GrowthAccelerator's top 10 tips for business growth
Miranda Morgan of GrowthAccelerator, which connects fast-growing businesses to the support and coaching they need to achieve their potential, gives her top 10 tips on ways businesses can use coaching to achieve growth.
1. Consider the bigger picture.
Running a business day-to-day can distract even the best MDs from their longer-term vision. Do you need an additional perspective from somebody whose role is to support you in defining where you should be focusing, both immediately and to achieve your long-term goals?
2. Think about networking opportunities.
Can your business coach connect you to others in your peer group or outside parties who can offer additional valuable advice?
3. Use your coach to take a strategic look at your business.
Coaches can help to identify new markets or opportunities, and support you with the advice you need to capitalise on these. Sometimes you need to work on the business rather than in the business to maintain your focus.
4. Ask your coach about their setbacks as well as their successes.
Finding out the lessons your coach has learnt in their own business experience will allow you to use their learning curve to understand the pitfalls you need to watch out for. Many GrowthAccelerator coaches were MDs before they became coaches.
5. Recent research by GrowthAccelerator found that one in five (17%) of businesses see access to finance as a key enabler to boosting growth.
Your coach can help you investigate the different means of obtaining finance to ensure the best and most suitable support.
6. Revisit your business plan.
Based on what you've learnt from coaching, does your business plan now reflect the best strategy to position yourself for future growth? Does it still provide the means for you to stay one step ahead of your competitors?
7. Use your coach to be self-critical.
Leadership & management coaching can help you ensure your senior management team has the skills you need as a business to move towards growth.
8. Your coach can help you really drill down to find your business 'pain'.
Do you need to raise finance, or do you really need better systems to collect what you are owed?
9. Think specialist.
Ask your coach to help you address particular areas in your business that need addressing. GrowthAccelerator has worked with businesses to provide specific sales training for example, which has had a significant impact on the company's sales figures.
10. Take the opportunity to reassert how much you've achieved.
A coach is there to help you recognise improved ways of doing things, but ultimately to help you towards achieving your potential.
GrowthAccelerator is a service provided by the country's leading business growth specialists, which delivers uniquely tailored advice and support to fast-growing businesses. The service matches experts in business to companies with high growth potential, to provide a bespoke programme of coaching, connectivity, workshops and leadership training, all designed to help business owners and directors ensure their companies fulfil their growth potential. Further information is available at http://www.growthaccelerator.com.
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