I will try to answer this question in two sections for the sake of clarity. To start with, let’s deal with the first part.
What, or rather who are business coaches?
Business coaches are professionally trained coaches with a strong background in matters to do with both small and big business. They oversee and assist you as a small business owner in starting, developing and growing your small business. They will typically help you streamline your business objectives and goals, help you learn the skills and acquire resources needed to run a successful enterprise.
A business coach will typically meet you on a regular basis (this could be in person or via the phone) to discuss current and future business and personal issues you’re facing. The overall objective of a business coach is to keep you and your business on track and continually move you towards your future business goals. Business coaches typically work on three main areas; general planning, marketing and promotional planning, and financial planning.
General planning business coaches work with your business with the aim of developing and stabilizing your Marketing and Promotional Planning, strategic planning, financial planning and management, general personnel and Administration issues. Marketing and Promotional business coaches focus on helping you create and implement an Advertisement Plan, Promotion Action Plan, and PR plan. Lastly, financial planning business coaches are specialized in helping business owners understand Cash Flow Management, Financial Statements, Employee Compensation plans and Pricing Strategies.
The general practice of business coaching has been around for ages. Business coaching packages can be tailored to established business or individual entrepreneurs who need occasional business support and advice. A business coach works to improve employee accountability, leadership, sales, teamwork, goal setting, commutation, strategic planning and much more.
As mentioned, coaching can be provided as a face to face session, group coaching or large scale seminars. A business coach is often consulted when a company/business is perceived to be underperforming; however, most businesses still seek the services of a business coach even when the business is successful. What value do business coaches add to you and your business?
There are numerous benefits that come with hiring a business coach. We have briefly mentioned some above, but let’s elaborate more business coach values here.
- Builds Confidence: the value of confidence in business can’t be underestimated. Working with an experienced business coach enhances your confidence when handling conflict, dealing with major situations or solving a crisis. Professional confidence allows you to remain sharp and play your best game. Remember, as a business founder, your time and effort is extremely valuable. And a business coach can guide you on how to best use it.
- Experienced Financial Planning: Planning a budget can be extremely difficult when you have your head wrapped around your marketing plan, potential growth, business plan and so much more. Business coaches have experience working with small and large companies, helping them organize their finances in a beneficial and smart manner. Experienced coaches have seen the bad and the good, and can effectively help you make wise financial decisions in your business.
- You get out of your comfort zone: this is a very important aspect especially if you’re an introvert entrepreneur who often gets immersed in own business. A business coach can give you the push you need to step out of your comfort zone, try new things in your business, meet new people and seize new opportunities. Even outgoing business owners can get caught in a rut, and a business coach can give them the much-needed push too.
- You get unbiased opinions: The best part of a business coach is they know you more than they know your business. They are therefore unlikely to be biased by your company or industry happenings. They can create customized, unbiased advice putting in mind your primary concerns as a leader. A business coach can uncover shortcomings and solutions that individuals close to the industry or company tend to overlook.
Additionally, a coach is not afraid to confront you and let you know if you’re doing something the wrong way. They have proven methods to business success and can help your company to the next level. There’re numerous other benefits and values that a business coach can add to your business and your life as an entrepreneur. I cannot possibly mention all of them here. But the bottom line is having a business coach can help you develop and stabilize your business strategies, achieve your business goals and realize increased profits.
This question originally appeared on Quora – the knowledge sharing network where compelling questions are answered by people with unique insights.
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