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SYNERGY Ltd:

A BUSINESS PLAN FOR ESTABLISHING A BUSINESS COACHING COMPANY

Atakan Atasci

Cambridge College

Abstract

One purpose of this coaching business study was to examine literature on the process, benefits and cost of business coaching. A market analysis of coaching in Turkey was also done. The goal was to create a business plan emphasizing service quality, strategy, financial possibilities and market analysis as well as to check the impact of the Turkish market on the business. Business coaching supports individuals or groups that are mostly lack clarity about the aims and objectives in their careers, jobs and organizations. The underlying reason for coaching is to find problems and improve the clients’ skills in overcoming challenges. The paper culminates in a business plan for establishing a business coaching company. The goal of this business plan is to gather detailed data by using coaching literature and Turkish market analysis, and implementing them into a business plan for Synergy Ltd.

Introduction for Synergy Ltd Business Plan

This project is a business plan to establish a business coaching company in Istanbul, Turkey. It aims to temporarily support small and middle-sized companies to increase their potential, especially in export and import. Therefore, this project will be all about creating a coaching company that guides organizations in areas of management and developing business relationships. In order to understand the capacity and potential of business coaching in Turkey, there will be a survey that evaluates business coaching experiences and the experiences of workers who have had coaching. The company will be called Synergy Ltd.

An expert coach, Patricia Clason(2001), stated that “A Business Coach is a professionally trained coach with a background in small business issues who oversees, assists and guides you—the small business owner—in developing, starting, and growing your small business. The Business coach helps you clarify your business goals and objectives and helps you develop the skills and acquire the resources needed to operate a successful enterprise”.

Clason(2001) said that a business coach might meet you regularly, either in person or over the phone or by using the resources of the internet to argue the existing and future business and life issues that might be challenging. Clason also stated that having meetings on a regular basis keeps clients on track and help them move forward.
Also, Patricia Clason classified the fields that Business Coaches generally works in three categories. She explained General Planning as: business coach works with you on stabilizing and developing your Strategic Planning, Marketing, and Promotional Planning, Financial Management and Planning, and General Administration and Personnel issues.

Clason(2001) explained Marketing and Promotional Planning as: Business Coach specializes in helping you develop and implement your Promotional Action Plan, Advertising Plan, and Public Relations plan. Finally, Financial Planning explained by Clason(2001) as well as:  Business Coach specializes in helping you understand Financial Statements, Cash Flow Management, Pricing Strategies, and Employee Compensation plans. However, this Business Coach is not a tax advisor.

In this business plan, business coaching means that guiding small and middle-sized companies to develop their strategic planning, marketing, and promotional planning and map out their promotional activities and advertising plans in order to increase their marketing and sales activities.

This business plan will include business coaching summarizing experts’ views on the benefits of coaching individuals and companies based on the client’s perspectives; the cost to clients of needed changes and relationships management such as coping with resistance from workers in the organization.

Background

The world has become a place where people are able to get any kind of their needs met from overseas in a short period of time since social media has exploded and started to be used by everyone. People are now aware of what is going on thousands of miles away from where they live. This gives a chance to countries to develop their economies by using media tools. It is much easier than before for the companies to get into foreign markets. Since people demand foreign brands, it increases the volume of export and import. Therefore, economic conditions of countries have started to depend on their volume of export and import. Turkey, as other countries, has regulated some ground rules to support the export-import process.

Nazlioglu(2013) reports that Republic of Turkey has started to promote export companies since the 1980s. In order to integrate with the world economy, the trade-oriented growth strategy and liberalization of its economy started to practice. Every year, by the new economic development plan, new regulations of export incentives are announced. Although most of the regulations remain the same, there are always new ones that companies have to follow. The same thing applies to the import process. Every year, some import rules are changed accordingly the need of industries. Most of the companies have issues following the new rules. Therefore, the export- import industry itself creates its own specialty and there are people that work with companies as an import-export specialist. However, in order to help companies within the scope of international business, skills and knowledge of import-export specialists on the basis of custom regulations are not enough to coach companies to boost their sales and profits. For this reason, for the past several decades, business or executive coaching has had an important place in Turkey.

