Category: Consulting

Growth Consultant: Giving New Direction To Your Business!

Earning substantial profit is the main objective of every business and for this it is imperative that your business grows in significant direction keeping pace with changing scenario. Because, if a businessmen continues to follow conventional methods of conducting business he might not be able to stay even in competition with his contenders and may lag in competition.

For the continuous growth of business it is indispensable to keep a strict eye on every change taking place across the business world. The relevance of keeping an eye on changing scenario increases more today’s age because today as an impact of globalization business operators are blessed with vast opportunities of exploring their business throughout the world in short span of time.

Days have gone back when business operators centralized their activities within a limited region, but now the time has arrived when they need to move ahead by eliminating cultural and demographic traits and transfer their orthodox business model into customer centric, best in its segment, broadening potentials of growth with feasible profits from business.

To assist the business owners in moving their business according to changing environment, growth consultants can play an incredible role in getting the infrastructure of their business keep changing in accordance to global market.

The growth consultants provide their expert advice and suggestions to business groups and may even help them in getting those suggestions implemented in organization in determined strategy. These consultants make business operators understand the drawbacks of orthodox business concepts and make them realize the changing role of not so recognized sections like women and youth in growth of an organization. They make business owners understand the contribution which they can make in exploring their business.

Moving ahead they also make them realize the changing nature of consumer behavior and how they can succeed in offering varied services and products to their multicultural consumers located in different regions of world.

The consultants of growth help business groups in:

1. Re-evaluating the core targets and models of their business

2. Identifying the gaps in their value delivery systems

3. Make them understand whether their strategies of VP communication are misfiring or not;

4. Generating the identity of their brand in accordance with values, beliefs and strengths of new worlds market place (NWMP)

5. Selecting and strengthening their value propositions and competitive differences

But sharing business details with an unknown person is not an easy task for any business operators and therefore it is necessary to get assured that information shared with consultant will stay restricted only with him and not affected by any kind of elusion. The selection of growth consultant should be done after proper research about his past experiences and knowledge.

As a general practice need of a growth consultant is felt when:

1. Growth of your business has stagnated

2. You are not able to make appropriate use of the available sources

3. When you are speculating to introduce a new initiative in market

How do growth consultants assist the business groups?

The growth consultants conduct an intensive study of every aspect related with your business on your behalf and then point out the pros and cons of your business comparing with your contenders.

After analyzing your business they find potentials of your growth keeping the changing atmosphere and making system approach for your business according to recent trends. They also help you in assessing the results and difference in your business after implementation of their recommendations. This strategy will help you in achieving desired success in your business in appropriate direction.

Global Microchip Shortage – When and How Will It End?

The world is facing a severe semiconductor shortage right now, and it shows no signs of abating anytime soon. Besides the combined efforts of top semiconductor manufacturing facilities and government initiatives, the microchip shortage continues as the demand has skyrocketed amidst the disrupted supply chain.

From smart devices to tumble dryers, cars to electric toothbrushes, machinery to dishwashers, and everything in between harness the power of microchips, the building block of technology. Like many other current global challenges, the shortage of semiconductors initially began with the COVID-19 pandemic, but the continuous shortage of chips has brought a range of production lines to a halt. The global silicon chip shortage appeared as a surprise to many investors that rely on the tiny and ubiquitous electronic item for manufacturing electronic products and automobiles. Besides investors, consumers are also facing the brunt of an unprecedented semiconductor shortfall that has led to delayed car deliveries, shortage of home appliances, costlier smartphones, and these effects are going to last until at least the first half of 2022.

