When you think of a business coach, you might picture a cheesy Tony Robbins seminar with people jumping in the air in a hotel conference room.
But that couldn’t be further from the truth.
Business coaching could be the most impactful investment you make in your business and career since it’ll help hold you accountable to what you’re capable of and teach you the ins and outs of the business world.
This guide will examine what a business coach does and how you could benefit from it.
What Does a Business Coach Do?
Business Coaches help business owners and entrepreneurs improve their individual and team performance to achieve their goals.
However, unlike a consultant, a business coach takes a more holistic approach by evaluating your life. They’ll focus on your essential habits, behavior, and results to identify areas of improvement.
5 Benefits of Business Coaching
If you’ve been struggling to get your business off the ground or have hit a significant roadblock, there’s a good chance that a coach is right for you. Here are the five benefits to know before you find a coach.
1. Clarity On Next Steps to Achieve Your Goals
There’s no need to reinvent the wheel, primarily if the model already exists. Navigating the business world is like trying to travel abroad without a GPS. While you can try to ask around or find a physical map, the process would be complicated and prone to human error.
A business coach gives you a clear roadmap to help you get from point A (where you are now) to point B (where you want to be). They likely have the track record and experience since they’ve achieved a similar result that you’ve had.
They’ll help to identify the goal and vision for your business. Then, you’ll work with your coach to break down your significant, lofty goals into smaller, more manageable ones, setting milestones along the way.
Let’s say you’d like to build a SaaS business with a one-million-dollar valuation before exiting your business. Here’s an example of how it could be broken down:
- Market size: The estimated market size is 30 million businesses in your target market
- Market share: Let’s say you can capture 3.5% of this market share, giving you 1,050,000 in revenue
If you can prove these numbers, you can ask for funding. Depending on your business model, a coach can work with you to get there, whether finding funding options, developing marketing strategies, or providing a blueprint to hire employees.
2. Greater Self-Awareness
Believe it or not, we are often blinded by our thoughts. Some of us are far too optimistic, and we blindly believe we can achieve any lofty goal. On the other hand, some business owners are far too pessimistic such as having too many limiting beliefs that don’t serve them.
A business coach objectively views possible outcomes based on your current resources and skill sets. They can identify your weaknesses so that you can overcome them and build your dream business.
For example, your business coach may have you take the Myers-Briggs Type Indicator assessment to gain insights into your unique personality traits and tell you how that can impact your leadership style.
3. Accountability and Growth
Accountability is one of the key factors to achieving growth and success. Reaching for greater results is often uncomfortable and comes with hardships. A business coach provides the accountability and support needed to help you through these challenges. Doing what you say you’ll do is a sign of any successful leader in business.
By meeting with your coach and paying for their services, you make a financial and verbal commitment to take the necessary actions to succeed. If your coach assigns you to read and practice sales techniques for the next 30 days, it’s your job to follow through. They’ll track your progress, including progress reports, feedback, and regular check-ins to guide you to success.
4. Increased Productivity and Performance
Everyone is given 24 hours a day. What separates productive people from unproductive ones is what they do with their time.
A business coach helps you to develop a healthy schedule by helping you identify the busy work from productive work. For example, a solopreneur that moves into a business owner must learn how to delegate tasks and train new employees. In this case, they must learn to trust and build confidence in others.
Your coach may also instill proper work habits such as eliminating distractions, batching all work meetings to a designated time or day, and other productivity hacks.
5. Venture Outside Your Comfort Zone
Entrepreneurs are risk-takers by heart. But unfortunately, once you’ve achieved some level of success, it’s only human nature to relax and only do things you’re comfortable with.
For example, before the rise of social media, many businesses were comfortable with their old ways of advertising, such as traditional radio, billboards, TV, or just local word of mouth. These businesses didn’t adapt to the trend of the internet. Failing to produce content and capture attention online became a major downfall for those companies.
Consider Blockbuster, which lost its market share to Netflix due to its failure to adapt to the changing market trends. They didn’t recognize the shift toward consumer behavior into online streaming and the decline of video rental stores.
A business coach will encourage and push you to step outside your comfort zone. Whether that’s hiring new employees, implementing a new marketing strategy, or even entering a new market.
Unlock Your Full Potential with Business Coaching
Entrepreneurship can feel like a lonely path. It can feel like you have to wear multiple hats and put out fires daily. Fortunately, business coaching is one of the single most significant investments you could make in yourself. A business coach will help reassure you that you’re on the right path and challenge you to achieve your business goals.
For more information contact Business Health Matters for a free Business Health Assessment or call 727-739-8862