Updated: Aug 26, 2021
Building your own business is not a walk in the park. At times, you will be faced with several challenges that may seem impossible to face, especially if you are just a newbie in the industry. Experience is the best teacher, so to speak. But how can you face something and succeed when you don’t have that much experience? The answer is, you can actually leverage on the experience of others. You can hire someone who has been through enough business-related scenarios in order to mitigate risks that may greatly impact you and your business. Here are some of the benefits of hiring that someone you can call on as your business coach:
1. Helps you recognize your business purpose
A business coach is an expert entrepreneur. This is a good reason for him/her to introduce you to the idea of creating your business purpose. This is the why of the company. You will have to create a certain “vision”, which is your long-term goal, that will definitely be aligned with your purpose. A business coach will support you in identifying your mission as a company, which will later be catalysts for you to achieve your vision.
Once the business coach has helped you to create your purpose--- vision and mission. The rest will be much easier for you since you will now have a certain business focus. This would mean that in every decision you would have to make, you and your coach will always bring it back to what your company’s vision is. You will create a level of consistency in all of the tasks and decisions your company will have.
2. Identifies clear and realistic goals for your company
You might be wondering, why do I need a coach who will identify my goals? Where in fact, I can do it myself?
This is a common misconception for business owners. A coach is someone who will guide you and not dictate what he/she wants for the company. As you have already created your business purpose, the coach’s role is to give you realistic insights for all the goals that you will set for the company. Yes, you heard it right, you will still be the one who will set it yourself. The coach will be analyzing your goals and provide you clear cut explanations as to why you should keep it or not. They might even challenge you to go either bigger or take a few steps back. As someone who has experienced the worst and the best, their advice is definitely an asset for your company!
3. Mentors you in becoming a better leader for your constituents
Great leaders are not born, they were made. Some of the famous businessmen who hired business coaches were: Eric Schmidt of Google, Steve Bennett of Intuit, Barack Obama, Oprah Winfrey, Hugh Jackman and many more. All are great leaders of their respective industries. Believe it or not, all are capable of becoming great leaders. With the wisdom and leadership skills your business coach has, you will be imparted with values that you will be able to use in making business decisions for your people.
Business coaching in the area of leadership is big in scope. You will discuss with your coach people management, goal-setting, winning company strategies, and challenging decisions for your operations. Your coach is also certified and has attended a lot of seminars which they can share with you in order to approach business cases properly.
4. Supports business overall performance and profitability
Ultimately, your goal as a company is to improve your profitability. This is definitely one of the main reasons why you hire a business coach. But the question is, what can they actually do to contribute directly to your company’s profitability?
With all the benefits mentioned earlier, these can all contribute to your business performance. Your coach serves as your lighthouse to guide you while you are on your journey as a business owner. There might be boulders or icebergs that can be a hindrance to your profitability and performance success. Your coach will be your salvation and will provide you advice and insights on how to survive such challenges. Without them, you might be faced with financial and business risks.
5. Serves accountability on your plate
Your coach is also your partner. Running your business is difficult as you have to monitor activities such as weekly accomplishments, operational progress, financial status and many more. Your coach will be someone who will remind you of your goals and your status so that you will be consistently redirected to your path. A lot of times, business owners are dealing with a lot of items on their checklist and they need someone who will constantly remind them that they have to go back to their purpose.
The current market is a really tough arena, which having to fight in it alone can prove as a large challenge. Your coach will be your partner, your wingman, your best friend, who will be there to guide you throughout your operational journey. Fresh Start has the platform for you to be able to have your own business coach. We have a program which will help with planning in an individual setting. For more information, you may visit our website: https://www.freshstartbusinesssoftware.com/financial-business-coaching