While this is understandable, regardless of your level of business experience, the benefits of hiring the right business coach will definitely outweigh the downsides. In particular if the business is struggling to grow and develop or is even going backwards, the investment in a business coach could be exactly what is need to turn the business around.
Hiring a business coach has many benefits and the 5 most significant are summarised below.
When working day in, day out within a business an intimate knowledge of the business is inevitable, making it very difficult to maintain a degree of objectivity. Every little aspect of the business becomes important and often there are many things that become far more important than they should.
At the end of the day being in business is all about the bottom line and only those aspects of the business that contribute to this in a positive way should be focused on. A business coach will bring a level of objectivity that can be difficult for entrenched business owners and managers to facilitate and help bring the focus back to what is important.
2. Structure and System Development
Another aspect of business that can suffer is the proper setup of structure and systems that help it to run smoothly. It takes time to set these in place and see them become a routine part of the business. Because of this, many businesses don’t take the time to set them up properly. A business coach can help with the development and implementation of such structures.
3. Strategic Planning and Implementation
All businesses must have a plan to be successful. It is simply not possible in today’s world to succeed without a plan outlining goals, objectives and action steps. This doesn’t need to be complicated or a massive document. In fact, many successful businesses restrict their plan to one page. But, it does need to be done. There is no way of achieving anything if you don’t know what it is you actually want to achieve. For an understanding of how strategic planning works click here.
A business coach can help strip the business back and clearly define the overall goals and objectives. Working at a strategic level allows the business to look both externally and internally to help shape the goals and take into consideration all environmental aspects that may affect its plans. These can be on a short (monthly) and medium (yearly) term basis and provide a guiding light the business is working towards.
Business coaches can work with individuals or groups to help them develop their skills. This mentoring can assist with both personal and business development. It can also be undertaken in specialist areas if required such as marketing, financial management, human resources or operations.
The benefit to business from this type of mentoring can be significant. As employees develop their skills, results will improve through better performance.
Once the business has been analysed, systems set in place, planning implemented and mentoring established, the time for review and improvement is important. It is essential that changes are made as required to ensure the business continues towards its goals. Alterations to staff, equipment and other resources may be necessary.
Again, it is during this period that the business coach offers a degree of objectivity and provides a level of accountability to keep the business on track.
Hiring a business coach is often the best step a business can take, particularly if it is struggling to reach its targets or make progress. The benefits a coach can bring as outlined above will help it to improve both performance and profitability, which is a great outcome for any business.
Kestrel Solutions offers business coaching to all types of businesses. Contact us here for more information.