Why Business Coaching has never been more important
In November 2017 the Office for National Statistics released their figures for the birth, death and survival rates of UK businesses over the course of 2016.
In Greater London alone 82,075 businesses failed that year, an increase of around 22,000 from the year before.
In my home town of Ealing, 2,420 businesses didn’t make it.
This year business owners are facing more challenges than ever before.
Challenges facing business in 2018
- Increased Costs: Raw material prices have increased across the board in 2018. The price of steel, aluminium and cardboard packaging has increased dramatically this year.
- Regulation Changes: There have been a number of regulation changes and announcements this year. You can find a longer list here, but a key change will be wide-ranging changes to data protection legislation (GDPR) that will come into force on May 25th.
- Brexit: What exactly the affect of Brexit on small and medium businesses will be remains to be seen. One thing that is clear is that recruitment in the UK will never be the same again. For recruiting non-national employees Brexit is and will remain a complicating factor, particularly for specialised positions.
Confidence in the future
January saw the news that one in seven small business owners plans to downsize, close or sell their companies by March. You can read the full story here, but for me the key quote was:
Entrepreneurs take on many the financial risks with their companies and work longer and harder hours than anyone else in the country (Google it if you don’t believe me) — but right now they’re lacking confidence in the future.
My aim as a coach is to help business owners focus on the right balance of skilled resources in the right areas to drive company growth, increase personal income and company value, and create the right work life balance for everyone.
For me, there is no better way to make a living than by helping other people see their goals achieved, their dreams materialize and their businesses thrive.