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The accessibility of the region in which the business is placed influences its ability to succeed Charles Macadam believes. “This is not a new economic phenomenon we are witnessing over the last two years. I have experienced it four times during my career and, if more businesses adopted the small business coaching methodology outlined on an habitual basis, they would give themselves a better opportunity and be in a far stronger position to cope with the current situation and its aftermath.”Charles Macadam has developed a small business coaching methodology designed specifically for small businesses to enable them to succeed, even during a particularly tough trading environment.Macadam’s formula is ‘4P’s = 5P’s’ are:

1. Plan – focus on achieving those tasks that are vital to the company’s growth
2. Prioritise – define the order in which you need to address those tasks
3. Productivity – organise, develop, reward and recognise those tasked 
4. Performance – consistently over-perform with sustainable processes
5. Profit – following the 4P’s will deliver this on a continual basis

Charles identifies several factors which define a highly profitable small business. These are: innovation; demanding higher skills from the workforce; the ability to motivate, offering more prospects to employees, and adhering to core competencies. 

“This is certainly a case of providing the smaller company with the ability to do more with less,” he says.  “Many businesses have lost direction; they need to focus, prioritise themselves and their business and attend to what matters most. Businesses need to concentrate on an 18 month rolling Plan of Action (POA) when they will be able to decide whether to implement or abandon certain elements."

The current state of the economy is not encouraging risk taking. “Developing managerial capabilities during any stage of business growth are critical to its survival,” say Charles. “Many small businesses have been using their cash reserves and are fearful of their ability to survive a ‘double dip’. They risk their stability further by not altering their practices to cope with change. They need to overcome this fear and move forward confidently; developing their business in readiness for when there is an upturn in the economy,” he adds. 

“I would go so far as to say that if small business owners fail to follow a ‘5P’s’ small business coaching methodology, they will rapidly find themselves caught up in a negative growth paradigm, where implosion and failure inevitably result.

Apart from geographic differences which influence a business’s chance of succeeding, the age profile of the typical business owner is also changing. The 'dot.com' baby boomers now face potential competition from ‘silver surfers’, believes Macadam.

“It will be interesting to see how it pans out. However, what is encouraging is that the older ‘second career’ generation are establishing successful businesses either because circumstances have forced it upon them or through choice. Over the last 10 years, the typical age profile of a successful small business owner has tended to be younger in such businesses, however, there is also an increasing number of experienced over Fifties now seeking second careers and adept at using small business coaching services and this is also a trend we can expect to continue,” says Charles.

Editor’s Notes

Charles Macadam, Business Coach, Mentor and Troubleshooter, launched the Franklin Covey UK operation in the Nineties and introduced the concepts of Time Management training and the Covey Leadership model, into the UK business community. These disciplines continue to be carried forward across many successful UK businesses today.

Charles Macadam a respected business leader in the Northamptonshire business community and contributes to many business groups, and Associations.For further information visit: www.charlesmacadam.com or contact Sarah Olney, SO Direct PR and Marketing Services on tel: 01285 850449