The Role Of A Business Coach In The Success Of Independent Retail
During a recent interview I answered the top 6 reasons to work with a Retail Business Coach.
1. What do you think the role of a retail business coach is?
To listen when retailers need someone to listen to them
To encourage them when they need encouragement
To empathize with them when things aren’t going so well
To celebrate their achievements with them
To offer them an informed outside opinion & ideas when they need them
To keep up on the changing realities of business & technology
To challenge and help retailers find ways to do a better job
To be honest, ask them the tough questions (and tell them when there’s an elephant in the room)
To help them become the best business owner they can be
To be available when they need me
2. When independent store owners face important business issues it’s not uncommon for them to turn to family, friends, employees and other store owners for ideas and feedback. Can you tell us what it’s like when a business coach is on the retailers team of confidants.
Family, friends, employees and others often don’t understand the complexities of running a business every day and/or they’re simply not that interested. Retailers begin to recognize that they're pretty much on your own.
Retailers can now feel like they don't have to carry the burden by themselves . They have a business coach who gets them. Understanding the job of a retailer is complicated and a coach is there ready to help them work through the issues.
I see a coach as an important and affordable part of the retailers management team (knowledgeable, committed, creative, available, and passionate about retail)
3. How are retailers and their business doing relative to other retail stores who do not work with a coach?
Prior to working with a business coach, my clients tell me they put in very long hours and at the end of the year, they ask their accountant what they made. The information often left them puzzled. Left them questioning themselves about a lot of things. Now when they are working with an experienced retail coach, they get feedback on their performance and their business performance not only at the end of a year but every month. Feeling more satisfied with their accomplishments, while striving to do better where they either are falling short or wanting to grow.
4. How can a retailer afford to work with a professional business coach?
When working with a coach, a retailer invests in themselves personally and professionally. They can get better results in their business and enjoy it more, so why wouldn’t they use a coach?
Like every retail business owner working hard for their money and spend it wisely, my clients expect a measurable return on every investment.
With an experienced retail coach on their team, and with the retailer doing what’s needed on their end, their sales increase dramatically , margins improve, profits go up and they are poised to grow. The retailers customers, employees, family and suppliers are loving it and so are they.
To put the cost into perspective, As a business coach I am paid about the same as an accountant is paid to do my year-end financial statements. I help retailers earn far more.
5. One of the benefits of working with a Business Coach is that meetings and what is covered hold you accountable to get things done. Can you explain what is meant by this?
Coaching provides structure and information which move a retailers business forward . Holding the retailer accountable to get the important stuff done. Retailers don’t want to show up for a meeting looking unprepared. When they get their homework done for our meetings , they get positive results. This in turn makes them want to do even more.
6. Retailers can relate to positive outcomes like increase sales, margins and profit. Are there other outcomes that can be enjoyed when working with a coach?
After talking things out with me, Retailers are more confident in the decisions they make. I'm a great sounding board. I find the retailers stress level is reduced knowing that we can work through difficult issues every month. Problems don’t have to go on forever.
They are feeling and performing better. Ha !Their families like them better too!
Business is fun again for them . The retailer is more passionate now about their business than ever before.
I have found over the years that I have been a coach that retailers start paying themselves better, and I really love that.