Benefits Of Business Coaching In An Organization
Steve Preda is an entrepreneur, investment banker and business coach helping GOOD companies become GREAT. He began his career as an accountant, starting on the numbers side and gradually moving to the people side. In the last 20 years, he’s been working exclusively with small to medium-sized businesses. Steve ran an investment banking business between 2002 and 2012 in Hungary and Romania.
If you’re looking for a way to make your business self-managing with tremendous growth, Steve is your man. This is your episode. Come with me!
Are You Struggling To Get Your Business On Track? Try This
Everyone gets confused when they are starting a new business. Maybe you don’t know where to start. Or you have your ideas mapped out, but you don’t know how to proceed. One of the ways you can solve this is through business coaching. A business coach is an expert who knows how to grow successful businesses. They help you identify your goals, pinpoint obstacles, and develop strategies to overcome them.
Benefits Of Working With A Business Coach
Like any other relationship, it takes two to tango. Business coaching will only be effective if both parties have clear and aligned goals - the client should be willing to grow, and the coach should be the right person.
Coaching benefits businesses in so many ways; let’s take a look at some of these benefits.
Aside from fast-tracking your business growth, they’ll help you find your hidden potential. Business coaches are entrepreneurs with several business experiences, and this is a plus because they’ve seen and done it all.
It’s very easy to lose yourself in your business, and you can quickly go off track. A business coach performs regular check-ins to ensure you’re on the most effective path to your destination.
People tend to stay in their comfort zone. This rule also applies to business strategy. As a business owner, you sometimes stick to things you believe work for you. While this is not always a bad thing, you can get so comfortable and never bother to observe habits and patterns that have helped others achieve success. Business coaching gives you many insights and exposure to new ideas and habits.
I have so many interesting things to say about this episode. You wouldn’t want me to spill the beans here, would you? Why don’t you check out the podcast to learn more about business coaching and all it has to offer new business owners!
Here’s A Takeaway For Business Owners
As a small business owner, maybe you can’t afford Harvard MBAs on your management strategy team. That’s okay, and it doesn’t mean you’ll go out of business. All you need to do is have a framework that helps you simplify things. Steve was kind enough to share the customized framework that has worked for him, and he calls it the PINNACLE.
Preda’s pinnacle has five principles, namely:
- People: You need to have the right people in the right seats and find a way to make your A-lists happy.
- Purpose: This is all about strategy and alignment - making sure everyone is moving in the same direction.
- Performance: It’s all about setting goals and making sure everyone is executing the plan's vision.
- Playbooks: This is about documenting, defining and optimizing the business to enhance optimum growth.
- Profit: All other four principles enhance profit when you get them right.
Before jumping on any kind of deal, you need to have a deal-maker mindset. Let’s see what Steve’s got to say about that.
Having A Deal-Maker Mindset
According to Steve, it’s all about the growth mindset. It comes down to asking yourself the hard questions. Ask yourself why you’re in the business in the first place. Are you in the lifestyle business? Do you want to grow your business? Have in mind you need to know why you’re growing the business. Have your purpose straight - a clear objective.
It’s easy to get distracted; focus on the business. Educate yourself and free up your time. Firstly, your team needs to be top-notch. As the owner, YOU will have to learn to be productive. That’s when you can find available M&A opportunities and be engaged.
As a small business owner, you can partner with or hire other entrepreneurs and make them part of your entrepreneurial machine.
Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.
If you want to find out how deal-ready you are, take the Deal-Ready Assessment today!