Business in many senses is much like a sport It’s competitive and it requires focus, strategy and ongoing support from those who in a similar position or have walked in those shoes before.
You don’t often find sports teams without a coach nearby, someone the team can approach for advice, support and direction. Why then are businesses very often competing alone?
Progressive accounting firms are now utilising their extensive understanding of business to act as business coaches.
Experience is drawn from both running a business hands on and pulling insights from businesses they deal with on a daily basis.
While compliance still remains an integral part of an accounting firm’s daily workload, advisory and coaching are now becoming highly sought after services.
Business coaches will take a bird’s eye view of a business, take time to understand what makes it tick and where its points of improvement are.
This usually requires a series of discovery meetings. Businesses will talk through their current position, what they are good at and where they have room for
Quite often coaches will see opportunities a business hasn’t even considered.
These insights are one of the benefits of working with someone who is not part of the businesses’ day-to-day operation.
Businesses can then be assisted in formulating plans, strategies and KPIs to implement, monitor and refine new or improved processes.
There are multiple measures of a businesses success, such as productivity, financial outcomes or customer
These are all points which accounting firms are experienced in interpreting.
The attraction of accounting-based coaches is that they have the ability to cross reference coaching with business results.
Clients like to see that when a strategy is implemented, a result is seen in the form of profit increase or increased efficiency.
Quite often business coaching goes beyond the analytical side of business.
A business owner may find themselves a part of the business where family life and extra curricular activities take a back seat to the day-to-day running of a business.
Coaches can implement a strategy that will allow key business owners and managers to be able to temporarily step away from operations without disrupting productivity.
Engaging a business coach can be a big decision.
It can involve discussing your business’s most vulnerable points and digging to the core of how the company can be run more effectively.
To ensure a coach is a good fit for your business a no obligation and free discussion is common, so feel free to get to know your potential coach and make sure they are a good fit.
Michelle Hill is advisory partner at BDO Rotorua and one of Rotorua’s leading business advisory coaches.Talk to Michelle and the team at BDO about how they can help you to achieve your business goals.