The 3 scariest things which business owners must face.

28th April 2016

When business owners start up a business, more often than not they have never really considered all the things they have to be involved in. Some of these may come naturally to them, and therefore they find easy, other things are completely alien, and they hate the thought of dealing with them. However overall the 3 key scary disciplines for most business owners are taking on and managing staff, taking control of the numbers, and letting go.

Taking on and managing staff. The majority of business owners find this aspect terrifying. First they find it difficult to find the right sort of people. Secondly the thought of interviews and contracts is sometimes enough to stop them from taking people on. Thirdly managing and appraising staff is something they would do anything to avoid, rather than potentially having to face confrontational issues. A business coach can help them through all these concerns. Showing them how to describe the position they want to fill and the person to fill it, giving them the tools and knowledge to work with, and putting them in touch with experts to help and advise them.

Taking control of the numbers. Many business owners simply run their business on gut feeling, hoping that it will all work out O.K. while putting their head in the sand. They don’t set targets, they don’t know their break-even, and they don’t set out yearly cash flows, and they seldom look at their accounts figures yearly, let alone monthly. A business coach will help them to over come their fear of numbers, providing templates to work with, explaining in layman’s language what it all means, and why it is so important, and they will hold them accountable to filling in monthly figures.

Letting go. After all the business is their “baby”, and the last thing they want is to see all their hard work turn to dust. A business coach will help them to hand things over bit by bit. Having taken on the right people to free up time, they will help them to delegate, and after a while create a business which works without them. They then have a business.

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