Especially for companies, those are willing to take their import-export business to a professional level, getting external advice on the complete strategy and know-how about import-export, have become an essential resource. These needs of the market increase the demand for business coaching, who have experiences in business combined with skills in communication and knowledge of management. These companies’ needs can increase the success potential of this business plan.

Historical Context

According to Smith(2008), the first ‘coach’ term was developed in the 1500s referring to “a horse-drawn carriage” in a small Hungarian town of Kócs. “In the mid-1850s, the word was started to use in English- speaking universities and the meaning of the word became to refer a person who got students prepared for the exams.” Considering the history and the current literature of coaching functioning, especially business development, all the practices began in the late twentieth century.

Smith(2008) stated that, workplace and business coaching are subjects that have been recently developed. In the earliest time of development in the coaching industry, the activity of coaching was called            “development counseling”. Most of the coaches had a background of psychology and professionals who concentrated on organizational development.

Smith(2008) writes that, from the beginning of the 1980s, the practice of coaching was experienced growth and increased its extent in life, leadership, career coaching, and other applications. Because of increased downsizing, merging, and finding new employees in organizations, the coaching industry developed more rapidly. Leaders had to deal with the uncertainties and pressures on the employees.

Smith(2008) believes, from 1995, business and other types of coaching related to employee issues continued to develop. The number of studies devoted to the coaching field increased day by day. A new world that contains intense competition required to get professional help. Thus, the need for people who can show the way to solution caused to expand the number of new coaching organizations and certification programs (Smith, 2008).

Tulpa and Bresser(2009) adds, similarly, the development in the global coaching business, business coaching has also started to develop in Turkey. Unfortunately, there is still no defined best practice for the meeting business coaching needs according to the Turkish culture. Topics such as sex, religion, and politics are very sensitive in the Turkish culture and therefore these topics are taboos to discuss during coaching sessions. This fact leads to the result that the relationship between coach and client can only be discussed on limited topics, which makes the coaching in Turkey slide to the more educational side. According to Tulpa and Bresser’s observations in Turkey, managers are not open to being criticized and therefore they are looking for developing the way they are working, rather than changing on their negative habits or features. The effects of Turkish culture pushed the coaching industry to focus more on the training and consulting side. This situation is also valid for the import and export business field.

Language barrier and low educational level have prevented business owners from developing professional strategies and being able to use the latest technologies in the world. Therefore, there is an essential need for external professional support. The executives and managers might not change their way of communication and how they are managing their employees: on the other side, there is a rising tendency for them to get external support regarding the company’s strategy and processes.

Literature Review

Hemingway(2002) explained business coach as, the person who helps people advance their performance and their skills to carry out the organization’s plan rather than management consultants or group training programs, business coaching is into companies’ success through employees’ improvement.

Business Coaching Process

The process business coaches usually follow is a GROW(Goal,Reality,Options,Will) model which was stated by Passmore (2010). Although there are many claims to authorship of GROW model, originator has not been able to be identified. According to Passmore, all the process of coaching is about GROW model and direct their efforts accordingly

(Passmore, 2010).

With this process, companies have chance to set their goals, create appropriate strategies. Coaches will help companies to follow through what they built and measure results of the process. The Grow model is formable and it gives a chance to go backwards and forwards through it four aspects within a session (Passmore, 2010).

Ives(2008) claims business coaching reflects multiple perspectives and aspects, a humanist perspective, a behavior based approach, an adult-development approach, a cognitive approach, an adult learning approach, a positive psychology approach, an adventure-based approach, a systemic approach and goal-oriented approach are the main perspectives and approaches. Since business coaching covers multiple perspectives and approaches, it provides the opportunity to develop the employees of a company in multiple ways.