Every Industry at Risk

According to an analysis by investment bank Goldman Sachs, the semiconductor shortage is affecting at least 169 different industries, from small manufacturing hubs to big conglomerates. As the bulk of chip production remains concentrated in a handful of suppliers, the shortage could worsen. One of the world’s biggest buyers of semiconductors, Apple Inc. had to postpone the launch of the iPhone 12 by two months due to confronting microchip shortage. South Korean tech giant Samsung is also experiencing crippling effects of chip imbalance in the IT sector, especially around certain set products and display products and hence, the company might skip the launch of the next Samsung Galaxy Note smartphone till 2022. Siemens, one of the leading suppliers of automation systems for power grids, buildings and trains is continuously putting efforts to mitigate the potential risks from component shortages. Industries manufacturing televisions, washing machines, refrigerators, and other commonly used household goods are next in line to face the grave consequences of microchip shortages in the coming months.

An average car requires somewhere between 50-150 microchips. The shortage resulted in automakers like Volkswagen, Honda, Toyota, and General Motors to temporarily shut down production facility. Some automobile makers are leaving out high-end features in their vehicles as a result of a limited supply of electronic components. While Nissan is leaving navigation systems out of the car, Ram Trucks has topped equipping its trucks with intelligent rear-view mirrors that monitor blind spots and Renault is no longer including digital screen behind steering wheels in certain models. The rental car industry is also suffering from the impact of chip shortage as they are not able to receive new vehicle orders quickly at a time when demand is already high. Companies in China are boosting the stockpile of in-demand chips to reduce the global effects of semiconductor shortage, but it is only adding to the difficulty for other firms to get a hold of the microchips.

How did Global Semiconductor Shortage Happen?

• Coronavirus Pandemic

The lockdown restrictions imposed during the COVID-19 pandemic had a severe impact on the manufacturing industries as plants were closed and production halted. The temporary ban on production activities coupled with tighter restrictions on ports and international borders resulted in slowing down the mobility of items. At the same time, demand for new electronic equipment exploded due to work from home policy, rising need for online classes, and up-gradation of existing home entertainment options. Most of the electronic devices such as mobile phones, laptops, etc. require semiconductors, but due to halted production, many industries manufacturing these devices did not order enough semiconductors to meet the rising demand in the future. Not only the electronic sector, but also healthcare, cosmetics, construction, defence, and many others had to face the brunt of the disrupted supply chain of semiconductors. Now as the pandemic is slowly starting to abate, the pent-up demand for electronic devices and vehicles is putting strain on the existing supply chain.

• Panic Buying

As the news of the semiconductor shortage began to emerge, many industries started to stockpile chips. The panic buying added to the overall shortage, reducing the limited supply and lead to high costs. Commenting on the rising incidences of panic buying, Tesla CEO Elon Musk tweeted, “Fear of running out is causing every company to overorder – like the toilet paper shortage, but at epic scale” as the chip shortage continues to create havoc on Tesla’s supply chain.

• USA Government Sanctions on Chinese Technology

USA ex-President Donald Trump exacerbated the semiconductor shortage starting a trade war with China during the coronavirus pandemic. Trump’s administration’s actions against key Chinese chip factories caused a major supply chain disruption. First, the White House banned Chinese telecommunications giant, Huawei to purchase chips made with American technology. Huawei stockpiled semiconductors ahead of the ban to keep building products whereas its rivals started snapping chips to increase their market share. Secondly, some of SMIC’s customers are looking for different chip factories as there is lingering fear among manufacturers of potential disruption in production with new US government rules.

• Extreme Weather

Global warming is causing extreme weather changes around the world, that are disrupting businesses and supply chains. Semiconductor manufacturers are facing the brunt of extreme weather scenarios as most of the manufacturing hubs are concentrated in areas prone to power cuts. During extreme weather conditions, utility services prioritize service to residential areas instead of manufacturing hubs, which put a halt on the production of factories that run for 24 hours. Currently, Taiwan dominates the advanced microchip market, supplying chips to customers like Apple and Nvidia. The region is currently experiencing its worst drought in more than 50 years, which has led to the drying up of reservoirs. TSMC requires around 156,000 tons of water a day and the water shortages are making the microchip shortage even worse.

