Business coaches are professionals who provide advice, direction, motivation and assistance in growing businesses or improving those that are struggling. They can be a great source of advice, and many business owners swear by having a coach to help them along.
Reasons you may consider hiring a business coach
There’s a common misconception that only failing businesses require a business coach. But, if you applied this theory to the sporting world, it would mean only the worst-performing teams need good coaches. In actual fact, it’s the opposite – generally, those with the best coaches are the ones who perform the best. Here are some of the reasons you may consider hiring a business coach.
- You’re not making enough profit
- You want to identify more growth opportunities
- You want to focus on personal development
- Your marketing efforts aren’t delivering results
- You’re having difficulty with business planning
- You’d like some motivation to continue growth
- You’re ready to expand your business
There are so many reasons you could use a business coach, so let’s look at what a business coach can do for you.
10 ways a business coach will help your business
If you fit one of the categories above, or you just want some mentoring and assistance in running your business, there are plenty of ways a business coach can help. From recommending professional development courses to providing specific industry advice, here are 10 ways a business coach can help you.
1. Taking a big picture view
When you’re running a business, it doesn’t matter if you’re an entrepreneur or leading a large organisation. There is always the risk of focussing too heavily on the day-to-day operations because that’s what you know. It’s natural to get stuck into the nitty-gritty of what needs to be done every day, but this sometimes comes at a cost.
When too much of your time is invested in daily operations, you can lose sight of the big picture. As a business owner, you want to focus on ways to grow and expand your business, rather than getting caught up in the minor details. Business coaches aren’t involved in daily operations, but they can help find ways for you to focus more on the future.
2. A focus on strategy
Planning and strategy are things that all business owners know they should concentrate on, but many are guilty of neglecting. Again, it’s often a problem for small business owners who spend too much time on daily operations. Business coaches have a lot of experience in business planning and formulating sound strategies. So, not only will they encourage you to focus more on this aspect of business, but they’ll even help you do it.
Whether it’s scheduling regular strategy meetings with you, recommending professional development courses in Australia to assist with planning, or even providing templates for you to work with, a business coach is invaluable in this area.
3. Assist with financial matters
Business coaches aren’t accountants by any means, but they usually have a pretty good knowledge of business finances. Perhaps most importantly, they can work closely with you to improve your understanding of financial matters. This can cover a wide range of aspects, including cash flow, financial reporting, pricing strategies, profit and loss statements and much more.
They’re also great at identifying financial opportunities that you may not have considered. It might be new methods of financing a project, a different way to structure your finances, or even recommending cost-cutting measures.
4. Keeping you accountable
Being motivated in business is always a struggle. Especially if you run a small business or work for yourself, there is always a tendency to take it easy at times. Of course, your whole life can’t be about business, but you do need to be accountable while you’re working. Business coaches help keep you accountable, especially when you get them involved in business planning.
They’ll know exactly what tasks, projects and ideas you should be concentrating your attention on, and a good business coach should always be checking in to see how you’re going. They should also be asking if you need some help – it’s not just about having someone looking over your shoulder. Even if it’s just catching up for a chat and reinvigorating your motivation, it can do wonders for your productivity.
5. Help find a way through blockers
Many business people set limits on themselves. Whether it’s through lack of knowledge or a simple lack of confidence, a lot of business owners set restrictions on what can and can’t be achieved. Often, these are informed by a perceived lack of time, resources, finance or opportunities.
Business coaches help you learn how to manage your time better, make more efficient use of resources, acquire finance and even identify opportunities. This is why you should always look for an inspiring, motivational business coach with a can-do attitude. They’ll help break through some of your blockers, even if they’re self-imposed.
6. Provide an unbiased assessment
Often when you’re in business, you reach out to people for advice. The most common sources of this advice are colleagues, family members or friends. While it’s always important to have that support network around you, there’s, unfortunately, a lot of bias in these relationships. Friends and family often tell you what you want to hear, while your staff and colleagues are invested in your business and see things from the same perspective you do.
Business coaches offer a different point of view – that of an outsider looking in. They’re hired not to be your friend, but to provide real, unbiased opinions and assessments of your business. It’s a great source of constructive criticism that can help you solve problems, identify areas for improvement and find opportunities for growth.
7. Help you improve daily work habits
Business coaches have usually worked with many successful people, so they can provide plenty of tips on how to get the most out of your working day. Time management is crucial to running a successful business, and business coaches can teach you how to prioritize, delegate tasks, and form healthy work habits.
Particularly in small businesses, owners develop a very work-heavy approach, thinking the more time they put into their business, the more it will grow. This is often misguided, and business coaches help you form daily habits that improve your productivity rather than recommending you work even more hours. It’s great for your work-life balance, and you’ll probably see an increase in your productivity and focus too.
8. Assist with marketing ideas
To achieve real business growth, you need a lot of things working in your favor. One of those things is a robust marketing and promotion strategy. You can, of course, consider hiring marketing experts, but if you have a business coach, they can be of great assistance too. They can help you plan, create and implement marketing strategies designed to take your business to the next level.
Again, a business coach isn’t necessarily a marketing expert. But they do have knowledge in this area, and they also work to understand your business and determine the best marketing strategies for your needs.
9. Recommending professional development courses
Business coaches don’t do everything for you. It’s also about helping you build your professional capabilities. This requires some learning on your part, and business coaches often know the best ways to develop those skills. They will often recommend professional development courses, training programs or seminars to attend, with a view to increasing your knowledge and overall business capabilities.
They may even recommend certain industry groups to join, and suggest networking opportunities that can ultimately grow your business.
10. Specific industry advice
Finally, when you choose a business coach with experience in your specific industry, you get the benefit of that experience. They may have helped similar businesses to yours, and will often come prepared with a blueprint of what’s worked in the past. Naturally, all businesses are different, so it’s not a one-size-fits-all approach. But having knowledge of your industry can certainly be a massive advantage.