Companies that use external coaching -business coaching- have internal coaches. The main reason for that is coaching every individual in a company externally will create high costs and require more time. Therefore, most often companies use the external business coaches for getting the know-how into the company. After the know-how gets into the company, it is important that it is maintained in the company and can be transferred to the employees in the long term. According to Ellinger(2008), establishing a company working structure and being less dependent on individual employees is possible through implementing manuals for requirements of different departments, well defined processes and training materials that explains all processes and manuals. This will lead to standardization in training and makes the application of coaching easier.

Benefits of Business Coaching

Business coaching can develop a person in many different ways. According to Grant(2006) “coaching is a goal-oriented, solution-focused process”, which indicates that one of the main expectations of business coaching is to increase performance.Gallwey and Whitmore have noted that the  performance of a company or employee correlates according to the difference between the potential of the company/employee and the disturbance, which is exactly what business coaching focuses on. According to Leedham(2005), by analyzing and coaching the company, the coach finds out the obstacles of a company that blocks the company from reaching its potential and removes them.

Brumwell and Reynolds reports, different approaches of companies have proven that with successful coaching strategies, the performance of the company increases. British Telecommunications increased its productivity and capacity on average by 11.2 % with an external business coaching program. Brumwell and Reynolds indicated that the company saved 40 million US$ by using an external coaching program that focuses on work-life balance.

In another example, given by Parker-Wokins(2006), Booz Allen’s Center has implemented a coaching program and gathered 700% return on investment (ROI) through increasing their ability to build, develop and contribute to high performing teams. This has also developed the business relationships between Booz Allen’s Center and its clients.

Whitey(2006) agreed that,Just as these examples show, business coaching has an increasing trend due to the positive results and convincing cases. It is very attractive for companies who want to increase their performance through talented employees who are able to adapt to the dynamic market requirements.

Increase in Motivation

Motivating employees can be a different task for every corporation. Even if the employees are paid well, treated fairly and work a reasonable number of hours, there are still many situations and conditions that may decrease the motivation of the employees. According to Wiley (1997) and Lindner (1998), motivation is very dynamic and may change in different occasions at any time. They say that in order to keep the motivation positive and even increase it, one of the most important factors is the relationship with colleagues, co-workers and supervisors.

Because relationships are so important at work, business coaching becomes a very fundamental need for every company. Wiley also indicated that by increasing the know-how in the company and improving the corporate culture, the employees and supervisors will be enabled to work together and communicate with each other more effectively.

According to Knight(2007), healthy communication and structured working culture will clarify the expectations of the employees and all employees will know what to do and how to do their tasks. Longnecker(2010) argues that, by coaching the employees and investing in their self-improvement, the company will help adapting the company and will make the employees feel like owners. According to Longenecker Feeling ownership of the company and adapting to the company culture will make the employees more interested in the company and they want to work more productively.

Benabou and Tirole(2003) points out, the emotions of employees may change from time to time and managing these emotions is a difficult challenge for every supervisor on the other hand, business coaching targets mainly the know-how and soft skills of the employee that is coached. Having successful business coaching will result in more know-how, which will increase self-confidence. Benabou and Tirole also say that the communication to the employees will be more professional and qualitative, which will increase a supervisor’s capability of motivating the employees.

Longnecker adds  that, the employees can motivate themselves or they can be motivated by their supervisors. No matter which hierarchical level is targeted in business coaching, it will have a positive effect on motivation. According to Benabou and Tirole(2003), depending on, which hierarchical level is coached in the business, the motivation can be caused through the supervisor or the employees and in the end, at both situations the motivation will increase.

The Cost of Coaching

According to Bullock(2003), after analyzing the benefits of coaching, the market field provides significant improvement for staff, sales and organizations. However, there is another reality, which is the cost of coaching for companies that hire coaches, sometimes paying a large amount of money and time. Simultaneously, hiring a coaching staff will bring a stronger commitment in the organization. Nevertheless, the cost of a business coach is greatly exceeded in value by the benefits. Bullock talked about an example of successful coaching for a company. She interviewed partners of a company located in Australia in order to understand whether coaching is worth consuming time and money.

