AI’s Understanding of Coaching: How AI Defines Coaching and Coaching Ethics

Researchers Passmore and Tee studied AI’s ability to provide an accurate definition of coaching and its understanding of coaching ethics. Their findings communicate the importance of verifying AI output and how AI can be used as a springboard for a deeper understanding of ethical challenges and concepts (Passmore & Tee, 2023).

Can AI define coaching?

Methods

Passmore and Tee examined whether GPT-4 could “define coaching to a ‘pass-grade’ standard.” GPT-4 had access to “widely cited sources” and “published studies” to craft its definition. They prompted AI with the following: “What is organization or workplace coaching? Provide a series of definitions from respected sources with references.” AI’s responses were then graded by six “subject matter experts” such as “university professors or similar.”

Results

The results were “grammatically correct” and “to an untrained observer, appeared authentic.” However, while the first statement produced by GPT-4 was authentic, the following “three were falsified.” When reviewed, the responses averaged a failing grade of 43%. The reviewing experts cited several concerns:

• Lack of detailed referencing, no page numbers

• Use of references that were not widely cited

• Cited definitions were modified and did not match the source text

• Falsified citations (citation was not in the referenced text or citation was incorrect)

While GPT-4 was able to produce correct quotes, it also produced “small” citation “errors and falsified quotes.” Additionally, “the definitions were not all ‘respected’ sources, and in some cases, text had been added which was not contained in the original definition” (Passmore & Tee, 2023).

AI’s understanding of coaching ethics

Methods

Passmore and Tee also examined “the ability of GPT-4 to compare and contrast” the ICF ethical codes of practice and the Global Code of Ethics for coaches and mentors. Both of these ethical codes are “widely available in the public domain.” Furthermore, they also studied GPT-4’s ability to “discuss implications for a coaching practice of the ICF Coach Competency… Coaching Mindset.”

Results

When grading the ability of GPT-4 to compare and contrast ethical codes it was given an average grade of 58% with “broadly positive feedback.” However, the results given were very basic and “mechanistic.” Reviewing experts noted that it did not provide “examples or specifics to bring the content alive” as a human student would. AI’s ability to discuss the implications of a “coaching mindset” as described by the ICF also received generally positive feedback and a supportive score of 60%. However, reviewing experts again noted that it “lacked personal examples” and continued to have a “mechanistic tone” (Passmore &  Tee, 2023).

What this means for AI users today

Passmore and Tee’s research indicates that AI currently has difficulty compiling a consistently precise definition of what coaching is. While this might be due to the continual debate on the exact definition of coaching within the field itself, the incorrect citations and false sources produced are indicators that users of AI should continually verify all output, including citations for accuracy and precision. Additionally, AI’s ability to compare and contrast codes of ethics and discuss the implications of coaching competencies can be a great tool for current executive coaches. Current coaches can use AI to widen their understanding of coaching ethics and examine ways that core coaching competencies can improve their practice. However, these ethical discussions and comparisons are still considered surface-level and “mechanistic.” Because of this, AI users should use this tool as a springboard to deeper more human conversations and learnings on the ethics surrounding the coaching industry (Passmore & Tee, 2023).

The main takeaway

Based on these research findings from Passmore and Tee, we can deduce two important learnings for the executive coach today.

• Always verify citations, sources, quotes, and references made by AI. Especially those quotes and citations used within an executive coaching session. This ensures that coaching clients are given accurate information, avoiding the damage that incorrect information can cause.

• Coaches can use AI’s baseline understanding of coaching ethics as a springboard for discussion and reflection on coaching ethics and competencies. While AI cannot currently host in-depth reflective commentary on coaching ethics, its understanding of basic principles and practices can still be helpful for executive coaches looking for a starting point or a simple ethics refresher.

