Business coaching is a form of management training for entrepreneurs specifically tailored for their unique situation,” BDC’s Business Consultant Nyron Drepaul says. “It helps you make better decisions and become a better leader.”
“Business coaching is a waste of money. I already know what’s wrong with my business. I don’t have time for this.”
This is a cliché I have heard over and over again in our local business environment. A key reason why most budding entrepreneurs hold on to this myth could be limited knowledge on the many benefits a business coach brings to a new business entity.
Others casually dismiss the consultancy services of a business coach much to the detriment of their business entity due to budget constraints at the initial stages of a business start-up.
Truth be told, these myths and others are holding you back from getting an effective business coach hence missing out on an extensive resource base that could help your business take off and stabilize in record time. If at all sports women, men and athletes the world over appreciate the importance of a trainer, why would you like to run your business solo like a rhino hunts solo in the jungle?
Below are the six benefits that could accrue from the services of a professional business coach and drive your young business entity to greater heights.
1. Focus: A business coach helps you to de-clutter your mind and put things into perspective by arranging goals, expectations, targets and aligning them to the resources available for the growth of your new business entity. For example, when I was starting my marketing consultancy firm I had high hopes of making a million shillings turnover annually.
My business coach sat me down and broke it down to monthly, weekly and daily targets. She advised that for you to make one million shillings annually, you must serve 1,000 clients paying you 1,000 shillings for your services within 365 days of the year. That came to a less scary figure of 3 consultancy contracts on a daily basis. That cooled my mind tremendously since she showed me how to align my marketing resources in order to achieve that target.
2. Accountability: A business coach further sets dates for review of progress. The purpose of this exercise is to check on what managerial practices have worked for the new business entity and which ones have not. Navigating a new business entity without regular performance reviews is equivalent to commanding a ship into the high seas without a reliable map and compass.
3. Problem solving: A business coach has a wide resource base of knowledge gathered over the years of doing business or market research in a bid to give quality services to target clientele. In your day to day running of your business, there will occur complex problems like delayed payments from debtors, incorrigible personnel, risks from fire and burglary, changes in government policy, shrinking markets, technological disruption that might weigh down your young business not knowing what to do in such situations. Business coaches come in handy with their vast managerial experience and will help you know how to solve which problem and in which appropriate manner.
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4. Financial Planning: As your business grows you are likely to witness sustained income streams which might overwhelm you and trick you into thinking that you are finally successful. Most entrepreneurs at this stage start planning for holiday vacations and luxury purchases that chew into the entities core capital. A business coach will help you stay sober and will arrange your finances in a way to separate business, personal and investment finances.
5. Cutting the Fat: Without an effective business coach you are not likely to easily identify waste and inefficiencies in your organization. A business coach comes in handy in lean times to identify inefficiencies, cut out the fat and help your young organization survive turbulent economic times.
6. Foresight: The current market environment has become fluid and very disruptive. Technological advancements, lobby group breakthroughs, changes in international relations, government policy on taxation are some of the issues that are wiping out once vibrant corporate giants of yesteryears.
To avoid being caught by the business closure bug, you had better sink serious dollar in the services of a business coach who has a knack for research and has her eyes glued on emerging trends and changes that will help you adapt to changes in the business environment in good time.