“There is always space for improvement, no matter how long you've been in the business”
Managing a business can be intimidating – besides requiring the obvious repository of patience and perseverance, what is required here is a keen vision and knack of judging and being the early bird in picking up the best trends prevalent in the industry. Your attention to detail to a range of issues – product development, man management, marketing, sales, profitability, and statutory compliance – is likely to influence your success and drive subsequent growth into the future.
Devising strategies in keeping with respective business cycles can revamp sales and increase profit margin. Moreover, identifying your business’s target market can carve more opportunities of generating wealth. There is indeed a checklist of factors that, if adhered to, will guarantee business success.
At the outset, let’s delve into a few key questions that you may have:
1. Are you suited to take on the challenges of starting your own business?
2. Do you have a business model ready? Considering it is the mechanism through which you’d generate sales and profits, your business model should be practicable, forward-looking and action-ready.
3. Do you have a business plan for your proposed business? An actionable business plan must-haves include company description, market analysis, organizational management, sales strategies, funding requirements and channels, and future financial projections.
4. If you already have a business:
Starting a business or running one successfully warrants prompt answering to these basic questions.
Besides, it requires the right mindset, focus and time-bound execution of business strategies in order to achieve the desired goals. Add to that a degree of flexibility so that you can pivot, if need be. No wonder, it becomes overwhelming and sometimes intimidating for businessmen who typically focus on working in their businesses rather than working on their businesses.
Business coaching is a professional approach of taking a business from where it is now to where the business owner wants it to see. After establishing where a business owner would like to see their business, business coaching will help plan and prioritize relevant goals and strategies and follow up with a schedule of meetings, either in person or on phone, at relevant frequencies to track progress.
Most unsuccessful businesses are run based on what the owner wants rather than what the business needs. A business coach provides candid feedback on strengths and weaknesses and also elucidates robust business principles to help client identify the missing links in his business.
Looking at a successful business is like looking at the tip of an iceberg. What you see is not what drives it or holds it. Behind every successful business lies a set of solid principles and practices which the owner has systematized so that it runs as a well-oiled machinery day in and day out. A successful business is never a result of stroke of luck; ask the owner of a successful business and you’ll hear passionate stories of entrepreneurship, painful planning, risk-taking, strategizing, failure and persistence.
If you are struggling to grow your business (5 signs that you need a business coach- https://www.forbes.com/sites/forbescoachescouncil/2017/06/30/five-signs-you-need-a-business-coach/#69097fe65c88), you have two choices: First, try different strategies hoping that in reasonable time period you’ll stumble upon the right path and have a successful business. Second, hire a business coach and get the real issues on the table quickly for decision and action.
WealthPal provides business coaching to business heads and corporate executives.
*Complete confidentiality is maintained through the course of the session and beyond. Business strategies shared with one client will not be used for another client operating in similar competitive landscapes.