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Here are some examples of stages in the business cycle, which is part of what we try to assess during the business health check:
– Business is listed and/or has large team/turnover and/or has non exec board in place:
In that case we would work on goal setting and strategy and act as a sounding board and getting clarity, momentum and focus on the major goals for the company. We would tend to work one on one with a stakeholder so we can also align his career goals to the corporate vision in a harmonious and successful way. For such assignments we do an initial assessment to discover the scope and competencies required. If there are specific skills we do not possess we have an extensive network of coaches and mentors that advise to board members of ASX 200 all the way down to small businesses and we will refer you.
– Business is new, or struggling to get to the next level:
Usually needs to grow profits and clients dramatically: focus on lead generation, sales conversion, repeat sales, average sale, and referrals. This is usually micro businesses, or people who are self employed or low headcount. The point is to grow PROFITABLY. Not chase your tail like most people and work harder to get less profit.
– Business is a steady SME:
Focus on tweaking the business to make higher returns and create efficiencies.
If not in place start to consider more advanced (/exit) planning: licensing, downsizing, put under management, going international, floating, etc. and put all processes and teams in place accordingly.
This usually entails working on staff retention and training. The major gains you will get from organizations this size is now about getting the right teams and systems in place and the main gains you will get will be from your people.
This is when you capitalize on all the hard work. This is when decisions make a big impact. The business owner transfers the benefits of having a good business into his personal life with asset protection, tax minimization, and building wealth so they are in a position to retire and only work if they want to (we do not provide financial advice but coaching may make you decide to do so and we have a list of suppliers for financial planning, accounting, etc.).
– Business is at end of lifecycle:
Focus on maximizing value and exit plans. Owner wants to retire fully if successful. Or if the steps before were not followed with a coach, owners are sometimes burnt out, or it is not worth their while any more to work for very small return and no passion. This is when urgent transition plan need to be put in place, when possible, to try to extract value or passive income from the business.
In all cases exit strategies need to get started. A lot of small and medium businesses close down or go downhill when the owner is not willing to continue, and it does not have to be that way. This will usually need the involvement of third parties (as per terms and conditions we do not provide financial advice).
No matter what stage you are at, as you can see business coaching will help you get your goals. So contact us now on 1300 679 994 to apply for your $500 worth of free coaching.