ESSENTIAL BUSINESS DEVELOPMENT TIPS
Posts Tagged: small medium enterprise
Small and medium enterprises have different needs compared to larger enterprises. One challenge these types of businesses tend to face is that due to their size, their owners and sometimes their employees must often wear multiple hats. This can result in short-sightedness and burnout even among the most talented entrepreneurs and employees.
A Business Coach working in these environments can help SMEs get back on track toward long-term growth.
Here are 6 ways a business coach can help to grow your SME:
- Business coaching builds efficiency. Owners of SMEs may be working in a reactive mode that simply does not provide the time needed to examine and streamline processes even though doing so is ultimately in the business’s best interest. A business coach with experience in the industry can help SMEs identify areas where time management can be improved and processes can be made more efficient in the long run. With more efficiency at every level of operation, an SME is better poised to expand.
2. Business coaching helps owners prioritise. Running a small or medium-sized business can be overwhelming, and business owners may lack the time to sit down and examine what needs to be done most urgently. Business coaches can work with owners to identify a business’s most pressing needs and what is needed to foster growth as well as helping owners develop the skills to prioritise on their own.
3. Business coaching can offer valuable consultancy and problem-solving when staff numbers are small. Particularly in the early days of an SME, the company may be operating with minimal resources including few employees. A good business coach can bring a wealth of experience to challenges the company is facing and act in a consultancy role to shore up the knowledge areas where staff may be stretched thin or less experienced. This expertise can help facilitate a business’s growth.
4. Business coaches can provide expertise in running a small business. The owner of an SME may have never run a business before, and in these circumstances, a business coach’s experience can be helpful both in establishing and growing the company.
5. Business coaching can assist in building a medium and long-range growth plan. Owners of SMEs may simply feel they are too busy to sit down and make longer-range plans for the company’s growth while partners in business may struggle to find time to talk to one another about the direction they would like the company to take. A business coach can help facilitate these conversations and these plans.
6. Business coaching can identify and develop leaders within SMEs. SME owners are not the only ones who can benefit from business coaches; their employees may as well, and in turn, those employees will become more valuable to the SME. In fact, business owners can identify the most valuable employees in terms of leadership and work with them to develop those skills in a way that will create more growth for the company.
A great Business Coach can bring a mix of skills to an SME from general business experience to more specific industry experience to operating in a kind of counselling role to business owners and employees. Many SMEs find that they benefit from maintaining an ongoing relationship with a business coach who is familiar with their business and their needs and can respond in a dynamic fashion to a company as it grows. By helping businesses become more efficient and helping owners prioritise, by working with owners to set goals and plan for growth, and by helping to identify and develop employees who can be key to a business’s success, a business coach can make a critical difference in the expansion of a small, ambitious company.