Good health is important. It is important to our bodies, and it is important to our business. When you care about the health of your business, you are demonstrating an interest in more than just the money that flows through it. You are showing that you fully understand the different parts of your business that contribute to its success – its good health. Just like we visit our Doctors once a year for a checkup, we take our cars to a mechanic for a tune-up, or we visit the Dentist for a cleaning, we should also conduct a checkup on our business at least once a year. Some suggest conducting a checkup twice a tear. Whichever you choose, you may be wondering – What exactly is a Business Checkup?
We all see the words. Businesses promote it as if somehow it makes them unique; “WE are an employer of choice.” “Join us here at XYZ Company; We are an Employer of Choice.” As if that is the only reason anyone would want to work for any company. There are many problems with being an Employer of Choice (EOC). To begin with, any employer can simply decide they are one.
Further, everyone seemingly is one. There is nothing unique about being an employer of choice. THAT is the problem; being an employer of choice does nothing for your business.
So what’s the solution?
It is a question I have been asked frequently, especially these last few months. Always the question revolves around value. Can a Business Coach add value? As with many things and not in an attempt to be a smart alec but it depends. It depends on the Business Coach, and it depends on who wants to be Coached. Further, it depends on what the person wanting to be coached expects to gain from the relationship.
What creates value for a Business Coaching Client?
Acquisitions. Mergers and Acquisitions, M&A. Sounds exciting, strategic, the art of making business deals. It can be. As a veteran of over 70 completed M&A actions and another 30 or so that never completed I can tell you from my own experience just how exciting they can be. For many businesses, this is an excellent strategy for growth. For others, this could be a recipe for disaster. A KPMG study reported on in Moneywatch states that 83% of merger and acquisition deals fail. The article suggests this is because of mismanagement of risk, price, strategy, cultures, or management capacity. The common reason is poor planning. What can you do to help ensure that if you use this strategy, your M&A action succeeds?
“Our Workforce is our greatest asset.” I think most of us have heard those words, or similar, spoken by the leaders of most businesses. It is important that they truly believe that. However, how many of them truly take the necessary steps, both tactically and strategically, to make those words a reality. To put it another way, how many businesses truly walk the talk? Is your workforce truly your greatest asset?