It is estimated that approximately 50% of small businesses fail within the first five years.
All entrepreneurs know that running a successful business doesn’t happen overnight. It takes a lot of ideas (some good and some not so good), trial and error, and sleepless nights to make it work.
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Maybe you have a great idea for a sustainable business or want to change careers, but you don’t know where to start. A business coach can make all the difference.
Not just any business coach, but a coach who is a perfect match for your business and its current stage of development.
If you don’t want to be a part of the terrible statistics mentioned above, it’s time you consider hiring a professional. Find out how a business coach can help you through the different stages of the life cycle of a business.
First step: Development
In the initial phase of your business, the development phase, you need a plan. Not just any plan, but a solid business plan that will serve as the foundation for your business.
This is why the development phase is tricky: far too many entrepreneurs start out with a bad plan. They do not ask the right questions and do not set the right objectives, for example:
Is there a real need for my product?
Have I done proper market research?
Will this product bring me a profit?
In this phase, you have the idea and the enthusiasm, but you lack the experience of a business coach . An expert will help you set goals and provide coaching. Above all, it will help you identify what can go wrong in advance and prepare for the unexpected.
Step 2: Getting Started
At this point, you’ve already started making and selling your product, or service, building up a small but valuable customer base. But this is where you have to be very careful, because many entrepreneurs spend too quickly what little money they have.
The emotional attachment that many start-up owners have to their business often blinds them and prevents them from being objective.
What you need at this point is a reality check. This is what support for business creation offers.
A startup coach has been through all of this before and can offer you the objective perspective you so desperately need at this point. He is not emotionally attached to your business, he is realistic, able to assess your performance and see where you are making mistakes.
Structuring factors of the development of a company
Stage 3: Growth
This is one of the most exciting and delicate stages of your business.
You see positive results, an increase in sales, your business grows and new opportunities arise.
However, with these opportunities come many problems. Although small, the problems that arise along the way are challenges that can plunge your business into death in the blink of an eye.
To meet the growing demand, you need more money, more staff and maybe a new business strategy. Lack of cash is one of the main reasons new businesses fail. Many entrepreneurs depend on loans to keep the business going or to sell their shares.
Should you hire more people or save money?
One wrong decision can kill your business. At this stage, it is essential to consult an executive coach and review your business plan, in order to improve your management and leadership skills .
An ill-advised investment could ruin you. Your coach will tell you if it makes sense to get money from the bank, sell stock, get a grant, or maybe form a partnership with another company.
A coach can help you:
Stay focused on business goals
Advise you on financial matters
Advise you on hiring new employees
Stage 4: Maturity
At this point, your business has matured. The challenges are fewer or at least easily manageable. You’ve built up a great customer base and are actually making significant profits.
But that doesn’t mean you’re safe. New competition is emerging every day and the market is changing. You have to make sure you grow with it.
Running a business means constantly competing with other businesses, improving productivity, automating tasks to save time, and more. You need to stay focused on your goals . You must constantly improve yourself. This is the stage where you must learn to prevent mistakes instead of having to learn from them.
Now is the time to grow your business. Sometimes that means bringing in a coach with a different approach and expertise. Perhaps the advice of your current coach is no longer useful to you.
The right business coach can identify potential threats and anticipate the changes you are likely to encounter as you expand your business. He can suggest the right steps to take to overcome these challenges and help you stay on track.
At this point, we recommend one -on-one coaching on how to grow your business and maintain your competitive edge.
The final word
Each stage of a business’s lifecycle presents unique dangers and opportunities. That is why each of them requires the help of an experienced and self-confident person.
How to find the coaching adapted to your needs?
You have just realized that you really need coaching, to give your business every chance, and thus be part of the success statistics. But how do you find the ideal coach for your company?
You can absolutely type this keyword into a search engine and see what it gives in your area. However, the guarantee of the result will not necessarily be there. How do you know that the approach, which will be proposed to you, will suit you and will bear fruit?