The Silent Killer: The 'Work-In' Trap. A Coaches Perspective.

As a business coach, I've had the privilege of working with countless entrepreneurs and business leaders. A common theme emerges: they're all seeking a better way to run their businesses. They want to increase profits, reduce costs, improve efficiency, and mitigate risk. But ultimately, they desire a more fulfilling life, one that allows them to enjoy their wealth, health, and relationships. The work, life balance dilemma. It is a nice thing to speak about but in reality, more business owners I know start their conversation with me saying this:

"I haven't had a proper weekend in months."

"I'm always on call, 24/7."

"I'm so busy, I don't have time to eat."

"I'm working myself to the bone."

"I can't remember the last time I took a vacation."

"I'm sacrificing my family and friends for my business."

"I'm always thinking about work, even when I'm not working."

"I'm feeling overwhelmed and stressed all the time."

"I'm neglecting my health and well-being."

"I'm making poor decisions because I'm exhausted."

Does this sound like you? Well congratulations, you have just become one of the majority.

The problem, however, lies in the way many business owners approach their work. They spend an inordinate amount of time working in their business, rather than working on it. This is a common pitfall for 80% of small and medium-sized business owners and a key reason why most businesses fail in the first two years.

Why is this? Often, it's because the business owner is the primary specialist. They are the ones with the deep knowledge and skills that made the business successful in the first place. But what made them successful in the past isn't necessarily what will make them successful in the future.

The brutal truth is that many business owners, despite their expertise in their field, lack the skills and knowledge to effectively run a business. They may be great technicians, but they struggle with strategy, leadership, and financial management.

Yesterday, I spoke to my accountant and he told me a story about his electrician. He would not come to his house to fix a broken gate because he had another 7 jobs to do. It was 5pm. He turned down the call out fee revenue and probably worked until 9pm that night. Both of us, with head in hands, went on to discuss the 'opportunity' available to him - more staff, higher margins, hybrid commercial model, automation - the list went on.

He was stuck in his business - working for his business and not having the business work for him.

The Consequences of the Work-In Trap

The consequences of this "work-in" mentality can be severe:

• Burnout: Constant pressure and long hours can lead to physical and mental exhaustion.
• Stagnant Growth: A lack of strategic focus can hinder business growth and innovation.
• Financial Instability: Inefficient operations and poor financial management can lead to financial difficulties.
• Limited Personal Fulfilment: A heavy workload can leave little time for family, friends, and hobbies.

To achieve these goals, business owners often turn to coaching, in much the same way as an unhealthy person might turn to a physical trainer. But why?

The Four Key Reasons Businesses Hire Coaches:

1. Increased Profitability: A skilled coach can help you identify new revenue streams, optimise pricing strategies, and improve your sales and marketing efforts.
2. Cost Reduction: By streamlining operations, eliminating waste, and negotiating better deals, a coach can help you reduce costs and improve your bottom line.
3. Enhanced Efficiency: Through process improvement, time management techniques, and team development, a coach can help you boost productivity and efficiency.
4. Risk Mitigation: By identifying potential risks and developing contingency plans, a coach can help you protect your business from unforeseen challenges.

As a coach, it isn't just about the business aspects, the personal aspects are just as important for a business owner. Finding a balance between the personal goals and business goals IS THE GOAL.

The Three Pillars of Personal Fulfilment:

1. Improved Health: A successful business owner is a healthy business owner. A coach can help you prioritise your physical and mental well-being.
2. Increased Wealth: By optimising your business, you can increase your income and financial security and build a saleable asset.
3. Stronger Relationships: A balanced work-life harmony allows you to spend quality time with loved ones, putting trust in the key hires in your business.

A Case Study: The E-commerce Entrepreneur

One of my clients, an e-commerce entrepreneur, was struggling to scale their business. They were working long hours, feeling overwhelmed, and sacrificing their personal life. Through coaching, we implemented several strategies to improve their business:

• Streamlined Operations: We identified and eliminated bottlenecks and waste in their operations, saving them time and money.
• Enhanced Marketing And A Single Source Of Truth: We implemented a CRM, optimised workflows, reduced manual tasks and developed a targeted marketing strategy that increased website traffic and sales.
• Improved Team Management: We implemented effective team management techniques to boost productivity and morale, starting with a profiling exercise to better understand the belief system of key personnel (believe it or not, not everyone thinks and works like the owner).

As a result of these changes, my client experienced:

• Increased Profits: By optimising their operations and marketing efforts, they significantly increased their revenue. We were also able to uplift margins without impact.
• More Free Time: By delegating tasks and automating processes, they were able to reclaim their weekends and evenings but also, stay in touch (from a distance).
• A More Valuable Business: By implementing these improvements, they increased the overall value of their business, making it a more attractive asset for potential buyers.

The Power of Coaching

A skilled business coach can help you achieve your business and personal goals. By focusing on these seven pillars, you can create a thriving business that supports your lifestyle.

Free Stuff

5 Simple Strategies Guidebook - This is a must-have resource For Business Owners who want fast, bankable results within 5 weeks, even if you're time poor and under the pump.

Are you ready to take your business to the next level? Let's connect and explore how coaching can help you achieve your dreams. In the meantime, check out some other client stories here: https://markullah.trustedadvisor.com.au/client-stories/

#coaching #businessowners #moreprofit #exceptionaltalent #stopburnout