Every entrepreneur, especially a small and medium-sized business (SMB) owner, can benefit from business coaching. In fact, in the early days after making the decision to strike it out on your own, such guidance can often be indispensable. This is when you should seek a mentor. Here are ways business coaches add value.
To streamline processes
Business efficiency is crucial, and it’s directly impacted by your actions as a business owner. When you’re struggling to juggle tasks and efficiently manage time, plan and make decisions, a business coach can help.
Coaches can streamline decision-making and prioritisation processes so you are better able to take swift action on crucial decisions, which, as coach Agnes Cserhati said is "key to survival in a fast-moving entrepreneur world".
Ideas create businesses and grow profits. As most entrepreneurs know, the most effective way to develop them is through brainstorming.
How can a business coach help with brainstorming? It’s simple math: the power of two brains is greater than one. The value a coach brings to brainstorming sessions is immeasurable. They can provide new perspective, uncover your personal values and draw unseen links, so brainstorming sessions result in solutions. This kind of help is invaluable throughout your career.
To set achievable goals
It can be difficult coming up with goals and even more so to achieve them. But business coaches know the secrets to setting achievable goals and planning the path to reach them.
Coaches often use the SMART system to help entrepreneurs set goals that are specific, measurable, achievable, relevant and timely. This way, you can avoid wasting time on overambitious dreams and achieve smaller goals that drive your business forward.
To revive a business
One of the biggest challenges you can face is the task of reviving a business. Whether you acquired the venture or started it yourself, a coach can provide much needed guidance to reignite growth.
Consider how coaching helped a husband and wife team bring a business back to life after they purchased it somewhat unwisely, having no knowledge of the industry. "The towing business was stuck in the year 1988," said co-owner Mandy Manning. The rejuvenation, including professional uniforms for drivers, cleaner trucks, the introduction of credit card payments and creating a Facebook fan page, resulting in revenue jumping from US$35,000 to US$450,000 in just three years.
To overcome challenges and supercharge growth
When you’re running a business, obstacles appear all too often and growth can be illusive. With expertise and objective perspectives, business coaches not only provide a helping hand to overcome challenges, they can also chart the path to surging growth.
Turning to a business coach can increase customer engagement and return on investment as well as allow you to remove obstacles that hinder results.
In business, assuming you need to know everything can actually hold you back. There are numerous times when a business coach can provide much needed help, from the early days of starting up to later when you need to set goals that sustain growth into the future. As an SMB owner you would do well to get help from such a valuable asset.