Parker Wilkins (2006) agreed about, how valuable coaching was. In both articles, companies had almost the same situation and they both hired coaches. Eventually, the business coaches helped to increase companies’ profit dramatically and created a better work environment which everybody including the owners enjoys.

Bullock(2003) emphasized that the company that he studied had a significant decrease in sales and hiring a coach who would come once in a while and cost a lot might seem to the owners just another expense that they would have to bear. Nevertheless, the company hired and it helped them not only increase the profit but also arrange the day-to-day works and map out company’s strategy.

Another study about cost of coaching as a long term investment was conducted by Anderson and MetrixGlobal in 2001. The study looked for the value that coaching might add to the business and the returns of coaching investment. Participants were chosen among potential leaders and executives from two different countries: The United States and Mexico. Results were as below:

• 77% of responses were about coaching’s significant or very significant influence on at least one business out of nine.
• 66% of these 77% responses specified the significant influence as financial benefits of their coaching.
• The productivity increase was 60%.
• Employee satisfaction and customer satisfaction increases were at the same level of 53%.
• Work output was the cited result as being importantly influenced and the rate was 30%.
• Work quality was another high rated outcome which was 40%

Anderson and MetrixGlobal reports the study was terminated, as “the coaching process produced a 788% return on investment. Excluding the benefits from employee retention, a 529% return on investment was produced” (Anderson & MetrixGlobal, 2001, p.4).

Business Plan

Overview

The company name will be Synergy Ltd. It will be founded as a coaching company, and will specialize on business coaching. It will be established in 2019 as a coaching company that will provide management and business solutions for international trade companies. Synergy Ltd will be located in Istanbul, Turkey. The company will seek startup capital of $200,000 to begin operating. The company will be delivering management and business (export-import) solutions by 2019. These management and business solutions will be delivered according to companies’ issues, so every solution will be designed individually and will have its own time schedule. The company will aim to provide its management and business solutions for middle-sized businesses in the industry during the first three years. Eventually, when the company proves itself in the industry, it plans to be a permanent consultant to several large- sized companies.

Mission and Vision

The company’s vision is to help businesses until clients reach the level where their potential meets at. Having this vision, Synergy indicates the one of the most important company values is as to be reliable and successful partner of its clients. Combining Synergy’s core values and its vision, the mission of Synergy will be: Always be committed to creating a path to increase efficiency and effectiveness and to contributing constructively to the professional and personal development of people and the organizations that employ them to create better lives.

Goals and Objectives

Synergy Ltd will be specialized in business coaching in its first five years. It will focus on increasing its clients’ sales, either by decreasing costs of import or helping to find export customers. In order to accomplish these desired objectives, heads of sales, marketing, purchasing departments and owners of companies will be assisted and guided very closely. Strategic planning will be one of the most important processes of business coaching, which means that every detail of targeted goals will be discussed and tracked with responsible departments. Synergy Ltd will consider any business agreement as a project, within limits on time and budget. There will be key areas of focus for Synergy Ltd within business development coaching and consulting, including training, guiding, providing management and        business development and solutions eventually implementation. On the other hand, Synergy will support its clients with custom regulations for each of the goods that are exported or imported. In addition, Synergy will be able to find potential customers or get potential customers prepared for sales or purchase. In brief, Synergy Ltd will use its experience in international trade to help their clients to solve their problems and difficulties.

Products and Services                                                                                                                       Synergy Ltd aims to help organizations by servicing;
–  Management and Business Relationships Development Coaching
–  Professional Support
–  Strategy Management

Synergy offers its clients development in management and business relations, additionally professional support in export-import process and strategy management.

