Buying my first business was exciting but also very stressful. Making all the payments was a bit of a struggle in the beginning and every penny was overly accounted for.
You might think because cash flow was tight, the thing to do would have been to hold on even more tightly, more possessively to our client base. I did.
Fortunately, a better way showed itself. So, instead of holding on to what we did poorly, we invested in what we did well.
50% of our business yearly revenue came from one service but it was costing us growth for the future. Employees were hard to find, not always topnotch, expensive and training was unavailable in our area. It also wasn’t my area of expertise so I couldn’t jump in to solve the problem. As a result, I was offering something that didn’t fit in with our level of quality.
After considering options, it was clearly a no-win situation for our clients and the business.
Instead of rehiring, struggling and continuing the negative cycle, considering our competitors was the best option. We found one business in particular could consistently do the job better and take care of our clients to the level we wanted.
Though people were surprised we would highlight another business, for us it kept our integrity.
We gave the competitor’s name, phone number and our recommendation. It was scary (okay, terrifying) to give up our clients because along with them went half of the business income. How were we going to pay the bills?
The business boomed. It was astonishing as so many positive things happened from that point forward.
Our clients took every opportunity to come to us for other services, the level of trust in our business went up, clients and staff became more loyal because they knew their best interests came first.
By focusing on our strengths, the yearly business income more than doubled within the next year and a half.
What a great lesson to learn.
By sticking to our strengths and putting the focus on our clients the best results could be fulfilled. It’s just like life coaching.
For us, coaching and training life coaches in specialized niches is a richly rewarding experience. Seeing how each person follows their desired path with happiness, confidence and clarity is so inspiring.
We love what we do and want those who work with us to love what they do, too.
If you would like to find out how life coaching and life coach training might be the next right thing for you, please set up a time to chat.
Email me at Stacey@theMCACoach.com I look forward to hearing from you!