 

Lead with Disruption: Mastering the 'Put Yourself Out of Business' Strategy

Disruption is more the rule than the exception. Companies that once dominated their markets can quickly become obsolete if they fail to adapt and innovate. To stay ahead of the curve, leaders must anticipate change and actively disrupt their business models before others do. This is where the "put yourself out of business" exercise comes into play. First introduced by Bud Carter who emphasizes the importance of identifying potential failures and developing a "plan B" for critical component breakdowns. By using this exercise, leaders can adopt a competitor's mindset and drive innovation from within.

Why It's Important

A report by McKinsey highlights that leading companies are those that continuously innovate, not just in products but also in business models and processes (McKinsey, 2023). They found that top-performing companies innovate across multiple dimensions and do so consistently.

By innovating consistently, businesses can drive operational efficiency, capture new opportunities, and mitigate risks associated with relying on a single product or model. This approach fosters a culture of creativity, encourages leveraging technological advancements, and ensures companies remain resilient and adaptable in the face of disruptions.

Using the ‘Put Yourself Out of Business’ exercise, leaders can foster a mindset of continuous improvement and innovation. By challenging existing business models and strategies, leaders can identify new opportunities and technologies that can drive growth and enhance competitiveness. Additional benefits include:

Risk Mitigation: Anticipating potential threats and disruptions allows businesses to develop strategies to mitigate risks before they become critical. This forward-thinking approach helps safeguard the organization against unforeseen challenges.

Enhanced Agility: Organizations that regularly engage in this exercise become more agile and responsive to change. By being prepared for disruption, they can pivot quickly and capitalize on emerging trends and shifts in the market.

Cultural Shift: Encouraging a culture of disruption and innovation empowers employees to think creatively and challenge the status quo. This cultural shift can lead to increased engagement, productivity, and a shared commitment to the organization's long-term success.

Steps for Completing the Exercise

Identify Key Assumptions: Begin by listing the core assumptions and beliefs that underpin your current business model. Consider factors such as target markets, customer needs, technology, and competitive advantages. Questions to consider include:

What do we believe sets us apart from our competitors?

What assumptions do we have about the economic, regulatory, and technological environments?

Which products or services do we assume will drive future growth?

What processes and technologies do we rely on for efficiency and effectiveness?

What skills and capabilities do we believe are critical to our success?

Challenge Existing Paradigms: Imagine a scenario where these assumptions are no longer valid. Questions to consider include the following. In this stage, it’s important to ask questions that start with “what if.”

What if a competitor offered a superior product at a lower price?

What if technological advancements made your offerings obsolete?

What if customer preferences shifted dramatically?

Explore Disruptive Scenarios: Brainstorm potential scenarios that could put your business out of operation. These could include technological breakthroughs, regulatory changes, or new market entrants. Be bold and creative in envisioning these possibilities. To identify disruptive scenarios, consider the following:

Identify and track emerging trends that have the potential to disrupt your business, such as technological advancements, shifting consumer behaviors, or regulatory changes.

Monitor competitors and new market entrants to identify disruptive innovations or strategies that could challenge your market position.

Use design thinking principles to empathize with your customers and explore innovative solutions that could redefine your industry.

Analyze Impact: For each scenario, assess the potential impact on your business model, revenue streams, customer base, and operational processes.

Evaluate Response Strategies: For each disruptive scenario, identify strategies and solutions that could prevent your business from becoming obsolete. Consider new products, services, business models, or strategic partnerships that could help you stay relevant and competitive.

Create an Action Plan: Prioritize the most impactful solutions and develop a clear action plan to implement them. Assign responsibilities, set timelines, and establish metrics to measure progress and success.

The Main Takeaway

The "put yourself out of business" exercise is not just a hypothetical thought experiment; it's a practical tool that empowers leaders to embrace change and drive innovation from within. By regularly engaging in this exercise, executive coaches, executives, and business leaders can foster a culture of agility and resilience, ensuring their organizations remain at the forefront of their industries.

