Are you trying to learn everything about everything in an effort to save money? Sure, it’s tough to admit you need help but if you continue being everything to everyone, your business and YOU won’t survive or thrive! It’s just not sustainable.
Do you want to be known as Walmart or do you want to be known as Neiman Marcus?
Years ago, when I was just starting my business, I had a discussion in a Facebook group about the importance of picking a niche for your business instead of saying, “I want to serve EVERYBODY.” Naturally, you want to earn money, so business owners often think it’s better to reach a wider audience rather than just a few. But someone in the conversation replied, “Do you want to be recognized as Walmart or as Neiman Marcus?”
The point is Walmart appeals to everyone but they depend on the sheer volume of customers to make their profit. Neiman Marcus, on the other hand, appeals to a very specific demographic which has the disposable income to spend and they don’t shirk at those retail prices. So Neiman Marcus can make the same profits as Walmart by serving a more selective customer base.
You are more focused on your business niche (rightfully so) and providing relevant services and products for your customers. Whereas business coaches have a greater understanding of business practices overall and work with businesses in many different niches. If you’re trying to learn everything you can about efficient back-end processes, for example, you’re taking time away from your money-making marketing efforts to your niche customers, which could negatively affect your profits. Your business coach can give you advice about efficient back-end processes plus help you implement them while you continue with your marketing efforts.
The Power of a Team of Advisors
Think about large corporations. Does the company president know everything there is to know about the inner workings of the company and the daily processes? Probably not. Henry Ford nailed the concept of seeking help from others years ago as illustrated in this story:
During WW1 Henry Ford sued a Chicago newspaper for libeling him when they called him “an ignorant pacifist.” At the ensuing trial, the defense lawyers grilled Mr. Ford with a line of questioning regarding general knowledge in an effort to prove to the jury that he was, as they said, ignorant.
Mr. Ford’s response, “If I should really want to answer the foolish question you have just asked, or any of the other questions you have been asking me, let me remind you that I have a row of electric push-buttons on my desk, and by pushing the right button, I can summon to my aid men who can answer any question I desire to ask concerning the business to which I am devoting most of my efforts. Now, will you kindly tell me, why I should clutter up my mind with general knowledge, for the purpose of being able to answer questions, when I have men around me who can supply any knowledge I require?”
The lawyers did not succeed in their intent to prove Mr. Ford an ignorant man. Every person in the court realized that it was the answer of a man of education.
The same can be said about your company; you’re the president of your company and your business coach can advise you about which steps to take to manage and grow your business.