Running a business comes with many difficulties and while there may be successes along the way, business owners can also be faced with challenges or ‘pain points’ from time to time.
With 60% of business failing within the first three years, its crucial to address issues in order to overcome them and improve your business moving forwards.
Matt Bull said: “Pain points are persistent problems that are stop your company from developing in a positive way.
“We provide business owners, who are willing to learn and grow, with effective coaching methods and strategies to help them enhance their company’s performance and development. Coaching can be a difficult process, as it allows people to address and challenge themselves.
“Businesses tend to focus on their customer’s pain points, but often overlook their own internal concerns, which can start to become visible externally and potentially limit growth. The main areas we often come across is time, team and money.”
Time-poor
It comes as no surprise that most business owners struggle to make time, especially for themselves.
As a business owner, take a step back and consider whether you’re investing too much time in tasks that aren’t a priority and try to find more efficient methods of getting these done.
Where possible, block out time in your day – either at the start or the end of the week – to allocate yourself time to focus on business priorities and supporting your employees. Set clear objectives, outcomes and realistic deadlines that you can meet.
Retaining and recruiting staff
Employee retention and recruiting new members of staff is one of the biggest challenges business owners are currently facing.
90% of workers admit they would be more inclined to stay at a company that provides them with active feedback and support. As an employer, it’s vital that you encourage and listen to your employees’ needs. Whether it’s providing additional training, mentorship, team building days or rewarding your team with pay rises, promotions and bonus schemes.
By focusing on your employees and playing an active role in creating a positive workplace culture, not only will you retain them, but you’ll also attract new talent to your business.
Financial concerns or struggles
Financial pain points can include spending too much money on something that isn’t providing a return on investment, or on services that do not fit within a company’s budget.
It is important to evaluate overhead costs and be aware of any unexpected charges you may incur when running your business – something that tends to be forgotten about more often than not.
Keeping on top of company finances and outgoings is key to helping you set aside budgets, and whether you need to increase your client base or service charges in line with increasing costs of living.
ActionCOACH is the largest and most successful coaching business in the world, with franchises in more than 140 countries. Its mission is to support, guide and educate business owners – from start-ups to growing firms, as well as those looking to retire.
To find out more about ActionCOACH Loughborough, please visit: https://loughborough.actioncoach.co.uk