References

McKinsey. (2023). Innovative growers: A view from the top | McKinsey. Www.mckinsey.com. https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/innovative-growers-a-view-from-the-top

 

Gaining endorsement

Other words for endorsement by "credibility" or "influence." Every interaction you have with a person either increases or decreases your endorsement. Have you ever met the person who won't stop talking and relates his whole life story to you? When you see that person coming, do you dread the interaction? If so, it is because the behavior has caused them to lose endorsement with you and therefore that person does not get the benefit of your time. Conversely, a person who you can't wait to see daily has gained endorsement with you and, therefore, is deserving of your time. The disc language allows you to behaviorally "stack" the deck in your favor. By knowing a person's behavioral style, you can immediately adapt to their style and gain endorsement. 

Elements that impact your endorsement

Following four elements greatly impact your endorsement, or how much "sanction" or "approval" others will give you. Human performance is directly proportional to endorsement.

Position 

An individual's position affects their endorsement. The president of a company will gain a certain amount of endorsement simply because of his position as president. If the president calls a meeting,  people will completely change the schedule in order to be there. A person's position gives them a certain amount of endorsement. This endorsement can then be increased or decreased based on "how" they act and what they believe. Position can be earned. Most good executive that have worked their way to the top have developed good people's skills. 

Appearance 

Appearance now greatly affects industment . People notice the way you dress, your stationery, briefcase, handshake, walk, etc. Anything a person "sees" can positively or negatively affect your endorsement. Often, we see sales people who send an unprofessional message just by the way they dress. Wearing tennis shoes with a suit, unmatched shirts and ties, coffee stained paperwork, and a messy briefcase are a few examples of things that can negatively affect your endorsement.  NOTE: The intention here is not to dictate what the person should wear, but to inform you that whether you like it or not, appearance does affect your endorsement. The elements of professional appearance can be learned. 

Beliefs 

Your beliefs impact your level of endorsement either positively or negatively. A person who does what they say and say what they do will develop greater endorsement then the person who is "wishy-washy"  in the actions. A straight shooter will develop a greater level of endorsement because of his/her reliability and trustworthiness. Quality is important, and a person who is quality will gain more endorsement than a person who does not have a strong set of positive, believes. 

Resolving and preventing conflict 

Understanding style similarities and differences will be the first step in resolving and preventing conflict. By meeting the person's behavioral needs, you will enable to diffuse many problems before they even happen. People prefer to be managed a certain way. Some like structure and some don't. Some like to work with people and some prefer to work alone. "Shot in the dark" management does not work in the 21st century. The DISC language will teach you more about the person in 10 minutes then you can learn in a year without DISC.

For more information on DISC Behavioral styles feel free to contact us on +27 74 127 6439 or email us at nevillesol@icloud.com.

 

The Stories We Tell Ourselves: How Beliefs Shape Our Narratives

The stories we tell ourselves are woven from a complex interplay of beliefs and attitudes. These narratives, often shaped by our experiences and perceptions, can influence our outlook on life and our potential for growth. Understanding how beliefs can become limiting and how they shape our personal stories is key to unlocking our full potential.

Beliefs as Narrative Anchors

Beliefs serve as anchors in the stories we construct about ourselves and the world around us. They are
not just ideas we hold; they shape our perceptions and judgments. For instance, if we believe we're not
good at something, that belief can color how we approach challenges and opportunities. It becomes a part of our narrative, influencing how we see ourselves and what we think we can achieve.

Our personal narratives are built upon the foundation of these beliefs. They shape the way we interpret
events, make decisions, and interact with others. If we hold limiting beliefs—such as "I'll never succeed" or "I'm not worthy"—these narratives can hold us back from reaching our true potential. 

They create a lens through which we view ourselves and the world, potentially stifling growth and resilience.

Recognizing and challenging limiting beliefs is essential for personal development. Research shows
that when we question these beliefs and examine the evidence behind them, we can reshape our narratives in empowering ways (Freedman, 1996). It's like editing a story—we revise the plot to include strengths, achievements, and possibilities we may have overlooked. 