• Failed Forecasts

The industry experts could not contemplate the spike in demand for electronic products, which led to a huge gap between demand and supply. Many smartphone and automotive manufacturers were expecting a downtrend in demand, so they had cut their semiconductor supply. Since the majority of industries are dependent on manufacturing facilities for access to microchips, the failed forecast led to gaping holes in supply.

How to Alleviate Global Microchip Shortage?

The half-trillion-dollar semiconductor supply chain is one of the most complexes so there is no easy fix to end the global semiconductor crisis. A single microchip undergoes more than 1000 steps and passes through international borders multiple times before it reaches the end-user. Therefore, changes in policies of one region affect the global semiconductor supply chain. The worst of semiconductor shortage is yet to come, so one just needs to bolster up and focus on things that can be revitalized like resources and a network of providers.

• Expanding Production Capacity

The global chip shortage has heightened the need to invest billions in new production lines and upgrading equipment to meet the surge in demand. Taiwan Semiconductor Manufacturing Co (TSMC) is accountable for producing 80% of microchips used for cars. To fulfill the global demand, TSMC has planned to invest around USD2.87 to expand mature capacity at its fab in Nanjing, China as well as invest USD12 billion to establish another chip factory in Arizona. US biggest chip maker, Intel Corp. is expected to invest around USD3.5 billion to increase production at its wafer fab in New Mexico. US-headquartered semiconductor maker Global Foundries is also planning to build a new fabrication plant in Singapore making an investment of more than USD4 billion for supporting fast-end growing automotive, 5G mobility, and secure device segments.

• Gearing towards Tech Sovereignty

About three-fourth of the semiconductor supply comes from China, Japan, Taiwan, and South Korea, but the COVID-19 pandemic disrupted the global supply chain, therefore countries around the world are making billions of investments to increase production of microchips and reduce dependency on foreign nations to meet their demands. On February 24, 2021, US President Joe Biden signed an executive order calling for a review of the US semiconductor supply chain. Biden is also seeking USD37 million worth of investment to accelerate the domestic production of semiconductors. Europe currently accounts for less than 10% of global chip production. In an effort to become more self-reliant, the European Commission wants to ramp up chip manufacturing capacity to 20%. US tech giant Intel has provided USD8 billion euros to public subsidies towards the establishment of semiconductor manufacturing companies. Federal incentives to industries can increase US fab capacity and help in minimizing the imbalance between supply and demand but the aid need to be available throughout the semiconductor design and manufacturing supply chain.

• Cost-effective Fab Upgrades

While fab expansions can take up to 12 months, fab upgrades can put capacity on line in as little as three months. Investing in the standard mechanical interface (SMIF)-upgrade to an existing 200-mm fabrication facility utilizing supplementary tools, upgrading cleanroom space, etc. can increase the production capacity of wafers without any incremental costs for additional starting material, labor, or processing costs. A typical 1.3% improvement in line yield from hands-off characteristics of SMIF and automation could result in 325 additional wafers per month. Upgrading a 200-mm fab with SMIF can significantly improve wafer-environment control and extend the life of the facility.

Advantages of Proposal Consulting

When considering entering the Federal market you must have planned how you’re going to prepare your competing strategy. Many large companies that have previously been Government contractors know how to make a good investment in order to improve their winning chances. However, this is not the case with some small businesses, especially socio-economically disadvantaged ones. Understanding the importance of in-depth knowledge needed in how government contracts work, and how they want your proposals to be, is of particular importance.

You might think templates and online tips will help you outline your proposal, and just answer the questions of the RFP received. Well, that might sound good initially, but when you start reading the solicitation and see how requirements, terms, conditions and contract policies are presented – you’ll find yourself in an awkward position. At this point, you’re too late to seek professional assistance. Obviously, proposal solution and content planning should start long before the writing.

Management Consulting has become common in the world of business now. People understand the importance of having their work managed properly in order to avoid different complications. Every business has a project manager that coordinates the development process, assigns tasks and monitors the progress of the job. They’re there to guide the business team on filling the gaps, circumvent pitch-falls and overcome challenges. The same goes with companies that are pursuing a federal contract. In the moment they think an opportunity fits their business, they contact a professional firm that provides proposal writing and consulting services.

