The majority of the businesses in the USA (approximately 99%) are small businesses with less than 500 employees or less in the company. According to the US Bureau of Labor Statistics, around 20% of the businesses fail within the first two years – with 45% in the first year and 65% in the next year.
Clearly, it reflects business development coaching, and consulting is lacking in the startups. The programs can help them avoid closure in the honeymoon period. They will learn about the long-term sustainability and growth. Below are a few reasons why business development coaching and consulting is inevitable for new businesses.
- Improve your Network
You must have heard many times; it’s not what you know; it’s who you know? Nowadays, businesses in the world are working on this phenomenon. This statement is so powerful and evident. If you participate in different business development coaching and consulting programs, it will help you to get exposure to like-minded professionals – in terms of advice, collaboration, and much more.
- Improve self-confidence
Running a business has too much pressure. You have to think a lot because of the multi-faceted problems faced all the time. So, you have to make calculated but early decision to avoid pending the work. Your managers must have a true-concern to work. As an owner, you have to talk to them frequently to take their advice to build confidence in yourself and the team.
- A Contour perspective
As an entrepreneur, you’re close to the business, and you understand all the strengths and weaknesses. Sometimes you need to remove the haze and see your business through to understand the view. In business development coaching and consulting services, you are told different ways to see through and understand your business.
- Accomplish a better work-life balance
Many business owners feel chained in the business – they don’t have adequate extra-circular activities to spend their time. They will always find you talking about their businesses. It can exhaust your mind, and you may make mistakes in decision making. With a business program, you will learn about the balance between work-life.
- Improving people around you
Allow all your employees to take on the projects in your firm. Don’t make them dependent on you. It will enable them to improve their skills and learn way more than what they have learned. It sounds risky, but that’s how you devolve authority to the different employees in your company. It will also empower them in decision making.