7 Benefits of Business Coaching for Small Business Owners
There are plenty of ways you can get business advice and tips, but if you’re looking to turn your small business into something much bigger and more profitable, you may want to consider hiring a business coach.
In this post, we’ll discuss why you might need business coaching, the benefits that come from it, and how to choose the right coach for your needs.
Table of Contents
1) Being in tune with your business
Do you really know what’s going on in your business? As a small-business owner, it can be easy to get caught up in day-to-day operations and lose sight of your overall financial picture.
As a result, it’s important to have someone who can provide an objective view—someone who can help you forecast future cash flow and set financial controls. A business coach can provide these services, helping to ensure that you stay one step ahead of any potential cash flow issues and have your hand on the controls.
Once you’ve got a firm grasp on your figures, strategic planning takes place to ensure you have a stable income to grow your business, or personal wealth consistently.
2) Reducing stress and worry
Being an entrepreneur can be a lonely place. And it’s one with plenty of problems that only get bigger if you keep them to yourself—there is no room for such procrastination in a business environment.
Instead, share your concerns with someone who can offer advice and help: a business mentor or coach. Most business coaches are experienced entrepreneurs, that have been there, done it, and got the t-shirt. They’ll often have the tools and contacts to help you deal with the situation, and most importantly help you with a plan so problems don’t occur again. No matter who your confidant is, one thing is certain: sharing problems will reduce stress and worry.
3) Setting you up for success
A business coach is there to champion you to success. It’s the job of your business coach to help you think things through and develop plans, make sure you’re considering future opportunities and challenges, and give you tools to help grow your business.
As trusted advisors, they are one of your team to bounce ideas off and make sure you are always moving forward in the right direction.
4) The power of accountability
The power of accountability and holding business owners accountable to their business and personal goals is huge.
Most small business owners want to succeed, but they aren’t sure how to take their small business from an idea to a profitable enterprise. Business coaching holds them accountable by forcing them to create a plan that defines their success and then hold themselves accountable for achieving that goal.
In just a few months massive changes can be achieved in a business, with a little accountability. This is why our 90-day business planning workshops are so popular.
5) Talking about the elephant in the room
How many times have you heard someone say, “Well, I’m just going to cross that bridge when I come to it?” A common mistake small business owners make is using that kind of mentality.
Working with a business mentor or coach ensures that the difficult conversations are had, before they become an issue. From developing contingency plans if something happens to key staff, cash-flow crises, to working through team member issues.
No one wants to think about what could go wrong until it happens, which is why most entrepreneurs wait until they’re knee-deep in a crisis and can no longer hide from their problems.
6) Knowing you have an advocate on your side
One-on-one coaching is invaluable in helping you get over a hurdle or see things from a new perspective.
One study showed that business owners who participate in executive coaching programs have greater life satisfaction and are overall more successful than nonparticipants. The value we provide our clients is having an advocate on their side, encouraging them to push themselves just a little bit further each day.
In addition to providing support and challenge, our coaches can help you set goals, make adjustments to your strategy, overcome roadblocks and much more. Coaching is as much about developing a winning team and personal development, as it is business development.
7) It’s never too late to start
Whether you’ve just started a business, or you’ve been in business a long time it’s easy to see the world of business is constantly changing.
It can feel like you need to learn something new every day. A business coach can help make sense of things, from new marketing techniques to help drive sales, to improve your planning and guide you towards your goals.
For many entrepreneurs, one-on-one coaching is an essential part of success. You might be surprised how easy it is to get caught up in day-to-day activities—you end up not seeing how they all fit together or how they impact your big picture goals.