7 Reasons Why FinTech Companies Need a Business Coach
Innovative technologies in financial sector have enabled the businesses to offer now products and services to the clients that are demanding quick and easy services. These innovative technologies are known as FinTech. Fintech segment has offered innovative products globally such as peer to peer lending, crypto-currency, open banking, Robo-advisory and Blockchain technology. These FinTech initiatives have increased financial inclusion globally.
Fintech sprouted from the US economy and have spread globally in the last ten or so years. Today Fintech companies are maturing after having a startup period in the Initial stages of establishing their companies. More and more Fintech hotbeds are surfacing with more and more people getting involved in innovative financial technologies. This trend shows that the global Fintech segment is not yet saturated and there is much room for new technologies and ways the businesses can change the financial setup. The attention of many investors is shifting from traditional fintech hubs and now they are reaching for new, untapped markets.
Figure No 1 shows that China, India and UK are the three top countries where most of the consumers utilize Fintech to get service from businesses. Especially in UK there is noticed a huge spur in new fintech startups. According to expert report, there were almost 1700 fintech firms established in UK in the year of 2018 and that number is going to be doubles in the year of 2030. Total investment of fintech firms in UK was numbers as 3.4 billion dollars, highest investment after USA and China. The reason behind the huge interest in UK is the rapid growth of technology sector in recent years. UK’s excellence in creative ideas, products and Research and development is what that attracts a lot of investors in London.
The Fintech companies whether they are at the initial stages or going through the developing stage needs a business coach. Most of the fintech startups are owned and started by employees of the financial institution and they do not have much experience of their own on how to manage the new startup or its developing stage. They struggle to manage the funds, investment decisions or R & D initiatives in all the stages of their business. Then came a point where stagnations hit the business and the owner get panic. That is the point where you need external help that is sincere and professional as well. A business coach provides full attention to your business and advices you according to your vision and mission. There are many reasons why you need to have business coach but this article would mention seven main reasons you need to have one right now.
7 Reasons For FinTech Consulting
1. Think Out of the Box
New fintech organizations mostly face this problem when they have limited resources and limited workforce to give ideas for growth and success. One direction and thinking at the same line mostly limit the success opportunities that are coming to the fintech firm way. As a result, your resources that are already scarce would be invested at the wrong project and your firm would face trouble at the end. The best thing to avoid this dilemma is to think out of the box. A business coach would push you to think innovatively and find solutions and ideas to move forward. Thinking originally and creatively is an art and a business coach is always here to help you with this task.
2. Professional Sounding Board
There is a saying that goes like two head are better than one. This seems quite right that especially when the advice is from the professional and experience business coach. Every firm stuck at some point and it feels like no returning from there. Advice related to collect funds, investors for the next big project, how to manage the credit lines, manage the business reputation, advertisement etc., all that stuff needs to dealt with great professionalism and mastery. A business coach would provide you with great advice and make sure that your firm gets exponential growth. A business coach would examine and identify your intrinsic culture and values that you were not able to identify and would recommend you the best advice according to your goals.
3. Realistic Feedback
Most of the fintech firms face the problem to get the realist feedback from their employees. Their employees get them the rosy picture and everything is great scenario that may not be true in the actual sense. The employees may present the opinions and suggestions that they deem the owner would appreciate and not the diverse kind of opinions or suggestions for the growth of the fintech business. A business coach would analyze the situation in actual sense and would give you unbiased and realistic view of the current situation to you and on that basis would give you expert advice without any prejudice. The understanding of the realistic picture will help your business to move ahead successfully.
4. Assist In Turning Your Dreams Into Reality
Many fintech companies have dream idea and plan that they seem unable to convert into reality due to many reasons. A fintech owner might not know where to start or what to handle first. Or he might not know what kind of technology and resources; it would require you to turn the dream idea into reality. A business coach prime motive is to assist the fintech owner in turning their dream ideas into reality. A business coach would evaluate you dream idea, asses its feasibility that it is realistic or not, it would be successful or not, how much demand it can get and then plan out the ways how to implement the idea in the actual sense.
5. Mindset Support
As already mentioned, most of the fintech firms are run by previous financial sector employees and they sometime need a boost to their confidence and self-esteem that they are able to manage their own business as well. In such situations, business owner need to share such concern to someone else beside his/ her friends, colleagues and employees. A business coach understands such need of fintech owners is always there to help you with your self-esteem. He would shush the noise in your head and would tell you how far you have actually come and that is all because of your skills and talent. A business coach would listen to you help you confidentially and professionally.
6. Networks With Aligned Values
Apart from finding investors for their innovative technologies and ideas, most fintech face the problem too spread their network and circle that would benefit them and their business as well. How to design the pitch deck and how to start meeting the network that would increase the scale and scope of their business is always the main question for the fintech firms. With the help of business coach, the business would get the best opportunity to increase its network and interact with the right kind of parties. A business coach deals with the diverse kind of people in ample amount and he can help you to meet the person with the best intent.
7. Help You Increase Your Earnings
Ultimately it’s the bottom line that decides whether you thrive or fail to survive. Fintech firms have a lot of funds invested in their project and they need to earn huge profits to cover their initial investment or to find new technologies through research and development to keep the business relevant and innovative. A business coach would help you in earning great revenue. He would help you design the best business strategy and that would help you to achieve great success.
What can Business Coaching Do For You?
The best business coaches for fintech can be found at FinTeXec. We are a team of individuals highly expert in their business coaching and we want your business to grow more than the competition in the market and to help you utilize your scarce resources expertly. We want to see the impact of your business on the financial setup positively on a major scale. We have dealt with C-suitors and executive, psychological business need and deep coaching. We can help your journey meaningful and easy towards optimal success.
Ronal Shah, our certified business coach and MBA, brings together his solid and diverse skillset for a platform that ascertains what you want both for the business and yourself. You may be surprised by what is uncovered, but our sessions can provide you with a more rounded, more visible route to success, one that acknowledges the common trappings we all face at this point in our careers and helps us avoid them.
We first understand your business need and plans in great depth during your free coaching call and then we devise a strategy that we seem is appropriate for your business success. In the implementation stage, we would make sure that you have the enough resources, skill sets, motivation and technology to apply the devised strategy. This is all done based on your budget and the level of your ambition. We here want to see you and your business successful. In our service, we have one motto and that is your success is our success. We will make sure to run with you at your pace towards the success. Do not wait for the stagnation point for your fintech business to hire a business coach. Contact us and we would like to help you with whole heart.
Contact us to find out more about we can give you the necessary guidance to ensure your business enjoys a long and productive life.