Business coaching is an effective business management strategy. It is a subtle way of guiding the business owner into outstanding performance in their specific financial or structural and performance goal.
Like a parent to a child, the manager acts as a coach to his staff and a business coach to a business protégée on various areas in business growth and development, while monitoring his progress and specific outputs. It is giving him a chance to explore his potential as a business owner, thus encouraging him to explore new ideas.
This may sound strange to some people, In simple terms, it is a working relationship between the coach and his client clearly guiding them, through process and procedures which helps to elicit from them answers to their queries businessmantalk.com. This is a business tactic created in order to guide a the business owner, encouraging him to perform a task, goal, objective in their business better than they would have done if working alone.
The business coach, can sometimes act as a mentor hatching his ideas, utilizing his experiences in business and explaining it to his protégée. The protégée applies the principles, while the business coach interacts. In business coaching, the coach facilitates the ideas and assists the protégée to apply the ideas to its best.
Coaching is usually done on a one-on one process. Like a tutor, the coach usually gives the idea while the learner has to do the talking and reasoning and implementation. The coach simply listens and guides and allows the protégée to apply the idea working towards a specific goal, checking along the way for improvement sometimes a total business over haul would be needed in the process to achieve maximum efficiency and results.
In business management, the support of a business coach is a must. In a world of strong-willed people, business coaching is a method which can actually give positive results compared to other applied business strategies.
The protégée learns the business process in a subtle way, giving him a feeling of importance and making him feel that it was himself who actually delivered the desired output. Making him equipped for his business journey, and boosting his self-confidence as an individual.
Effective business managers should seek the support of a business coach and can as well learn the technique in coaching to support their staff, rather than being an imposing business tycoon. Coaching tools and techniques has been proven as an effective tool in management.
Five out of every ten businesses fail within the first year! 95% fail within 5 years! Statements are made like this all of the time as if they were fact. Is it a scare tactic or is there a serious problem? If the business failure rate is 95% in the first 5 years why would anyone start a new business? The fact is, no one really knows what the business failure rate is.
At the State and Federal government level it is known how many businesses start, file returns, and stop operating each year. The government however doesn’t keep track of the reasons a business stops operating. They only recognize the fact that the business is no longer operating. This would be OK except not all businesses stop operating because they fail. There are many reasons other than failure for businesses to stop.
One of the reasons a company stops operating is the reason it was created in the first place. Many companies are set up for a purpose other than selling products and/or services. Companies started for tax reduction reasons are an example. These companies are created only as a “shell” that does not conduct business in the usual fashion. They do not employ people or sell anything. These companies last only as long as the tax reduction exists for them. Once the tax reduction goes away, so does this type of company.
Another reason some businesses stop is a result of a merger or acquisition. In this situation the company is absorbed by another. The company stops but it is not because it was a failure. It just goes away as a separate legal entity.
For many small private businesses the reason they no longer exist is because of the owner. Perhaps he or she decides to retire or maybe he or she dies. In either case if there is no one willing or available to continue the business it will cease to exist. Again the reason these companies stop is not because they fail.
Recognizing not all businesses cease to exist because they fail and knowing that State and Federal governments do not have the answer requires you to look elsewhere for the reasons businesses fail.
Three recent independent studies agree that 50% of companies really do fail within their first 4 years and that since 2007 there has been a 40% increase in failures. This is not surprising given what has happened to the U.S. economy since 2007. Even very large companies have had serious problems and several have teetered on the edge of extinction before they were “bailed out” financially by the U.S. Government. Some of the most notable of these “To Big to Fail” organizations are: Freddie Mac, Fannie Mae, Citigroup, General Motors, Chrysler, GMAC, Bank of America, Wells Fargo, and AIG.