POWERFUL TIP ON HOW BUSINESS COACHES HELP KEEP SMALL BUSINESS PROFITABLE
Business coaches are in high demand to help make small business profitable. Just keeping up in today’s business environment will leave you in the dust. Why is this? Business today is evolving at record breaking rates. Today’s small business owner needs to be nimble and able to pivot with strategic innovation in order to stay ahead of the curve. Partnering with a professional business coach will give you the expertise and outside view point to win the race in today’s competitive business world.
WHAT IS A BUSINESS COACH?
Before we go any further, we thought that it would be a good idea to describe what a business coach is, so you can best use the powerful tip that will help your small business be more profitable.
A business coach is a professionally trained life coach with a background in business who mentors and guides you, the small business owner, in developing a clear and attainable strategic business map. In the coaching process, your business coach helps you clarify your business and personal goals in order to develop key assets needed to properly scale your small business operations. Business coaches typically meet with their clients on a regular basis to discuss the progress of the implementation of the strategic business map and any roadblocks that might prevent success. This accountability also incorporates encouragement that will help motivate you in the business growth process, and the achievement of goals.
CLOSELY MONITOR YOUR COSTS OF GOODS SOLD- POWERFUL TIP REVEALED
What are costs of goods sold? Cost of goods sold (COGS) are the direct costs attributable to the production of the goods sold by a company. This amount includes the cost of the materials used in creating the goods along with the direct labor costs used to produce the goods … Also referred to as “cost of sales.” This is a key component in any expertly prepared strategic business map. Most of us know the importance of monitoring these costs, but why do so many small business owners overlook it?
Product distribution costs and employee expenses are the biggest issues. Most small business owners know this already. They’ve been to business school or learned the consequences of not knowing how to accurately calculate these factors on a consistent basis.
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The most challenging issue in calculating costs for small business owner’s, is staff turnover. The average employee today stays at any given job for 22 months. The rising costs of having employee turnover, change the product delivery costs.
Because of the constant change in the economy, it can become very difficult for suppliers to maintain a consistent wholesale product cost. This of course is passed down to the small business owner who is then left to either absorb the price change or pass it to their customer.
The best and most surefire way to get the unbiased input on your small business operations is to hire a business coach. Professional business coaches can give you great insight on how to best negotiate product costs and help you to determine the best mix of business that will maximize small business profitability. Your business coach can also help you to best manage staffing issues.
READY TO FIND YOUR AMAZING COACH?