If you’re a business owner it can be a lonely place — often you can feel isolated, this is especially so for small business owners. As demands on your time and attention increase, the pressure can feel all encompassing. So how do business owners continue to grow as their roles and businesses expand? Working with a business coach or mentor could be the answer for you. Business coaches are professionals who enable startups and business owners with advice and feedback based on their real business needs. The best business coaches combine their years of business experience with coaching skills. A business coach will help create and achieve action plans and business goals. They can also drive accountability, results, and business success.
What is business coaching?
Business coaching is a process in which a professional coach works with leaders within a company to help them form an actionable plan and achieve their goals. The service is totally bespoke and so the coaching sessions will be specific to each business however the focus is often to achieve business growth. It’s a one to one service that is impartial, in confidence and focused on your business needs.
What to expect from working with a business coach?
Are you a small business owner who would love to have a talented and experienced business partner who is fully focused on achieving success and solving issues? Sounds too good to be true and would come at great expense which would not be possible for many sole traders or small businesses. However by hiring a business coach and mentor this is what you would be getting. It’s a relationship built on trust and sharing a common goal – creating a successful business.
What can you expect from working with a business coach? Here are some examples:
1. Working on the plan
A great business coach helps clients discover the gap between where they are today and where they want to be. With the support of the business coach, the owner will create a business plan that drives growth. The business coach will have an invaluable impartial and independent view of the business.
2. Helping you stay on track
Too often business owners can be found working in the business rather than on it. A business coach will help you stay on track, making you accountable. This allows the business owner to prioritise the agreed plan without being blindsided by short term issues.
3. Provides focused coaching and expertise
Anyone running a business will know that there is no “one size fits all” solution. One to one coaching and mentoring allows the business owner to have confidence that the elements which make their business individual are included and understood as part of any business goals or actionable plans.
As a result, the tailored advice results in exponential personal and business growth. A personal business coach understands your company — the strengths as well as the weaknesses.
4. Allows a safe space
The relationship between a business owner and business coach and mentor is a safe space built on trust. Clients can feel free to share their doubts without fear of ridicule or humiliation allowing for some much needed venting and truth telling. With this open dialog true workable solutions can be found. The business coach is a trusted advisor where all meetings are in the strictest confidence.
5. What you need when you need it
Unlike a business partner or high level employee your business coach is effectively on standby as and when you need them. The best relationships often develop over an extended period of time for long term success however a business coach is there for the short term issues which may arise.
What to consider before engaging a business coaching service?
If you want to become a more successful business owner, business coaching and mentoring can be the answer. With the right coach, you can expect business growth and a more successful business. If you are a new business owner with limited experience, a professional coach can speed up growth through feedback and a tailored plan. Great business coaches challenge their clients and deliver long periods of substantial business growth. Before you take the leap and invest your time and money into coaching you need to ensure you are making a good investment.
- Check out any testimonials. These will give you an insight into what other business owners have found and the quality of the service.
- Experience – how many years of experience does the coach have? Have they run their own business? Hands-on experience of the highs and lows will help you reach greater heights but will also allow you to avoid any pitfalls.
- Many coaches offer free business coaching sessions. Try before you buy – you can get a feel of the service and what working with them would feel like. You can book direct myself for a 30 minute session HERE
- Make sure the coach is aligned with what you need. Do you want a coach focused on small business or start-ups or are you looking for a corporate coach?
The benefits of business coaching
By working with a business coach and mentor you will benefit from learning skills such as business planning; marketing; financial responsibility and analysis; presentation and overall improved confidence in your business decisions. A business coach will deliver a return on investment – here are some statistics to give you a real world view of the financial benefit: 93% of small and medium sized businesses acknowledge that mentoring can help them to succeed. Only 25% of small and medium sized businesses currently make use of business mentors. A recent survey by the UK’s Department for Business, Innovation and Skills found that 94% of SMEs using external support have seen benefits.One study found that executive coaching could have as much as a 788% return on investment for the companies surveyed.
Consider a professional sports person – they certainly have the skills to achieve so why do they have a coach? It’s for their experience / skills / making them accountable and pushing them to achieve the best possible result. This is what a business coach can bring to your and your business.