The Role of Cognitive Processes

Research suggests that our beliefs and attitudes can evolve when we gain new insights or information (Freedman, 1996). When we engage in deep thinking or consider perspectives, we can break free from the constraints of limiting beliefs. This process allows us to rewrite our stories with optimism and

confidence, emphasizing our capabilities and potential. By staying open to newexperiences and challenging our assumptions, we expand our narrative possibilities. This flexibility helps us adapt and grow, fostering a more positive and resilient self-concept.

Identifying Limiting Beliefs

The first step in overcoming self-limiting beliefs is to acknowledge their existence. These beliefs often manifest as internal narratives that undermine confidence and competence. For instance, beliefs such as "I'm not capable enough" or "I'll never be as successful as others" can profoundly impact decision-making and leadership effectiveness.

The Process of Challenging Beliefs

• Recognition and Documentation: Begin by asking the coachee to identify and write down a specific belief they hold about themselves that may be limiting their progress. This could range from doubts about their skills to fears of failure.
• Critical Inquiry: Once the belief is identified, guide them through a series of probing questions:
• Fact vs. Assumption: Ask whether the belief is grounded in factual evidence or assumptions. Research in cognitive-behavioral therapy underscores that challenging such beliefs can alter negative thought patterns, thereby reducing anxiety and improving overall mental well-being (Curtiss, 2021).
• Contradictory Evidence: Encourage mindfulness and prompt them to consider instances or achievements that contradict this belief. Studies suggest that this process can lead to changes in neural pathways associated with self-perception, impacting behavior and performance (Schuman-Olivier, 2020).
• Perspective Shift: Encourage the coachee to imagine advising a friend who holds the same belief. Research in educational psychology highlights that fostering a growth mindset through such exercises can enhance academic performance and motivation (Limeri, 2020).
• Reframing the Belief: The ultimate goal is to help the coachee transform their limiting belief into a more empowering statement. For example, "I lack the skills" could be reframed as "I have the capacity to learn and grow in new areas."

Empowerment Through Reframing

By challenging these beliefs, executives not only gain clarity on their strengths but also

cultivate a *mindset conducive to growth and resilience. This process of reframing empowers
them to approach challenges with confidence and embrace opportunities for development.
In executive coaching sessions, this exercise serves as a foundational tool for personal
and professional development. As coaches, guiding executives through this introspective journey
fosters self-awareness and unlocks untapped potential. It equips them with the mental
agility needed to navigate complexleadership roles and inspire their teams effectively.

The Main Takeaway

The stories we tell ourselves are not fixed—they are dynamic and can evolve over time. Byunderstanding how beliefs influence our narratives and identifying limiting beliefs, we empower
ourselves to rewrite these stories in ways that support personal growth and fulfillment. It's a journey
of self-discovery and empowerment, where each chapter represents an opportunity to embrace new
perspectives, challenge old beliefs, and create a narrative that reflects our true potential.

 

10 Metaphors Illustrating the Advantages of Executive Coaching

Metaphors serve as powerful tools, offering vivid imagery and insights that can transform abstract concepts into tangible realities. By encapsulating complex ideas within simple, relatable terms, metaphors bridge the gap between the known and the unknown, making the benefits and processes of coaching more accessible and understandable.

For executives, who often navigate the challenging terrains of leadership, decision-making, and personal growth, metaphors illuminate the path forward, providing clarity and perspective. They enrich the dialogue between coach and coachee, fostering deeper reflection, insight, and breakthroughs.

According to research conducted by Lera Boroditsky, a Professor of Cognitive Science at UC San Diego, and Paul Thibodeau, an Associate Professor of Psychology Paul Thibodeau at Oberlin College, metaphors significantly shape our understanding and decision-making on complex issues, often more powerfully than we realize, influencing opinions and solutions without our conscious awareness (Thibodeau, 2011).

When seeking to engage new coaching clients, we can use metaphors to vividly illustrate the potential impact of executive coaching compared to services provided by consultants, advisors, and mentors. In this article, we introduce ten metaphors that demonstrate the transformative effect coaching can have, emphasizing its importance in fostering personal and professional growth, enhancing strategic thinking, and developing adaptive leadership skills amidst the constantly changing challenges executives face.

