Are You Turning Wrenches or Turning Profits? The Impact of Business Coaching [RR 897]

carmcapriotto · October 31, 2023

Recorded Live at ASTE 2023 Maryann Croce and Maylan Newton highlight the importance of readiness for coaching, understanding motivations and goals, and the commitment required for positive change. The conversation also covers the significance of financial literacy, the challenges of understanding financials, and the role of coaches in helping individuals make better business decisions.

Maryann, Small Biz Vantage. Maryann’s previous episodes HERE.

Maylan Newton, ESI- Educational Seminars Institute. Maylan’s previous Episodes HERE

Show Notes

Assessing readiness for coaching (00:05:32) Discussion on the importance of asking why coaching, why now, and why the particular coach.
Commitment required for coaching (00:06:58) Exploration of the need for clients to be willing to put in the work and effort required for coaching.
The role of a coach (00:07:40) Insight into the role of a coach in pushing and motivating clients to take action and make positive changes.
The importance of implementation (00:08:30) Discusses the importance of implementing coaching advice and making necessary changes to see results.
Preparing a business for sale (00:09:12) Explains the process of preparing a business for sale, including the necessary steps and time commitment.
Understanding financials and cash flow (00:11:04) Highlights the challenges of understanding financial statements, the importance of cash flow statements, and the role of a coach in helping business owners navigate financials.
The importance of gross profit (00:17:00) Discussion on the significance of focusing on gross profit rather than gross sales and the impact it has on the financial success of a business.
Assessing business readiness for coaching (00:19:08) Exploration of the assessment process and its role in identifying areas of improvement and determining the need for coaching.
The need for standard operating procedures (00:23:36) Highlighting the lack of standard operating procedures in the automotive industry and the importance of implementing them for efficient business operations.
The importance of understanding financial data (00:24:34) Discussion on the lack of understanding and confusion surrounding financial data.
Challenges in raising hourly rates (00:25:46) Anecdote about raising hourly rates and the resistance from business owners, with a focus on the emotional attachment and excuses.
The need for sustainable business practices (00:31:04) Highlighting the importance of not only profitability but also sustainability and enjoyment in running a business, with a focus on work-life balance and personal fulfillment.
The reasons why people seek coaching (00:33:08) Exploration of the reasons why individuals in the automotive industry seek coaching, including unfulfilled dreams and lack of return on effort.
The circumstances around firing a client (00:36:09) Conversation about the circumstances that may lead to firing a client, such as lack of value or repeated excuses, and the importance of decision-making in coaching relationships.
The evolution and growth of individuals and businesses (00:39:26) How coaches can help individuals and businesses evolve and succeed, and the importance of creating a supportive environment.
The importance of a 30,000 foot view in business (00:41:07) The conversation explores how coaches can provide a broader perspective of the business and help owners see the bigger picture.
The need for regular assessment and adjustment of labor rates (00:43:38) The recommendation of conducting a yearly review of labor rates and the importance of factoring in inflation and expenses when determining the rates.
Financial planning and the role of spouses (00:47:59) Exploration of the need for financial planning, including savings accounts and the role of spouses in supporting the business without being on the payroll.
The importance of a good fit with a coach (00:49:50) Emphasis on the need for a good fit and compatibility with a coach for effective coaching and communication.