What to consider when in doubt of services needed?

Not everyone decides to buy the complete package for proposal development. Some of them only hire a professional writer who has the skills to write the proposal. The difference between writing and consulting services is pretty big. Proposal Consulting comprises a variety of services starting from the identification of the contract opportunity to the submission of the final proposal, and after project support.

Getting the full service will spare you a lot of time, effort, and money. It might sound strange to you the “money saving part”, but if you see it in a different point of view, you’ll agree. Think about the time and effort you need to make an intelligence assessment, including costumer, competitive and assessment of your internal business capabilities.

Finding the right resources to deliver to your proposal writer, creating customer relationships through meetings, and developing a strategy is very time-consuming. In the other hand, your business development management won’t have the time to focus on your core activities which may even lead to a weak return on investment (ROI).

Why Data Security Is Important

Data security is important because certain businesses maintain data containing exceptionally sensitive information that would create severe liability risks if compromised, particularly data that’s maintained for a financial environment. Information that’s used to develop accounting records, such as stock ownership, profit distribution, profit-sharing, joint venture agreements or salary and wage information must have strict security to prevent unauthorized access from both third parties and internal staff members.

The Role of Financial Managers as it Relates to Data Security

With all the networking and file sharing, who is responsible for securing critical financial data? Corporations often look to a CFO or other financial management level employees to get involved with preventing a breach in their data security.

Securing information on a Private Cloud platform has proven to be more secure than using a public cloud platform. The proprietary data used in accounting and financial environments should be structured to prevent access by unauthorized users in a manner that there is an appropriate segregation of financial information. In fact, some countries have reservations about utilizing the services of corporations that use public cloud platforms. Since other clients utilize the same data center, it also puts external companies like suppliers, vendors, independent contractors and joint venture partners at risk.

Financial professionals must work closely with IT departments to reduce data security risks. To that end, they must also increase their awareness of how often information changes on a public cloud platform along with the probability of a breach in their data security taking place.

Where public cloud environments provide shared platforms, generalized data security controls, uncertain locations of stored data as well as unclear access management, a private cloud environment provides just the opposite. With a private cloud platform model, financial professionals are provided with

• A private secured platform

• A private secured infrastructure

• Industry-specific security controls

• A specific and clear data location

• A specific and clear access control

• A platform that’s conducive for highly sensitive data

Liability Risks Associated with a Breach in Data Security

One of the greatest risks associated with having a breach in data security (particularly data security related to corporations operating within the financial industry) is the exposure of other people’s sensitive information. Their information could be used in ways that could harm both the Corporation and the other victims. This could create major setbacks for all parties involved. Not only could corporations be sued by the victims, but more costs would be required to rebuild a new security system, process legal proceedings and all additional costs associated with recovering from such losses, including damages to brand recognition.

Some Logical Steps to Minimize Cyber Attacks

Financial professionals can work directly with the IT department to develop a data security plan. The plan should involve an internal, in-house cyber security system with checks and balances to better safeguard your critical and most sensitive information. Additionally, creating an internal cyber security team will also prove to be a means to better protect your data from many forms of cyber attacks.

How Electric Golf Trolley Can Save You From Back Pain And Improve Your Game

There are a lot of things that many amateur and recreational golfers are introduced to when it comes to the improvement of their game. However, Electric golf carts wouldn’t be on the top of their list. Having a golf trolley that is optimized for you and your back is actually incredibly important for your health and game as a whole.

The very first thing that you have to dispel from your mind is thinking that an electric golf trolley is only needed by people who have trouble walking around the golf course. In fact, more and more people are using it due to the convenience that it brings to the game. You don’t have to spend time trying to get from one place to another which can seriously diminish your game.

