Is Coaching Right For Your Business?

Is Coaching Right For Your Business?2019-02-11T03:10:46+00:00
Is Coaching Right for Your Business?

Almost every small business owner or entrepreneur will reach a stage when the following question becomes inevitable: “Do I really need someone to help me manage, or at least give me some solid advice about my business?”  If you’ve asked yourself that question, take heart: you’re not alone!

Here are 7 situations where asking that question can lead to a smart business decision:

When you’re challenged – even overmatched – in executing certain tasks.
  • This is a situation where you see certain areas of your business where you could use some help.  For example, face-to-face sales is the best option for you to increase sales, yet you don’t feel comfortable when you must initiate conversations with people.  Here, a consultant could not only coach you, he could go out and model for you how to present information and close sales.  You would be hiring him to coach (lead) by example.

    For some small business owners, hiring some help could mean addressing the way he/she tracks accounting and transactions.  Yet for another owner, the problem lies in restructuring the internal organization.  In either case, a consultant or coach could be just what this small businessman needs to reach that next level.

If you need to add an employee, but have little to no idea where to begin.
  • When many small business entrepreneurs start out, they don’t have a clue what that first employee should look like. What skills, experience, or personality should he/she bring to the table? Often, those who have experience with hiring for larger companies can help you assess your needs, screen applicants, and “pull the trigger” to hire a prospective employee.  Don’t feel intimidated if you don’t know where to begin.  Most small business entrepreneurs today must thoroughly think through their needs, company objectives, and still envision the future before trying to hire someone new.  Coaches with human resources experience can really assist with this scary first step.

You find yourself in a rut.
  • Good habits are one thing.  However, finding yourself in a rut – doing the same thing day after day and seeing few positive results – can present a crippling situation for your business.  Ruts are a fact of life; almost everyone has or will fall into one.  One solid way to break free of a rut is to hire a fresh set of eyes.  A business coach can do what a coach does in sports: see situations from the sidelines and prescribe remedies.  His ideas alone could be worth thousands –or millions– of dollars in potential revenues.  Wouldn’t it make sense to bring in a person who could help unlock a profitable future for your company?

    You may just need a nudge from an outside expert to help you move the needle in the right direction; for example, finding that ideal balance between risk and reward.  In this case, in order to escape the rut, you might simply need to embrace some additional risk.  A coach could help you out a lot in determining where acceptance of such risks should occur.

You need to develop new and specific skills in order to stay competitive in your industry.
  • Let’s face it: we don’t expect school-aged children to learn information and skills on their own.  They learn when they go to class.  In the same way, a coach or consultant can take an entrepreneur or small business owner much further in their knowledge base.  It seems common sense.  However, many small business people are reluctant to spend money on coaching because they don’t value the skills they could acquire.  For some industries, they may be okay following this line of thinking.  Yet for others (for example, the technology sector), learning new skills may be critical if the owner plans on staying competitive with other, similar technology providers.

You could use someone to hold you accountable to your own goals.
  • This is an area that seems to be growing in the business world: “Accountability.” You’ll hear about it more and more as you get deeper into the “biz community.” Basically, the concept shows us that business owners are becoming more concerned about producing quality work on a strict timeline.  If you want someone to hold your hand to the fire, so to speak, then you should consider hiring a consultant that you can report to.  You want someone who will keep you aware of having disappointed your company if you don’t hold true to your own stated objectives.

The workload seems overwhelming.
  • Feeling overwhelmed is something a small business owner is bound to experience, sooner or later. Things pile up, and other matters seem like they need your attention right now! A single person can only accomplish so much in a small amount of time.  Here is where a consultant can be of huge help.

    Simple steps to complete the most pressing tasks can be done first, and your coach can go on to help you establish habits in time management that set you up for success in the long run. This may be one of the most common areas where consultants are needed today.  And it might be the right solution for your business.

You’re doing something wrong trying to grow your business, but you can’t figure out what that is.
  • Many entrepreneurs figure out at some point they’re not really “necessity entrepreneurs,” that is, the good or service they provide doesn’t fill a desperate (urgent) need among customers.  Thus, at some point, the business stops growing organically.  It’s possible there might be a great deal of competition in their product category.  If so, they may need to alter certain marketing strategies or tweak the product’s utility or value in order to find greater demand for their offering.  If so, a consultant or coach can be hugely helpful in finding what their niche happens to be within their market, and what strategies will elevate their product/service to higher levels of public awareness. The right business consultant can surely help the business owner zero in on his or her true target market.