1.According to Ha’kanssin and Snehota(1995), management and Business Relationships Development Coaching: Companies need to exchange complex and important information with their partners. Therefore, communication in business is a vital to coordination. In another words, helping companies to have the ability to build strong communication channels means that they can bring additional value to their business. So, Synergy aims to improve business relationships between suppliers and their clients through enhancing communication.

2. General Planning: Synergy works with its clients on supporting and improving its clients’ strategic planning, marketing and promotional planning, financial management and financial planning.
   3.Marketing and Promotional Planning: Synergy pursues in helping its clients
   advance and achieve the promotional action plan, advertising plan, and Public Relations plan.
3. Professional Support: This coaching provides technical information in the export and import process by preparing necessary documents for customs. Synergy will also provide training sessions to workers in organizations, since Synergy’s essential aim is to create an environment where organizations will eventually sustain any implementation without Synergy support.
4. Strategic Management: Since most companies lack a clear definition of their strategy, Synergy Ltd will offer this specialized form on coaching. According to different sources, the failure rate on implementation of strategies is between 60 and 90 percent (Kaplan and Norton, 2005). Small and mid-sized companies in Turkey will need to be supported on this point. Synergy coaching aims to advice on organizational priorities, emphasize on energy and resources, reinforce operations, guarantee that employees and other shareholders are able to work toward mutual goals and create agreement around envisioned outcomes or results. Therefore, Synergy will understand companies’ goals and objectives and accordingly create strategies that are monitored, analyzed and implemented.

Marketing

After the foundation in 1995 of the International coaching federation (ICF) (ICF, 2015), coaching has started to make its way into the Turkish market. The ICF (2015) is accrediting and certifying individual coaches and coaching companies, which makes it possible to differentiate professional coaches from uneducated coaches. The well-known coaching companies that are active in Turkey are using the certificates and accreditations of ICF. According to research made by ICF, market share and some other significant information in professional coaching are as below;

• 80% of coaches in Turkey are women
• Ages of 86% of coaches in Turkey are more than 36
• 46% of coaches in Turkey work for companies
• Companies that already work with coaches have more than 3000 employees.

The keys of our strategy are:
–  To put forward solutions that are required by customers
–  To guarantee all of the resolutions have cost-effective considerations built into the         individual forms.
–  In order to avoid the situation that our customers will chose another coaching                 support; we will establish strong relationships with our customers.
–  For competing with well-known brands, one of our key strategies is to increase the brand value.
–  We will focus on different marketing activities depending on the sales channel such as TV, magazine

Company Target

There is an enormous opportunity to offer business coaching services to the small and mid-sized companies in Turkey. The owners of companies in Turkey typically start their business because they have strong technical skills or interest. However, having strong skills or constant interest is not something that can be turned into profit. This is where Synergy will help those companies to find their problems and implement right solutions.

In a brief description, the prospective target companies for Synergy are located in Istanbul, Turkey of Synergy are small and mid-sized, having between 5 and 70 employees, dealing with export or import.

Competition

The first business coaching companies in Turkey were established in 1997. Altinsoy(2015) reports that, the Turkish coaching market is about 10 million US $, and is growing every year. According to Altinsoy, last year about 4500-5000 people had coaching. The separation of different coaching fields is currently unknown.

Key facts of the Turkish coaching market were analyzed by ICF Turkey among their members. According to the research of ICF Turkey, 85% of the coaches have a business experience over 11 years. 94.3 % of the coaches are providing individual coaching, 54.7% provide team coaching and 60.4% are providing business coaching. The average coaching experience is 619 hour per individual coach and the average coaching experience with an accreditation of ICF is 206 hours. The average coaching price is 100 USD per hour.

In the business coaching market of Turkey are local companies and branches of international companies active. The first companies that are active since 1997 and are accredited from ICF are Ozgur Kasifler business coaching, Indigo business coaching and Dale Carnegie business coaching. 2 newly established companies are Sapka Consulting and Action coaching Turkey. Other than these companies, individual business coaches are also active in the Turkish business coaching market.

