Improve your Business Coaching to Detect Weaknesses and Strengths

Improve your Business Coaching to Detect Weaknesses and Strengths

One of the most important tasks that we are going to develop as leaders of a group is to identify the weaknesses and strengths of our team as an entity and of the members of the group individually, in order to optimize these skills and put them at the service of the company.

Although there are companies specialized in Business Coach Melbourne, which perform an evaluation of these weaknesses and strengths, we will see some guidelines to improve our leadership capacity and allow us to develop this task ourselves.

Improve your Business Coaching to Detect Weaknesses and Strengths

 

What is business coaching?

This concept of business coaching refers to a series of techniques and tools that are applied in the workplace in order to achieve maximum productivity and effectiveness in the development of the functions of a working group.

Therefore, business coaching will be developed directly on the workers who make up the team, both employees and managers, to know the strengths and weaknesses and develop an action plan aimed at the company’s excellence, promoting the former and eliminating, as far as possible, the second.

Depending on the type of techniques we apply and when we do it, we can obtain a thorough evaluation of the human resources under our supervision. Through corporate coaching we can detect the strengths and weaknesses of workers, but also improve interpersonal relationships, find solutions to specific problems, avoid future conflicts, promote teamwork or select the right personnel for the positions.

For this, we will carry out individual or collective coaching sessions where, through questions, we will draw conclusions about the field we are dealing with, and then apply the measures that correct the errors and promote the correct answers.

How to improve business coaching?

Although you may feel lost in your first business coaching session, following a series of strategies you will see how the meeting unfolds without incident.

  • Planning . It is very important that we know what we want to achieve with the coaching session: organize the team based on its strengths, reduce production times, solve a problem of the procedure … Based on our objective, we will raise the points we will address with employees.
  • Approach . A meeting of the boss with the employee can be seen by the worker as a punishment or a reprimand. In this sense, we must explain what the session really consists of and what the objectives are, so that the team member does not start the meeting from a position of rejection or fear. You should feel free to speak, show your opinion and know that your contribution will be part of the improvement process even when it comes to finding the weaknesses of it.
  • More listening and less dialogue . The coaching session is not a conversation with our interlocutor, but it is about getting the broadest picture possible of your vision of the matter and provided independently by the person, so we must limit ourselves to ask the necessary questions to obtain it . If we contribute too much information or our own assessment, we risk contaminating the employee’s opinion or directing their response. Therefore, it is not recommended that we make value judgments about the answers and limit ourselves to listening.
  • Careful language . If we seek a frank response, we must reject any question that can be understood as an attack or a criticism. To achieve this, we will formulate the questions in the most aseptic way possible, fostering the worker’s collaboration.
  • Absolute discretion . Imagine that we got a very participative and successful coaching session, but as soon as it ends we dedicate ourselves to tell the details of the conversations to the rest of the company. The effort of all will go to the bottom and the confidence obtained will never be present in future meetings.
  • Development and supervision . Once we have all the information provided, it is time to use it. At the end of the relevant sessions, we will have to analyze the conclusions we have reached and draw up an action plan for the future. Without this last step of development and control of execution, there will be little business coaching.

Calculation of Cash Flows: Expansion Projects

We will begin the study of the computation of cash flows for investments that have to do with the growth of a company, that is, expansion projects. Determination of Initial Investment

Of course, the initial investment must include the necessary disbursement to acquire , transport and install the machinery and equipment required to carry out the project and, where appropriate , also the disbursements to buy the land, buildings and other assets fixed that are required. In addition, the net investment in working capital should also be included here. For purposes of the capital budget valuation models, it is considered that the initial investment occurs in period zero, that is, at the moment in which the project will start. Of course, these disbursements actually occur not in a single moment, but over several weeks or months. For all practical purposes, however, the assumption that they occur in a single moment is valid, since the distortion that this assumption produces is minimal in most cases.

Business Study Notes for: Business Study Online

The initial investment is the sum of all disbursements that occur in period zero minus the positive cash flows (if any) that occurred in that same period. Table 1 shows, by means of an example, the procedure for calculating the initial investment of an expansion project. Consider that Electrical del Norte, dedicated to the manufacture of electronic devices is interested in extending its operations through an expansion project. This project consists of introducing to the market a new bread toaster based on microwaves that would compete with the traditional toasters based on electric resistances. The machinery and equipment to manufacture the new product will cost $ 800,000 and another $ 100,000 will be required to install them. In addition, the net investment of working capital will be $ 50,000

To calculate the change in net working capital are still several steps. First, increases in current assets are added, subtracting all the decreases in said assets to determine the net change in current assets. Then all the increases in current liabilities are added and all the decreases are subtracted to calculate the net change in current liabilities. Finally, to establish the change in net working capital, the net change in current assets is subtracted from the change net in current liabilities.

Suppose that the financial manager of Electrical del Norte expects that the new project will increase accounts receivable by $ 35,000 and inventories by $ 40,000. The Cash and Negotiable Securities account will not undergo any change. It also expects accounts receivable from suppliers to increase by $ 35,000 and that, due to greater automation of the production process that will affect other areas of the company, the accumulated liabilities will decrease by $ 10,000. The net working capital increase of $ 50,000 required for the microwave roaster project is established as shown in. If you want to learn more about such business related matters, you need to visit Business Study Notes. Business Study Notes is all about free online notes, business education and business study online, especially the students of MBA, BBA, & DBA may easily get ready for their exams through Business Study Notes.