strong CFO can help keep owners informed as the customer mix evolves. This is one way to mitigate this potential problem.
Medium-size business coaching can help you address financial and revenue concerns before they become problems for your business.
Medium-Size Business Coaching & Your Business Plan
As with every stage of growth, a well-developed business plan is key to thriving. Planning increases in importance as your business becomes bigger and more complex. The more people and moving parts you have, the more critical it is to know how they will all properly and efficiently work together.
The importance of company culture is often overlooked and its importance to success increases as the business grows. More often than not, companies simply are not proactive about creating any culture at all. Culture is what communicates to employees, customers and potential customers what your company is all about. It is a collection of your values and beliefs and it is communicated through behaviors. If you don’t establish the culture you want, you will be left with what develops by chance and leaving things to chance is not good business.
Management Skills Needed
Business owners come to the party with a certain set of management skills and as the business grows, it is important for you to grow your skillset to keep up. Many owners get so caught up in the everyday tasks involved in running the business, they forget to sharpen their saw and improve their knowledge and skills. The role of the owner will need to change as the business grows, and bringing in the skills needed is crucial to continued growth. The lack of talent in this area is a major contributing factor when growth stalls.
Can’t Get Away
Many business owners dream about starting a business as a way to achieve goals and dreams they have. They start a business, it begins to grow and before they know it, the ability to do the things they always dreamed about seems to be put on the back burner as they fight the fires of everyday business. It is important to have systems in place to allow you to get some time away from the business to recharge so you have the energy required to run your business effectively. If the owner remains the most important employee, this is a problem!
Not only do business owners often find it difficult to get time away, but they also can run into increasingly demanding customers. Bigger business leads to bigger customers and they sometimes are more demanding than small customers.
Working with me for medium-size business coaching, we’ll address all of these issues, and more. I will help you create a plan of action that will eliminate many issues, prevent future problems, and help you sleep better at night.