What’s your primary challenge these days? Is it getting and keeping good people? Managing what gets your time and attention? Or is it developing the ability to consistently execute?

When I ask that question, about eighty percent of the time I hear, "getting and keeping good people." Definitely not a surprise in this market place. In fact, for some, it is "getting and keeping people, period." Today’s Edmonton Journal is a perfect example. It features yet another business casualty that has closed its doors (temporarily) for lack of staff. Their strategy is to recruit foreign workers, train them and reopen at the end of the summer. Unfortunately, that will only work for a limited time in the absence of good leadership and management ability. Think about it, why them and not their competition?

The other twenty percent of the time I generally hear one of three things: 1) lack of time, 2) managing resources that are increasingly being squeezed from several directions in a globally competitive environment (while not such an issue in this Alberta-on-steroids marketplace, it is all too easy to let costs get out of control in all our busyness) or 3) being able to accurately read what economic gains or corrections will take place over the next five years and adjust strategy accordingly.

The truth is the answer to the question should probably be "all of the above." For sure, the immediate, in your face, challenge is more often than not recruiting, developing and retaining talent. However, underneath that continually running treadmill lies a deeper more insidious challenge. Namely, taking a good look at what you set as annual, quarterly, monthly and weekly priorities and then consistently acting on them.

Pausing to reset or develop the behaviours and systems that keep you focused on meaningful priorities is sure to save you time in the long run and to significantly lessen the burden of people management. Furthermore, once you’ve built a personal or workplace culture with an above average ability to execute, you’ll create more time and financial freedom. Now, wouldn’t that be nice?

This is where a great business coach with expertise in business development and talent management can be invaluable. He or she will work with an owner, leader and a team to identify opportunities, set priorities, pinpoint time wasters, adopt effective communication practices that get better results, hone leadership skills, and implement HR recruitment, development and retention tools and systems that unleash an extra amount of discretionary effort and productivity. Better yet, your coach will keep you focused on doing the right things right.

The impact of focusing on these behaviours, systems and strategies is a greater degree of certainty, confidence and wealth. The certainty and confidence come from clearly defining a strategy (what any sports team would call a winnable game strategy) and ensuring the right players, behaviours, skills and processes are in play. Certainty and confidence are by-products of putting in place a system for ensuring the right priorities are consuming time, energy and resources and that flawless execution takes place. Can you imagine this happening without a coach? Likely not.

Add to this mix a good doze of accountability and a tool (scorecard) for keeping track of meaningful results, and the business of business gets a lot more interesting – not to mention profitable.

This is where wealth comes in. If a good game strategy is in place, the right players are on the team, the requisite skills and behaviours are developed and practiced consistently, results are measurable and being measured, a system for clear and immediate feedback is in place, and one or more talented coaches are shaping the play, profits will increase substantially.

Wealth is about more than profits, however. It can also be measured in terms of quality of talent and innovation as well as levels of employee engagement and satisfaction. Wealth can even be considered in terms of having created an abundance of time for the things that matter most to you.

In this labour environment where the competition for talented people is heating up, a highly productive, passionate and committed talent pool is like having a huge pot of gold. Not only will it make a business money, it will save money through lower turnover and recruitment costs. Proud, productive employees are more likely to refer respected friends as potential employees, thereby reducing the time and money spent recruiting.

So, business wealth doesn’t just amount to dollars in the bank, but also the many competitive advantages that come from a highly satisfied, productive workforce.

A sports team without a coach is a recipe for failure. Olympic and pro athletes know this. That is why many of them have not one, but multiple coaches to help them hone different aspects of their game.

A business is no different. With the expertise and guidance of a trained and talented business coach, the game can be elevated to a whole new level. It makes one wonder why every business owner, manager or professional doesn’t have a coach on their team.