Introduction
Every entrepreneur knows that starting and running a business is challenging. Every business goes through various stages, with specific concerns that need to be addressed along the way.
When launching a business, your focus is to create a sound plan and establish your brand. After this, you shift toward expansion, which can be achieved through different methods. The challenges, however, are determining which strategy is best suited for your business and finding ways to execute it properly.
If this concerns you, finding a business coach can help. Typically entrepreneurs themselves, business coaches mentor people and guide them in what they need to do to succeed. Cebuana Lhuiller Kanegosyo Center is a company that can help grow your business through its range of coaching services. In this post, we’ll be discussing how a business coach can benefit entrepreneurs looking to expand their businesses.
Different Types of Business Growth
In business, growth can mean different things. There are different types of business growth. Some of these are explained below:
- Organic Growth – In this type of growth, businesses quite literally expand by offering more products, providing more services, opening a new branch, or enlarging current branches, which enables them to serve more customers.
- Vertical Expansion – This refers to adding related products or services to what you current offer, allowing you to cater to a larger market, resulting in more profits.
- Diversification – When businesses diversify, they offer new or unrelated products and services to gain a new market and acquire more revenue.
- Acquisitions – This happens when a business purchases another business, such as a competitor, enabling them to enter a new market and eliminate competition.
- Market Penetration – Businesses focused on this growth strategy try to expand their market through lowering prices, improving marketing techniques, and other similar methods.
How Can Coaches Help Your Business Grow?
Knowing how to make your business grow is often difficult for entrepreneurs still learning the ropes of building a brand. For this reason, many seek help from coaches who can provide expert advice and help direct their businesses toward the right growth path.
Help Plan Your Expansion
A good expansion strategy starts with a solid plan. Developing one helps you determine what actions need to be done and how and when to do them. The plan also details the key people needed to accomplish the goal.
This is where a business coach’s skills come into play. As someone with considerable experience in building and running a company, they have the knowledge to identify what type of growth you need and help you craft a clear and feasible expansion roadmap best suited for your business.
Guide You Toward a More Informed Decision
As a business owner looking to expand, you will need to make decisions that could either take your company to greater heights or damage it. So before you decide, make sure you gather relevant data, check your options, and be aware of the possible outcomes of your actions.
Thankfully, doing all these becomes easier when you have a business coach. They are well-versed in the latest trends and best industry practices, helping fill in any knowledge gaps on your part. More importantly, they will give you unbiased advice, which you cannot get from friends and family who are personally close to you.
Assist in Expanding Your Network
Why is networking important for entrepreneurs? Meeting other professionals and business owners allows you to market your brand, learn useful strategies, and be familiar with the best practices in the industry. It also helps you generate new sales opportunities and be updated on the latest key trends.
Forming a relationship with a business coach, especially with someone with plenty of experience, opens the opportunity for you to be a part of that coach’s network. You have a chance to be acquainted with leading business personalities from various fields and industries.
Offer Sound Financial Advice
When planning an expansion, the business’s financial health will undoubtedly be considered. Moreover, making decisions that will affect business funds is one of the hardest to make and requires much deliberation.
For decisions regarding financial matters, it’s best to turn to someone you can trust to help you make an informed decision. Financial know-how is a crucial element in business, and a good business coach can help you with this aspect. They can assist you in navigating through key financial concerns and even aid in getting enough funding for your plans.
Update You With the Latest Trends
Business trends refer to new developments in the market that have impacts on the business landscape. One prominent example of up-and-coming business trends is the use of artificial intelligence to increase productivity. In recent years, there has also been a rise in integrating environmentalism, e-commerce, and social media marketing in the expansion strategies of many companies.
You must familiarize yourself with relevant business trends to keep up with your competitors. Business coaches keep abreast with various business trends, so they can provide insight into which trends can positively impact your business and which trends should be avoided.
The Right Time To Look for a Coach for Business Growth
When is the right time to get coaching for business growth? Take note of the following scenarios below:
Business Expansion
Expanding your business operations to improve profits can be a huge endeavor and requires careful thought and planning. As such, this is one of the best times to seek business coaching. Be it for planning or giving unbiased advice, a coach’s notable experience will prove to be a valuable asset in determining the best methods to accomplish your business expansion goals.
New Business Ideas
Perhaps you have new ideas you’d like to implement in your business, whether it be on manufacturing, customer management, or marketing strategy. Before acting, it’s always best to share these ideas with a business coach to get feedback. With their expertise, a coach can help you refine your ideas and outline a plan to bring those ideas to life.
Customer Loyalty Retainment
Are your loyal customers increasing? If so, this is great news! Loyal buyers are more likely to refer your brand to other people, can significantly grow revenue, and buy more often compared to new customers. However, you must work to maintain this loyalty, and a business coach can assist you in that aspect. They can help ensure you keep on reaping the benefits of having a committed customer base.
Find Coaches Who Can Help Expand Your Business
How to help a company’s growth is a challenge every entrepreneur faces. But many of them don’t face this challenge alone. There are companies that can help grow your business, like Cebuana Lhuillier Kanegosyo Center, a one-stop-shop online platform dedicated to serving Filipino entrepreneurs. As such, we have online business growth mentors that will equip you with the tools and knowledge to plan and carry out your business growth objectives.
Coaching isn’t the only way we help business owners, by the way! Be it loans, insurance, or regulatory compliance assistance, we have packages and products designed to support every Filipino in their entrepreneurial journey.
To gain access to our services, all you need is to sign up to become a member, which we offer for free with no expiry.
FAQs About Business Expansion With the Help of Coaches
Should You Get a Coach for Every Growth Stage?
Every growth stage a business goes through comes with different goals, challenges, and needs. Therefore, getting coaching through each stage is important to ensure you keep your company in the right direction and not potentially waste the progress you’ve made in the prior stages.
How Can You Measure the Effectiveness of Business Coaching?
There are various ways to measure the effectiveness of coaching. However, the primary steps for doing this are:
- Talk to your coach to define goals and outcomes.
- Come up with measures for success.
- Conduct pre- and post-assessments.
How Do You Make the Most of Coaching Services?
To make the most of coaching services, you need to be an active and intentional coachee. In other words, have a clear purpose or goal for obtaining coaching services, and be an active participant during coaching. Ask questions, clarify concepts, and provide your own insights.
Conclusion
Expanding your business is an essential step for every business owner. Often, it requires careful consideration, as there are several growth strategies you can implement to take your company to the next level. Good thing there are business coaches you can turn to for guidance no matter what stage your business is at.
Cebuana Lhuillier Kanegosyo Center is an online business growth platform created for entrepreneurs to support and assist them with various business-related concerns. Feel free to reach out to us if you’d like to learn further how our company can help grow your business. Contact us today!