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Addessing These Five Critical Dangers Can Avoid Business Failure
Research sponsored by AdviCoach cites a short, but compelling list of dangers that typically cause business failure and that are prevalent across the board, in all businesses – independent of industry or sector.
"Our research has already identified the challenges or problem areas that all business owners are most likely to face," Shea said. "Business owners need proactive partners to move them through rapid impact strategies to directly increase performance and revenue."
As an AdviCoach, Shea works collaboratively with clients to provide customized education and business strategies applicable to each stage of business development. These research findings state that effectively managing these areas increases business owner's chances of success exponentially.
The research found that businesses lack enough strength in one or more of the following areas:
1. Financial Management (Cash flow)
Cash flow restrictions – even seemingly minor bottlenecks – are responsible for over 70 percent of business failure with their first year.
2. Human Capital (Selection, Retention and Training)
The mismanagement of human capital is the main reason that "good" companies never become great. These issues are actually amplified in situations with high unemployment.
3. Planning (Business and Marketing)
The majority of companies pursue projects that are incompatible or inappropriate for their resources and capabilities.
4. Sales and Sales Management
Under performing sales people bring in at minimum 50 percent less revenue than top performers.
5. Communications Leadership
The beginning and end of all failure in business lies with the people who make the decisions every day.
Shea works with business owners using a powerful, interactive diagnostic process to analyze business performance based on 21 critical best practice areas that are aligned with Rapid Impact Strategies to identify gaps and implement solutions designed to achieve immediate results. Shea helps clients address business challenges by assessing the current state of their businesses, recommending actions to close gaps and pursue new opportunities, and educating them in business best practices while holding them accountable for meeting the short and long term business goals they have developed together.
"When business owners lose sight of their goals, it is often because they don't have the ability or are unwilling to see beyond their blind spots and take immediate action," Shea said. "Working with a coach can help a business owner remove the blinders, see their company more objectively, and make fact-based decisions in an effort to increase performance."
For more information on business coaching or AdviCoach in the San Diego area, please contact Michael Shea at 760-274-6240 or mshea@
AdviCoach is the premier source for business coaching and advisory services customized for small to mid-size businesses. With its unique "AdviCoach Advantage," AdviCoaches help businesses increase their ROI and deploy a multitude of Rapid Impact Strategies to impact the bottom line of their business. Today, AdviCoach dominates the $1.5 billion dollar Business Coaching/Consulting franchise market with 33 percent market share in North America. In 2011, AdviCoach was ranked in the top 100 fastest growing franchises by Entrepreneur Magazine; in the Top 100 new franchises by Franchise Market Magazine and listed in the Franchise 500 by Entrepreneur Magazine for 2 consecutive years.
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Mike coaches the owners of small to mid sized privately held companies to dramatically increase profits, build effective teams, and generate the Income, Lifestyle,Wealth and equity they desire