If you are struggling to make end’s meet in your business, you might be wondering how to break out of the current rut you find yourself in. One of the most common factors that many successful entrepreneurs have in common is they have had the help of a mentor or business coach. By engaging the services of a professional business coach, you too can take your business to the next level.
There are a variety of skills that are at the core of any business or entrepreneurial endeavour. These can be product sourcing, inventory management, marketing, managing employees, and strategic planning. While each industry is different, these core processes remain the same. A business coach can help you improve these processes using not only the business experience they have gained but by utilising their network of specialist advisers and colleagues.
A business coach can also start the process of taking you from being an employee in your own business to being a strategic planner in your business. This is an important distinction, since most people start their own business with the goal of having more freedom and free time. Unfortunately however, when the business goes wrong they often find themselves doing day to day operations with the business becoming more and more dependent upon them. Not only does this create an unhealthy dependency, it can also be a financially dangerous situation. If the business owner ever becomes seriously ill for a period of time, it becomes more difficult for the business to be able to compensate for the owners absence.
A business coach can help a business owner achieve independence from the business by setting up the processes in an organization to streamline operations and ensure it is not dependent on any one person. Some activities such as marketing where the business owner might have no core competencies can even be outsourced to strategic consultants. If the business owner does not have resources to take themselves out of the business, the coach can help them a design a process and timeline to get to that point as quickly as possible.
In this process, the business owner’s primary responsibility is to be the strategic planner for the organization. A coach will help the business owner determine where they want to be in one, three, and five years, and develop the plan for getting there. The plan has to be challenging, yet achievable. Milestones can then be developed that help measure progress along the way, and if the business owner gets stuck, they can turn to the business coach for guidance.
Business coaching can also help develop outside-the-box ideas for achieving these milestones. Each person has their own unique perspective, and if a business owner does not interface with other entrepreneurs, they could be missing out on some unique solutions, particularly those that have been effective in other industries. One profitable new idea could pay for an entire decade of coaching fees.
Most importantly, a business coach will hold a business owner accountable for following through on their marketing plan. Without coaching, the average entrepreneur might be able to slack off for an entire month without worrying, because they are not going to fire themselves. However, if they fail to get something done, a business coach will require an explanation. This alone could be the motivation most business owners need to kick their enterprises into high gear.
A business owner that is not engaging the services of a business coaching mentor could severely be limiting their profit potential. Many of the world’s most successful business leaders still have business coaches. Imitating the habits of those who have made it, and seeking out strategic advice, particularly if business is struggling, makes a lot of business sense.
Kestrel Solutions offers business coaching to all types of businesses. Contact us here for more information.