When paired with the right one, a business coach can take your business to the next level and help you develop your leadership skills.
What is a business coach/mentor?
Business coaches or mentors are usually expert entrepreneurs, executives or business owners who guide other business owners through their business journey to help them reach their goals. It should be a collaborative relationship between the business owner and coach that encourages growth for both the company and the team involved.
Having a business coach in your corner will allow you to develop your skills, stay focused and clarify your company objectives. They’ll push you to think about things differently and will hold you accountable for the plans you set in motion. It’s especially advantageous to have an accountant or business advisor as your business mentor as they know the ins and outs of running a business and can understand the struggles you face on a day-to-day basis.
You can hire a business coach during all stages of your business whether that be during your start-up phase, business growth stage or exit planning stage. There’s always something new to learn or improve on and a business coach will guide you. They’ll also make sure you’re staying on the right path.
6 signs you need a business coach
Hiring a business coach is not the same as hiring a consultant or advisor that comes in and fixes your business. It’s a trusted partnership that holds you accountable, sets direction and provides feedback, tools and guidance on how to improve your business.
Your strategy doesn’t match the goals and objectives outlined in your business plan
Your business plan is usually your main source of information when it comes to your goals and objectives. It’s something that you update regularly as your business grows and changes. If you struggle to set achievable goals, your business coach can help create a strategy that works for you and aligns with your business plan. Having your strategy and business plan aligned will empower you to continue to think of new ways to grow.
Gaps in knowledge or not getting the results you hoped for
Since you’re not an expert in everything, you can’t be actively involved in all areas of your business. A business coach will help you delegate and focus on the areas that need your attention. If you aren’t getting the results you hoped for from a campaign or you’re not making enough profit, a business coach can teach you effective methods to move your business to a healthier position. When we don’t see results from our hard work, we tend to give up or move on to the next project but you might just need to change tactics or look at things from a new perspective.
Priorities aren’t clear and you’re constantly changing directions
It’s hard making the tough calls about your priorities and what your team needs to focus on first. A business coach offers an objective perspective and can help filter what you and your team should focus on. They can also help develop a plan for the future.
Productivity and exhaustion
Contrary to popular belief, working into the dead of the night to reduce your to-do list doesn’t actually help you. When you’re overworked, it negatively affects your productivity levels and you spend more time reviewing old jobs instead of moving on and starting new ones.
Business owners are an ambitious bunch but sometimes it’s hard to get your ideas out of your head. Business mentors can help you develop a plan to expand in a gradual way that won’t heavily disrupt your staff or business operations.
Your company has grown, and you can’t keep up
While growth is the ultimate goal of any company, it can often come on too fast or all at once. It can lead to difficult situations where you and your team feel like you’re being dragged along. A business coach can help you get in front of the chaos and rethink your strategy to accommodate your growing needs.
What are the benefits of working with a business coach?
When looking for the right business coach, wanting someone who understands your business and holds you accountable is a given. Here are some other key benefits that you probably haven’t thought of:
- Embrace the growth mindset and change your perception
- A better understanding of your financial stability
- Boosts confidence and allows you to build your leadership skills
- Encourages you to leave your comfort zone and think outside the box
- Gives you clarity and the ability to set attainable goals
- An objective opinion that holds you accountable and provides a fresh perspective
- More organised and higher efficiency, and
- Grows your company and allows you to develop your reporting and strategy skills.
How to find the right business coach
No matter what stage your business is at, a business coach can help take your business to the next level. There’s always something new to learn and a good business coach will constantly challenge you. Having a business coach doesn’t mean you’re incapable of running your own show, it just means that your business is growing and expanding.
The advantages of having an accountant as your business mentor are that they look at things from a financial perspective and are very data and results-driven. They’re experts in their field and have worn many hats as an advisor for their clients.
Interested in business coaching? We can help. What makes us different is that our Accounting & Tax partners are business owners themselves and understand the challenges small business owners face on a day-to-day basis. We have learnt the hard way how to grow a business so that you don’t have to. Express your interest in our business coaching services today.