Michael Yacoub News • June 2, 2016
Statistics indicate that at least 80% of entry-level businesses (Start –Ups) fail within the first three years, and 80% of the rest fail within the following three years. They also point up the fact that 40% of those businesses who have been operating “successfully” for a number of years are staying small or getting smaller.
Start-up entrepreneurs do not fail or stay small due to lack of expertise in their respective industry. Indeed, most are experts at what they do or professionals in their own industries. They fail mainly because of lack in knowledge of business management or decision making. They run their affairs as if they have a profession and fail to realize that they are also in business; and those unfortunate start-ups who refuse to face this fact – either because of disdain or ignorance – are doomed to join the 40% of failures.
Another astonishing statistics by the Australian Bureau of Statistics cited that businesses who seek professional help at early stages of business development, by way of business coaching or mentoring, have a 50% more chance of succeeding and becoming a meaningful operation or a multimillion dollar enterprises.
As a business development expert and serial entrepreneur, I had my share of ups and downs along the way to success, and have accumulated a wealth of business expertise and strategic thinking that I now employ in my practice as a success coach. My success coaching methods are the result of thirty years in business management and development, half of which has been spent as a business mentor to thousands of successful entrepreneurs and notable organizations. Also, as the Founder and Managing Director of several multimillion dollar companies, I have been able to glean information about the most effective strategies that if properly implemented can act as the fuel for sustainable and scalable enterprise growth. The majority of my clients are professionals with high education in a specific field and who had decided to start their own practice but lack the management skills to run and lead a profitable business.
michaelFor example, medicine, dentistry, and law are professions, however the business end of those professions are never taught in those graduate schools; but these professionals soon learn that they must know how to promote their practices to get clients and patients as well as how to set appropriate fees and how to control their expenditures to gain their financial independence i.e. succeed.
My experience as a coach to business owners taught me that the “stay small” businesses who do not exceed their annual revenues of $1Million have not honed their business practices nor learned the most modern strategies for financial success. But, here is a little-known statistic: 95% of businesses do not achieve over 1M in the first three years… And of those, 98% won’t get to $10 million within the following five years!
So, are you the type of person that wants to see your business grow to 10 million in five years?
My effective business strategies and methods will help you achieve exponential growth there-by joining the small group of 2% that do. How is this guarantee possible? Because I have all of the business expertise of that elite 2% as well as all of the pitfalls of the other businesses who have either smashed into a financial “wall” or who have failed altogether.
In short, following my strategies and avoiding the mistakes exemplified in many documented business failures will give you a foundation of immense breakthrough and a ceiling that is limitless.
One of the reasons that so many drops out within the first three years is the same one that causes our divorce rate to rise exponentially each year: Lack of commitment. Those who take their marital vows with the attitude that, if it doesn’t work out, they can always divorce, and usually do divorce. Similarly, those entry-level businesses who think that, if it doesn’t work out, they can always go back to working for someone else will always fail. It takes total commitment. That is why doctors, dentists and lawyers never drop out. They have total commitment to their practices by reason of the fact they have spent too many expensive additional years in school. That investment, they believe, must pay off, and they do everything in their power to make it pay off. That’s why I have several doctors, lawyers and dentists on my client list. These are the small percentage of smart professionals who realize that they need a business coach to help them run effective practice so that they can have the time and extra funds to invest and grow their enterprise and ultimately their wealth.
As an effective business coach I set out to improve my clients’ existing skills and performance, to enhance their personal effectiveness, business development and long term growth.”
Most businesses prefer executive coaching which is a one-to-one process focused on helping them achieve personal or organizational-related goals with an intention to improve strategic performance. It is a collaborative process that helps businesses, owner/managers and their employees achieve their personal and business related goals to ensure long-term success.
Throughout my dealings with professionals I found that in almost every case, the proper understanding of client’s needs and their perception of the solutions I offer them in all matters are of paramount importance. Also, understanding the client’s perceptions and psychology is one of the most important keys to my success in helping others achieve extraordinary success.
In general I sympathise and truly understand the great wall of resistance that exists in the client’s mind towards business coaching in general. Some would rather have a dentist drilling than admit that they need outside help with a problem or project. Clients are often reluctant to expose their internal affairs to a stranger, who may or may not exercise professional confidentiality. They are afraid of being ripped off – of paying a goodly fee to someone who may, in fact, not be an expert at all but a charlatan who might bill them and actually hurt them and their organisation in the process.
After all, many doctors do accidentally kill and many lawyers are unscrupulous but these professions are regulated and accredited. Unfortunately in business coaching there are no prerequisites for a degree or accreditation and many non-professionals who can print a business card purport themselves to be business coaches. So if you put yourself in their places, on the other side of the desk, you can understand their reticence as far as coaches are concerned.
Once I understand a potential client’s needs my job becomes much easier. After going through the introductory coaching session and gain my client’s confidence; I simply present a written copy of my professional code of ethics to dispel most of their fears. I understand that their perceptions are real to them and I respect and address these facts. As we often say: “Reality is nothing; perception is everything.”
In most cases, my clients require a growth strategies and they want them now. My stance on erratic “hit-or-miss” business growth strategies is this; all aspects of the business growth can be compared to ribs in a wheel. Remove any rib, and the wheel collapses. The client may be dint of their overwhelming competition, sluggish operation or stalled growth. A quick fix strategy can be fatal. A timely well thought and researched process structured on clearly defined solution for a clearly defined problem, using the power of the question is the only way to build a sustainable and scalable growth strategy.
Regardless whether you are running a small business or a large enterprise you need to keep your eye on the ball with total commitment to your strategic thinking process. A professional and experienced business coach can help you keep your figure on the pulse and will give you the required resources to pull the lever of your business’ growth machine.
The following are guidelines on how to map out your growth strategies:
‘HOPE’ is not a strategy! Start with the END in mind.
If your business meets these strategic requirements but you don’t know how to implement a winning formula, you will fail. If you succeed at these endeavours, but don’t know how to set specific goals aligned with your mission and vision based on value and worth, and at the same time cohesive with your market dynamics, you will not get the required results. If you have passed all these hurdles and entered into the wrong market that puts your whole operation at risk, you will fail.
Finally, if you are an expert at all of the foregoing, but do not add value to your customers or do not understand the ethics of your business or profession in today’s litigious society, you will fail.
All aspects of business growth, as it has been put forth here, are important, not just those things that you as the business owner finds enjoyable, or about which you feel competent in. As the dentist admonishes, “If you don’t like to floss, then just floss those teeth you want to keep.”
To Your Achievement of Greater Success – Michael Yacoub, The Success Coach