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“I absolutely believe that people, unless coached, never reach their maximum capabilities”

Bob Nardelli, CEO Home Depot - Fortune Magazine, 07/01/2002

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Tag Archives: business coaching

The Significance Of Business Coaching

The Significance Of Business Coaching
Business coaching is integral to the success of a company. Not every company can aim at a billion dollar initial public offering. Most companies would have a tough time during their startup phase and even after they have had a smooth sailing, untoward events and unforeseen challenges will apply the brakes on growth and profit. There are times when anyone needs a bit of a push, at times through motivation and at times through coaching. That is exactly what business coaching attempts to accomplish.

An entrepreneur, a manager or any employee is expected to be deft at a specific job or in a certain niche. It is quite unlikely for an entrepreneur to be the greatest coding mind in the world and also to be the best manager or coordinator or an outright efficient business administrator. An employee or manager may be amazingly effective at the job they do but they may lack skills when it comes to public relations or they may have certain shortcomings when it comes to farsighted planning and execution of various complicated modus operandi.

At times, it is the simple reality of pursuing a certain goal with the right conviction that entrepreneurs, managers, employees and small business owners struggle to attain.

Business coaching isn’t new. From the likes of Warren Buffet to Richard Branson, they have all endorsed it for years. All major companies, from IBM to Volkswagen, invest in business coaching and spend tens of thousands of dollars every year just to provide the fillip that their business managers need.
There is no reason why a small business owner shouldn’t invest in business coaching. It is more important for a small business owner because she or he is mostly alone, taking charge of more than one department and having no one to get some advice while taking a decision. Large companies have at least half a dozen brilliant minds working on a particular problem and then taking a collective decision. That luxury is nonexistent in a small business. Thus, it is through business coaching that a small business owner can hone her or his skills and become a better entrepreneur.

It doesn’t matter what one does. It could be sports or singing, acting or writing, sales or advertising, running a restaurant or operating a hedge fund, business coaching helps one and all.

Under promise; Over deliver

I can do it faster, better, and cheaper than any of your other vendors! I’m available 24 hours a day, seven days a week, 366 days a year! You won’t find ANYBODY in town with better customer service. I’m selling this to you BELOW my cost. I don’t have to check with the warehouse — I can deliver it TOMORROW. I can get you the mortgage approved WEEKS before the close date.

Wow. If I wasn’t a seasoned entrepreneur, all those promises would sound like awesome deal-closers. However, experience proves that they are all deal-killers. Why? Because if you have to over-promise to get the client, then there’s probably somebody out there better equipped to handle their business. You know the saying: “If it sounds too good to be true …”

Try not to offer the sky. I know you need the business. But over-promising leads to a no-win situation: If you look desperate, well … you know how that works out. If you do get the business, it’s only a matter of time before you disappoint. Don’t dole out promises you can’t keep. In fact, here’s a crazy idea: Try the opposite. Deliver unexpected acts of customer service and you will be rewarded with the mother of all wishes: loyalty.

That takes us to: Under-promise and over-deliver. Make sure this mantra is part of your business practice. We’re expected to do what we say. We are not expected to go above and beyond. So, each and every time you do, you add a raving fan to your business. And the goal is to have a business that is full of raving fans and not just clients or customers, right?

Famous quote

Under promise; over deliver.

Tom Peters

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