How Business Coaching Can Help You Adapt to Change and Disrupt Markets
27th Jun , 2017
Change can be daunting, yet it can create new exciting opportunities from both a personal and business perspective. Change reaches out from the unknown and gets you and the business out of your combined comfort zones and into new and unfamiliar areas that require new skills and support. With business coaching from International Business Mentors, you can learn how to be a change leader and deliberately disrupt markets, creating strategic competitive advantage. Such an approach can be clearly seen in the uses of technology to outperform existing suppliers of services in markets such as the Taxi industry, which has been disrupted by the rise of Uber’s car sharing technology.
What Will the Future Hold?
As change can cause fear and unsettles, it often tends to constrain the way we think. This can reduce the speed of change needed to adapt successfully to new challenges or opportunities. We generally adapt well to familiar personal changes in relationships, growing up, having children, moving, aging, etc. This is because we have experienced others transition in similar situations, and importantly, we may have had some guidance from family and friends to support us through the change process.
On the other hand, business change can be less familiar, with a greater magnitude and speed of change in markets, customers, operations, people, finances or strategy. You can add to this your own need to make new types of decisions and deal with higher levels of leadership and management. A business coach or mentor from International Business Mentors can help you adapt and develop with the business changes as well as your own change into a new leadership position. Australia business coaching is also essential for business owners who are adapting to change or planning succession for the future of the business.
The Importance of a Fresh Look
Adapting to or creating change requires a fresh look from a business coach at all aspects of the business. Usually the first area to concentrate on is the market and your customers. You need to know what your customers currently want and value, how that is changing or can be changed, and what the markets are doing or will do that puts customers at risk of changing suppliers. While this seems simple, it is often not focused on.
Once you have a good view of the changing landscape of customer requirements and market responses, you need to create a detailed strategic framework – with a compelling vision for that changing future for the next 1 to 3 years. To achieve that strategy in a shifting business environment, you will have to train and recruit the right people, with the right skills to deliver that evolving vision.
Providing and Receiving Support
The people in the organisation will need you to support them and communicate clearly to get a good understanding of the vision and the future strategy. This is needed to motivate, coordinate effort, and create the effective team to deliver on that strategy. You will need to provide clear goals that give the leaders in your organisation the necessary flexibility and focus to respond to the changing business environment and deliver the required performance.
Other than adapting to your customer’s changing demands, you also need to understand and anticipate your competitors’ behaviour in your markets with customers. This is another critical area where Australia business coaching from International Business Mentors can be helpful.
To be effective, a leader must empower and skill-up their people to perform. You should therefore assess the support your leaders need in terms of direction, performance feedback, and business coaching and mentoring.
Learn More Today
Support yourself to succeed through change and adaptation by engaging an independent business coach or mentor from International Business Mentors. In addition to casting a critical eye over the changing environment through their own experience, they can help keep you on track and modify strategy as required. For more information, call us today on (03) 8686 9192.