As someone who runs their own business, you may ask yourself “Why hire a business coach?”
While you may have a good grasp on running your company, you should know that you still have a lot to learn.
It could be argued that this is true for a business owner no matter what stage of development the company is in.
While someone who has never run a company before certainly has a lot of growing to do, you may not realize that someone who has been an entrepreneur for a while could also stand to consult an expert on certain matters related to the business.
It’s a common misconception that only the inexperienced could benefit from the insight that an outsider can bring to the table, but this blog post will illustrate just why that’s a misconception.
So, why hire a business coach?
Well, let’s take a look at several scenarios where such expertise could come in handy, and you’ll quickly see why working with someone from the outside could be to your advantage.
You’re New to Running Your Own Business
This is the most obvious scenario in which you might benefit from some coaching.
When starting out, it’s all too likely that you’ll have countless questions about how things should go. It’s no secret that getting a company off the ground, never mind making it a success, requires a lot of different things to happen.
Besides having a strong business plan that helps you define the path that you’re going to follow, you also need to be sure that everything you’re doing is in compliance with both local and federal laws. From making sure you have the right licenses, to being certain that you have the right marketing practices in place in order to get as much exposure as possible, there are a lot of gaps to fill in between coming up with your idea and getting customers to hand you their hard earned money.
If you’re new to running a company and you’re wondering “why hire a business coach“, then you should be thinking about roadblocks that you could potentially come across and how you’ll deal with them.
You could certainly find a way to remedy these issues yourself but, without experience, how long will it take you? During a company’s early days, resources are especially scarce and you can’t afford to let anything go to waste.
So why spend more time dealing with a problem than you would need to? In all likelihood, a good business coach has the experience necessary to foresee potential issues and help you deal with them as quickly and efficiently as possible.
Your Company Is Running and Bringing in Steady Revenue
If your company has been in business for a few years and you’ve been able to get a handle on how operations should run, it somewhat makes sense to ask “Why hire a business coach?” It makes sense, but that doesn’t mean you shouldn’t consider hiring one.
Business owners whose firms are beyond the startup stage, but ask “why hire a business coach”, may not have much to learn about what goes into getting the company on its feet, but they have much to learn about growth, development, and expansion.
With everything that it took to reach this stage, the last thing you want to do is get comfortable to the point where the business plateaus and growth stagnates as a result. As your company establishes lasting relationships with customers and adds to its staff, there will be greater demands on your time and money.
A good business coach can help you effectively manage your revenue to make sure that it goes to the appropriate places all in the name of continued growth. It’s also important to maintain strong ties with banks and other lenders, in case you need access to additional capital for a project that would be beneficial to your company.
This may also be the stage where you evaluate the feasibility of moving into new markets. If that’s the case, then the answer to the question of why hire a business coach is obvious.
Moving into a new market can be an alien prospect for you as an entrepreneur, and good executive coaching will help you determine what you can expect to see as you move forward. You will have to conduct thorough research and planning when expanding your business.
Having a good coach at your side during this stage can go a long way toward making sure that the process goes smoothly.
Your Company Has Been Around For a While
A business owner whose company is in a mature state may ask “why hire a business coach”, but they need to be aware of the fact that companies in the same sector may be looking for their own market share, and will be aiming for the established companies as a result.
During this time, companies can benefit from the services of a business coach in order to examine the feasibility of going back to exploring new markets and creating ways to retain customers and keep revenue up in the face of increased competition.
If increased competition affects business, good executive coaching can help with a turnaround in order to successfully restructure the company and become viable again. It’s important to remember that, as your business grows over the years, you have to do everything necessary to keep the doors open and revenue coming in.
With all of the uncertainty that is a part of entrepreneurship, you want to take every advantage that comes your way and use it to make your company a success.
The question shouldn’t be “Why hire a business coach?”
Instead, it should be “Why NOT hire a business coach?”
From helping a startup establish itself, to helping a distressed company reinvent itself in order to keep the doors open, a good business coach can do a number of things from an objective point of view that just about any business could benefit from in the long run.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com. Follow us on Twitter @portalcfo
Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at firstname.lastname@example.org.