(Newswire.net — February 15, 2014) —
Being a small business is no small task in that it requires the skills of a large company and the same size of bravery to go along with it. So many seek the path of setting off on their own without really knowing what is in store or required in order to make it. Raising capital always seems like the first step while it is on the contrary, much further down the needs and requirements. Sustenance is important and having a clear cut understanding of daily expenses and cost disciplined management is vital.
There has over the past 10-12 years been an increasing industry of business coaches and management consultants that have carved out a niche to address their energies towards these newly cropped business entrepreneurs. Business planning with five year plans that have intricate sales, management, operational, and financial models are etched into this industry’s cornerstone that so many small businesses are convinced are a menu of “must have” items for their business to survive.
The problem that has become pervasive is the audience of clientele that most of these consultants target are underfunded and without the proper tools to even understand what products and services are being offered. This in and of itself has become a pervasive and insidious problem in our economy of growing entrepreneurs that have sought this avenue of business as a result of the shrinking corporate survival rate and consequently the quest for freedom and financial independence. A business that cannot be cash flow positive and sustain itself is hardly free and definitely not financial independent.
Perhaps, that is the prerequisite starting point that the business coach should plant the proverbial small business seed. Teach the business owner how to financially manage their affairs first and then morph that independence into a growth strategy that can organically grow the business on the back of their own income rather than credit or equity partners that only erode the business before it sprouts its flowers of success.
Many small business owners are ripe for the picking in this world of charlatan coaches that take sizable upfront fee arrangements in exchange for false promises that are difficult to quantify and easy to mask. By the time many of these small business owners realize that they have been fleeced, it is generally too late and costly into the game. It is indeed the new age of bullying since it is taking advantage of the weak and uninformed. Generally, the consultants are bigger, more capitalized, and experienced such that they can see the weaknesses of their clients and know where their inflection points are. They are smarter and more articulate and often times have a sophisticated or “slicker” sales background that is hard to resist engagement of a business and its believability.
Such easy prey is much simpler to poach than a larger sophisticated business that has more capital and human resources to thwart off the hot schemes of the day. Additionally, they can also supply in house counsel that can review and demand contractual agreements that protect their client’s interest before the improprieties can occur. This is not to say that there is no place for small businesses to engage in business coaches, however there are some prerequisite homework requirements that should be in place before any such engagement should occur. Background checks on the coaches and who they have consulted, what results they have achieved, and how those results have been quantified is a good start. Having a clear cut idea as to what a small business is seeking and what they want or expect the coach to do or achieve from their services. Regular metrics that can be measured with regular meetings or calls should be established upfront.
These are good starting points to defend oneself from making costly commitments and therefore financial mistakes for the entrepreneur. For more information and guidance in this area of business management, contact: info@needseo.com or call (866) 907-2978.