No matter how successful, any business can find itself in a rut. A plan and goals are vital to keeping things moving forward even when growth has stalled. As a business coach, I helped a software company turn around years of stagnant growth. We identified areas where they could be more efficient and set goals to increase their customer base. The company could get out of its rut and start growing again by taking these proactive steps.
The software and data management company had reached $4M in annual revenue. But the owner of the company believed he could do more. He didn’t know how to break out of the rut and continue growing the business. The challenges of being stuck in a rut are common for small businesses. They can feel trapped in neutral, unable to move forward.
To break out of its growth rut, the company’s goal was to reach 10 million in 3 years and transition the company to another leader. They had a new analytics tool that they were launching as a subscription service to be a catalyst for growth.
As a business coach, I assessed the software company’s operations and performance. I developed a custom plan to accelerate the growth of the current offering. By reviewing the company’s financials, interviewing the management team, and observing day-to-day operations, I was able to get a clear picture of where the company was excelling and where there was room for improvement. I then created a tailored plan that included both short-term and long-term goals. We focused on increasing sales to new markets and larger organizations in the short term. This new strategy helped the company to position itself to grow its reach and contract size.
As part of my business coach work with the software company, I coached leadership on various aspects of business and leadership. My goal was to help them lead the company into accelerated revenue growth and meet their target. I worked with them on strategic planning, team building, and effective communication. I also helped them to develop a better understanding of their customers and the marketplace. As a result of our work together, the software company achieved its revenue goals and became a market leader.
As a result of my business coaching and our work together, the client exceeded the target sales goal by earning 11.2 million in revenue. In this case, the software company went above and beyond what they originally hoped to achieve in income. Thanks to a successful collaboration, the owner could retire on schedule without stress or financial worries. This is because I helped them plan and execute a smooth leadership transition. More importantly, it’s because the client took on a proactive attitude to shifting sales towards their goal.
As a premier business coach, I can help your team work together towards a common goal. If you live in Louisville, Kentucky, and want to get out of a rut with your business, contact me, Jason Ballard, at Soar Higher Coaching.