20th Aug , 2019
In 2018, it will be more important than ever for Australian and international businesses to have a business mentor or coach.
2017 has been a rather messy year for business, despite reasonable economic stability. The mining sector – once Australia’s major source of GDP – has remained flat financially, yet Australia continues to avoid recession with good employment, good exports, infrastructure spending, and low interest rates. But will this change in 2018?
From an economic perspective, Australian businesses have identified strong opportunities. From an export point of view, no longer does the economy rely principally on mining, with many businesses growing their service exports and developing in areas such as professional services, education and tourism.
However, there is a need to be mindful of the potential risks worldwide of destabilisation impacting economies and business, such as the Middle East, North Korea, uncertainties such as the ‘Trump’ factor, interest rate increases, Brexit, Catalan in Spain declaring independence, job instability, increasing taxation pressure across tax boundaries, threats from the development of disruptive technologies (such as evolving robotic technology), electronic currency, the increase and continual sophistication in cybercrime, and data security.
There is therefore much to consider from both opportunities and risks in 2018, making business coaching worth considering.
Business owners, directors, CEOs and senior executives all have responsibilities to take into account in their evolving business plans so they can strategise the likely future critical factors that will be presented in 2018 and beyond. They then must try and optimise their plans and decisions to enhance their businesses and counter any damage or risks that potentially may occur. The assessment of the business’s likely future is a critical process of considering these factors, futures and various options for the business. This strategic assessment process can be greatly enhanced with the key input from a high calibre, well matched, independent business mentor or coach from International Business Mentors.
An International Business Mentor or coach can critically help you see, test and appreciate your big picture and specific circumstances in your own strategic landscape. This should help you better identify and assess opportunities and risks. Additionally, your business coach or mentor can help you to consider your strategies from an alternative perspective, and can open up your awareness to other ideas and ways of evaluating the options you face. Essentially, two heads are better than one when it comes to challenging and assessing ideas and business decisions inside a very confidential and strong business coaching or mentoring relationship.
In 2017, we saw a general weakening in trust for Governments and large corporations, with potential damage to reputations, economies and business. 2018 will need government and corporate cultures to be realigned to woo back voter and consumer support, and to succeed, businesses face a real challenge.
This is where a well matched International Business Mentor or coach can assist you to assess the future possibilities for your strategy, corporate governance, and the assessment of your target culture needed for success going forward. And since the future is always uncertain, it is critical to optimally assess the future pipeline of business and the strategies, customer requirements, marketing, product and service offering, competition, operations, people culture, organisation structures, and the financial performance and funding required to achieve the best performance outcomes considered critical for your business to prosper in 2018 and beyond. These critical aspects should be reviewed inside your confidential mentoring meetings with your International Business Mentor.
Don’t waste time – engage a business coach now who can confidentially work with you to improve your business in 2018. For more information, call International Business Mentors today on (03) 8686 9192.