This article will cover Business Coaching and its purpose in small businesses, and how it can benefit your company.
When you hear the word coaching, your mind probably goes straight to sports. You might imagine a person running up and down the sideline of a big field, flailing their arms, yelling about who knows what at who knows who. Often, you’ll see them pull out a whiteboard or call meetings to make sure everyone on the team is on the same page.
A coach’s job is simple: make sure the players are following their plan of action and at the end of the day, achieving their goals.
So, what is business coaching then? In many ways, the exact same thing! Well, except for the running, yelling, and flailing arms, of course.
Business coaching is a process used by many successful companies to help businesses grow and reach their goals, both long-term and short.
Just like in sports, business coaches are often experienced in the field themselves and are looking to help an up-and-coming company prosper and find its place in the world. Often, their own business and entrepreneurial experience gives them a lot of insight into how to run a company successfully–which is a lot easier said than done.
The hard truth is, according to Small Business Administration, roughly twenty percent of business startups fail within the first year of operation. About half are extinct within the first five years. Yikes.
But, worry not! There is no reason to believe you will end up as one of those statistics. I’m sure you already knew how tough the competition would be and how important it would be to have a strong path to success drawn out.
But the question is, how do I make sure I am on the right path?
Well, that is what business coaches are for!
As I’m sure you’ve guessed, there isn’t one specific path to building a successful business. In fact, no two companies have ever had the same route to success. Think of two successful companies off the top of your head. Imagine the different strategies, plans, and paths they took to get to where they are. It’s not a one-size-fits-all kind of lifestyle. Nothing in the business world really is.
Coaching can really play a critical role here. Many small businesses will attribute their success to business coaches that really took the time to get to know their company and create a personalized plan that really worked for them. All plans made by coaches are unique and based on the company’s needs, but there are three simple steps all business coaches take.
Three Steps Business Coaches Take to Help Grow Your Company
- First, they’ll really take the time to get to know your business. This means they will want to know where your company is at right now. How long has your company been around? What is your company selling? Who are they selling to? How is your company doing currently? What does your company stand for?
- Second, they’ll want to know where you want your company to go. Where do you want to be in five years? What are the long-term goals? What steps do you plan on taking to reach them? What are your financial goals?
- Third, they’ll help you get there. Based on all of that information, they’ll help with things like goal planning and keeping you and your company accountable at all times. They’ll help plan and prioritize different strategies, and help you understand why certain marketing plans are working, and others aren’t!
(Oh, and speaking of marketing, if you want a little extra marketing help, check out our favorite strategies to help you get your product and services to as many clients as you can. Click here to learn more!)
As you can probably tell, coaches really take the time to get to know your business and curtail their advice to help you, specifically. Maybe that’s why they’ve been so successful over the years! Business coaching has been around for a long time and isn’t going anywhere anytime soon.
According to IBISWorld, the number of coaching businesses has grown steadily for the past five years! That is in large part due to the fact that new businesses are starting to realize just how critical it is to have someone that can guide you through the process.
Having an extra set of eyes and ears can really help make sure you are finding and patching any holes in your plans and bridging any gaps. With the ever-changing corporate world, it can be easy to fall behind, or miss key things that can really affect your bottom line.
Business coaches are always up to date on the latest trends and tactics that will help your company grow. For example, with the pandemic pushing us into a virtual world, the importance of building your online presence is greater now than ever. Business coaches can help you understand the importance of things like digital marketing, connecting with your clients, and how you can use it to take your business to the next level.
On that note, if you want to learn more about how to connect with your clients in the midst of this never-ending pandemic, click here to peruse some of our favorite ways!
Okay, at this point, you may be wondering how you can assimilate a coach into your business. You might be concerned about how much control a coach will want, or how much you really want them to make decisions for you.
Our favorite thing about business coaches is that they can be as hands-on or hands-off as you’d like! Many business owners like to make sure they are making the decisions. They may not want someone breathing down their neck all day telling them what to do and how to do it. That’s totally understandable, and coaches will get that too. If you want a coach to take on a smaller role, they can do that.
On the other hand, coaches can be a more prominent part of your planning as well. Coaches are incredibly knowledgeable and with their personal experience in the field and their experience helping others grow their company, they can really offer a lot of advice–if that’s what you want, of course. Not a one-size-fits-all kind of lifestyle, remember?
At the end of the day, coaches aren’t out there trying to rewrite everything your business stands for–they want to help you refine your talents and reach your goal, whatever that may be. And we can’t recommend their help enough.
Whether you are just getting started, or your company is pretty established, business coaches always have a unique way of looking at things and can give you some great advice. Many of our clients have had great success with them and have grown to become very successful in their fields.
So, when you heard about coaching, and immediately thought about sports, you weren’t too far off. At the end of the day, your business is like a team, and every team can use a little bit of guidance from time to time, no matter how big or small.
Now that you know what business coaching is all about, I hope you’re interested in hiring one for your business.
Good luck out there, and I hope to see your company become all that you have ever dreamed of!