10 metaphors that showcase benefits of executive coaching

Slingshot and bow & arrow

Imagine the dynamic tension of a slingshot or a bow and arrow. In coaching, this tension mirrors the process of pulling back—engaging in deep self-reflection, gaining understanding, and preparing meticulously. This stage sets the groundwork for a powerful launch. Then, with a precise release, you're propelled forward, soaring toward your goals with renewed vigor and clear direction.

Architect and blueprint

Consider the coach as an architect, collaborating closely with the coachee to design a blueprint for success. Together, they outline the essential foundations, structures, and detailed plans necessary to achieve the coachee's goals. This partnership ensures every aspect of the plan aligns seamlessly with the coachee's vision and values, setting a solid framework for achievement.

Guide and traveler

In this relationship, the coach serves as an experienced guide to the coachee's journey, aiding them as they traverse unfamiliar landscapes and confront various challenges. The guide offers vital insight, direction, and encouragement, empowering the traveler to take decisive steps, learn from each experience, and ultimately arrive at their desired destination.

Catalyst for change

A coach acts as a catalyst, much like in a chemical reaction, accelerating the coachee's personal and professional transformation efficiently and effectively, without being altered in the process. This metaphor underscores the coach's role in stimulating profound change, igniting fresh insights, and motivating proactive steps, all while maintaining a distinct presence.

Scaffolding

Similar to the temporary support scaffolding provides during the construction of buildings, a coach offers essential structure, support, and guidance as the coachee progresses towards their objectives. As the coachee develops greater self-reliance and confidence, the scaffolding—representing the coach's support—is gradually dismantled.

Mining guide

Envision the coach as a seasoned guide in the mining expedition of the executive's personal and professional landscape, aiding in the excavation of deep-seated insights, strengths, and untapped potential. This metaphor highlights the rigorous exploration and discovery of invaluable wisdom and capabilities lying beneath the surface.

Captain and navigator

In this metaphor, the executive assumes the role of a ship's captain, steering and making critical decisions, while the coach operates as the navigator, supplying essential maps, tools, and insights to chart the most effective course. It emphasizes a collaborative effort in maneuvering through complex business terrains and strategic decision-making.

Backpacking adventure

Coaching is akin to embarking on a backpacking adventure, where coaches equip clients with the necessary tools (skills and mindsets) for their expedition through life or career. Throughout this journey, coaches provide encouragement, impart wisdom, and help lighten the load, guiding clients as they venture into unexplored territories.

Fishing

Consider coaching as akin to fishing, where coaches teach executives to select the appropriate bait (strategies), cast their line (initiatives), and patiently await the catch (outcomes). Just like experienced anglers adapt their techniques to the situation, coaches tailor their approach to meet the unique challenges and contexts of each leader.

The lamp, the ladder & the lifeboat

This metaphor encapsulates three potent symbols in coaching:

The Lamp: Coaches shed light on the path ahead, dispelling the shadows of uncertainty. They provide clarity and insight, enabling executives to navigate through complex challenges with confidence.

The Ladder: Coaches present a ladder, assisting executives in reaching new heights. This symbolizes advancement, skill enhancement, and the pursuit of higher aspirations.

The Lifeboat: In turbulent times, coaches serve as a lifeboat, offering a haven of support, stability, and safety, ensuring executives can weather the storm and emerge resilient.

 

Mastering Mid-Year Excellence: Seven Pillars for Elevating Your Executive Leadership

As we near the year's midpoint, now is the perfect time to assess and enhance our executive leadership methods. We've pinpointed seven foundational elements crucial for nurturing growth and building a robust framework that supports ongoing success and meaningful impact in your career. This article provides two guiding questions for each element, intended to prompt deep reflection and empower you to conclude the year on a high note.



