What is really going on with the economic downturn and how do I manage my business most successfully in this current environment?  This is the question I am hearing over and over again from business owners and managers, from corporates to one man bands.

Being based in New Zealand there is a certain relief that southern hemisphere economies seem to be better off than our northern hemisphere counterparts.  Certainly our Ology colleagues in the UK and Ireland are being lambasted by the media with far greater negativity that we are Downunder.  So who is right?  With all the newfound expertise that commentators are using for business forecasting who should we believe?  What are the business parallels between New Zealand and the UK that we can usefully leverage?

The following might be useful to consider and breaks the current challenges into the two basic foundations of business – people and process.

1. The majority of businesses, jobs and productivity in New Zealand comes form the SME segment – businesses with less than 50 employees.  This is a business segment that both NZ and UK Ology coaches are very familiar with.
   
2. Whether we are in a recession or a depression and whether it is structural or cyclical we are exposed to macro economic factors over which we have no control.  What we, as business owners, can control is the performance within our own business
   
   
3. Our collective belief in our business success (or failure!) is a self-fulfilling prophesy.

So, going back to the original question posed –what can a business owner do?  A business owner needs to be sure that their business is in order – that their business processes are running efficiently, their financial metrics are well understood and in control (particularly around liquidity), that they are well in tune with their customers; that good customers are nurtured and unprofitable ones are either upgraded or exited.

Every Ology coach is experienced with diagnosing business areas where performance needs improving; this is relevant regardless of the nature, type of location of the business.  Additionally every Ology coach is trained in applying a suite of tools to correct or improve business processes and ensuring that those skills are imbedded within the business.

These skills in process optmisation are hugely beneficial but are only part of the solution – they need to be balanced with optimising people equally and simultaneously.  This is where the training of Ology coaches to ICF accredited standards comes into play – it wraps their business expertise within a coach approach that enables them to assist owners and managers to get the most from themselves and their people.

Exploring business problems and challenges with an Ology coach provides an objective and experienced sounding board that will enable you to find the best way of getting your business in order.  In the current environment coaching can also provide a more balanced perspective of how external factors may affect your individual business.   The principles applied are the same whether you operate in the UK or NZ – understanding how those principles uniquely apply to your business will help you weather the current economic storms.

Contact your nearest Ology Business Coach now.

Written by Ross Denton, Ology Coach, New Zealand

eNewsletter Sign-up & Discounts  Your Name:   Company:  Postcode:  Email:   You can opt-out at any time