No business, regardless of how financially successful it is, is immune to failure.
As a matter of fact, many businesses need an outside, independent critic, namely a business coach, to assess their operations.
This is the expressed view of ActionCoach business trainer and coach, Premendra Parsan, who is also a director and shareholder in his family businesses.
Parsan said too many business owners have become complacent, stagnant or have hit a plateau – without knowing it.
“You see one of the things that I believe happens with business owners is that they are at the top of their organization and they don’t have someone to hold them accountable,” Parsan explained, “someone to point them in a direction that, you know, this is what I can be able to do and how I can be able to improve it…and be much more efficient and effective in getting to the goal that they want.
He continued: “Many family-owned business owners develop, we call it an I-know-attitude, like ‘I’ve grown this business to this level, and what can you teach me?’ Then they become complacent. And that is what stunts them. That is what keeps them to a certain level and that’s a ceiling for them. Business coaching gives you the clarity to break through that ceiling.”
But all is not lost as Parsan reveals how businesses in Guyana can achieve growth and evolve.
“It’s no longer the mom and pop shop. It’s no longer businesses that are at that one location. It’s being able to expand your mind and think beyond: how can we take this nationally? How can we take it internationally — regionally and internationally?”
He added: “Start to think from that perspective; being from a family-owned business we tend to be limited in our thinking. So when we are able to expand that and I think that’s one thing that coaching does, it gives you a little bit of motivation as well.
“When you get the clarity of what’s the next step and being able to find obvious ways that are right there in front of you, to be able to move forward in a particular direction.”
Business coaching is also about refining the skills of its owners and employees.
He gave an example: “Like the surgeon that asked a coach … or one of his superiors to look at him and observe him and see what he’s doing.
“And I remember the story. He’s in the operation table room, and he thought he did a really good job. … He went to have a meeting with this mentor [who] pointed out a few things: ‘Did you notice that your elbow raised a few inches when this happened? Or did you notice that you shifted to the right when that happened?’ So it’s having that outside perspective — looking at a business owner and just refining his skill, making him better.”
Parsan said many athletes are good at what they do but they need “those little tweaks” from a coach to improve on their natural talents.
Although he is a second-generation business owner, Parsan said business coaching is his passion.
He has been a certified coach with ActionCoach for the past two years, and when asked where he sees himself in the next five years, it was not a surprise when Parsan answered that he will still be with ActionCoach, Guyana’s premier business and executive coaching company.
Despite being busy coaching his peers, among other things, Parsan said he still plays a vital role in the family business. He is a director and shareholder of Oriental General Store (GUY) Ltd., and Semakiah Woodworking.
After participating – for the first time — in a six-step business coaching seminar two years ago, Parsan realized that he had a lot more to learn as a businessman.
He said while working in the family business, he realized that there is much more that business owners need to learn and need to know about running a business.
“What I find is that many family businesses reach a ceiling and they’re not able to get past that ceiling and grow,” Parsan said.
“I needed to develop myself so I decided to go to the university, finish my studies in business management so that I could feel more competent,” he noted.
Parsan, who is the president of the Chamber of Commerce for Region 3 Region 3 (Essequibo-Islands- West Demerara), completed his Bachelors in Management at the University of Guyana, and is now studying his Masters in Small and Medium Enterprise Management.
About two years ago, Parsan said he was at one of his family-owned businesses, in Georgetown, when he was approached by Keon Smith, who was the business development manager at the time.
Smith is currently a training director and coach at ActionCoach.
“He introduced me to the (ActionCoach) program,” Parsan said, adding that he was eventually introduced to the business, in a meeting with director and lead trainer of ActionCoach, Dr. Vishnu Doerga.
With the business coaching he received, Parsan said he has been able to put many systems in place to improve his management skills and impart knowledge to his relatives in the family-owned businesses.
In his spare time, the 42-year-old Parsan spends time with his wife (he has been married for close to 18 years), and his two sons ages 14 and 12.
In addition, Parson said, “I love getting outdoors, whether it’s working out, whether it is hiking. We play pool from time to time. But the outdoors is what I really love.”
As the popular proverb goes, “All work and no play makes Jack a dull boy” – meaning without time off from work, a person becomes both bored and boring.
So while we remember to work hard and get coached, it’s good to take some time out like Parsan and family.
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