We’re always looking to meet our targets, trying to increase that bottom line, competing for the attention of loyal customers. And there is an input that is seldom considered, one that can have a lasting positive impact on your business and your self-development; business coaching.
If you’re looking to make advances in your career and become a leader, you will need guidance regarding managing staff, enhancing the brand image and of course, increasing the bottom line. Business coaching can give your company a boost, making it possible for you to dominate your chosen industry and set a tone that will resonate with your clientele. Throughout your career, you will receive guidance from many sources, you will learn from experience how to conduct business and how to avoid the occasional backfire. And working with a business coaching, giving them the chance to get to know you as a person, your professional aspirations, will give you a more rounded idea of where you want to be in the future. And so, these are but some of the key ways in which business coaching can leave a lasting impression on your bottom line, securing your place in your chosen industry.
If you’ve only just made it to a leadership role and you’re getting your business off the ground, then your mind is going be focused on the ‘now’. But according to the Office of National Statistics, 91% of new businesses fail after the first year. This is due in part to the lack of long-term planning. If a leader has given little thought to where they want the business to go, it will flounder. On the other hand, research on Consultancy.co.uk revealed that businesses with long-term goals achieve 47% total higher revenues than those without. A business coach can enlighten you on much of the forward-thinking on your business plan, mapping out a decade-long plan with clear, defined goals for your company.
Maintaining a Healthy Mindset
Managing a company requires you to keep a clear head. You will encounter moments of stress throughout your career – it’s all part of the job. But it’s the extent to which it can hinder you that makes it a problem. How can you work out how to close a deal with a business partner or choose a marketing style for a new product when you’re constantly on the verge of a panic attack? And where are you supposed to get the support for a panic attack? Over the years as mental health has taken a place in the spotlight, we have had to factor in methodologies for support and allow you to progress through your career without the fear of a panic attack holding you back.
Recognising Failures Early
Your first few years as a business will be met with stumbling blocks, as will any other business… but those stumbling blocks need to remain in the early stages of your company rather than frequently occur over the next decade. Perhaps you are dealing with a user-unfriendly product (17% of failed startups suffered this problem), or perhaps the timing of your product was wrong (13% according to CB Insights). A business coach can prevent you with relevant strategies to find out what went wrong with these issues, whether they were just the sign of teething problems and how you can rectify the issue without having to worry about a repeat performance.
Allow Yourself an Extra Mentor
As a business leader, you know the learning never ends. And coaching can give you the guidance to make your learning as directed and efficient as you need. Whether it is about managing a conflicted team, forging a new partnership, expanding your business on a wider scale or even just how to be able to live your life without the stress overwhelming you, a business coach will be an ideal source of information that you can always go back to, that is thorough and most importantly, tailored to your individual needs.
We ultimately get out of business what we put into it. The handling of your budget will dictate the longevity of your company. And mishandling the budget could be catastrophic. You could burn through a plethora of marketing, only to have very little visibility to show for it. You could be putting more money into the employee experience. A business coach will be familiar with the budgeting of organisations of varying sizes and can ensure that you are not among the 42% of businesses who fail due to running out of money.
If you hope to dominate a market, you will likely find yourself competing for market space. You need to be aware of what they’re selling, how they’re selling it, and how it impacts your services. For example, if you are selling technology products, you would want to make sure you’re falling within the price margin of your competitors, neither overselling or underselling. Otherwise, you stand to lose money. Business coaching can clue you in on the type of research you need to be carrying out on your competitors to ensure you stay ahead of the curve.
Acting on Market Strategy
The market never stays the same for very long. What was relevant today could be irrelevant tomorrow, rendering your services and products unnecessary. Any marketer will tell you it’s not only about what you can offer, it’s also about what people need. CB Insights even found in their research that 42% of businesses fail because there is no market need for them. If you were to employ a certified business coach, you could gain further insights into how to maintain your relevance in the market.
It is estimated that 2019 saw the birth of 200,000 businesses, which makes it increasingly difficult to distinguish yourself. And in a world dominated by the likes of Facebook, Twitter and Instagram, the rules of advertising are always changing. Many topics of conversation often have a very short shelf-life. Business coaches are well-versed in the various marketing techniques and how to use various forms of media to give themselves a platform. They can give you an idea about how you could introduce yourself to the world and gain a wide reach of followers who will themselves become ambassadors. Business coaches can act as the conduit, giving you visibility and connecting you to the most powerful form of advertising; word of mouth.
Using the Search Engines to Your Advantage
Whenever we want to find out anything, Google is often our first port of call. The strength of your advertising and use of keywords will decide whether your company is among the first ten results, or whether you have to wait until the seventh page before your main site comes up. It is not necessarily quick to learn, but business coaching will help you learn the in’s and out’s of Google Analytics to find out what resonates with viewers and increase your click-through rate.
Turning Customers into Ambassadors
When you’re servicing a client, you should also be turning them into an ambassador for your brand. In a world where customer feedback is freely posted online for the world to see, it can place limitations on your business. For all you know, you may be doing everything that is expected of you until you see the dreaded negative review. BM Magazine reports that poor customer experiences cost UK brands £234 billion in lost sales. By taking on a business coaching exercise, you can ascertain how to bridge the distance between yourself and your customers, ensuring that your marketing correlates specifically to their needs, offering them a productive service that guarantees not only a return visit but also encourages them to direct more customers your way.
Recruiting Long-Term Staff
When you take on a new employee, you hope it will be for the long run. Because if a worker decides they’re not satisfied after only a few months with your company, then you’re going to have to start the recruitment process from scratch. This can get quite costly, with Croner estimating the average cost of employee turnover to be £11,000. Business coaching can advise you on how to improve the employee experience and keep them engaged and rallied behind your business’ cause.
Your employees may be signing up for a particular role, and everyone in your company can be an ambassador. If they are merely sticking to their official roles, they are missing out on opportunities for development and that is even more pressure for more visible ambassadors, such as salespeople. With a business coach, you can learn how to bring out hidden qualities in your team that will allow them a more active role in selling the brand to the public.
What can Business Coaching Do For You?
Having worked in the field of business coaching, our team is all too familiar with the points expressed above, some of which we have experienced first-hand and have had to learn the hard way what we may have missed the first time around. Not every corporate leader has the luxury of falling back on a coach for guidance. And while you may feel that any difficulties you experience are yours and yours alone, that isn’t to say that we can’t tailor a support programme that lays your company bare, identifies potential weak spots and find hidden strengths to play to.
Ronal Shah, our certified business coach and MBA, brings together his varied skillset for a platform that ascertains what you want both for the business and yourself. You may be surprised by what is uncovered, but our sessions can provide you with a more rounded, more visible route to success, one that acknowledges the common trappings we all face at this point in our careers and helps us avoid them.
Our business coaching takes great leaders who already have so much to offer their industry and expands their horizons to greater levels of professional success, your bottom line seeing frequent improvements on account of the guidance we can provide to you. The late Lee Iacocca once said, “In the end, all business operations can be reduced to three words: people, product, and profits.” Our platform ensures that you have the means to cater to all three of these categories without the fear of pitfalls to hinder you.
Contact us to find out more about we can give you the necessary guidance to ensure your business enjoys a long and productive life.