How Business Coaching supports SMEs
How Business Coaching supports SMEs
The world changed significantly in 2020 as a result of the devastating impact of Covid-19 on individuals, businesses and economies. Some of the most negatively affected companies in the UK are SMEs, which may have been forced to close due to recurring lockdowns and restrictions, or have lost their main customers and markets due to Brexit and the associated barriers. Many business owners are saying they are acting like start-ups again, having to adapt and think differently as they move from a fire-fighting reactive mode in to a more strategic way of operating. It’s no surprise that Business Coaching for SMEs is a growth sector, as well as for those who in turn advise Coaches on how to grow their own practices.
Business Coaching can support SMEs in achieving significant growth, even during a global pandemic and major recession. During the last recession in 2008 – 2009, government initiatives provided match funding for Business Coaches to support SMEs with key challenges, such as identifying what was important to drive the business forward, building a Strategy for Growth, increasing Sales, Recruitment of key Personnel, Talent Management and Succession Planning, Managing an MBO, devising an Exit Strategy, and Stress Management.
Business Coaches can assist the directors of SMEs in identifying the barriers that are holding back their business and developing and clarifying a vision, a revised strategy and plan in order to achieve a swift and sustainable phase of rapid growth. This may involve developing a more effective Sales and Marketing Strategy and/or improving operational performance.
A Business Coach can also assist SME business leaders in taking an objective and challenging ‘helicopter view’ of their business in order to identify what is really important and clarify priorities to develop a growth strategy, which exploits opportunities for greater business success. The Coach begins by assessing the current direction and reality of the business versus its future vision, identifying the growth accelerators and blockers, before developing a bespoke high growth plan. After conducting a company-wide review, typical areas improved are Sales, Marketing, Innovation, Operations, Recruitment, and Culture.
Business leaders are able to develop their strategic thinking and planning in order to enhance individual, team and business performance. They can also learn how to motivate their teams and increase employee engagement, how to develop a clear method for driving change across the business, and how to use practical tools and techniques to inject creativity. Behaviours can be significantly changed and business performance improved by transferring skills and knowledge in to the clients business to help keep them focused on key SMART goals.
Business Coaches ensure also that all interventions are aligned with the main business objectives. They work creatively to help embed a more innovative and entrepreneurial culture across the business, supporting clients to identify opportunities, stimulate and evaluate ideas and to create new, improved products and services to secure their competitive edge in difficult market conditions. As SME Business Leaders are accountable to their Business Coach, they are more likely to deliver on the business plan and their objectives, constantly encouraged by an external positive influence. Thankfully many businesses are adapting, disrupting and indeed thriving.
'We have worked with Jill on the ongoing development of the brand. Her coaching style is incredibly supportive and enthusiastic, encouraging us to set challenging goals to grow. The experience has been enjoyable & really fulfilling.’ SME Business Owner
Stay safe, stay positive!