The Top Five Dangers Impacting your Business

While business owners constantly find themselves in unique situations, the majority of challenges faced are more common than you may think. Often the problems faced by business operators are shared across all industries regardless of size or niche. There are issues faced at every level and if not handled properly could end up being exceedingly detrimental to your business’ growth.

AdviCoach is here to address the top five dangers that are currently impacting your small business.

1. Financial Mismanagement

Making money is the ultimate goal of any business. However, if you or your partners do not possess the wherewithal to manage your money properly, then those funds are effectively being flushed down the drain. Where your money is going and why is it going there? Companies commonly find themselves mismanaging their finances in areas such as technology, human resources, marketing and operations.

The AdviCoach Solution: A deeper look into where your money is being spent can lead to your expenses being significantly reduced or allocated toward other, more beneficial opportunities. AdviCoach offers in-depth strategies in financial management and operations support that can help you better navigate your business’ finances.

2. Ineffective Marketing

The products and services you offer could be the best in the world, but if people are unaware of your business, you will not turn a profit. A common reason for ineffective marketing is a lack of proper research and implementation. It is often easy to buy up ad space with the hopes of reaching a broad audience. This method might work in garnering brand awareness, but too often it is not targeted or cost effective.

The AdviCoach Solution: By segmenting your audience, you are able to more effectively reach the people who will become future customers. With AdviCoach’s help, your business can establish a marketing and public relations strategy specifically suited to your target audience.

3. Under-Performing Sales

Sales are the life-blood of any business and without consistent results, your brand will be destined to fail. San Francisco State University economics professor Dr. John Sullivan found that underperforming sales people produce 50 percent less revenue than top performers within the same company. Under-producing staff or stale sales tactics can contribute to a shriveling bottom line.

The AdviCoach Solution: Holding on to an under-performing employee or an outdated sales pitch can be toxic to your business’s health. AdviCoach offers performance enhancement sales training as well as customizable management strategies that fit your business’ needs.

4. Lack of Human Capital

Depending on your industry, the amount of jobs available may not match the amount of prospective employees. Every year, about one-third of the workforce in the United States changes jobs, making job recruitment as well as employee retention a major problem for small businesses. Depending on the size of your business the loss of even one person can be devastating, especially if you don’t have any back-ups in place.

The AdviCoach Solution: Let AdviCoach develop a plan to help your business stand out during the recruiting process. AdviCoach will also help your business develop both incentive and referral programs for increased employee retention.

5. Poor Leadership

Many of the challenges listed above can be traced back to one source – poor leadership. When a leader lacks a clear vision or fails to communicate with their employees, people leave, sales suffer and poor decisions are made.

The AdviCoach Solution: AdviCoach is proud to offer both executive and employee coaching to help you better understand your leadership role. AdviCoach will help coach you through the best practices for communicating with your staff as well as fostering growth among your team.