In this podcast episode, Rob Hall, an experienced corporate and small business coach, discusses, with host Rob Lawrence, the common challenges, pitfalls, and mistakes entrepreneurs face.

Rob emphasises the importance of distinguishing between working in the business and working on the business; highlighting that many business owners struggle with time management and balancing their personal and professional lives.

Rob advises setting clear goals, defining the business vision, and establishing key performance indicators (KPIs) pointing out that focusing on customer needs and understanding the market is crucial for success.

Rob and Rob also explore the fear of becoming an employer as a significant growth barrier for most business owners.

In this episode you'll learn:

Corporate world and small business experience (00:01:00) Rob's background in corporate finance and small business coaching.

Reasons for starting a business (00:02:56) Motivations for starting a business.

Challenges of running a business (00:05:23) Capacity issues and time management.

Starting a business the right way (00:6:25) Importance of defining business vision and implementing proper disciplines from the outset.

Understanding customer needs (00:09:35) The importance of aligning products or services with customer needs and market demand.

Working on the business, not in the business (00:11:17) The mistake of getting too involved in day-to-day operations and not taking a broader perspective.

Transition from employee to business owner (00:14:17) Challenges and fears of transitioning from being an employee to leading and managing a business.

The importance of business support (00:15:05) Discussion about the need for extra support in business, including outsourcing and the mindset shift when taking on employees.

Establishing business systems and processes (00:16:57) Importance of defining and implementing systems and processes for employees to follow, using the example of McDonald's success.

Creating a business culture and vision (00:17:29) Insights on the importance of aligning employees with the business values, culture, and vision to drive performance and create a sense of direction.

Coaching and mentoring for business growth (00:21:40) How coaching and mentoring help businesses understand their goals, create action plans, and bridge the gap between current and desired states.

Accountability and external support (00:27:18) The role of external support, like coaching or mentoring, in providing accountability and driving action in business.

Surrounding oneself with the right people (00:28:27) Discussion on the importance of seeking advice and learning from others, including the benefits of networking groups and external support for business growth.

Business Challenges (00:29:40) Discussion on the struggles faced by businesses and sole traders, including the importance of understanding profit margins and seeking help.

Running a Business (00:30:31) The complexity of running a business and the importance of defining goals and vision for the business's success.

Reconnecting with Purpose (00:31:31) Emphasising the significance of reconnecting with the purpose of the business and working towards clear goals.

About Rob

Rob Hall spent most of his career in the finance industry, reaching senior levels in leadership and strategic positions. This experience has enabled him to gain extensive commercial knowledge and the ability to coach,...