1. Continued Education and Certification
Maintaining up-to-date skills and knowledge is essential. As we grow older, neuroplasticity—the brain's capacity to adapt and learn throughout life, and potentially delay age-related cognitive decline—decreases (Shaffer, 2016). Research conducted by Ruth Flexman, Ph.D., highlights that participating in lifelong learning activities is associated with enhanced cognitive performance and a reduced rate of cognitive decline in older adults (Flexman, 2021). Reflect on:

What areas of business should I study next to gain a broader perspective and enhance my leadership abilities?

What fears or hesitations do I have about further education, and how can I address these to move forward?

2. Networking and Collaboration
Establishing relationships and fostering collaboration within the industry is fundamental. Research suggests that networking and collaboration are pivotal for psychological well-being and resilience to stress (Ozbay, 2007). To guide your efforts in networking and collaboration, consider the following questions:

Which conversations or connections have I been avoiding in my professional network, and why?

How can I leverage my unique strengths to contribute to collaborations in a way that benefits all parties involved?

3. Enhanced Online Presence
Enhancing your digital footprint and engaging a broader audience is crucial in today's landscape. Research indicates that users form opinions about websites within a mere 0.05 seconds (Lindgaard, 2006). This underscores the significance of making a powerful first impression through well-crafted website design. To decide what to focus on to improve your online presence, consider the following:

What authentic stories or experiences can I share online that would deeply resonate with my target audience?

How does my online persona align with or differ from my real-life leadership persona, and what does this say about our brand?

4. Feedback and Self-Assessment
Regularly assessing your performance and actively seeking constructive feedback are essential practices. Evaluations offer insights into strengths and weaknesses, allowing employees to pinpoint areas for growth and set specific goals (Kluger, 1996). For executives, evaluations provide valuable feedback to enhance their leadership methods for clients. Furthermore, self-reflection fosters a deeper understanding of one's strengths, weaknesses, values, and motivations, facilitating better decision-making and personal development (Grant, 2002). Consider reflecting on the following:

What specific instances in my leadership have made me uncomfortable, and what can these moments teach me about my leadership style?

In what ways might my personal biases influence the feedback I receive, and how can I mitigate this?

5. Client Experience
Focusing on delivering exceptional and personalized service/product experiences is crucial. According to PwC’s Future of CX Report, “43% of all consumers would pay more for greater convenience; 42% would pay more for a friendly, welcoming experience. And 65% find a positive experience with a brand to be more influential than great advertising.” Reflect on the following:

What assumptions might I be making about my clients’ experiences, and how can I validate or challenge these assumptions?

How can I create more meaningful, transformational experiences for my clients?

6. Mindfulness and Self-Care
Prioritizing your well-being to maintain effectiveness and resilience is fundamental. Researchers analyzed over 200 studies on mindfulness in healthy individuals and found that mindfulness-based therapy is particularly effective in reducing stress, anxiety, and depression (Khoury, 2013). Consider the following questions to gauge your success in achieving mindfulness:

What personal triggers or stressors affect my leadership effectiveness? How can mindfulness help mitigate these?

How does my own self-care practice reflect in my leadership philosophy and advice to clients/employees?

7. Strategic Planning and Goal Setting
Crafting a clear vision and actionable goals for your organization is imperative. Strategic planning helps organizations focus on key priorities and align resources and efforts towards achieving common goals (Kaplan, 1996). Consider:

What underlying fears or beliefs might be holding me back from reaching my full business potential?

How can I align my personal values more closely with my business goals to create a more authentic and fulfilling career path?

As we navigate through the year, it is essential to engage in this mid-year introspection to identify and overcome any barriers to progress. By rigorously examining these ten areas, we can better position ourselves and our clients for significant achievements in the latter half of the year. Embrace this opportunity to challenge your assumptions, push beyond your comfort zones, and set the stage for continued success.

 

Business Management Tips for Entrepreneurs

Business management is a vital part of running small to medium-sized enterprises (SMEs). Owners and entrepreneurs in South Africa use business management skills such as planning, organising, directing, and controlling the activities of a business or organisation to achieve its goals and objectives. This includes overseeing all activities from finance, and operation to marketing and customer retention.



