According to the 2011 Global Entrepreneurship Monitor, entrepreneurs in Australia ranked second in the world in terms of fear of failure. To date, there are already at least 2.3 million businesses in Australia, said the Australian Bureau of Statistics. Interestingly, Australia also ranked second in terms of having the entrepreneurial spirit. But that doesn’t stop the wave of business mortality rate, tipping at 2,961 companies applying for insolvency before the Australian Securities and Investment Commissions. These companies could have benefited from a business coaching in Sydney.

Risks during infancy

A study of the data reveals that the risk of failure is very high during infancy. When an entrepreneur sets up a business, the risk of failing in the second and third year is 20%. However, the rate of failure drops down to just four percent after the fifth year, records show. But failure can be defined several ways. The business might not have folded up but it doesn’t necessarily equate to success. In fact, after the fifth year, most businesses just flat lined, meaning they are just breaking even.
Small businesses will benefit so much from business coaching in order to come up with strategies and techniques not just to ensure stability but actually succeed. The need is highlighted by the main reason for insolvency: 8 in 10 of the problems can be traced back to cash flow rather than problems with sales and marketing.

Purpose of business

Business at its very essence means attracting and retaining customers in order to arrive at a profit. With that principle in mind, the main purpose therefore is how to increase your customer base while keeping your operational costs down. There are hardly new innovations in business strategies and marketing. That’s why it’s important to look at the past so you can learn from the mistakes of others.
For example, a majority of business failures is internal in nature. Business coaching will allow you to clean your house first before you can even begin to look outward. Even if you have the most creating sales pitch and acquire new clients at record rates, you have no way to retaining those clients if your house is not in order.

Benefits of coaching

Entrepreneurs build their own business because first, they want to be their own boss and second, they want to market an idea. But it could be a lonely way to the top without the benefit of business coaching in Australia which can offer a new perspective which is crucial to the growth of the business. Among the lessons you will learn is how to design strategies that are market-specific, increase your focus, boost revenues, learn your priorities, manage your time properly and finally, be more motivated to pursue your dreams.

Author's Bio: 

A Small Business Mentor has the courage to apply his own professional business coaching tips in Sydney. You can give the boost to your business profits in across the world.