Archivio tag: msme business coach

Financial Wellness and Employee Well-being: A Strong Foundation for a Healthy Bottom Line

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Recently, the financial stress weighing on employees has taken centre stage, significantly impacting employee well-being.

A series of lockdowns between 2020 and 2022 left 21 million people unemployed, with the income of about 97% of the households declining. Subsequently, geopolitical tensions in Ukraine and Global Macroeconomic Uncertainty has meant that the cost of living has gone up.

Inflation soared to 6.7% last year on the back of huge rises in fuel and food, leaving many households with challenges.

According to a survey by EY, a study showed that 81% of Indian employees faced financial shortfall between pay cycles, and nearly half reported that they were stressed about their finances.

Why does this matter for businesses?

Well, employees grappling with financial insecurity often demonstrate a dip in their productivity, impacting the company’s performance, be it sales, service, process efficiency and profits.

Nearly three-fourths of employees said financial worries had a negative impact on their productivity.

A few organisations have recognised this predicament and pre-emptively given benefits and support through this challenging period.

However, a glaring challenge persists in transparency, especially when it comes to most companies outside a handful.

A majority of employees don’t feel comfortable sharing information about their finances based on a survey.

As we progress into the year, understanding and supporting employee financial wellness is pivotal for thriving workplaces.

By integrating robust financial well-being programs, companies aim to enhance employee well-being, drive productivity, and curtail absenteeism, attrition and related costs.

Visit the recent article posted by a business coach for entrepreneurs highlighting the vital link between financial wellness and employee well-being, stressing the impact of financial stress on productivity. It suggests tailored financial wellness programs and measurement strategies to create a positive work environment and boost overall employee happiness and efficiency.

Operational Excellence Uncovered: A Pathway to Organizational Success

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Operational excellence serves as the cornerstone of a thriving organization. It encompasses the systematic approach and constant refinement of processes, leading to enhanced efficiency, reduced costs, and improved overall performance. Embracing operational excellence empowers businesses to streamline operations, adapt to changing market dynamics, and stay ahead of competitors.

Discover the keys to Operational Excellence and unlock your business’s potential for success. Explore strategies, insights, and best practices with our expert business coach in India.

To Read the full article, Click Here!

Unleashing Growth Potential in a Challenging Sales Environment

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In today’s dynamic commercial landscape, sales professionals face ever-growing challenges that demand innovative solutions. The once straightforward sales process has evolved into a complex and intricate journey, making it essential for businesses to adapt and thrive. Studies show that a majority of sales professionals find the selling process more arduous than before, and startups are grappling with longer sales cycles. The scarcity of leads, increased costs, and overall prospecting inefficiency necessitate a growth mindset to strategically position businesses for success.

Ready to thrive? The recent article shared by the Best Business Coach in India explores insights on how to unlock the key secrets to thriving in a challenging sales environment, empowering your business to soar above obstacles and achieve sustainable growth.

Business Coaching Growth Stage: A Game-Changer for Businesses

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Coaching has evolved from a luxury to a strategic necessity in the corporate world. Extensive evidence supports this shift, highlighting the remarkable return on investment (ROI) of coaching.
Studies reveal an impressive 529% ROI, along with substantial intangible benefits for businesses. When considering the financial gains associated with employee retention, the ROI skyrockets to an astounding 788%.
A dipstick conducted among 30 participants further validated these findings. Three-quarters of the respondents reported a significant to a very significant impact on at least one of nine key business metrics as a direct result of coaching. 60% of these individuals were able to identify specific financial benefits stemming from their coaching experiences. These compelling statistics underscore the transformative power of coaching in driving positive outcomes for organisations.
Regardless of the growth stage, businesses of all sizes recognize the profound impact of coaching in all stages of business growth.
From fledgling startups to established Fortune 500 firms, coaching has emerged as a game-changer, providing invaluable guidance, support, and strategies that pave the way for sustained success.
Coaching is not just about surviving in the competitive business world—it’s about thriving and achieving remarkable results.
Explore the incredible power of coaching in the corporate world and how it can unlock the potential for success. The recent blog shared by Business Growth Consultant shares insights on how coaching drives professional growth, enhances leadership abilities, and fosters.

Resolving Workplace Conflicts: 7 Strategies

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Workplace conflict is a common occurrence in businesses, affecting both productivity and the overall work environment. On average, employees spend about 2.8 hours each week dealing with conflict. It might not sound like much, but it adds up to an astonishing ₹29,500 billion in paid hours yearly, time and money which could have been invested in driving growth and fostering positive relationships. Translated into workdays, we are looking at 385 million days spent each year dealing with conflict.