The more that you’re tired from walking, the less efficient you’ll be at playing. It’s something that has been proven time and time again. In fact, you can just look at other sports and you’ll notice that no matter how good someone’s cardio is, they’ll get tired eventually. Golf is not going to be any different from these other sports.

Preventing Back Pains And Improving Game

One of the main reasons as to why people use electric golf carts is due to the reduction of back pains experienced by the individual. It’s no secret that the longer you walk, the more painful it is for your back especially if you’re on the older side of the spectrum. When your back hurts, your game is diminished due to the inability to move the way you want comfortably.

With the use of the something that can help transport you and all of your accessories, you’ll be able to rest your back from the stress that it would’ve felt as you walked through the different levels of the golf course. If you’re playing golf on a field that has mini hills all over it, one of the best ways to rest yourself is by riding a trolley.

Not All Golf Carts Are The Same

Even though they are convenient, not all golf trolleys are going to provide you with the same amount of comfort. You have to make sure that you get whatever is the best for you and the golf courses that you go to. The wheels that you’re going to use have to be considered to minimize the time spent getting from one place to another.

Another important thing is the material used for the cushion of the trolley. This can give you convenience as you think of your next gameplan. The batteries are also important because you want to ensure that you’re able to use the trolley for the whole game and not worry about having to go back to charge it which could really break the pace.

A few other things that you have to consider before you make a purchase for your golf cart is to get their weight, maintenance, ease of use and speed.

Improving the Quality of Education: A 360 Degree Perspective on Education CSR in India

Education is the most important lever for social, economic and political transformation. It is well acknowledged that education can break the intergenerational cycle of poverty within the lifetime of one generation by equipping people with relevant knowledge, attitudes and skills that are essential for economic and social development. In India, Education is also the most potent tool for socio-economic mobility and a key instrument for building an equitable and just society.

India has taken significant strides towards realizing its vision of providing access to education for all its children. In 2001, India launched the SarvaShikshaAbhiyan (SSA or Education for All) to achieve universal elementary universal lower secondary enrollment (grades 9-10) by 2018. The Right to Education (RTE) Act, mandates free and compulsory education for all children ages 6-14 years through setting minimum school infrastructure standards (e.g., building, library, toilets), pupil-teacher ratios (PTRs), avenues for private schools and teacher hours. In the years since RTE was introduced, the Ministry of Human Resource Development (MHRD) has introduced several schemes and programmes in order to impart education for all.

Reduction of un-enrolled children

SSA has been largely responsible for a dramatic increase in school participation across the country through building a large number of schools, school incentives, food, an increase in the number of teachers in school, to name a few. As the ASER Report 2014 points out, 96.7% of children (in the age group 6- 14 years) were enrolled in school in rural India in 2014, which was the 6th consecutive year that enrollment rates stood above 96%.

In 2009, the Government launched the RashtriyaMadhyamikShikshaAbhiyan (RMSA or Program for Universalization of Secondary Education) to expand the number of secondary schools in order to achieve universal lower secondary enrollment (grades 9-10) by 2018.

The Right to Education (RTE) Act, mandates free and compulsory education for all children ages 6-14 years through setting minimum school infrastructure standards (e.g., building, library, toilets), pupil-teacher ratios (PTRs), avenues for private schools and teacher hours. In the years since RTE was introduced, the Ministry of Human Resource Development (MHRD) has introduced several schemes and programs in order to impart education for all.

School Infrastructure

India today has around 1.45 million elementary schools in 662 districts with 191.3 million children enrolled (94.8 million boys and 99.2 million girls) and 7.96 million teachers. The PTR in Government schools is 24, private-aided schools is 23 and Private Unaided schools is 24. ASER 2014 records that on any given day, over 70% of the children are actually attending schools, though this ratio goes anywhere from 90% to 50% based on data from different States.

India has also aimed to align with international policy initiatives to improve the state of education on par with the rest of the world. In 2000, the UN Educational, Scientific, and Cultural Organization (UNESCO) met at the World Education Forum in Dakar and proposed the “Education for All” (EFA) goals – six strategic targets framed as a movement, to be achieved by the year 2015. By these measures, India had achieved the universalisation of primary education in 2014.

