June 16, 2015
Startup businesses generally have a small budget and are often staffed by no more than a handful of people. With this in mind, it might seem like it would be unnecessary to get any specialized business coaching or training. However, the reality is that a startup needs just as much coaching assistance, if not more, than a large, established company. After all, many entrepreneurs can get caught up in certain details and may also excel in most areas, but there are likely to be at least a few aspects that you are lacking. Coaching and training can help minimize these deficits, and this has been proven to lead to a bigger profit margin.
What is the Purpose of Business Coaching?
A business coach will enable you to pinpoint your strengths and weaknesses, and they will help you build a road map for success. This can be absolutely critical for people who have never run a startup before, and it will also give you the necessary tools to properly manage current and future employees. An industry study found that CEOs who consent to business coaching are able to improve their working relations by 77 percent, and this ultimately leads to a 53 percent boost in productivity and increased profits of 22 percent.
As you can see from these statistics, there are many compelling reasons to add a business coach into your budget. Even if you only utilize the services of a coach a few times, the short-term expense has the potential to lead to long-term returns. By looking at a coach as an investment for the future stability and growth of your company, you can easily understand why many of the biggest businesses in the world offer coaching to their executive team.
What About Training?
Even a small team needs proper training, and some entrepreneurs are not up to the task. Instead of providing lackluster training to your management personnel, you can use a company such as the Center for Management and Organization Effectiveness (CMOE) to tailor your leadership training and team development around your company’s specific goals and needs. A comprehensive training program has been repeatedly shown to have one of the biggest impacts on employee retention, and it will make every member of your team feel better equipped to handle their daily tasks.
Choosing a Business Coach
There are numerous coaching and training companies available, so you should look for one with a noteworthy history. To paraphrase Franklin D. Roosevelt, happiness lies in the thrill of the creative effort. When you combine this with the ability to increase your revenue through coaching and training, you can reach the peak of personal and business success.
Image Credit: Flickr/woodleywonderworks
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