In this article, we delve into a few business management tips that entrepreneurs can use in their daily operations.

 
Business Management Tip 1: 

Set Clear Goals and Objectives

Businesses have various goals and objectives. Not only can this be to make money, but also to make a difference within a community. Regardless of the exact goals, many aspects of reaching these goals can be difficult to keep up with. That's why they must ensure their goals and objectives are clear, practical, and aligned with their vision and mission. This ensures that they remain focused.

It is also important for SMEs to use SMART Goals. This is a widely used method for setting effective and achievable objectives in both business and life. In short, this acronym stands for:



Specified,


Measurable,


Attainable,


Relevant, and


Time-bound.



They make SMEs aware of what they are working towards and allow them to measure their progress. However, goals should be assessed over a three to five-year period.

Business Management Tip 2: 

Understanding Financial Management

Another tip SMEs must practice is controlling the flow of capital in and out of the business. Businesses need to sell products or services, pay expenses, balance the books, and file for tax. This section of business financial management can be referred to as financial management.

Furthermore, it also comes in, but it also consists of complicated processes, such as paying employees, purchasing supplies, and submitting documents to government agencies. TikVah Business Consulting have what we call Streams of Business Solutions that can be accessed by SME's which will greatly enhance how they do business. For more feel free to contact us on nevillesol@icloud.com

Business Management Tip 3: 

Use Technology Effectively

As the business world is evolving, and technology is seamlessly increasing, there is no doubt that businesses need to utilise technology. Not only will this help businesses run smoothly, but it makes managing the business easier.

Entrepreneurs can use tech tools to automate tasks, optimise business operations, increase productivity, and enhance communication and collaboration across businesses. See the previous chapter to learn more about our Streams of Business Solutions.

Business Management Tip 4: 

Customer Care and Satisfaction

Entrepreneurs must hone the skill of acquiring and retaining customers since customers are the lifeblood of any business. But how? Tip 4 is to ensure you take care of your customers and keep satisfaction high by listening to feedback. With our NXT-9 system we can set your business on the right path.

Create a culture of continuous service follow-ups and reviews to better understand their needs and expectations. Answering customer inquiries and complaints effectively and quickly resolves issues and shows a commitment to customer care. This, in turn, leads to increased loyalty and word-of-mouth referrals.

Business Management Tip 5: 

Have a Strong Marketing Strategy

Marketing is important to attracting and retaining customers in order for the business to run and grow. SMEs need to develop a marketing strategy that employs various channels like social media, e-mail marketing and content marketing. They can measure the effectiveness of the marketing strategy and adjust if need be.

 
Business Management Tip 6: 

Keep with Industry Trends

Entrepreneurs must be willing to learn about new trends, technologies, and consumer behaviour constantly. That is how they are able to manage their businesses effectively.

Businesses that follow trends based on market demands and technology can uncover new business opportunities. Even if it's adopting new business models, exploring different markets, or integrating technology that aligns with your business, any new trend can make a business grow.
Business Management Tip 7: Build a Great Network

Networking broadens entrepreneur's horizons. By participating in peer groups, attending events and connecting with colleagues and mentors exposes them to new ideas and advice about managing their business.

 
Business Management Tip 8: 

Future of Goal-Driven Businesses

SMEs that are goal-oriented and have short- and long-term goals are more likely to expand and survive in business for a long time. This is mainly because they have identified tasks to be done according to their goals and objectives and they can measure whether they are on the right path or not.

However, it is this future-oriented mindset that allows them to easily adapt when change happens within the business and keeps them motivated.

Entrepreneurs need to understand how business management works. It helps them to implement various business strategies that drive success. Furthermore, it also helps the business grow when processes are running smoothly, customers are happy and workers have their mind set on the business's future goals.

Find out more about our Business Coaching programmes that can assist you regarding business goals and mindset.