The biggest challenge that India’s public education system faces today is that the tremendous success in achieving nearly 100% access to schooling has not translated to quality learning.

In its first comprehensive report on measuring the performance of South Asian education systems on learning, the World Bank South Asian Report 2014 said that poor education quality was the one thing holding India back. “Going to school is not enough. There has to be a significant gain in skills that requires an improvement in the quality of education,” said Philippe Le Houérou, World Bank Vice President for the South Asia Region.

The ASER Reports have consistently pointed to this – the 10th Report released in 2015 shows that every second Class 5 student in rural India cannot read the text of a class three levels below. Basic arithmetic skills continue to be a challenge – only 44.1% of Class 8 students in rural India managed to do a division in 2014.

In 2013, India was ranked by the Program for International Student Assessment (PISA) conducted by the OECD, as 63 out of 64 countries in terms of education.

India has over half of its population under the age of 25, a statistic that has often been touted as its strength in taking on workers across the globe, yet, if it has to reap the demographic dividend, India has to first stem its learning crisis.

Low learning levels point to several gaps entrenched deeply within the system of education – retention rates after primary school are low; children often do not continue till secondary education. Several historically marginalized groups are left without access to quality education. Teachers are often under-trained and over- worked. Rote-learning and language barriers lead to schools becoming an unattractive place for children to continue. Education awareness programmers do not reach everyone, and the community is left uninformed.

The emerging data about the quality, access and equity of education in India point towards a crucial space where companies can intercede to create great impact through Corporate Social Responsibility.

Conclusion

Improving school inputs is just the starting point in improving educational quality. A more comprehensive view for building a strong, systemic focus on teacher capacity, improving school leadership/ management, strengthening academic support system, better community and parents’ participation, measuring and improving learning outcomes in a continuous manner is the key towards improving education in India. In this respect, education CSR can play a huge role in speeding up this process.

Nine Signs That You May Be an Internal Consultant

You’re a what? A consultant! The word conjures many thoughts – most of them negative. I’ve heard the jokes, seen the cartoons, and watched the movies.

I never thought of myself as a consultant. I was a director of training for engineering, not a consultant. The people who worked for me were technicians and engineers not consultants. The people I worked with were engineering managers, not clients.

Over the years, as I trained people in consulting skills, I heard that comment over and over, “I never thought of myself as a consultant.”

To help people discover their role, I offer the following nine signs that you may be in an internal consulting role. (When you read “others” I am referring to people outside your area.)

1. You have a professional area of expertise.

2. You work in an area that provides support to other departments or divisions, i.e. Administrative services, business process improvement, communications, engineering, finance, human resources, it, law, learning and development, OD, project management, purchasing, recruiting, or training.

3. You have words like advisor, analyst, consultant, HR, improvement, IT, performance, process, productivity, relationship, research, safety, specialist, strategist, or training in your job title.

4. You refer to the others you serve as business partners, line managers, customers, clients.

5. You want to help others solve their problems with stainable solutions.

6. You find that others often come to you for assistance “at the last moment.”

7. You find that others expectations are often not clear and hard to understand.

8. You feel that others sometimes don’t see your value or credibility.

9. You find it hard to “sell” your recommendations to others.

Now if you answered “Yes” to at least four of these questions, you are probably an internal consultant.

Don’t fret, consulting can be a great life if you shift your thinking. That’s what happened to me. As I learned more about consulting, my thinking began to change. I realized that much of what I did was consulting. So, to be successful I needed to act like a consultant and develop my consulting skills.

For example, I had to learn to listen more than I talked, ask questions instead of making statements, and change my approach when conversations weren’t going well instead of getting frustrated or angry. The result was that I built trust and credibility in my relationships which led to partnerships and in some cases, to being a trusted advisor.

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Why Isn’t a Book Part of Your Business?

