The world of business is changing rapidly and becoming ever more competitive. This has implications for both you and your business. This is where a business coach can really help you move forward both personally and professionally: working with you to clarify goals and create plans focused on your own personal success and that of your business.

A business coach was once regarded as a luxury by small businesses and larger organisations. However, they are now increasingly viewed as a necessity and a vital investment. The aim is to help business owners to work on their business rather than in their business.

Most business owners face some challenge or problem they want to solve, an issue they want to address, a risk they want to mitigate or an opportunity they want to exploit within the organisation. Some of the typical problems faced by small firms include a lack of work/life balance, sales and marketing, lack of experience, poor financial management, lack of strategic planning, skill shortages and rapid market change. Also, most small firms do not have the in-house support networks that underpin larger enterprises.

A business coach can work with you to explore such challenges and help you create powerful, realistic and timebound goals that stretch you, as well as increase your levels of self-confidence and self-awareness. The end goal is a more balanced perspective of business and personal life, moving your business from good to great and from great to outstanding.

I have a background spanning 10 years in senior and middle management in Tesco and Sainsbury's, delivering roles within HR generalist, coaching, training, recruitment, information systems, project management and customer services Operations with a strong thread of coaching throughout all areas. This is coupled with professional coach training from The Coaching Academy, Europe's number one coach training provider.

With this insight into the bigger picture, I can empathise with the challenges faced by small firms and want to support the leaders within this field to become aware and operate within their stretch zone to achieve the success they desire.

Most small firms operate without a HR department, which means that HR-related issues, training and development are the sole responsibility of the business owner, who may have little HR experience. This is where consideration of surrounding legislation, policies and procedures become an unintentional oversight and one that can prove costly.

Current economic pressures have prompted many companies to downsize staff as a means of cutting costs. This is an uncomfortable process for all involved as it can cause demotivation, distrust and low morale for those affected and those left behind.

During these times some small firms fail to plan effectively to ensure that all aspects of the legislation are covered to protect them and their business from claims of unfair dismissal, which can lead to the business paying out huge sums of money to employees who could win cases against them.

Some have redundancy procedures in place; however others will deal with matters informally or start to consider the appropriate procedure when a redundancy situation arises.

The tribunal costs for unfair dismissals are as follows as referred to by the CIPD:

• Maximum basic award for unfair dismissal (30 weeks' pay): £9,990
• Maximum compensatory award for unfair dismissal: £63,000 (there is no limit where the employee is dismissed unfairly or selected for redundancy for reasons connected with health and safety matters or public interest disclosure/whistleblowing)
• Contract claims: £25,000 (if a claim for breach of contract - wrongful dismissal - is brought in an employment tribunal. If the claim is for more than £25,000, it can be made in the county court or high court)

A business coach can work with you to avoid the pain of a tribunal and associated costs, as well as a multitude of professional and personal challenges and issues that may act as a barrier to business success.

Coaching will only work if individuals are prepared, ready and willing to make a change. Are you ready to step up?

Tracey Williams is managing director of Tracey Williams Coaching Services Ltd. For more information visit www.tracey-williams.co.uk [1]