Small and Medium Sized Businesses Need Help To Survive In Current Climate

By: ActionCOACH | 0 Shares 88 Reads

Hiring a Business Coach is putting your trust in someone else who has demonstrated their ability to guide you through a strategic process of change - tailor-made to suit the specific demands and nature of your business.

/24-7PressRelease/ - Las Vegas, NV, August 21, 2008 - Paul Fagan, Ireland's Master Licensee of ActionCOACH the leading business coaching firm in the world, believes that small businesses need to look for outside help in order to survive and grow in the current economic environment. As a nation, we still need multinational corporations to invest in our economy but it is critical that we encourage the growth of our SME sector - the bread and butter of this economy.

"Over the years, I have seen the devastation caused throughout Ireland by the closure of multinational corporations when they decide to re-locate abroad," Fagan said. "The reality is multinationals will continue to come and go as globalisation impacts their businesses. In Ireland, we need to follow other models, such as the Netherlands, whereby indigenous business is supported and developed to provide sustainable long-term employment. A healthy SME sector creates employment and provides sizeable contributions to exchequer finances. When the SME sector collapses there is, of course, a damaging impact on employment, tax revenue, consumer confidence, and emigration."

A recent ISME survey published in July 2008 claims that 65% of companies are less confident about business prospects than they were 12 months ago. The survey which attracted over 700 companies confirmed that there has been a major downturn in the past few months, with many companies reporting serious reductions in sales, orders, investment and employment. The report also shows a net decrease of 15% in employment in the SME Sector in the past 12 months compared to a 20% net increase in a corresponding survey in 2007.

There is a need to look at the root causes of business failure and the stagnation in the SME sector.

"Lack of planning is the single biggest reason for this followed by business owners' reluctance to seek outside help in a timely manner," Fagan said. "We need to change the mind set of the business owners who view the recruitment of outside help as a sign of weakness or an admission of failure on their part."

This is very far from the truth; in fact it can be one of the boldest decisions that a business owner can make. Hiring a Business Coach is putting your trust in someone else who has demonstrated their ability to guide you through a strategic process of change - tailor-made to suit the specific demands and nature of your business.

However, he does warn businesses that they need to be wary of unscrupulous self-appointed Business Coaches. Always check that you are working with an accredited coach who can provide you with client testimonials and proven business systems. Take some time to review a coach's experience, credentials and resources. They should have the support of other Irish based coaches and ideally be part of a global network of professional Business Coaches. Their company or organisation should have a proven track record in business. The investment that any company makes in business coaching should be the most effective and profitable investment they make. The help that the SME sector needs is readily available - they just need to ask for it.