August 2, 2023
Construction is a tough industry. With one small mistake a lot of money can be lost, and with one win a contractor or sub can feel like they’ve made it big and that they will have a perfect year.
Misperceptions are common in the industry which can lead to failure.
According to the US Department of Commerce, construction and contracting businesses have the highest failure rate of any other business. Up to 96% of these companies fail before reaching 10 years in business.
That’s HUGE…right!?
But to take it even further. Did you know that each time a company gains a new CEO the chances of that company going down multiply considerably. Why? Because the process in which the company does business changes. Especially in relation to employees. Employees leave when leadership changes and employees are our most valuable resource. In the end this can lead to a loss in bonding capacity which in the end affects profits. Coaching can help by providing support to keep the company thriving through a transition or through anything that the company feels needs to be addressed.
A whopping 60% of growth-stage CEOs are using business coaches. This number tends to increase as entrepreneurs scale because they need the support a business mentor provides.
So, why should you hire a business coach?
To Define Weaknesses and Strengths
It’s hard to figure out where you fall short when you walk the same path each day. Companies are able to look at each phase of their business and look for weaknesses when working with a brilliant coach. Coaches can easily find strengths as well that can be used to help with sales in the long run. Some of us are not even aware of what makes our companies stand out. Spend two hours with a business coach and you will quickly find out.
To Enhance Performance
Feeling like all you ever do is work? Most likely it’s because you are not delegating or because you’re a micromanager. It’s important to know when we are working too much and to talk through what makes us tick in order to focus on our performance. Coaches are looking at the big picture and are able to help with new techniques that can increase production.
Setting Goals
An outside source to help with goal setting and to touch base holds you accountable and motivates performance. Plus a coach that is well versed in your industry will understand realistic goals. Be careful not to hire a coach that does not understand construction. Construction is one of the most risky industries and requires a mentor laser focused in the industry.
To set up a discovery call and to chat about our coaching programs reach out today.
