Human capital is hard to define but can have an enormous effect in the long-run on the performance of a business. Companies with excellent people have the skills, agility and creativity to innovate and create exciting new products, hone their operations, and develop marketing strategies which appeal directly to customers.
You can see human capital at work throughout the business world. It’s hard to imagine Amazon being the company that is it today without the visionary genius of CEO Jeff Bezos and his team. Likewise, Berkshire Hathaway probably wouldn’t be a £120 billion conglomerate without the essential input of Warren Buffett and Charlie Munger. In short, the people at the top of organisations have a considerable effect on how those enterprises ultimately perform.
If you’re a business leader, you have a lot more control than you might imagine.
Not all business leaders, however, are equally motivated. Some need outside help and use Business Coaching to develop their skills and provide an outsider’s view of their business.
How can business coaching help?
It takes an ordinary person (who may be struggling to get motivated) and moulds them into somebody with the capacity for transformative change in their organisation. It’s a radical approach which enables a person to make changes with how they deal with situations and generate the desired result. Most importantly, business coaching holds individual leaders accountable and makes it more likely that they’ll make positive changes, both in terms of their personal approach and with the rest of their team, to get stuff done.
Not convinced yet? Let’s take a look at some of the benefits that effective business coaching can bring.
Business Coaching Benefits
Be More Accountable
Congratulations: you’ve set up a business and you’re well on your way to profitability. However, without a manager barking instructions at you all day, it can be challenging to pull your finger out and get on with work.
This is where experienced business mentors are invaluable. Coaches provide company execs with much-needed accountability, motivating them to continue to work hard toward their goals. Many of the most successful entrepreneurs in history had mentors they depended on to help them avoid procrastination and “slacking off.”
Remove Unconscious Self-Limiting Beliefs
We all have an idea of what we can do and what we can’t. Knowing what you can and cannot do is, in general, a good strategy for a business leader: it’s what makes you hire people when there is a task that you can’t do yourself. Self-limiting beliefs, however, are often unconscious ideas about what we can achieve, and what’s possible for our companies.
Many of us have success beaten out of us as children by the people around us. We come to believe that success is something for a few select people “out there” but not something that we can achieve in our personal and business lives.
The job of a business coach in Cornwall is to undo this unconscious programming and enable you to deal with the reality of running your company as it presents itself. Ideally, there will be no limits on your thinking: if there’s an opportunity, you’ll take it. Once you move past self-limiting beliefs with the help of a coach, you’ll be amazed at what yout future could hold.
Build Your Negotiation Skills
Many of us learn “negotiation” skills in the context of school or family environments when we’re young. Those situations, however, weren’t always two-sided, and we may have picked up some bad habits along the way.
The purpose of business coaching in Cornwall is to fundamentally change the way you see a negotiation, helping both you and the person with whom you’re negotiating to achieve the desired result from the interaction. Effective business coaching shows you how negotiation is an opportunity for both parties to get what they want, not a situation in which one must win, and the other lose.
Improve Your Relationships
One of the most significant benefits of business coaching in Cornwall is how it helps you to improve your relationships with the people who make your success possible. Relationships are everything in business, whether with your clients, customers, staff or shareholders. Each stakeholder in your company has a part to play in the running of the whole, and it’s your job to manage their expectations.
If you’re struggling to understand that people want from your business, you may end up with shareholder revolts, customer boycotts, and high staff turnover – not what you want. Business coaching changes the way that you view relationships around you, enabling you to communicate in a way that is most beneficial to the future of your enterprise, not just what feels “right” in the moment.
Become A More Confident Communicator
Confident communicators naturally cause others to gravitate toward them. Effective speakers have a certain gravitas which appeals to people and engages them, no matter how seemingly banal the subject matter might be.
A business mentor in Cornwall can delve into the reasons why you might not be communicating effectively, and create a path to resolving the issue. The most common problem is a lack of confidence which, again, usually stems from false beliefs about yourself. A mentor helps to cut through any self-sabotaging ideas that might be affecting your confidence, freeing you up to communicate in whatever style is most suited to your line of work or brand.
Boost Your Problem-Solving Capacity
Modern business management is all about finding ways to solve problems, both large and small. But as somebody running a business in Cornwall, you may discover overcoming problems difficult. Without the right mental framework, it can be hard to consistently find ways of solving problems that benefit your company as a whole. Often, a simple change of perspective with the help of an outside coach can help you see the forest for the trees and put issues into perspective.
Cut Stress By Prioritising Risks
As a company owner, you might not be sure which tasks you should be focusing on right now, and what can wait until a later date. Your accounts, for instance, might be due next week, but you’ve got an employee disciplinary that is also urgent. Which problem should you address first? And why?
Many people Google “help with my business” when they come across a situation like this, unsure what they should do next. Business mentors, however, can provide much-needed clarity and advice on what needs tackling urgently, cutting out the stress.
Build Better Business Processes
Operations are the backbone of any business. How effectively to manage your people, processes, cash, suppliers and capital equipment, makes a massive difference to the overall profitability of your enterprise, regardless of the effectiveness of your marketing or finance department. It’s the bread and butter of your firm.
Some businesses, however, can get into trouble if their business leaders aren’t using state-of-the-art techniques to extract maximum value from the resources at their disposal. An experienced business coach can help you dig into the operational practices of your firm, evaluate them, and then ask whether things could be done better.
Reduce Staff Turnover
Employee churn is a big issue for companies. Not only is it expensive paying recruitment agencies to find new members of staff, but it could also have a detrimental impact on the reputation of your firm. If you’re continually haemorrhaging staff, then it could indicate to new employees that you have a management problem. Employee issues need to be nipped in the bud as quickly as possible.
It can, however, be challenging to know where to start. What you need is an independent third-party coach who can show you where you’re going wrong and how you can improve. With the help of a coach, you can fundamentally adjust the way that you interact with people, cutting your turnover, and changing your culture for the better.
Business coaching, as you’ve seen, is a multi-faceted intervention which can help with everything, from the way that you see yourself to your interactions with others. Mentors are often able to see problems that you can’t, helping you make changes that could have a transformative impact on the overall performance of your business.