In other words, every month, employees spend the equivalent of one full day handling disagreements instead being productive. Over a year, this adds up to 2-1/2 weeks spent on conflict instead of positive work. The magnitude of the Problem increases as workplace conflict impacts more than monetary loss on account of lost productivity. It leads to decreased morale, increased stress levels, and lower job satisfaction, resulting in an overall dip in productivity, disengaged employees and increased attrition rates.

Is there a way that businesses can effectively manage and mitigate workplace conflicts?

Read our full blog, where  Executive Coaching Dubai  discusses some easy-to-implement practical solutions to turn the tide on  workplace conflict  and create a more harmonious and productive work environment.

Transitioning to being an effective Leader

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A recent survey showed that 71% of businesses still feel that their leaders aren’t ready to guide the company into the future. It is an alarming statistic, given the role effective leaders play in developing an organization’s culture and growth. It is causing many leaders to re-evaluate their current methods to become more effective. But what traits do effective leaders possess that separate them from the rest? 

And how can you be an effective leader?

Who is a Leader? 

Leaders exude influence over peers and subordinates, enthusing them to achieve a company or a team goal and work cohesively as a team. Regardless of the title, leadership is a mindset in action. Leadership is not a mantle to be handed out. Leaders earn their position because of their competency to inspire those around them, focus on the organization’s objectives and work to maximize the firm’s value.

Who are Effective Leaders? 

From Steve Jobs to Jeff Bezos, effective leaders empower their employees, support the organization’s long-term goals, and deliver the best experience to their customers. Research has shown that effective leadership can lead to a 12x jump in a company valuation compared to those that ineffective leaders lead. Furthermore, when Ken Blanchard conducted a study on more than 200 organizations, they found that each year of delay in improving leadership skills cost the company 7% of its annual revenues. Since this effect compounds over time, effective leadership can mean giving up millions in potential revenue opportunities in the future.

Effective leaders are visionaries who can inspire innovation in the organization by motivating their team members to reach beyond their potential. Effective leaders create a shared vision to unify those around them, build processes to foster collaboration, and recognize each individual’s unique strengths and weaknesses to best deploy their skill sets to solve complex problems.

To know What Sets an Effective Leader Apart from a Leader and How you can be an Effective Leader  Click Here !

The formula for Sustained Business Success

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Have you ever heard of an entrepreneur starting a company to make ends meet rather than profit? Not!

Every entrepreneur aspires to be in the most prosperous phase of the economic cycle. It’s a great dream but making it a reality is another story. Businesses begin with BHAG goals and a vision for success.

Growing a firm requires the right intellectual assets, strategic partnerships, services, or goods that address unsatisfied customer needs or fulfill a demand gap in the market. A sustainable company model requires a strong operational foundation to decrease long-term risks.

Understanding sustainable business growth and how it is measured should come first.

What does “sustainable growth” actually mean?

Business sustainability is the balancing act between growth and resilience. The kind of growth that a company can achieve practically without running into problems is sustainable growth. A business that grows too quickly can have trouble finding the money to expand. A business that develops too slowly or not at all can eventually become stagnant. The objective is to determine the ideal growth rate.

The secret to a company’s long-term success is in it.

What does a sustained growth rate mean?

An organization’s sustainable growth rate (SGR) is the highest level of growth it can achieve without needing outside financial support in the form of equity or debt to finance its expansion.

Finding a sustainable growth rate for an organization can be challenging because it requires assessing external factors that might limit development. Market dynamics and social and economic factors are examples of external factors.

I suggest using the series of steps to maintain an enterprise’s momentum for business success:

  1. Adopt a business-minded mindset.

  2. Be a great leader if you want to succeed in business.

  3. The dream team should be invested.

  4. Risk should be befriended rather than avoided.

To Read More, click here.

Connect with Ratish Pandey – “The top business coach in India”

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What type of leader are you? Reactive Or the Creative?

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What is Your Leadership Style?

The Leadership Style of a manager significantly weighs on a firm’s performance.

A study conducted across half a million firms showed that the top 10% of high-performing firms had managers and founders that scored in the top 20% in leadership effectiveness. In contrast, the companies that scored in the bottom 10% had leaders score in the bottom 30% of leadership effectiveness.

Therefore, a company needs to evaluate its managers’ leadership effectiveness. For that, it is vital to understand the styles of Leadership. While there are several styles often discussed in this blog, we shall focus on two broad types that all leaders can we classified as Reactive Leadership & Creative Leadership.

What are Leadership Styles?

A leadership style refers to a leader’s approach when managing people / teams reporting to them.

Leadership styles determine how managers execute the path to achieving the company objectives while meeting stakeholder expectations and the team’s well-being.

