What makes a good business coach? Well, it starts with being a good business person. Below are some of the traits that are common in business leaders and that have played a part in our own success story.
Deep Industry Knowledge
My four decades in business have given me a profound understanding of industry trends, challenges, and opportunities. This knowledge allows me to make informed decisions swiftly and anticipate market changes more effectively than many competitors.
Versatile Skill Set
Managing large and small businesses has required me to develop a versatile skill set encompassing strategic planning, financial management, marketing, and operations. This ability to navigate the complexities of various business sizes suggests a broad and adaptable skill set that I can apply to different situations and challenges.
Proven Track Record of Success
My success in multiple ventures demonstrates my ability to start a business, grow and sustain it. This proven track record, including the building of one of the largest daycare centers in Pennsylvania, is evidence of my competence, resilience, and ability to achieve results. All of these factors make me a formidable competitor.
Extensive Network
Over the years, I've built a vast network of contacts, including suppliers, customers, partners, and industry experts. This network provides me with valuable resources, advice, and opportunities that may be limited to newer entrants in the market. Thanks to this extensive network, I have access to multiple experts in many areas, including training, IT, and Sales training.
Risk Management
My experience with large and small businesses has given me a clear understanding of risk. I've navigated numerous economic cycles, industry shifts, and internal challenges, giving me a keen sense of managing and mitigating risks effectively.
Innovation and Adaptability
To remain successful over such an extended period, I've continuously adapted to changing market conditions and embraced innovation. This ability to evolve suggests a forward-thinking approach that is a significant advantage over competitors who struggle to move away from legacy practices.
Leadership and Mentorship
My extensive experience makes me a strong leader and mentor. The ability to guide, inspire, and develop talent within my organizations has helped create a culture of excellence and loyalty, further enhancing my competitive edge. In my former career, I trained and promoted hundreds of young men and women with only high school educations to management and leadership positions within the multiple dealerships I managed. These are meaningful jobs with very high compensation levels. Also, I and many good people built one of the largest auto parts operations in the country. The stores I managed were consistently in the top ten nationwide for their respective franchises in parts sales out of thousands of other auto dealerships. Our Honda store was #1 in the country for parts sales out of 1,100 Honda dealers nationwide
Customer Insight
Operating businesses of varying sizes has given me a unique perspective on customer needs and expectations. This insight allows me to tailor my offerings more precisely and deliver superior value to my customers.
Joe worked for over forty years in the retail auto business. He started as a driver delivering parts to wholesale customers. Through hard work, a lot of study, and some luck, he grew his career to become the VP of Operations of a company that sold over 5,000 vehicles a year and had sales of over 250 million dollars. He learned many lessons over that time, but the secret to his success was always being innovative, surrounding himself with more intelligent people, and not being afraid to challenge the status quo. Joe says:
"To succeed in business, you must be creative in marketing and selling your product or service. We taught our salespeople that you can buy a car anywhere; the question to be answered is, why do you want to buy it from me? No matter what your product or service is, customers can purchase it from someone else. You must be willing to provide the customer with superior service that goes above and beyond what the competition does.
It's a common misconception that if you can do everything yourself, you won't need to surround yourself with people who might be more intelligent than you. But the reality is, it's impossible to do everything alone. You need to hire, train, and support good people. Once you've assembled your team, the most challenging yet rewarding part is to let them work independently within your set boundaries. This is where great innovation stems from, allowing the people you've hired, trained, and supported to grow their careers while helping your business flourish.
By challenging the status quo, you keep your employees engaged, and occasionally, you come up with that "oh wow" moment that helps your business grow. We introduced a concept to our parts customers that if they called before 1:00 PM, we would deliver their entire order the next day, or it would be free. Every so often we would purposely miss that deadline so we could prove the concept.
You can't be afraid to make decisions, sometimes hard choices. I used to tell people I made a hundred decisions every week, and fifty were terrible decisions. But you grow and learn from the mistakes as well as the failures."
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