Below is a repost from one of our business & advisory coaches here at The Icehouse, Kevin Bailey.
Kevin coaches businesses in laying strong foundations and implementing sound practices to support and enable their aspirations for sustainable growth. During his career of over 33 years, Kevin has worked for all of NZ’s major banks and has been a Business Mentor for over 20 years. He has helped numerous new businesses in their set up and growth phases and assisted many others to recover from difficult periods.
The Four Phase Approach
A structured Coaching and Strategy process might prove beneficial in the year ahead.
TRIGGER - DISCOVERY - STRATEGY - ACTION
Kevin operates a flexible approach to coaching based on many years of dealing with the financial position and difficulties of multiple industries and over 20 years of business mentoring. His approach can be tailored to each individual Client's needs.
1. Deal with the (Trigger)What has been the ultimate driver leading the business owners to seek help? Whilst there may be underlying things to address in a business it can take a specific event or problem to trigger the outreach. Whether the Trigger is a commercial dispute, a lack of funding or wondering how to take advantage of an opportunity it is important to address this first in order to alleviate stress, build trust and give confidence in the process.
2. Uncover Needs and Wants - (Discovery)A comprehensive look at all aspects of the business and including the owner's personal goals. A review of Goals, Pain Points & Priority Areas along with a detailed review process will uncover the key business needs and start the process to addressing them.
3. (Strategy) DevelopmentBusiness Planning Once the business needs have been identified and documented it's time to start looking for solutions. By developing this into a formal Business Plan an owner has a document to act as a reference point and a prompt. Combined with Phase 4 it allows the charting of progress against goals.
It is never too early to plan for Exit. Businesses start for various reasons, including putting a great new idea into action; a belief they can do it better or a desire to "be-your-own-boss". It is not common for a new or young business to have an eye on the endgame. "What do I want to get out of the business and WHEN?" Unfortunately sometimes other things such as sickness or family circumstances, can intervene to force the decision on an owner to exit. If they are not prepared, they will not maximise the potential.
4. (Action) & AccountabilityThe final phase is an ongoing process of Actioning and reviewing the key things that will mean achieving success against plans and holding those responsible in the business Accountable for their actions. By setting Key Performance Indicators (KPIs) and Project Milestones and regularly reviewing progress against these measures, the business is well-placed to meet its objectives.
If you would like to have a chat with Kevin, follow this link, click on Get In Touch, and mention Kevin Bailey in the message section.
For more information about Business Coaching & Advisory services from The Icehouse, follow this link.
For more business ownership and leadership advice, check out more of our resources.
Icehouse Alumni? For exclusive content on Icehouse Central, register now.