Mentor, Marketing Strategy, Case Studies
Veronica and Patrica Avila, Directors of The Latin Store, say Mentor Rick Chisholm has helped their business focus on its strengths.
If you want proof business coaching actually works look no further than the Latin Store. Veronica and her sister Patricia have worked with Rick Chisholm for the past 2 years. They started the business 5 years ago, and the first three years were slow—till they began working with Rick.
During the past two years time, says Veronica “the business has doubled. Rick’s been along for the ride and a lot of what we’re doing is because of his coaching, ideas and in the implementation of those ideas and the discipline that came along the way.”
Veronica says, “It’s an excellent return on the monthly investment I spend on coaching.” The business now has annual revenues of more than $500,000, a far cry from where it was.
Working With Rick Chisholm
“Rick helps us focus on what we’re good at, stay on course and implement new strategies to cut costs, and not make the same mistakes he himself made in his many businesses over a thirty year period. He also helped expand our wholesale arm by licensing our brand to other retailers whilst maintaining total control. He’s also taught us about the importance of KPIs (key performance indicators) and in formulating internal systems to reduce my time in the business so I can spend more time ON the business. Before, it was all about me and now it’s about the business, not just Veronica or Patricia”.
Veronica says coaching has also led to her business changing its focus. “We used to be order-takers, and just sell products on demand. Now we use professional relationship and consultative sales strategies and adopt the view of improving our client’s position by helping them with their own challenges. For example, you are looking to increase your bottom line by increasing revenue by having products that sell themselves and add value to your existing range. We develop a range that will “fit” YOUR business and will often provide a SOE (sale-or-exchange) process to our top clients so there’s no pressure, notice the words ‘client’, as opposed to dealer or customer.”
According to Veronica, having a coach keeps her business accountable. “But I have to do my homework after a session for the coaching to deliver the results or my business will suffer.”
Rogelio Emesto Moreno, Managing Director of ABC Squash and Fitness, says coaching is helping him turn his business around and make positive serious business decisions.
Ernesto, the sole director of the ABC group of gymnasiums and squash courts, also uses business coach, Rick Chisholm, who he says has helped him concentrate on working on the business. He credits Rick with training him to focus on the KPIs and building the team, not just working 80 hour weeks in the business. KPI, which also stands for “Key Person of Interest’ is something that is close to his heart.
Ernesto says the return on his investment (ROI) in business coaching is ‘difficult to quantify”. He finds the value in it is sitting down once a month and having to answer the hard questions. Then going front up every second month in a group of entrepreneurs that keep each other accountable. It’s this magic combination that creates unbelievable results even while being highly educational. “Areas of the business like what our ‘unique-value-propositions’ are and who our customers ‘really’ are and what they ‘really’ expect. So many strategies cost nothing to implement and create fantastic results. It’s really helped us because at heart we are not marketers. We find ourselves doing artwork for flyers by the seat of our pants, letterbox drops and old school marketing. Rick has shown they are not going to work unless they are executed in accordance with modern marketing.
Rick Chisholm and Modern Marketing Strategy
With the number of local gyms going from five to thirty, we have had to change our whole approach. We are now getting better results. On top of this, we don’t have a sales background and Rick has shown us how to talk to customers. After our first meeting, Rick identified $1,500 per week of savings”. Andrew Mackenzie, CEO of business coaching firm Shirlaws, has developed a formula to demonstrate the return on investing in a business coach.
“First you have to workout the result you want to achieve from the coaching”. “Let’s say you want to take revenue from $1 million to $2 million. You can’t attribute the total gain to coaching, but let’s say 50 per cent of the gain. Divide this by the cost of the coaching, factoring in time, effort, materials required to get the result. When you work through this formula you can then see the return on investment of the coaching.”
“Going through this process is often a coaching session in itself. Most businesses don’t really know the result they want to achieve when they start working with a coach.”
Mackenzie also says a lift in revenue isn’t always the right end point to reach for. ‘The majority of clients say at the start they want more revenue. But they are usually already flat out, so I ask them if they really want to be busier. Sometimes it’s better to maintain revenue at the existing level and use coaching to help them get this result. They will use less effort and make the business more efficient.”
Ultimately, coaching is only going to produce results if you follow the advice the coach gives you.