A study by Daniel Coleman analyzed 3,000 managers, and they found that the Leadership style directly impacted 30% of the company’s profits.

Effective leaders  inspire, delegate, empower and develop their direct reports.

Leaders fall into one of two categories based on their leadership style – Reactive or the Creative Leaders.

Reactive vs Creative Leadership

Reactive Leaders are those who decide in a reaction to a situation. They seldom think long-term. Their focus is on responding to the situation at hand.

Depending on the individuals’ inherent strengths, reactive leaders can be compliant, controlling, or protective.

Reactive leaders are a little stuck in the mud and are not good at responding to change. Being out of their comfort zone, they operate out of insecurity, fear, vulnerability, and self-interest. Typically, individual contributors having earned the elevation to the manager role based on their performance find themselves challenged to manage the transition from the role of an individual contributor to that of collective performance.

Research reveals that nearly 80% of leaders or managers worldwide operate from a reactive place.

Protecting self and self-interest is the priority for Reactive Leaders. Everything else comes next. As a result, their decisions, on occasion, may not align with the organizational values or goals.

Creative leaders are change managers. They work and decide in line with the organizational values and goals. Working with the team to fire new ideas, innovate, and look for creative solutions that can significantly improve organizational efficiency while keeping the long-term progress of an organization are a few traits of the creative Leader.

Creative Leadership invests in team building and development. They delegate and empower their team members to take decisions while keeping them focused on their career development. They create an environment that allows team members to learn from their mistakes and take risks. Creative leaders make for inspirational moral leaders.

Creative leaders are more secure, positive, and confident and build an agile organization, in stark contrast to Reactive leaders that focus on the situation today with little or no long-term vision.

Read More on  what is the Right Leadership Style to Adopt .

Connect  Ratish Pandey  Official website, Best business coach in India

How to make business decisions – 7 ways

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Is this the right decision to make?
How often have you encountered this dilemma professionally or on a personal level?
We all want to make the right decision. Entrepreneurs are no different.
Here are some guidelines to prevent entrepreneurs from erring in making sound decisions

Base your choices on your values: Every successful business has a set of values that serve as a framework for employees to make decisions. Decide based on options consistent with your company’s value sets. This helps narrow down the possibilities.

  • Consult an expert – An “expert” is the appropriate individual with knowledge and domain expertise. Best Busines coach in India  and industry experts make for an excellent option. One should explore both in-person advice and Research.
  • Mind Mapping – A visual method of organizing concepts and data is mind mapping. A mind map, which is a graph illustrating a major issue branching out to subtopics that elaborate on the central subject – in this case, a decision to be made – is the result of mind mapping. By giving the user a foundation to view the larger picture, mind-mapping helps visualize and structure ideas, assisting in decision-making and problem-solving.

Read More on  7 ways to  make business decisions

Connect Ratish Pandey Official website, Best business coach in India

In an uncertain economy, how can businesses adapt?

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In today’s article,  Business Coach Ratish Pandey  will discuss a topic you suggested – Given the Uncertain Economy,  how can Businesses Adapt . 

As in a human being, for business, too, it is the mindset that defines adaptability. The frame of mind is to accept change, respond to it, and adapt effectively. We have to remember that change is only CONSTANT.

In times of drastic, unexpected change, as we faced during the pandemic, it is the time to open your mind – seek counsel, share ideas, brainstorm, and learn unashamedly from others about how they are addressing the situation, what is working, what is not. 

It is time to challenge the traditional approach to business. One must explore and welcome new ideas and ways to run one’s business. In today’s context, technology adoption across the organization is one new entrant that all companies cannot avoid. 

Next is keeping the ear to the ground. See how the change is impacting your customer and the purchase journey. 

A business that is nimble in responding to the customer’s changing demands will thrive.

Adapting to the customer’s altered purchase journey may call for change in operations or product offerings, the go-to-market approach, accessibility, or post-sales support. Whatever be the requirement – as an entrepreneur, you need to be swift in your response.

But how does one challenge the “old thinking”? Simple, by new and different thinking.

Think out of the box; in other words, let go of the barriers. Welcome new ideas and explore innovative ways that come to the fore – which in turn will help the business navigate these uncertain times successfully.

In coaching, we have an adage- “It is better to be consistent that be perfect”. So do not wait for perfection; instead, value speed and consistency. Start now and let improvement be an ongoing process.

All this is good going, but for it to sustain, there is one more important step. Leadership style will need to change for new ideas and ways of operations to take wing. Leaders must be keen listeners and be more inclusive, empathetic, and supportive. On the other hand, leaders will need to be decisive and lead from the front.

If you have any questions on this topic, let me know, and we would love to address them.