“Everyone needs a coach. It doesn’t matter whether you’re a basketball player, a tennis player, a gymnast, or a bridge player.”-Bill Gates, 2013
Coaching is a proven resource for small business owners who have hit a roadblock in their business. The structure and guidance of regular meetings with a professional outside of your company can provide the advice you need to break through the barriers limiting your business success. It is inevitable that a successful enterprise, will graduate from a small local business, to a medium regional operation and beyond. Hence, business coaches are there to help overcome the obstacles and organizational growing pains that success breeds.
- 99% of individuals and companies who hired business coaches are “satisfied or very satisfied” with the services they have received. (ICF Global Coaching Client Study)
“Knowing when you need small business coaching services” is key- and that’s what this blog post is about! So whether it’s time to take your business to the next level or overcome complex challenges, read on to learn more about how these amazing services can benefit entrepreneurs.
What is small business Coaching?
Small business coaching is the process wherein small business owners seek out professional coaching from mentors, consultants, or successful entrepreneurs.
For example, a business coach can help clients develop leadership skills, create business strategies, assess operations and financials, or allow the small business owner to get past mental barriers.
A business coach can dispassionately provide a clear view of what is essential to business success and what negatively impacts business growth. Business coaching assists small business owners in focusing the organization’s scarce resources on operational priorities.
Business coaches conduct fact-based analysis and provide frank communication; while encouraging decisive decision-making and focused action.
The Role of the Small Business Coach
“If it doesn’t challenge you, it won’t change you.” – Fred DeVito, VP of Mind–Body training
Small business coaches are industry professionals with vast operational experience and a proven track record of (industry-specific) business success. In assessing a business, business coaches may focus on managerial skills, strategies for increasing sales, managing cash flow, reducing expenses, or developing new revenue streams.
According to a study conducted by Score Mentoring, 30% of business owners who had just one interaction with a mentor reported growth.
How does coaching benefit a business?
Business coaches bring valuable outsider perspectives and expertise to small business owners.
In many cases, business coaches are successful business owners or senior-level managers specializing in professional guidance and business growth. These professionals share their knowledge and apply their experience to help other small businesses achieve their potential.
- According to Eric Schmidt, Google and Apple owe much of their trillion-dollar valuations to their business coach, Bill Campbell. (CNBC)
- In one study, executive coaching had a 788% ROI, thanks to increases in areas like productivity and employee satisfaction. (MetrixGlobal)
- Other famous executives and entrepreneurs who have benefited from business coaching include Bill Gates, Steve Jobs, and countless others.
Business coaches aim to help small business owners enhance leadership strengths, mitigate weaknesses, manifest success and establish a clear vision to help make better business decisions.
What are examples of business coaching services?
Business coaches can help an established small business grow or build a new business from scratch. They can help define a business’s mission, purpose, model, and goals. Further, small business coaches can create long- and short-term strategies for achieving the owner’s desired results.
In addition, businesses coaches can assist small businesses with:
- Develop strategic plans for sustainable growth
- Redesign business processes, operations, and inefficient tasks
- Conduct strengths, weaknesses, opportunities, and threats (SWOT) analysis
- Hold you accountable for actions, decisions, and goals
- Offer expert advice and unemotional feedback
A business coach can provide your small business’s edge to become more competitive.
In addition to improving operations, sales growth, and management support, business coaches can help owners develop a positive mindset, self-awareness, and life coaching advice, as well as support clients’ growth.
In short, business coaches serve as invaluable personalized information and advice sources.
The Benefits of Personal Business Coaching
There are many positive benefits to personal business and career coaching. Business coaches special in developing entrepreneurial skills; these include:
- Taking action towards achieving goals
- Becoming more self-reliant
- Enhancing job and life satisfaction
- Contributing more effectively to the team and company
- Taking responsibility and accountability for actions, decisions, and commitments
- Working more efficiently, productively, and synergistically
- Communicating more effectively
Business Coaching has been shown to have a powerful, positive impact on self-confidence, wellness, and work performance. Plus, when business owners receive professional coaching, their coworkers and team members also benefit from the mentoring, leadership development, and coaching culture the business coach brings to the organization.
When is the right time to seek out a business coach?
Hiring a business coach depends on business needs and the owner’s business goals. Here are some questions to ask yourself before seeking the advice of a business coach:
- Do you feel the business is underachieving?
- Do you see a process or operational inefficiencies that require new solutions?
- Do you think there are knowledge or skill gaps that need outside assistance?
- Do you think the business is having difficulty staying focused on its purpose?
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“Incremental change is better than ambitious failure… success feeds on itself.” – Tony Schwartz
As your business evolves, you may find yourself overwhelmed. You may feel like there are all kinds of systems you’d like to streamline or improve—but you don’t know where to start. A business coach can use their outsider perspective to help you develop procedures to increase productivity and lower stress.
Coaching is a powerful resource for entrepreneurs. Coaching may be the solution if you feel you have hit a roadblock in your business or need help taking it to the next level. Structured meetings with a professional outside your company can provide the guidance and structure you need to succeed.
Thank you for reading our article!
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