At various points during a business’s lifetime, certain growths have to occur to ensure it survives and thrives. Some of these have to be constant and continuous, while others may be one-offs depending on the business need at that point in time. A business coach can be an effective guide through all of these phases by offering business growth services. Generally, there are four categories of business growth that each business may need to incorporate. Let’s see how a business coach can help with them.
- Organic business growth
- Internal business growth
- Strategic business growth
- Partnership/merger/acquisition
Organic Business Growth
Organic business growth is the primary and most effective growth stage for any business. This stage generally involves amping up production and service offers as well as possible expansion. Organic growth is excellent for new businesses and businesses that are in a new market and are running short of products. Additional units or a larger space caters to increased demand, and while it may not be a sustainable strategy, it plays a significant role in positioning the business for success.
Internal Business Growth
Internal business growth doubles as one of the easiest and yet the hardest way of facilitating business growth. The strategy focuses on deploying existing resources in better ways, which is where a business coach can come in. This may also include overhauling or making changes to existing systems. It may also include changes to how the business is run, implying that employees and managers may have to adapt to a new dispensation fast. This option is usually explored when there seems to be a slowing down in external business growth.
Strategic Business Growth
Strategic business growth mainly deals with growth in the long term. Before getting to this point, the business must have gotten to the peak of organic growth and is looking to penetrate new markets. A business coach can help with strategizing and drafting plans that detail the best ways to deploy business capital for this expansion. This stage is a crucial one in order to avoid falling into a lull and to increase profits as well.
Partnership/Merger
This is usually undertaken by bigger businesses looking to mutually benefit from each other. Each has a unique benefit that the other wants to exploit, and a partnership or merger allows both parties to gain from each other.
The crucial aspect is to know when and how to deploy these growth methods, which is where I come in. I’m Vibha Chawla, and I’m a business coach and executive coach. I have been involved in process simplification and operational performance improvements in highly complex environments that have facilitated reduced waste, improved customer satisfaction, and fewer delays for over 19 years.
Throughout the course of my career, I have collaborated with individuals and executives and led several teams. I have served in leadership positions and managed individuals with varying temperaments and personalities. I have worked with small business owners, particularly specialists like psychotherapists, lawyers, and chiropractors, as well as business executives, to carry out operational performance improvements, financial assessments, and business coaching.
I have met and developed close relationships with entrepreneurs from a range of industries, learning and understanding the challenges they face as well as the various strategies implemented for developing lasting solutions. You want your business to thrive, so permit me to guide you along to achieve just that!
