Small and medium enterprises are at the heart of economies throughout the world. They provide employment to millions and are seen as the backbone of a country’s economy.
However, in the current economic climate more and more small businesses are struggling not only to thrive, but often just to survive. So what can you do as the owner or manager of a small business to ensure you give your business the best chance of success?
Having a business coaches or mentors is shown to be a really effective way of improving your skills and ultimately your business.
Business Coaching and Mentoring relationships allow individuals to learn while they are doing.
One reason why business coaches and mentors are often called in is because of their level of expertise; whether it is technological, sales and marketing, public relations, finance, HR, operations or strategy and planning. Crucially this is expertise that many small and medium enterprise owners lack.
How Mentoring And Business Coaching Can Help:
In today’s financial climate it is very common for small businesses to be in financial difficulty. With credit still in short supply for many businesses it is imperative that business coaching can offer a solution that allows small businesses to organise their finances more effectively or help them find additional investment or funding.
One of the key aspects of business coaches or mentors is that they provide technological expertise that allows a small business to extract their full potential from advances in technology and not to become a ‘slave to technology’.
Sales Coaching & Mentoring
Now more than ever, it is important that your customers and clients are happy and it is vital that small businesses do what is required to make sure that they are able to keep your customers. After all there is an overwhelming amount of alternative options out there. One key advantage of a sales and marketing mentor is that they should have a proven track record of recruiting and retaining clients and should therefore have a wealth of tips that they can pass on.
For example, through their years of experience and expertise, business coaches or mentors could perhaps suggest a Customer Relationship Management (CRM) system that allows you to properly organise your leads and turn these leads into sales. There is nothing worse than when a company fails to follow up on leads.
Marketing Coaching & Mentoring
Marketing is another important area where many business owners struggle. With a plethora of media channels and an increasingly competitive marketplace it can be a minefield identifying the best and most cost effective route to get your message across to your target audience. It is an area where many costly mistakes are made.
Business coaches or mentors with a sales and marketing background can help you to focus on your marketing activities, ensuring you have a clear strategy, goals to measure your progress and an action plan to keep you on track to achieving your results. More importantly, they can help identify areas where you can cut your marketing spend and identify where it could be used more effectively.
Strategy And Planning
It is amazing how many small and medium sized businesses either don’t have a marketing strategy and plan or haven’t referred to it since it was written! Running a business without a plan is a bit like setting off on a journey and hoping you will get to your destination, even if you don’t know where that destination is or how you are going to get there.
Working with business coaches or mentors will help you to make sure that you have a realistic plan in place and they will regularly review this with you to ensure that you are on course to achieving your goals, helping you get back on track when necessary.
Prevent Staff Recruitment Mistakes
Employees are a key asset of any business and when hiring it is essential that you are hiring the correct people; failure to do so can lead to high staff turnover and increased expenditure in recruitment costs.
Business coaches and mentors can help small businesses avoid recruitment mistakes and hiring unsuitable candidates using their years of ‘know-how’ and the experience they have accumulated throughout their career. For more information on talent recruitment click here.
Business coaches can also be one of the most cost-effective and efficient tools an organisation can access for the development of its employees. They provide a wealth of knowledge and so the talent within an organisation can “tap into” this and use it to help propel the business to future success. For more information on talent development this click here.
Find Business Coaches
If you think a business coach or mentor could help you move your business forward and overcome challenges you are facing why not check out some of Performance Mentors latest coaches and mentors.