Why Use a Business Coach for Business Development?

As business owners and managers we find ourselves thrust into our position through what is commonly referred to as "Promotion into Incompetence". We move up through the ranks or start our own businesses based on our technical skills. Little consideration is given to the actual (non technical) skills and mindset required to manage people and run a business effectively.

If you are having difficulty with something in your life (either personal or in business) it can generally be solved by learning new skills.

A business coach will assist you to build these essential skills that you need to lead and manage a successful business. They will help you in setting your business development goals and ensure you become more accountable for what should be your most important work, the work of developing your business.

Business Coaches provide you with objective feedback about what you need to do to get your business on track. A healthy business coaching relationship will provide an honest ongoing assessment of your Business Development Activities, assisting you to focus your efforts on the areas that will have the greatest long term positive impact on your business.

Innovations in technology allow you to be involved with coaches from locations around the world. Do some research into the various Business Coaching options available to you. The internet is a great place to start your research.

I am a Business Coaching Client with the E-Myth Mastery course developed around the teachings of Michael Gerber. I can personally recommend the E-Myth Mastery Course and their associated products. The ongoing business development work completed as part of their courses continues to have a massive positive impact on the businesses that I am involved with.

The Four Top Secrets of Business Development and Risk Management

Everyone loves a winner! In the business world, the more money you make, the more effective and successful you and your business become. This truism is consistently born out by top business owners who take their ideas to market. But what are their secrets? Invariably, their success is the natural outcome of effective business development and risk management. They accomplish this by following the four steps outlined below.

1. Think About It!

All business activity begins with having an idea. Successful business people are thinking all the time about their business and how they can take it to the next level of development. In his classic book, "Think and Grow Rich," Napoleon Hill starts at this very point when divulging his findings about successful businessmen, such as Andrew Carnegie. In fact, his book title starts with the word "THINK."

In business however, thinking is never divorced from knowing and doing. These three processes of thinking, knowing and doing feed on and fold back on each other in a never-ending cycle of focusing energy and productivity.

2. Focus on Customer Needs

Successful business people take their ideas to the next stage of satisfying a customer need or want. All of their thinking is channeled into supplying a product or service that will address a problem that people are experiencing. Customers will pay money for a product if it solves a problem and therefore helps them to achieve their goals.

In the 1870's gold rush era, the entrepreneurs who often made the most money were not the gold miners, but the business people who supplied the shovels and mining equipment. These enterprising individuals did not rely on building wealth by merely striking it lucky. They thought about their opportunities and then applied their knowledge in a manner that ensured that they would become very rich indeed.

3. Develop Your Reputation by Consistently Delivering Value for Money

Successful business people think, apply that knowledge and deliver a product or service that they know customers actually want and benefit from. Obviously, there is no use in having the world's greatest idea if nobody wants it. There have been countless stories told of the follies of individuals who had what they thought was a brilliant solution to a problem that nobody else appreciated. Great amounts of time and energy, as well as investment capital, have gone into whacky inventions that nobody wanted. Business development and risk management are addressed by focusing on what the customer wants and needs.

4. Develop Your Character

This character building is achieved by developing yourself in and around the steps mentioned above, ie, thinking, doing and knowing. This element of character building in successful people seems to occur as a direct result of the activities that they engage in and the endeavours that they pursue.

The characteristics of successful business people include; courage and audacity, persistence, resolve, determination, building relationships with others, thinking team and believing that they are not alone in the world, curiosity, always learning, "street smarts" (seeing the angles), being responsible and being responsive.

So, in summary, the four steps followed by top business owners and leaders to ensure effective business development and risk management are:

- They think - this thinking is never divorced from action

- They are customer-need focused - what does the customer really need?

- They deliver value for money - the investment made fixes the problem

- They build their reputation - happens as a byproduct of being constantly involved in the first three endeavours.