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The client is an expert in psychology with over 25 years experience in the industry. Having established their career in the public sector, their exposure to private businesses has been very limited. This proved very difficult for them to get their head around starting a business.
Their skillset is in idea generation. Their knowledge of the industry helps them identify the gaps that currently exist. The business idea is stress management and the offering is providing stress management services to senior professionals by taking a holistic approach that involve a personally designed package that helps them manage stress long term.
We were asked to help the business in its initial stage in the form of mentoring and coaching. Business life can be a very lonely place even for the most experienced business leaders.
We agreed to regular sessions taking into consideration both the business needs and the availability of the owner. Our aim was to validate the plausibility of the concept and to test the offering in the market place. Also, we wanted to help the client prioritise well and focus their efforts on those activities that would generate maximum return both in a short term and long run.
The client was lacking the confidence necessary to deliver this successfully. Also was further hindered by limited availability of resources.
We encouraged the client to test their concept by piggy backing on other businesses where the offering compliments the existing offering of the partner business. This will minimize the downside risk without limiting the return. Also, it will help overcome the obstacles with limited resources, which is a very normal problem for this stage of development.
The other problem identified is the lack of action and the risk averseness in the approach the client uses. Therefore, we suggested that they partner with an action driven individual, who would ideally have some business experience. This will help them put the ideas into action.
The outcome of our intervention is a happy client whose knowledge of business is increasing by the minute with greater confidence to see their vision through. We have also been able to enthuse and energise them and build a long term relationship based on trust and transparency.
We are very fortunate to be working with businesses and their owners where we can make a real difference in the lives of the business leaders, their teams and their clients.