It’s funny to think about where I was 3 years ago before I started coaching. I was managing a workforce of about 12 people. We were turning over millions of dollars but not actually making any money. I felt like I had just glued things together. Everything I had planned for was for a really small business. We were growing but because I hadn’t really planned for it, I just keep gluing things on.
I met a guy who had a great business, he was leading 40 staff and crushing it. I compared myself to him and I thought, “What’s this guy got that I don’t have?” Turns out he has Tenfold business coaching.
Finding the right business coach
I called Tenfold and spoke with a business coach and he explained that they don’t just take on anyone. We had an in-depth conversation and Tenfold decided I’d be a fit to work with them.
I started coaching with Tenfold, with Lee as my business coach, in February 2021, and we got stuck into it straight away. Lee gave me painfully specific feedback on what wasn’t working. I had to make some non-emotional decisions to change the business.
The first 3 months of coaching were like being in turbulence. I had to make what felt like outrageous decisions; culling staff, removing services. We had to dig into the business to figure out where our costs where, how much each staff member cost, how much we were making on the services. We unpacked it and found that our construction jobs were making no money; in fact we were losing money. And at the same time, we honed the data that showed that changing lights was profitable, and not only that but it was extremely profitable.
Coaching to evolve and grow my business
My electrical contracting business has evolved with coaching. Lee gave me knowledge and empowered me to make decisions that I needed to correct the business.
The biggest strength of business coaching has been that it’s taught me to understand the costs of my business. That’s what has transformed my business. I’ve made decisions that I could never have made without my business coach and knowing my numbers the way I do now.
Early on, Lee asked me what my goal was and we came to the number I wanted to achieve. From there, because Lee had shown me all the numbers in the business, we worked out how many teams, how many jobs, what rate, what margins to hit the targeted I wanted.
We hit my financial goal within 2 years and the journey also turned me into a business owner.
Knowledge to back yourself in business
When you have the right knowledge, you can make the decisions that position your business for long term profitable growth. You know you can back yourself.
Before working with Tenfold and Lee, I hadn’t really spoken with anyone about business coaching. I’d been to BNI once or twice and it wasn’t for me. But when I was told about business coaching, it kind of made sense to me. I’ve always been into personal performance; I played cricket at a high level so I’ve experienced coaching throughout my life and I believe in using the experts.
I think it worked for me because I was open to listening and taking advice. My focus was fixing my business, and I knew that Tenfold had gotten results for other businesses, so I knew I could trust them.
Real results for my business
The results speak for themselves. My turnover has more than doubled, my gross profit had more than doubled and my net profit has increased x 4. I’m now managing a core team of 15 and a total workforce of around 40. I know within myself that coaching has improved my leadership.
Now I see myself through successful eyes. That’s been one of the biggest things I’ve gained. Even up until recently, I’ve had an imposter syndrome. But now I know my worth.
When people ask me whether business coaching is worth it, I just ask them, “Do you want to be successful or not? How bad do you want it? What’s it worth to you?” I knew I had all the bits of the jigsaw; I just didn’t know how to piece them together. You don’t know what you don’t know. I needed that business education, that business 101 is what I get from business coaching.
Working with a business coach who’s part of a firm, you know you’ve got access to other resources as you need. I’ve called Ash (Tenfold’s MD) a couple of times. I’ve got a relationship with Lee, and he’s backed by a team.
I’m not going to tell everyone to do coaching – they have to want to do it and be prepared to do the work. I know that I do, and it’s working for me and my business.