Up to 50% of businesses fail within the first five years, and by the end of 10 years, just 30% survive[1]. Sussex-based business coaching company, UK Growth Coach, is highlighting the importance of business coaches to help businesses recover after the pandemic’s challenges.
According to Statista, during the period of April 2020 – August 2021, 11.6 million jobs have been supported by the Government’s furlough scheme. With the scheme having ended on 30 September 2021, those same employees now need to be funded from the businesses’ own finances or risk being made redundant.
Many businesses now have the pressure of performing to a higher level than was required whilst the additional support was in place. To progress, businesses need to rebuild their business resilience funds and continue to offer employment opportunities.
Tim Rylatt, Managing Director at UK Growth Coach, said: “The majority of people who start or take over a company, haven’t ever been trained in how to build a business, with many learning through trial and error.
“Numerous business owners have plenty of enthusiasm and a strong commitment to a company but are lacking an effective strategy, yet they still go at it alone. Rather than setting unrealistic goals, a business coach can encourage new ways of thinking, explore new capabilities, and encourage a new mindset.
“But we can change this story through wider adoption and understanding of business coaching, and calling on specialist expertise where needed.”
The aim of a business coach is to narrow the gap that exists between the ‘potential’ and ‘real world performance’ of business owners, their teams, and their companies. A staggering 86.3% of entrepreneurs have seen a positive impact on their business from business coaching[2], demonstrating that with the right guidance and structure, business owners have a better chance of succeeding.
Tim adds: “There are five stages of business progression, and most business owners get stuck on one of the first two steps. The progression stages of companies are start-up, becoming basically functional, growing and becoming scalable, becoming owner independent, and becoming exit ready. If a company is to get past the first two phases, it is important for a business owner to have a broader skillset than a job-owner. Investing in a business coach can help to achieve this.”
UK Growth Coach has worked with over 200 clients to help their businesses thrive, with an additional surge in new clients following the pandemic.
[1] https://www.entrepreneur.com/article/361350
[2] https://www.thealternativeboard.co.uk/entrepreneurs-choose-business-coaches-new-small-business-owner-survey/