Is It Time to Hire a Business Coach?

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It has become more accepted today to get a coach for various reasons.  You might want one for physical strength training, for accountability, for financial wisdom, or one for a favorite sport.  Coaches have been more associated with sports teams until recently when CEO’s and others in leadership positions within organizations began to see the benefit of a coach (some might call it a mentor) for work. 

When is the best time to hire a coach?  Here might be a few ways to spot it when you:

  • Feel stuck and the business is not moving in the right direction for you
  • Don’t understand your financial numbers
  • No longer enjoy the work you are doing
  • Are frustrated with your career

Coaches these days come in all shapes and sizes in their expertise.  There are coaches for writing, coaches for finances, coaches for exercise, coaches for cooking….and so on.  When you are leading an organization, the saying “It’s lonely at the top” seems all too true.

I heard a conversation the other day from a colleague who mentioned they hired a coach to help him with his business.  After two years he still felt stuck and the business going nowhere.  He was going to fire his coach who responded “Well if you don’t take any of my advice, it’s no wonder you are still in the same place.”  My colleague took this as a challenge and began taking the advice.  Ten years later, he has the same coach and the business has gone even further than he thought it would. 

The morale of the story?  If you hire a coach and decide not to take any of the advice and expect different results, then you have just entered the “insanity zone.”  As we all know, the quote goes something like this “Doing the same activities every day, but expecting different results is the definition of insanity.”

Don’t go insane.  Not all of the advice from a coach will be right, but if you get the right one who asks the right questions, you should come out ahead.  What are the key traits to seek out in a coach?

  • Curiosity. A good coach is curious and asks lots of questions, and then listens as much or more than talks
  • Business experience. Do they have experience in the business world in leadership or entrepreneurship?
  • Direct. They are direct and are not afraid to push you outside your comfort zone.They tell you what you sometimes don’t want to hear.
  • Humor. Business is hard work and your coach should help lighten it with laughter

Is this your year to get a coach?  If a sports team can’t win a championship without a coach, what makes you think that you can lead an organization to “best in class” without one?  Start working with a coach to take your business game to the next level.

If you need a “numbers” coach for your business, Trillium is here to help.  Check out our services and schedule a complimentary consultation with us today.

Numbers Coach Helps Manufacturer Improve Financial Results

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The Company

Direct Refrigeration Sales (“DRS”), founded by Tim Litsch, provides a high quality alternative to OEM replacement parts for the refrigeration industry.   One of their primary parts is a gasket that seals a refrigeration unit when closing the door and ensures the contents remain cold and intact inside the unit.  DRS products are of such quality that even several OEMs in the food service industry source with DRS for their replacement parts.

Situation

In 2016 Tim Litsch wanted to enhance his financial management and reporting.  The DRS team was looking to create a platform to communicate the company’s key performance indicators (“KPI”) that drive its financial results.  In addition, they wanted to see what needed to be done for the company to extract themselves from financing that was non-traditional but necessary to carry the business forward.  The DRS team wanted visibility through a financial model that would tell them what needed to be done to move from non-traditional financing to traditional bank financing at a lower cost.

Solution: The Numbers Coach Financial Leadership Services

The Numbers Coach (“NC”) financial leadership services were an ideal fit for developing DRS’s performance metrics.  NC developed a financial dashboard scorecard focusing financial drivers that provide visibility into the profits and cash flow critical to sustained growth of a business.  The scorecard offers an “at a glance” view of results.  NC also developed a financial model that provided a road map for the DRS team to see where they were headed with profits, cash flow, and the pay down of debt.  The model provided a rolling forecast during the year so that Tim and his team could make financial and operation decisions to achieve their goals.

Results

NC effectively pulled together the required financial and non-financial data to complete a dashboard scorecard and financial model.  Each month NC meets with the DRS team to methodically review results and provide the input and analysis from the scorecard and financial model.  From the monthly meetings, the DRS team implemented actions to take on activities that would improve the company’s bottom line results.

For more information on Direct Refrigeration Sales, visit www.directrefrigeration.com

To learn more about the Numbers Coach financial leadership services, click here

“Mike has been an integral part of our team over the past year.  His solid understanding of financial reporting processes and cash flow has provided our company with the right tools to navigate our finances successfully and help us stay focused on our financial goals.”  

Tim Litsch, Founder / CEO