October 17, 2023
You’re at the helm of a ship, navigating uncharted waters – this is exactly what running a business often means. Making decisions every day, putting out fires, coming up with ways to prevent those fires from blazing up again, and leading your team.
Enter: a seasoned navigator, or in this instance, the right business coach by your side who can guide you, provide some fresh perspective, and enable you to confront the unique challenges within your business.
They’re professionals who can help in various areas of running your business, such as:
Ideally, you wouldn’t wait to hire a coach until all of the listed areas become problematic. Even if your business is set up really well internally, you might need some help closing more deals, for example. Perhaps you can work with an online business coach to up your sales game and land more clients for yourself.
Then again, some managers and C-level leaders in general might need a boost in terms of work-life balance to avoid or treat burnout and improve overall performance. This is especially true if your goal is to finally exit that “survival” mode at work and finally begin to thrive.
As you can see from all the mentioned options (and there are many more), coaches can empower you to be more effective as a leader and reach your goals more easily. They wear many hats because they deeply understand what running a business means and all the issues a leader can face.
It’s also a good option to start working with a coach even before an issue arises. Why? Because that will help you identify weak links and create safety nets of your own. Be they strategies to attract top talent, or workshops to develop your unique value prop, you can future-proof yourself and your business through such a collaboration.
Knowing what areas coaches can cover, we can now move on to what benefits you can expect from working with an expert coach specialising in the skills you’d like to master.
It’s important to know exactly what to look for in a business coach, as that will set your expectations from day one. Let’s dive into some of the most common reasons professionals turn to a coach and what sort of perks they derive from this collaboration.
Since you will work one-on-one with a coach, such collaborations usually develop beyond mere consultations. Instead, what happens is a natural professional bond in which your coach can provide an unbiased perspective, support you in decision-making, and guide you through difficult transitions.
What’s more, coaches are excellent at inspiring accountability. That means you will learn to recognise and embrace your role in certain issues and entice your team to do the same. Finally, coaches are well-connected business professionals. If they see a good fit, they will likely build bridges with you and for you in their own network and introduce you to other influential people who can help you grow.
It’s not just a pep talk. A coach is always in your corner – they will remind you of your greatest strengths and encourage you to leverage them to your advantage even when you’re convinced you’ll fail.
Coaches know how to coax that extra 10% you think you don’t have when it matters most. A well-versed coaching professional can be your sounding board for bouncing ideas and creating opportunities for growth.
For example, if you are an excellent leader with a brilliant tech mind but struggle with public speaking, a coach can guide you and motivate you every step of the way. They’ll provide concrete tools, tactics, and ideas you can rely on and gradually build up your skills, not just your confidence.
No matter what area you want to improve, business coaches for entrepreneurs and business owners in general will help you boost productivity. Consider this a bonus benefit of working with a business coach, even if you initially want help with negotiation or communication.
By improving any given area of your work, you’ll instantly be more productive. But, even if you look for a coach to target your productivity specifically, you’ll find that they’ll help you develop skills that will transfer to other areas of your job, as well.
For example, when you work on your productivity, your coach will help you streamline your processes and find the best productivity tools to further your efficiency down the line.
One of the most significant benefits of business coaching and mentoring—and usually the main reason entrepreneurs seek a coach—is to advance their growth.
Of course, growth can be defined in many different ways, as each business and each entrepreneur interprets it differently. For you, growth might be reflected in hiring more people and expanding your offices with additional branches. Or you might want to add more clients to your portfolio or raise a new round of investments – both of which will help boost your revenue.
Some organisations consider partnerships a form of growth, so you can expand your service offering by partnering with a business that complements your own.
Business coaches can help you from start to finish. They can work with you to identify growth opportunities unique to your company. Once you recognise them, a coach can help you develop and leverage them to ensure you reach your growth goals.