If you are a business coach or consultant and have not advised your clients that a book should be part of their business, you are doing them a disservice.

Writing a business book, manual, booklet, pamphlet, guide, how-to, workbook, etc. gives a business owner (regardless of the industry) visibility, credibility, and helps validate their expertise.

If your business coach or consultant hasn’t already told you, I’m here to tell you: A book should be part of your business. Perhaps you are saying to yourself, “Well, I thought about writing a book, but I’m not a writer.” Guess what? You don’t have to be a writer to become a published author. There are resources available to help you put your thoughts, ideas, and concepts into print and/or audio. There are literary industry professionals who can help you navigate the literary industry as well as shorten your learning curve when it comes to the business of writing and publishing.

Articulating your message in print can clearly and distinctively allow you to reach people who don’t know you. It’s also an extension of the services you provide to those who do know you.

Before you say, “I don’t have the slightest idea on what type of content to put in a book,” I can assure you that nine times out of ten, your book is already written; you already have the content needed to put out a publication. If you are blogging, doing article marketing, content marketing, social media posts, or even podcasts and videos, that content can be placed in a book.

Compile, tweak, and edit your blogs and articles. Transcribe any videos and podcasts you’ve done into text. Compile those tips, resources, and techniques you’ve been sharing all across social media. And you know all those times members of your community and network have asked questions on their social media posts and you went over and commented? Use that too!

So, if you haven’t been saving and tracking your public posts, perhaps you should start doing it now. Besides, re-purposing content is amazing, so why not re-purpose it in a book?

Adding a publication as a product to your already existing business shouldn’t be an option, but instead, a necessity. Books create supplemental, passive and residual income, and if used to create multiple streams of income, can help build generational wealth.

As an expert, when consumers come to you for your professional advice on a particular subject matter, you should be able to say, “I wrote the book on it”… and mean it!

Why Do Startups Need Business Coaching?

If you think about it, a startup is like a football team at the start of the season. The right combination of skills, talent, leadership, and vision for success is needed to get a jumpstart and surpass the competition. But even if you got all of that, there is still high chance it won’t work without the right business coach to catalyze it.

A lot of companies have been using business coaches for decades. With talent and creativity flocking to startup companies, it is only normal for them to turn to business coaches as well. An executive coach has the potential to help companies evolve out of their business plan and truly prosper. Here are few ways that an executive coach can aid a startup company in reaching the next level:

They are objective – startups have an inherently obvious drawback: their leaders see their ventures like their own children and are too emotionally invested and attached to the business decisions they make. Emotion and passion are important, but they can often cloud perception, planning, and execution of business plans. The objectivity that an executive coach provides goes a long way in enhancing the performance of the startup. A leader of such venture can learn a great deal from an objective coach.

Help leaders develop their personal style – leadership qualities are essential for the success of any startup venture. That is why it is important to foster them right from the start and working with an executive coach can greatly help in that regard. Not only can they evaluate individual skills and see what needs to be improved, but they can also work with the leaders to do just that. Coaches bring out the best in people. Good coaches offer the right insight on behavior and thinking that fosters a suitable leadership style for the startup.

Help team building – the dynamics of the team are tricky business. The reason lies in the fact that every team member brings unique experiences and it can be difficult to make it all work. A good coach can help identify differences and recommend ways of making team gel better. The effectiveness of the team is an important part of every startup project.

Preemptively point out weak links – did you know that 8 out of 10 startups fail within the first year and a half? The reason is that companies do not have an action plan for possible issue down the road. Even skilled leaders might have a hard time reading coming changes and reacting accordingly. A good coach can lend their expertise in that regard and point out possible pitfalls before they manifest themselves.

Setting goals – a unified sense of growth is needed for a startup to grow successfully. An executive coach can work with the leader to align the goals and vision of the company. Not only that, but the coach can align the goals of the company with the leader’s personal goals for professional development and growth.

It is evident that an executive coach does wonders in regards to startups. The business coaching expertise they bring to the table can make a world of difference.