Edmonton Business Coach | Why Businesses Need a Coach
Often, when entrepreneurs get into the business that they own it is because they know that industry very well says Edmonton business coach. And just because they know that industry very well. Does not necessarily mean that they know how to run that type of business.
This is why it is very important for entrepreneurs to hire and Edmonton business coach. So that they know where their knowledge gaps are. I what they need to do in order to succeed in business.
In fact, so many entrepreneurs struggle with this. That the failure rate of entrepreneurs in Canada is exceptionally high.
Industry Canada did a survey and discovered that 15% of all entrepreneurs that open doors to their business failed within the first year.
30% of all small business owners in Canada. End up closing their business within the second year of operations.
While ultimately, half of all entrepreneurs that open small businesses within Canada. Ended up closing those same businesses within five years of operating the business.
Since there is such a high failure rate of businesses in Canada. Industry Canada also wanted to know the reason why entrepreneurs were closing the doors to their business, or failing in their business endeavour.
But they found, was that there were three main reasons why most business owners were saying their business was not successful.
The third most common reason why entrepreneurs were closing their doors. Is because they were not able to find or keep the staff they needed to work in their business. This affected 23% of all failed entrepreneurs.
The second most common reason why entrepreneurs said they failed. Was that 29% of them said their business just ran out of money.
And the single most common reason why entrepreneurs did not succeed in business, affecting 42% of all failed business owners. Was that they were not able to find enough customers to sell their products and services to.
Even though these are very surprising statistics. One of the most surprising thing about them, is that all of the reasons why entrepreneurs failed are completely avoidable.
The right business plan can help entrepreneurs plan to overcome these obstacles. However, even business owners that have a plan are not utilizing it the way they should. In order to succeed.
This is why business owners should hire and Edmonton business coach. Because they will ensure that their business plan can help them succeed. But also help them execute that plan. So that they can overcome these most common obstacles in business.
One of the problems that entrepreneurs often have, is despite the fact that they have a plan, is that there is no one to keep them accountable. Or help them get focused when they are lacking direction.
That is exactly one of the roles of a business coach. Is helping entrepreneurs have accountability for their actions. And ensure that they are doing the tasks that they need to every week in their business in order to succeed.
Therefore, if entrepreneurs are working so hard in order to open the doors to their business. Simply by hiring an Edmonton business coach, can make them more likely to succeed, accomplish their goals and grow their business.
Edmonton Business Coach | Why Businesses Need a Coach
Many business owners think that hiring an Edmonton business coach is not necessary. Or they think that they will hire a coach later on, when they have more money. This is a big mistake.
Since 15% of all entrepreneurs fail in the first year of opening the doors to their business. Sooner an entrepreneur can hire a business coach. The greater chances their business has at succeeding.
Besides, anyone who watches sports understand how important coach is to helping the team succeed. Even when they have found all the best athletes in the sport.
Coaches will help athletes improve their performance. As well as perform at the top of their game. Because coaches themselves have played the sport, and have had success in winning. And so they know what it takes to succeed.
They will then help an athlete get on the right training program, will them accountable to their practices exercise routines. A coach will also see what areas that the athlete needs to improve, and help them compensate for challenges that they are facing.
When the coach works with the team itself, they put players that work well together where they can complement each other’s unique talents. As well as create the place that the players will use to score goals. And then ensure that the team are practising those place until they know them exceptionally well.
A coach will help the players and the team plan, prepare and execute all of the things that they need. In order to succeed as a team, and win games.
This is exactly what a business coach will do for entrepreneurs. Because even if an entrepreneur is exceptionally good at what they do.
The business coach will be able to point out their weaknesses so that they can overcome them. And help the entrepreneur develop winning strategies. That have been proven to help other businesses succeed.
In addition to that, they will ensure that business owners can create systems in their business to allow the business to grow. One of the problems that many business owners have. Is that they are working on the tasks of their business. Each means it is limited to how big it can grow.
It is limited on how big it can grow, because a business owner can only spend a certain amount of time in their business because there is only certain number of hours in the week.
Therefore, by creating checklists and templates. They create systems that are repeatable and teachable. So that other employees can come aboard and take on the tasks of the business.
So that the entrepreneur can not only focus on growing the business themselves through sales and marketing. Because they are no longer working on the tasks of the business.
But as the sales and marketing strategies work. An entrepreneur is able to grow their business as large as required. Because they have created those systems already.
When entrepreneurs hire and Edmonton business coach. They are ensuring that they have the systems and processes needed to be successful. And also having a coach that can keep them accountable for getting those items done so that they can grow.