Business Coaching Part 2

Hi Friends,

I've recently attended the second part of http://Acquisition.com 's coaching program, and I wanted to share some insights with you. Unlike the first session, this time we had more intimate access to the subject matter experts (SMEs) who were focused on helping us solve our specific business constraints. While I might have learned fewer things in quantity, the quality and impact of what I picked up were even more significant.

The real value came from having these SMEs advise me on exactly what I'm struggling with in my business. It's like having a tailor-made solution rather than a one-size-fits-all approach. The advice wasn't necessarily groundbreaking or something I'd never heard before. Instead, the entire benefit was in how they helped me focus my attention and energy on the one or two things that would benefit my business the most.

This aligns perfectly with their model of the Theory of Constraints. If you're not familiar with it, the idea is that a business will grow until it hits a constraint, and then growth stalls. By identifying and solving that constraint, the business can continue growing until it reaches its next bottleneck. It's a cycle of continuous improvement that I find fascinating and practical.

One of the most valuable aspects of the program was being surrounded by people who are, frankly, much smarter than me. You've probably heard the saying, "You are the average of the five people you hang out with most." Well, I'm trying to use this to my advantage. By immersing myself in an environment with these smart, ambitious, and experienced minds, I'm hoping to keep progressing and elevating my own thinking and capabilities.

This experience contrasts with my last year in practice. I was eager to learn and grow, but I didn't always know where to focus my efforts. Having a mentor back then was crucial to help me navigate my business, and I just imagine the progress that I can achieve if I surround myself with a couple more mentors.

Here are a few key takeaways from the coaching session that I think could be valuable for any business owner:

1. Identify your current constraint: What's the one thing holding your business back right now? For me, it was our offer, and our system around people.

2. Allocate as many resources as possible towards solving your constraint: Once you know your constraint, put all your time, energy, and money into solving it. It's tempting to try and fix everything at once, but that's often counterproductive.

3. Seek expert advice: Sometimes, we're too close to our own businesses to see things clearly. An outside perspective, especially from someone who's "been there, done that," can be invaluable.

4. Surround yourself with growth-minded people: Whether it's through coaching programs, mastermind groups, or networking events, find ways to connect with people who challenge and inspire you.

5. Apply, don't just absorb: Information is only valuable if you put it into action. I'm already working on implementing the advice I received, starting with revising my offer around a certain procedure that I offer, and also creating a more robust system to recruit, onboard, and continually train talent.
   

I'm curious about your experiences with business coaching or mentorship. Have you found it valuable? What's the most impactful piece of business advice you've ever received? As always, I'd love to hear your thoughts and insights.

Until next time, keep focusing on those constraints and pushing for growth!

Kevin Ng

P.S. Remember, growth often feels uncomfortable. Embrace that discomfort – it usually means you're heading in the right direction!