Ozgur Kasifler business coaching (Information retrieved from company website): The company has been established in 1997 and has 8 business coaches. Ozgur Kasifler business coaching has over 100 references in different industries such as, construction, health, textile, retail, furniture, automotive. Ozgur Kasifler business coaching has mostly supported small businesses.
Dale Carnegie Turkey (Information retrieved from company website): Dale Carnegie Turkey is a branch of the global company Dale Carnegie. The company has been established in 1997 and has 26 business coaches in the company. The company has references of industries such as finance, banking, electronics, education, industrial and chemical products, energy, food and beverage, service, pharmaceutical, production, information technology, production, construction, logistics and sea transportation, media, automotive, marketing, retail, insurance, tourism. The global Dale Carnegie has coached companies such as BMW, AT&T, Mercedes, Harvard University and Wal-Mart. Dale Carnegie Turkey gave trainings over 20.000 days and has supported the career of over 200.000 professionals.
Sapka Consulting (Information retrieved from company website): Sapka consulting is a newly established company and has 6 business coaches. The references of the company are currently unknown.
Action Coaching Turkey (Information retrieved from company website): Action coaching Turkey is a newly established company and is a branch of the American company Action coaching. Their target is to have 200 clients in Turkey and they want to increase the number of coaches they have. Their main focus is small businesses.

In the market are both multinational and local competitors. The coaching market projections of Altinsoy (2015) indicate that there is a potential for significant growth in the market, which may increase the attractiveness of the market and therefore the number of competitors.

Marketing Plan

Since the services Synergy offers fits in many organizations’ needs, we need to reach out as many current, potential and lost customers as we can. The promotion plan for Synergy Ltd is to launch an event and to use the internet (emails, Google banners, Social Media)

With every information request from either domestic or international markets, we are going to send mugs, pens and so on promotional items to advertise the product efficiently.

The keys of our strategy are:
–  To put forward solutions that are required by customers
–  To guarantee all of the resolutions have cost-effective considerations built into the         individual forms.
–  In order to avoid the situation that our customers will chose another coaching                 support; we will establish strong relationships with our customers.
–  For competing with well-known brands, one of our key strategies is to increase the brand value.
–  We will focus on different marketing activities depending on the sales channel such as TV, magazine

– For the domestic market, we launch an event and invite our dealerships and customers. We only reserve 7% share out of 100%. We will let prospect and lost ones by email, phone calls, and brochure, promotional items (pen, notebook, mug and flag).

–  The most share by 40%, we plan to reserve is for Web Media. Web media will contain web advertisements, web site, blogs and social media.
–  Billboards will be used to catch customers of our local customers.
–  By sending emails to current, potential and lost customers with company flayer                          (every detail about services will be seen in the email.), we plan to create the sense of       ‘inquire or buy’

Organizational Structure
Synergy Ltd is an individual proprietorship that will be run and managed by the owner, Atakan Atasci. All accounting duties will be contracted out. Any additional help needed will be acquired on a subcontract basis.

Atakan Atasci is a business coach who has a bachelor’s degree in International Trade  from Celal Bayar University and another bachelor’s degree in Business Management from Cambridge College in the United States. Any full time staff won’t be planned to be hired at Synergy Ltd for at least two years. If additional staff for the completion of client contracts will be needed, they will be hired on a subcontract for minimizing the labor cost.

Pricing

The price of services that Synergy Ltd frames its services under general planning, marketing and promotional planning and professional support highly depends on the case-type. The service of professional support provides the clients with knowledge on export-import procedure and cost saving programs. General planning, marketing and promotional planning       services depend on clients’ needs. However, positioning the price, Synergy Ltd will mostly consider its strengths and weaknesses.

