Growing Your Business With A Coach

Growth costs money, streamlining saves it. Both could enable you to increase turnover. Only by carrying out accurate analysis of your existing systems and processes can you make a properly informed decision about growth, and a coach will help you to do this.

Is now the right time to grow?

So you’ve worked out that the only way to cope with the increased demand is to grow the business. But other factors come into play. Is your market on a sound footing? Are there any threats looming over the horizon, such as a political change or new legislation that will force you to make costly changes? Factors such as these could make it risky to go investing in a growth that may be short-lived. You will benefit from an objective eye to look at your business forecasts, your SWOT analysis, your market conditions and other factors that will influence whether now is the time to grow or you might be better off waiting.

Which markets, products and services are we focusing on?

Growth needs to be targeted. It’s unlikely that every aspect of your business is ready to grow. There will be more demand for some products or services than others. Some markets will offer greater opportunities than others. Your books, if properly maintained, will give you a clear indication of which products and services are performing best and are, therefore, the ones to focus on. Similarly, the books will show where your most fertile markets lie. These factors require careful analysis and honest appraisal. Growth in one direction might require cut-backs in another. A coach will help you to carry out this analysis, making sure the source material is reliable, and will help you put in place a plan for growth.

Should we recruit?

Recruiting staff is a complex decision in its own right. If the obvious answer is yes, there follows the question of how and when? What type of staff do you need? Where’s the best place to find them? How can you attract them to the company? What will they cost? How much time needs to be spent on the recruitment process? How will you pay for that?
A business coach will be well versed in the complexities of staff recruitment and will be able to advise you on the best way forward, as well as making sure you don’t miss any of the key considerations.

Do we need to finance growth?

A coach will help you calculate the cost of your growth plan and decide whether you need to apply for a loan to cover it. They will also help you get the business fit for finance, making sure the necessary plans and accounts are in good order before presenting them to the bank.

Do I need a project manager?

Implementing a growth plan should be seen as a project in itself. You need to ask whether you have the expertise to manage it or would be better off hiring a project manager to see it through. This requires a degree of objectivity that a business coach can provide.
Being honest with yourself about your limitations is not always easy. With a trusted ally holding up the mirror, it’s easier to evaluate your own capabilities as astutely as you would any other member of staff and make the right decision for the business.

The role of a business coach is firstly to identify the questions that need to be asked and then to help you answer them honestly and objectively. In addition, they bring a breadth of business experience and a network of expert contacts to cover all the complex requirements turning a successful business into a very successful business.