John Stacy joins us from AdviCoach, to talk about their coaching for small business leaders.
Please excuse any typos in this hasty transcript.
Matt Register: Welcome to Texas Business Radio. Texasbusinessradio.com is the Web site. We got a Pretty exciting for you, I’m looking forward to it. We’re talking to executive coaches, we’re talking about peer groups this week. If you’ve listened to this show for any length time, you know my, my, my co-host Jay is a Master Chair with Vistage. We’re, I’m a member of the Vistage group. We’re, we’re big fans of peer groups. We’re big fans of, get the help you need as you grow in your company. This is not an easy thing to do, to build your business. If it was easy, everybody would do it. Right? And they’re not. And as unique as we all think we are, we’re not. Right.
Jay Curry: Right.
Matt Register: And other people have the exact same problems that, you know, you have as a business owner and other people have figured out ways to deal with it and grow through it. Right? So take advantage of that. Harness the power of other people’s, learn through other people, use the, you know, learn vicariously through other people’s mistakes and use that to benefit your own business. I’m your host Matt Register. Jake Curry, over there in the co-host chair. What do you think?
Jay Curry: Couldn’t agree more. Why, why would you want to make the same mistakes that other people have already made? And getting an executive coach can be very powerful. This, this whole program going to be a lot of fun because we’re going to start with the smaller… If you’re just getting started, maybe, I don’t know, just picking a number. A million, million and a half in your business, then you need to start, starting to think about getting some executive help. And somebody from, with a lot of experience. You can’t do it on your own folks, you just can’t. And, and really do it the way you should. And we’re going to wrap the show up at the end with one of the biggest in the world. So this is going to be a great program about how to really build and grow your company.
Matt Register: Yeah. No doubt about that. Go ahead and get your calls in 844-814-8144 is a 24 hour call in line. Get your calls in, we’re going get the experts on here to get them answered. John Stacy is the Owner of a relatively new group here to Texas called AdviCoach. John welcome to the show sir.
John Stacy: Thank you very much. Glad to be here.
Matt Register: So tell me about AdviCoach. What do you do? Who do you do it to?
John Stacy: Okay. So with AdviCoach I work with business owners, generally from a million dollars to $10 million. Really looking for people that are struggling in their business. They’re not making the money they want to make. They’re in a situation where they’re working too many hours and for all intents and purposes, they started a business but they bought a job. And so it really want to help them be successful in their business.
Matt Register: Now, when you said “A million, million and a half”, you’re talking about annual revenue. Right? That’s a…
John Stacy: That’s absolutely correct.
Matt Register: So these guys aren’t quite startup’s but, but they’re just starting that venture of actually building a business. Putting some systems in place and, and, you know, you start to get to the point in your business to where it can all be kept up with a yellow legal pad and one man’s brain. Right? So what are some of the services you’re doing for them? Because you’re, you’re, you’re a one on one coach but, but, but there’s some consulting involved in this as well. Right?
John Stacy: Right. So, from a 101 coach perspective, when I first start talking to an owner, we really evaluate what they’re doing and where they’re having challenges and where they’re really struggling in the business. And so in some cases because everything we do is custom, it may be cash management.
Matt Register: Sure.
John Stacy: Not have enough cash, which is a huge, huge issue with businesses to begin with. Also, sales generation. We may find people that are, their revenues aren’t growing as fast as they’d like to. So, we go in and really help them evaluate their sales, their sales processes, develop a sales plan, develop a sales management program. If we have an area that, let’s say it’s a manufacturing organization and they are not running as efficiently or their margins aren’t where they need to be. Then we’re going to work with them and develop a plan; short term and long term, to drive that efficiency within the organization. Just a couple examples.
Matt Register: Well, this is a long term project. I mean, this isn’t consulting were it’s a short term project. This is, this is a long term. Because what ends up happening is, you know, say for instance your example where the guy needs help with some sales. Well, help with the sales exposes the next problem which is an operations problem. Right? I mean, you know, it tends to be a series of bottlenecks that you are one after the other tackling. Is that right?
John Stacy: That’s correct. So, you’re working on each one of those, those problems that you tackle and you work through that. As the company grows more and more things come up. All of a sudden then you’ve got a bigger team. Now we’ve got to work with, how do we evaluate the team? How do we make sure things are in place, that they’re effective, they’re efficient? And you as an owner have the opportunity to go do something else besides having to live the business. So, really is a long term process to work with owners. As a coach, really become their advisor. To have them really be able to bounce questions and really work together to help them. Most of them may not have a board of directors, again. So, this grows over time And when it comes down to it, as we grow our company, we need to grow individually.
Matt Register: Sure.
John Stacy: And so we also work then, we read books. We, we really need to focus on our individual growth. And so that’s also one of the things that we work with them on.
Matt Register: Well, you know, nobody gets in the business to run payroll. Nobody gets in the business to, to, to work on their receivables. Nobody gets in the business to work on a lot of the stuff that these business owners find themselves having to do. When they have outgrown the ability, just, you know, they all get in the business because they like doing something. Right? And…
Jay Curry: And they are usually good at it.
