Let's All Take Action for Business Growth

Your Money

With Cherryl Hanson-Simpson

Thursday, May 19, 2011

The development of successful local businesses should be of concern to all well-thinking Jamaicans, whether or not they have an interest in operating their own ventures.

A profitable business community is needed to increase employment levels, provide the government with more tax revenues and spur overall economic progress.

It was recently reported that 10,000 government workers would be laid off over the next five years. When you add these numbers to the thousands who have already faced job cuts, and the hundreds of graduates who leave school every year without finding work, it is easy to see that our country is in a productivity crisis.

To overcome our personal and national financial woes, we should all participate in developing sustainable businesses. The authorities must provide a business-friendly environment; financial institutions need to offer lower-cost funds; business owners must learn how to be efficient; and consumers should support local enterprises.

Employees can build businesses, too

If you're an employee, there are several things that you can do to help your employer to remain viable. Firstly, don't give 70 per cent work effort and expect to be paid the full 100 per cent of your income on payday. Understand that your committed input is essential for the entire team to succeed. If you are very distressed about the rising cost of utility bills, be mindful that your employer is facing similar challenges. Make a concerted effort to conserve on electricity and water usage at work. Don't use office supplies such as paper and printer ink for your personal affairs, and keep personal telephone calls to a minimum.

Even if you think that you are working with a 'boss from hell', be thankful for your job, and realise that your employer might actually be doing the best that he or she knows how to do. Many business owners are inadequately trained in entrepreneurship skills and lack the knowledge to efficiently run a viable enterprise. And sometimes they are so focused on paying bills, boosting sales, reducing production costs and worrying about security issues that they have little time to focus on the strategic thinking that's vital for business growth. Unfortunately, too many of them neglect to put enough time and money into the education they need to succeed.

Business owners must seek solutions

I believe that business owners have a big responsibility that transcends just running an enterprise. Entrepreneurs have the potential to positively impact the lives of their families, employees, communities and the country; therefore they are obligated to put their best efforts into making their businesses successful.

Over the past few weeks we have been looking at different resources that persons can use to learn more about building profitable businesses. These include getting formal business training, attending seminars, obtaining information from the Internet, and reading books and business magazines. It is said that experience is the greatest teacher; in the business world, this adage is very applicable. In the classroom, most people are able to learn from their mistakes and get better with practice. However, in business, one impulsive decision or ill-advised plan of action can unfortunately lead to the organisation's demise. Knowing the right steps to take in business would be easier if more owners had the benefit of expert guidance from coaches and mentors. Star athletes realise that having the right coach is instrumental to their success. Similarly, a knowledgeable business advisor could help to turn a fledging enterprise into a winner.

Business coaches can provide answers

Marcia Woon Choy, Jamaican franchisor with ActionCOACH, the world's largest business coaching firm, confirmed that coaching is essential. "Coaches help people to achieve their desired results," she explained. "A business coach guides owners by using tested, proven and systemised ways to build and improve their organisations."

The first phase in the coaching process is to help existing business owners clarify their personal and business goals and their expected results, Woon Choy revealed. "Many persons struggle because they're not clear about what they want their businesses to accomplish." Once these goals are clarified, the coach works to get alignment on these objectives from partners and team members. Getting consensus from all parties is essential, Woon Choy indicated, as to succeed in their businesses, the owners must develop commercial, profitable enterprises that can work without them in it. Business owners are trained how to implement effective systems with the use of workshops, DVDs, CDs and books. Some of the critical lessons taught include the six steps to get massive results, five ways to increase business profits, and four ways to make businesses work more effectively and efficiently.

The next stage is to develop a phased action plan that lays out exactly how the business is going to achieve its desired results, Woon Choy continued. The coach has to continually keep persons accountable for carrying out the steps, as without their commitment to learn and apply each element, the process will not be successful.

By getting the education and working with a business coach, Woon Choy maintained that entrepreneurs would learn how to generate more cash flow, become more profitable, achieve more teamwork and obtain more personal free time. "It's all about putting the systems in place that can allow your business to go on auto-pilot."

If you want to achieve financial freedom by building a profitable enterprise, then taking action by hiring a business coach might be beneficial.

If you wish to find out more about our recommended books, or leave a comment, please email cherryl@financiallysmartonline.com

Cherryl is a financial consultant, money coach and founder of Financially SMART Services. Her first book, The 3 Ms of Money will reveal all the secrets she learned about financial success. Get more practical money advice at www.financiallysmartadvice.com and free tools at www.financiallysmartonline.com.

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Let's All Take Action for Business Growth