Whether you are starting a new business, running an existing business, or trying to grow your business you face many challenges.
No matter what phase of the business you are in, it takes skills, knowledge, experience and expertise from a variety of people to make it all work.
Depending on the type of business there may be regulatory and licensing requirements you must meet.
Failure rates for new business run in the 50-75% range in the first 2 years. A business coach is an integral player for a start-up business. She can ensure that all necessary legal paperwork is in place, all permits are complete, a financial and legal counsel are on board.
Every business no matter the size should have an accountant and a legal counsel. These professionals are worth their weight in gold. A business coach can help find the right individuals for your business.
When it comes to hiring personnel, a business coach can establish guidelines as to the number and type of people your company needs during the startup phase. She can also help plan additional hires as the business grows. By hiring essential, key personnel at the outset and adding as the business grows, the company manages one of the biggest expenses namely payroll.
If your business is growing there may be things you are doing or not doing that would improve your bottom line. It may be that you are so busy keeping up with the workload or dealing with clients that you don’t see the real issues.
When business is growing there is potential for waste and lost profits. If the growth is too fast and business owners are keeping their heads above water, they may not be watching time and materials closely.
Maybe they go on a short hiring spree to meet the demand. This needs to be monitored closely and when the additional personnel are no longer needed, they need to be let go.
It could be that extra raw materials are ordered to keep up with demand, and again this isn’t brought back down to normal levels once the growth levels out. Hiring a business coach to help a business map their growth strategy is money well spent.
Finally simply running a business is daunting. New hurdles, challenges and opportunities come up every day. Business owners need to keep a handle on all aspects of the business. The business coach is an important asset to any business.