Business Coaching Series

Business coaching is the process of engaging in regular, structured conversations with a client, an individual or team, who is within a business, profit or non-profit organisation, institution or government and who is the recipient of business coaching.

~ Worldwide Association of Business Coaches (WABC)

BUSINESS COACHING ENABLES:

  • Shifting behavioral patterns
  • Alignment with organisational values
  • Alignment with organisational culture
  • Individual and organisational performance
  • Improved strategy execution

BENEFITS INCLUDE:

  • increase work-related goal attainment
  • enhance solution-focused thinking
  • develop greater change readiness
  • increase leadership self-efficacy and resilience
  • decrease depression

Business life cycle

     
  

EXPLORATION

Early stages of the business. Focussing on product development, business model development, and establishment. The business is faced with market acceptance and pursuing the business opportunity. Matching the business opportunity with your skills, experience, and passions. The decision of the ownership structure, finding professional advisors, business planning, and the business model establishment takes attention.

INITIATION

This is the risk zone where many start-ups fail. Time to market is essential and requires all the available energy. A customer base and market presence are required along with tracking and conserving cash flow. In this phase, you need to stabilize the product, create a repeatable sales process and focus on getting sales.

GROWTH

The business is constantly faced with a range of issues bidding for more time and money. Effective management is required and possibly a new business plan. Your biggest challenge is dividing your (me working in and on the business simultaneously. You need to hire smart people with complementary mind-sets and focus on the role as head of the business. You need to develop and achieve your growth goals so your business reaches its greatest potential.

ESTABLISHED

You need to focus on customer retention, continuous improvement, better business practices along with automation, outsourcing and productivity improvement. The business has grown with more employees requiring more complex communication channels, systems, and operational rules. Your challenge is finding new ways for growth, such as adding new products or services, finding ways to expand on existing business or moving into new markets.

TRANSFORMATION

Businesses will not stay in their prime forever and must renew or reinvent themselves before complacency or decline sets in. Cutting costs and finding ways to sustain cash flow is vital for the mature businesses. You may consider exit opportunities or move into new markets which require the planning and research of the exploration stage. It is important to focus on products, services, and businesses that complement your existing experience and capabilities. This stage requires a lot of your management attention.