Professional Business Coaching And The Recession
Due to the current climate, many people have had to tighten their belts and reduce overheads, which is understandable. But is it the right thing to do I ask?
You may have been forced to due to circumstances beyond your control, but it you reduced costs to conserve money just because you thought it was the right thing to do.
What were your competitors doing?
Did they reduce costs or did they continue to invest and speculate i.e. in advertising, training and coaching?
One thing for sure is that by doing so it can cut off your flow of potential new business, and not investing in training and coaching is a near suicidal stance to take.
I will explain now what I mean: -
Business Coaching In An Economic Downturn
I started to tell you in my last post about the huge mistake that companies make when they abandon any business coaching, training or staff development during a recession.
So why is it a mistake to do this?
Without continuous flow of new business as well as existing business, your staff are unable to continue to development and reductions in productivity, motivation and profits are greatly reduced.
Training and business coaching are vital keys in the future of any business. Why do large corporate companies have huge turnovers in staff and high training and recruitment costs? Because some treat training and coaching as a nice to have, not a must have!
What happens without effective coaching and feedback on a daily and weekly basis, is that the performance reviews are usually held on a one to one basis, very often it is a tell session, i.e. you have not achieved x y or z!
So what are we going to do?
What happens then is the coachee agrees to actions to keep his boss happy, despite not actually being shown how to achieve it. And at the next review they more often than not have the same conversation again.
And gradually the individual goes on a performance plan, then an action plan a they go down the disciplinary route. What a waste of time effort and money.
When in less time with a proper qualified coach, it could be resolved in less time and with suitable actions that the coachee knows and understands how to do and achieve.
Firstly you need to diagnose what is stopping the performance, then via coaching and feedback you identify the issues and resolve them.