Micro-businesses fall somewhere in between solopreneurs and small businesses. Micro-business coaching addresses the unique challenges you may find in this type of business.
Micro-Business Coaching Addresses Your Role as the Chief Employee
So, you’ve grown your business and you’re no longer the only employee. Congratulations, and look out! Hiring people comes with new challenges. While you’re still the main employee, most business owners with five or fewer employees have a hard time letting go of doing everything. They frequently have not yet developed clearly defined job descriptions and they sometimes cannot afford to pay competitive salaries, so it is harder to find and keep the right people. When they do hire new employees, it is not always clear to the employee what their specific duties are. Add a lack of clearly established processes to the mix and it’s no wonder business in this stage have growing pains.
Micro-business coaching will help you let go of your former job descriptions so you can focus on growing your business with fewer growing pains.
Owner Too Busy To Network Or Develop Key Business Relationships
One of the key challenges that comes with being the business owner is that you are usually the best sales person in the organization. But, because your business is still small, you are too deeply involved in day-to-day operations to get out and talk to new potential customers. In the restaurant industry, experts say that roughly 20% of business should come from new customers. Why? Customers move, they find other options, and they stop being your customers for a wide variety of other reasons. So, no matter how much your existing customers love you and give you repeat business, you need to constantly bring new customers into your business.
May Be Too Dependent Upon A Few Large Customers
Maybe you feel like the issues we just talked about don’t affect you as much because you have a few big customers that are your bread and butter, so you focus on keeping them happy. This is a double-edged sword. While having to please fewer customers makes life simpler, if a large customer leaves they leave a big void in your revenue stream. Just like investing, it is wise to diversify your customer base. Don’t fall into a false sense of security if you have some big customers. Learn everything you can about them and why they are such good customers and then, find other clients just like them.
Micro-business coaching services help you deal with these business development and customer management issues.
New Marketing Challenges
At this stage of growth, many companies still struggle with communicating a clear brand and easily understood marketing messages. Your initial marketing may need some updating as you grow your business and this frequently falls to the back burner when you look at everything you need to get done.
Business Plan Still Lacking
Business plans are not just for startups. You may be surprised to know that big companies have entire departments devoted to planning and they update the organization’s business plan all the time. There is a correlation between having a plan and being successful and big companies are very aware of this and they take action on it. You should do the same.
The micro-business coaching I provide will address your marketing challenges and business plan problems. This provides a clear plan for your business, and a way to accomplish it!