Have you checked out Two Blokes and a Mic (TBAAM) yet? If not, get on it!
TBAAM is an awesome YouTube channel and podcast run by business owners Dan Hinde and Ramin Keyvan. They use their platform to educate and entertain entrepreneurs along their journeys. Dan and Ramin have been in the game for years and have both built successful organizations. In their words, they are “dedicated to helping business owners and individuals figure how to avoid the costly mistakes that the two of us have made over the past 18+ years of business ownership.”
Recently, I was lucky enough to be interviewed by Dan and Ramin. We covered everything from what business coaches do, the methodology I use with my clients, how bottlenecks can limit a business’ trajectory, and how to select the right business coach for you.
You can check out the full interview below:
What does a business coach do?
A business coach views a business as a system. Our job is to break that system down into bite sized chunks and help the business owner process, iterate, and improve the systems therein. Sometimes as entrepreneurs, it’s easy to get overwhelmed if we try to comprehend an entire system at once. By breaking it down into actionable steps, a business coach can help a client progress more quickly and decisively than they may have been able to do on their own.
The methodology I use with my clients is to break their businesses down into 5 interdependent parts:
- Value Creation – Have something your target market wants and is willing to pay for.
- Marketing – Get the attention of your target market.
- Sales – Turn a potential customer into a paying one.
- Value Delivery – Deliver upon what was promised.
- Finance – Manage the resources of the business to make it a reinforcing loop.
These 5 parts are truly interdependent and any successful business needs to have all 5 working in tandem.
An effective business coach will work with you to create momentum, help you define your goals, and help you along the path to hitting those goals. They should focus on understanding what you want from your life and how the business can help make that a reality, providing step-by-step methods that work with the human brain to get there.
Additionally, being a business owner can be very lonely – there’s a lot to be gained from good business friendships, a good business coach, etc.
What is a bottleneck?
A bottleneck is the weakest point of your business system that limits the productivity of the other parts, essentially congesting your capacity and limiting what you’re able to produce. It’s essential that you understand the throughput your business is focused on – what outcome are you trying to produce (money, impact, etc.) and what’s holding that back?
Once you fix a bottleneck, the throughput of your business system increases and you’re able to work a greater capacity through the system. (If you do make investments of time and money but throughput doesn’t increase, it shows you you’re focused on the wrong bottleneck.)
Additionally, once one bottleneck is fixed, it’s not uncommon to discover another one down the road that may be limiting the business in a different way. Business ownership really is working to fix one bottleneck after the other until your operations are at full capacity and scalable.
How can you uncover bottlenecks in your business?
Below are some questions you can ask yourself to find what’s holding you and your business back:
- Value Creation – Am I creating really solid value? Am I truly creating the best kind of value for the people that I really want to help?
- Marketing – Do I have a steady, consistent, reliable pipeline of these people I can build a business around?
- Sales – Do I have a process that’s the same for everybody going through it? Am I setting expectations clearly?
- Value Delivery – When you set expectations, can you meet them? Can you meet them consistently? Ideally profitably? Ideally scalably?
- Finance – Am I making enough? Am I making a profit that allows me to do other things? Am I able to make an impact?
The goal of the best business coaches is to make the business owner the only bottleneck in the business. At that point, the only reason you aren’t growing is because you don’t want to.
How can you qualify a potential business coach?
Here are some key questions to contemplate as you select the right coach for you and your business:
- Do they recognize how complex the journey is and give it the respect it deserves?
- Will they admit when they can’t do something, don’t know something, or there’s something outside their expertise?
- Do they take their ego out of the equation?
- If things do go wrong, do they look back and learn from it? Or do they blame the client?
Well, there you have it. I really had such a great time being interviewed by TBAAM. I hope the contents of our discussion were helpful and help you make more informed choices if you’re looking to hire a coach for your business.
Want to learn more and see if a coach might be right for your business? Feel free to apply for one of my complimentary diagnostic sessions and we can review this concept and uncover anything else that might be holding your business back.