We hear business owners ask this question all of the time. Interestingly, if you look at most competitive sports, both individual and team sports, you will rarely find a professional athlete running the race, fighting the battle or winning the game alone; there is typically a coach at their side to navigate the strategy and hold the team accountable. We believe business is very similar to a competitive sport and like a professional athlete, business leaders need a professional coach to assess their competition, lay a strategy and collaborate with an advisor all the way to the finish line.
Let’s face it; the current business climate has become highly competitive, technologically sophisticated and price restrictive and requires business leaders to bring their ‘A’ game to the table on a daily basis. Having a coach walk alongside you to help you find opportunity for new business, develop a strategy to capture and sustain market share, and point out any potential ‘potholes’ along the way, can be that catalyst for change and growth that you need to make strides with your business.
Here are just a few firsthand examples of where we have seen business leaders benefit from having a business coach:
New Business Launch
A local business owner was preparing to open the doors to a new business and with less than sixty days until the official launch, there was still an overwhelmingly long list of things needed to be accomplished before going ‘live’: application for business permits, developing verbal and visual brand image, developing a sales process and pricing structure, developing a website and social media strategy, and establishing ad campaign for launch. A business coach worked closely with the business owner and management team developing and executing a strategy and prioritized next steps to closely support the business owner with the launch of the new business. This coaching included 120 days support setting strategy, priorities, putting out fires, weekly meetings, direction accountability, execution of brand and marketing efforts.
A savvy and experienced business owner identified an opportunity to expand their business from retail only to retail and wholesale. As an expert in their industry, this business owner knew the direction he wanted to take the business, however did not know how to go about making it happen. A business coach walked alongside the business owner developing a roadmap to accomplish this shift in business direction while putting out fires, providing support in difficult decision making, and conducting special assignment meetings (investors, bankers, etc.) Throughout a period of 11 months, there were three different levels of coaching support provided depending on the business owner’s need and the cycle of the business.
Special Assignment Coaching
An attorney and business owner was preparing a proposal for a partnership with the American Bar Association and requested support through the discovery, proposal development and presentation of a 50 page proposal. Over a 90-day timeframe, a business coach conducted weekly conference calls, managed a virtual project manager, set next steps and guided the proposal and presentation to successful completion.
Here is a short list of things that a business coach can do for your small business. A business coach can:
– Develop an actionable plan for your vision
– Guide you in developing a detailed plan, timeline and tracking metrics
– Support you in achieving designated timelines and deliverables
– Define key next steps and provide follow-up communication
– Keep you focused and moving forward
– Be your motivator
– Offer strategic support at key business meetings
– Act as a sounding board
– Collaborate with you on strategies and new business ideas
– Listen, strategize and assist with objective decision making
– Act as your accountability partner
A business coach is the best person to help you think outside the box and to navigate these tough economic times. The way businesses succeed has changed, and as a business owner, you’ll want to get ahead of the curve to gain that competitive edge. If you’ve been thinking about hiring a small business coach but just aren’t certain if you need one or what one can do, please feel free to call us. We would be happy to discuss your business needs and provide you the information you need to make a smart decision for your business.