Matt Register: And they’re very, very good at it. And then all suddenly they find themselves in a different role of doing, you know, running the business itself. Running, you know, running, running the day to day of the business and not doing what it is they love. And reaching out for help. There’s nothing wrong with reaching out for help. We’re big advocates of it. And this is certainly a prime avenue of it. Talk to me a little bit about, you know without disclosing any names. Walk, walk me through an example of one of your clients. Right.
John Stacy: One of my clients when I first started talking to him, he said “Hey, life is really good.” This is before he was a client. Once I got in there and said “Let’s, let’s kind of look and see how things are performing”. Realized that well, I’ve got a cash problem, it’s because my sales are decreasing 10 percent clip. Didn’t even realize it because they really never looked at their income statements, didn’t look at balance sheets. So we spent a lot of time initially because sales was the important thing to fact, to focus on. It took about three months to turn that, that decrease in sales into a 10 percent increase in revenue. Which helps with the cash, you know, driving the cash. And then we continue to implement other processes along those lines. So that’s just kind of, one example from a sales perspective, you know, what I’ve done with one of the clients.
Matt Register: What kind of impact financially over time does that have? I mean, you know, I get every one of them is different. But, but this could have a significant impact on, on the performance of the business. Right?
John Stacy: Oh, absolutely. You know, so over time a lot of it when we’re putting a strategic plan together, you know, when we’re looking out that, we talk about B-HAG’s. And what’s your big hairy audacious goal.
Matt Register: Sure.
John Stacy: And those things that we’re trying to do to accomplish… And, you know, if I can take a million dollar company in the next 10 years… What guy I’m talking to wants 10 million in the next 10 years. So how do we do that? So, let’s start trying to figure out, how we’re going to be able to get there. And you know what, if you really want to get a great result, a great improvement, you can get there. As long as you understand the one thing you need to work on, focus on that and you will get the extraordinary results you’re really trying to get to.
Matt Register: No doubt. Well talk, so as the guy starts a business and, what are some of the issues that he’s having? That, that is the trigger for him to identify, I need some help. What is it? Because I mean you run into these guys all the time. Right? Some of them have the self-awareness to realize they need help, some of them don’t. Right? And, but, but what are the triggers? If, for the young entrepreneurs out there who are just starting to grow their business. What point should they say “Okay, this, this is now an indication and maybe I need some assistance here.”
John Stacy: Well, I’m going to say from the start, they need to understand that they need to ask for help. That’s really what a coach can do for you. Because, you know, we talked about that, that individuals, I’m really good at this, I’m going to start a business. Well, they don’t know anything about accounting. So, their really good at whatever that, that is.
Matt Register: Sure.
John Stacy: But they don’t know accounting.
Matt Register: And maybe, and maybe even one or two other things but not all of them. Right?
John Stacy: Exactly. So when it comes down to it, ask for help. There’s people… And so the triggers, you know, I’m working too many hours, I don’t have enough cash, I’m not with my family. But everybody’s triggers are different. Because when you ask someone, what does success mean to you? Everybody’s answer is different.
Matt Register: Yeah.
John Stacy: And so it really comes down to the trigger, that they can’t get over the hurdle on their success, then that’s where we need to help them.
Matt Register: Yeah, no doubt about that. Now there’s a couple of you guys in Texas. This is not a huge organization but there, but there’s a couple of you here. What’s the easiest way for somebody to learn more about AdviCoach, should, should somebody want to?
John Stacy: Really go to our Web site. Which is, there’s a couple of them. But it’s JStacy@ or AdviCoach.com. And we will be having a new site, the Web site here shortly, which will be AdviCoachofTexas.com
Matt Register: Okay.
John Stacy: And that’s probably the easiest way to get to us at this point.
Matt Register: Well, I’ll tell you what, guys if you’re driving, there’s no need to try to write that down or try to punch it in your phone. We’re going to have that link directly there from Texasbusinessradio.com. But that’s JStacy.AdviCoach.com. We’re going have a link directly from the TBR site. If you go there, as well, as being able see the whole thing in high definition video. John Stacy is the AdviCoach here. Thank you very much for joining us.
John Stacy: Thank you.
Jay Curry: Great story.
John Stacy: Very much appreciate being here and talking. So…
Matt Register: Wonderful. And we’re talking executive coaching, we’re talking peer groups today and we have a whole lot more. We’re just getting started. We got to go catch a quick break. We’re going to be back quicker than you can, you don’t have time to go anywhere. We’ll be back right after this.
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In addition to hosting "Texas Business Radio," Matt is an investment banker and serial entrepreneur from Montgomery, Texas. He is the owner of RREA Media and Register Real Estate Advisors and a Managing Director and Principal at Corporate Finance Associates. He has a BS from the United States Military Academy at West Point and an MBA from Rice University in Houston. You can read more about Matt HERE.