MLM (multi-level marketing)

B2B – Business to Business: cost + profit among 17% – 45%

The price is very changeable according to sizes or even location of organizations. That is why, it is logical to keep the price between percentages. The price strategy is based on penetration pricing and cost plus pricing. Since Synergy Ltd is a new and very small company, we like to have its advantages by using the lower pric

Proposed Location

Turkey is a country willing to increase its export rate by 2023, explained by the president of Turkey and the Turkish government is already ready to support companies that are able to do exports. On the other hand, the Turkish government calls for foreign investors to do businesses in Turkey with low rate of cost and high rate of return in investment. These two main reasons make Turkey for investors such a good opportunity. Therefore, Synergy will focus on firstly potential customers in Turkey. As Synergy Ltd has good references from companies in Turkey, we will consider European and Middle East regions as a second priority. Eventually, expanding business to other regions will be an essential aim of Synergy Ltd

Our priority areas are:
–  Turkey
–  East and Middle European countries
–  Middle East countries
–  North African Countries
–  Russian Spoken Countries

Financial Projections

Synergy Ltd Income Statement in 2020

Income statement prepared based on to seek turnover in amount of $200,000 by 2020

Sales Forecast

First Year Operating Expenses

Timeline

Synergy Ltd will be founded at the end of 2019 will be starting operating by December. Synergy Ltd aims to be one of the successful business coaching companies in Turkey and helps small and middle-sized companies to improve themselves in a long term run. In the first five year period, Synergy plans to make the highest improvement in its active region. In the second five year period, Synergy plans to build a nationwide network in the coaching sector. In the third five year period, Synergy plans to become a multi-national company and plans to open its first branches outside of Turkey.

Conclusion

This project was designed for business coaching to small and medium-sized international trade companies. The idea was to guide those organizations in management issues. The top priority goal was to create a business coaching company that would be able to support small and medium-sized international trade companies in productivity, growth and strategic planning. International trade has been becoming cruel for Turkish companies and Turkish companies are looking for ways to respond to trade changes and new customer needs. Although new trends come with new opportunities, these advancements create a number of challenges. Common problems include financial restrictions; economic ambiguities in the global markets unified with unstable service prices are putting pressure on margins and cost-effectiveness.

Considering these reasons, this business plan was created to support organizations in three different areas. Due to its business coaching nature, the very first step to guide organizations is to diagnose the problem. During this first stage, the most popular coaching process the GROW model will be used. After understanding the major inadequacies in an organization, the best fit solution will be applied.

The solutions will include general planning, which targets strategic planning, marketing and promotional Planning, and general administration, or marketing and promotional planning which are creating promotional action plan, advertising plan, and public relations plan. Eventually, after the problem is diagnosed and the solution is implemented, the last thing is to monitor how it works.

During these three stages of business coaching (diagnosis, implementation, monitoring) the ultimate aim is to reorganize companies and make sure that without any further guidance they won’t face the previous problems that they have overcome with us. Synergy’s guidance will time-limited and beyond planning in management or marketing; it will aim to increase in performance, employee coaching quality and motivation and to reduce the cost of getting coached. Three things that Synergy prefers to break are employee resistance, time pressure and budget sensitivity.

This project is about conveying business coaching approaches, new ideas, emphasizing theories, finding success factors of knowledge, redesigning organizations, and helping to get rid of uncertainties in organizations. The research part showed three types of management coaching approaches, to describe how specific circumstances were handled. Thus, this research relates to the international trade industry in the methodology chapter by a survey demonstrate awareness of business coaching, the efficacy of coaching in organizations, and how firms should be handled by business coaching companies.

Statement of Learning

I have realized that businesses start with a vision and knowledge. In order not to be unsuccessful, circumstances in the targeted market and the process of business coaching are the essential elements that business founder must know. On the other hand, having good knowledge of market might not be enough to run a business, for sure, science is the core thing in every area. So, without knowing the approaches of business coaching in the literature, I cannot imagine myself running a company. I am so grateful to have taken this opportunity to create a business plan and to have seen the details of establishing a business. This project has sought to demonstrate how business planning and processes can contribute to the learning of coaching, and particularly the insightful element within it.

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