Image via: Drexel University MBA
As an entrepreneur running and growing a business, you are constantly thrown new challenges.
Dealing with those challenges often takes having a toolbox of resources and strategies in order to best work through them to gain resolutions.
There are a number of routes that you can go when posed in such situations.
You can read books on your problem areas, take courses, or ask friends, family, and colleagues for advice.
While resorting to those may seem like a sound idea, the reality is they may not be able to cut to the center of the problem and outline long-term solutions.
With that in mind, there is a solution that more and more entrepreneurs are employing in order to get to the heart of problems and gain solid answers to their most pressing issues.
The Secret of Successful Entrepreneurs: Business Coaching
Some consider it a secret to success, while others see it as second nature.
The little secret is business coaching.
These entrepreneurs are partnering with business coaches to assist them in revitalizing their business, diagnose problems, proscribe solutions, or to simply audit current business practices.
Oftentimes an entrepreneur hires a business coach because an issue has been identified within the framework of the business. Yet resolution or solutions are proving to be a challenge to come by.
It is estimated that close to 36,000 entrepreneurs use business coaches to take their businesses to the next level.
To zone in on the reasons why entrepreneurs hire business coaches, here are the top five reasons:
- To improve communication skills (intrapersonal and interpersonal)
- To discover strategies for managing conflict
- To gain clarity with intentions, goals, and objectives
- To improve productivity as a solo-entrepreneur or small business
- To improve and/or increase profitability
You may have spotted your issues in one of the five listed or be feeling that your current issues are represented in a combination of the five.
Either way, you just know that there are holes in your small business that could possibly use the expertise of a business coach.
It should also be noted that the vast majority of business coaches specialise in lending their expertise to a certain field.
Business Coaching specialties include:
- Time Management
- Strategic Planning
- Work/Life Balance
These business coaches typically have amassed an impressive resume in their area of expertise, long before entering the coaching field.
They are qualified to partner with you for coaching based on their previous professional experience in that chosen field.
Business Coaching Beliefs
One of the aspects of business coaching I like to use with each of the entrepreneurs I work with is the key assessment of themselves. Each business owner looks back on their last year or last month to determine how they are performing. It’s a performance appraisal for how they’re doing in their business and in their personal life.
Often I find business owners struggle with work-life balance. They find themselves getting run into the ground by the business. They aren’t able to enjoy time with family and friends. They aren’t able to enjoy their favorite hobbies.
These are important. Part of the reason for going into business for yourself is being able to do the things you love.
That’s something that kind of sets me apart and it’s a core belief of my business coaching philosophy.
It’s a concept about leadership, which is a key component of business success. Being a good leader in your business means you’re able to provide vision and direction to your employees and vendors.
It goes without saying that entrepreneurship takes substance, and partnering with a business coach that specializes in a particular problem area could be the solution that could boost the health of your business.
Each of the business owners I work with work to add one to ten million dollars to their business. That’s an achievable goal for the types of businesses I bring in to my various programs like the Add10 program.
Finding Problem Areas
I touched on this above, but there are more questions to ask about your business. It’s how we as business owners find problem areas.
If you are struggling with how to exactly pin down what is the most problematic area in your business, performing a quick assessment is often all it takes.
- Am I reaching customers and clients to the degree that I would like through my marketing efforts? If not, why is that possibly so?
- Am I achieving the goals that I set forth when I launched my company?
- Am I am handling conflict as it arises in the best manner possible with my team and/or clients?
- Are my sales management strategies sophisticated and targeted enough to inspire my core audience to action?
- Am I wavering in my work/life balance?
Bringing solutions to these common problems is what makes having a business coach as an entrepreneur a sound choice.
I could go on with questions about finding problem areas. It’s a self-discovery event that is important for business owners especially when it comes to taking the step from one level of success to another.
Business Coaching Delivered
By now you may be curious as to how business coaches work their magic on your small business or solo-entrepreneur venture.
We employ a number of strategies to solve your business problems and to meet your professional growth needs.
We deliver services via; Add10 group coaching, live seminars, teleseminars, books (printed, audio, and electronic), small group coaching, mastermind groups, and video series.
It is not uncommon for business coaches to offer an introductory mini-course or session either complimentary or at a very reduced rate.
This allows you to grab a snapshot of what they have to offer and to be able to more clearly decipher if their services, coaching style, and price point, resonates with you.
Selecting A Business Coach
Forbes magazines suggest that when entrepreneurs select a business coach they should keep in mind the following:
- Gather a short list of coaches that specialize in your challenge area first and foremost
- Use your list to then see if it will aid you in discovering their brand even further. The breadth of social media that is at one’s fingertips should make this a fairly easy task.
- Contact and request an initial consultation with coaches that appear to have a solid and professional reputation for your challenge area.
- Be observant of who responds to your inquiry, the manner in how they respond, and their enthusiasm for assisting you in breaking through your issues.
- And most importantly, make sure that they have a passion for business themselves.
Coaches that don’t translate their own passion for business will more and likely deliver lack-luster results to you as their client.
Once you have selected a business coach, is when the real work begins.
The Work Begins
Much of the work I and other coaches provide is around structure and setting up business systems. Many entrepreneurs have similar issues when it comes to scaling their businesses and getting to the next level.
Each of the courses and training sessions and regular coaching work I do is about helping the business owner put systems and tools in place so they can become a leader in the business instead of just another employee.
That’s a key difference between a business that can grow profit and one that is just another small business.
A business coach should be able to provide you with the structure, tools and direction you need to scale your business. You setup systems so others can handle things.
Then, if all works out really well, you can look to grow your business with new products and services. Some of my clients have even setup additional companies using the same systems I’ve helped them build.
Obviously there are more details that go on with business coaching, but this is the general goal. If you’re feeling caught up in your day-to-day work then it’s a good sign you need a coach that can help you get out of the way and setup your business so you can succeed and live the life you want.
Business Coaching Investment
Not only are business coaches providing a variety of services and products to meet their client’s needs, they can also provide affordability.
Costs can be a factor to keep in mind when selecting a business coach to partner with for your entrepreneurial coaching.
By offering products such as blogs, eBooks, and guides, coaches are able to meet the needs of more entrepreneurs in need but also offer more affordability.
However, keep in mind the nature of your needs. Your current issues with your business may warrant an actual relationship with a business coach. If so, do not shy away from the idea of business coaching because of price. It’s an investment to move you forward into success.
It would be in you and your business’s best interest to find a way to absorb the costs and hire the most reputable and successful business coach that you can afford.
There are business coaches that offer their services at every end of the financial spectrum. Many are very affordable and offer programs or packages that will fit your budget.
It is just a matter of doing a little homework on your part in the beginning to narrow down a field of coaches that will work best for you, and then selecting a coach that you connect with through your initial consultation.
Overall, hiring a business coach will be one of the best decisions that you can make as an entrepreneur.
It will allow you to gain clarity, further identify deeper issues, and become more savvy and equipped to bring upon swift resolutions when they are most needed in your business. For more information about my coaching programs go here.
How has business coaching helped you?
Share your experiences and advice with the other readers.