Every business, no matter the size must have some inherent strength and potentials, which when properly harnessed ensure its uniqueness and ability to differentiate itself in the market. The conviction for a desirable change in the business would therefore always drive the development processes of personal commitment and strategy consistency needed to achieve the set goals.
The major problems that small and medium sized businesses around the world suffer from are:
Negative cash flow
Access to finance and faulty financial management
Lack of market and marketing knowledge
Difficulty in acquiring and retaining paying customers
Insufficient sales in terms of volume and value
Squeezed profit margins
High cost of recruiting, training and retaining personnel
Ineffective operating systems and difficulty in business systemisation.
Stiff competition and tough market conditions
Limited capital value and difficulty to sell the business
Effective time management
Adaptation to and benefiting from government policies and legislations.
Lack of entrepreneurial and business management knowledge
If your business suffers from one or more of the above, you would benefit from business coaching and development interventions. These aim to achieve the twin goals of increasing the value and impact of the business for both the owners and the target market. The focus of coaching is always on working to improve the growth, development and profitability of the business. A business coaching organisation would therefore work with the decision makers, such as the individual business owner(s), and assist them to improve total performance.
It has been suggested that people come to business coaches for two main reasons: inspiration and desperation. Inspired people would want a coach to help them do better, while desperate people normally want a coach to help them get out of a business problem. It is reasonable to assume that the inspired client would benefit more from coaching and be better focused on future gains, than a client that wants a quick fix in and for his business. Generally, a business coaching process would have the goals of increasing business momentum and encouraging rapid forward movement.
For coaching to be beneficial to the business owner and the entire organization, it must demonstrate that business success and increased profits are easily achievable when a specialist coach is involved. The major role of a business coach would expectedly be to assist the organization to set better goals, create more opportunities and channel its energies and monetary efforts more realistically. The motivation for coaching in this regard is the tendency today for closer collaboration and the synergies that can bring faster growth, better focus and comparative advantages in competitive environments. It also underscores the fact that to reach the top level of achievement in business today, going it all alone is simply not an option.