There is no denying that running a business, whether large or small, is hard work. There are days when you become so engrossed in the smaller details that the larger picture takes a backseat. When this happens, your business can become stagnant, and competitors can gain the upper hand. However, finding ways of regaining and improving your business’ capacity alone can be difficult. It can be hard to look at things objectively when you’re so close to something. This is where business coaching proves its worth. Expert assistance can help you get back on the right track, achieve your business goals, and leave your competition behind.
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A study into business coaching, conducted by the International Coach Federation, revealed that this service brought about a number of benefits. 80 per cent of those surveyed stated that coaching led to increased confidence while 70 per cent of businesses experienced improved work performance. The majority of companies, 86 per cent, also said that they made a Return on Investment. And, the most telling finding of them all is that 99 per cent of clients were ‘somewhat’ or ‘very satisfied’ with the overall experience, with 96 per cent claiming they would repeat the process. Other key benefits noted include improved relationships, reduced customer churn, time management, communication skills, business management and life/work balance.
These are the type of benefits that would be advantageous for any type of business, but when is the right time to invest in business coaching? What are the signs that you need help?
- You’re not getting things done: If productivity levels are faltering, and tasks are being completed behind schedule, or even worse, not getting finished at all, then it’s time to hire a business coach. Perhaps you’re setting unrealistic targets? Maybe your methods are inefficient? An experienced coach will get to the bottom of the issue.
- Your business is not generating the levels of profit you expect: If there is a gap between expected profit and actual profit, then it is time to call in the experts. The right business coach will help senior executives, managing directors, and business owners to refocus their goals and realize them quicker. One way this is achieved is through supporting senior staff in improving their business relationships. When those at the top are achieving their goals and creating positive business relationships, there is a trickle-down effect that leads to a happier and more productive workforce. This results in a greater number of leads, improved sales figures, and a reduction in the gap between expected and actual profit. You may even find that you need to set new profit goals as you begin to exceed targets. Of course, it is vital to stress that all businesses are different, and poor profits can happen for a number of different reasons. Your business coach will get to the bottom of anything else that is having a detrimental impact.
- You’re unsure of the best direction to take: It can often seem as if you need a crystal ball to judge the best direction in which to take your business. Business coaching does not require any guesswork. Your business coach will work with you to create a business development strategy based on facts and figures. They’ll assess every aspect of your company, the competition, and the industry to find opportunities for growth.
Together, you will be able to recognize your business’ strengths and build on them. Sometimes, it may only take a few simple adjustments to your working practices and your business’ direction to entirely transform the fortunes of your company. Elements such as HR development, learning to delegate effectively, and additional training for employees at all levels, will improve morale, increase productivity and provide everyone with a new and improved sense of purpose.