Returning to our analogy: what sort of a captain would you be if you’d steered your ship aimlessly? A small business coach can help you clarify your goals and make sure you’re on the right track. Plus, a coach cannot really help develop a strategy for your growth unless they know exactly what your end game is.
Working with a coach, you can expect to identify and solidify your path to success based on many different factors. For example, if your goal is to grow your revenue by a certain percentage in Q3/Q4, a coach can work with you on:
With a clear roadmap and the support of your coach, you’ll be far more likely to succeed.
Given how vast your options are, it’s wise to take a closer look at the most common areas where you can find the most success working with a business coach. Sometimes, managers and entrepreneurs in general don’t even consider some of the options we’ll cover, simply because they’re unaware of how broad the scope of business coaching services can be. Provided, of course, you find a qualified professional with ample experience!
It’s very common for a business strategy coach to work directly with product managers or help general managers understand product management better. Although a coach won’t necessarily build the actual product with you or help you manage it, they will help you develop the skills you need for this role.
For instance, a coach can work closely with you to define the product’s vision and strategy. Furthermore, they can help you advance your decision-making and communication abilities, manage your team better, and resolve conflicts more smoothly.
Finally, time and budget management are equally vital for product managers. These are essential skills that are very commonly addressed by a business coach.
As mentioned in the previous section, time and budget management are vital skills for just about any manager or leader. In this instance, we’ll focus on finances because not knowing how to navigate your budget might mean running your business into the ground.
For example, a coach can work with you both from a personal and professional angle to ensure you’re managing your funds adequately and to your benefit. If you can calculate and manage your monthly savings on a smaller, personal scale, you can also transfer those skills to your professional role. If you ever run into a dry spell, your business can survive thanks to your ability to save and properly allocate funds.
If you’re running your own small company, chances are that you wear many hats – you’re a team lead, the head of business development, and a marketer at the same time. In such instances, working with a business coach for small businesses can mean tapping into a set of different areas on any given day.
For example, you can hire a small business coach for a general consultation and then work on different things as your collaboration develops. Something you can focus on is sustainable business practices with your coach. They will help you lower costs over time while improving efficiency, carbon footprint, and reputation. These are all little steps that, if taken together, can really make a difference.
In some weeks, you’ll focus on a new product launch, and the coach will support and guide you through it. In other weeks, you can focus on finances, budgeting, or finding new growth opportunities.
General coaching can be immensely valuable to managers and entrepreneurs as it helps them juggle their responsibilities more efficiently.
Great coaches have walked a mile in your shoes. Finding the best coach for you means interviewing the most renowned experts in the fields that are relevant to you. So, if you want to become better at sales and grow your business, talk to a coach who has an excellent track record working in this field.
Let’s break it down into a few factors you can consider when looking for the right coach for you.
If you’re running a tech startup, you likely need a coach who knows how to navigate a fast-paced environment with plenty of competition. If you’re in healthcare, you might want someone who understands the compliance nuance of the field and knows the typical pitfalls in this sphere. Simply put, your field of work will help you narrow down your options.
In addition to your expertise, you might want to cross-reference the skills you need to work on. For example, perhaps you’re great at delegating. But, you might want to improve your active listening skills, a trait so essential for servant leadership or those who serve others through their leadership role. However, keep an open mind so your coach can also point out areas where you can advance.
While most coaches offer a range of services, it’s up to you to choose a coach that can cover the skills that you’re aiming for most. Sometimes, it’s good to aim for a niche expert in something rather than work with someone who provides general coaching in decision-making and productivity. Consider the benefits of both before you land on your choice – and be equally open to the possibility of changing your coach if they don’t turn out to be the right fit for you.
Knowing what to expect from a business coach and how to work with the right one can help propel your career and your business forward.
Until you find a coach that fits your needs, you can keep learning and advancing your leadership skills through articles like this one. Finally, remember to foster your own curiosity and desire to grow, and you’ll always discover learning opportunities throughout your business journey.
