Business Coaching: What It Is and Why You Need It
If you have just launched your own company, you are probably juggling a million different responsibilities at once. As CEO you are not only in charge of the company's vision but its financials, hiring, marketing, and operations.
It is extremely difficult to excel in all of these areas. It's also hard to learn how to delegate, lead, and manage.
Business coaching is a great way for new company leaders to handle the myriad duties required. Even the boss needs a coach in his corner from time to time!
Here are ten reasons why you may benefit from consulting a business coach.
1. Set Specific Goals
When you are caught up in the excitement of a company launch, it is easy to lose sight of your initial objectives. Often your overall goals get forgotten in the whirlwind of making sure you have accomplished everything on your to-do list.
Companies succeed when they keep a clear eye upon the prize. They articulate their goal for their product or service, and how they expect to achieve it.
A business coach can help you set specific goals that you can remember throughout the process to keep your eye on the ball. They can help you create long and short--term plans that accomplish long and short term objectives.
For example, your overall goal could be something like: to deliver top-quality educational books to regional school systems. Or, to provide clients with top-notch accounting services to companies making over $5 million or year.
When you have a specific mission, you will pause if you find yourself expanding into blackboards for schools, or spending a lot of time chasing a potential client that makes $500,000 per year.
Your business coach can also help you be realistic. While everyone wants to make a million bucks their first year in business, depending on your plan you might want to focus on earning enough to pay off your loans. Your coach can help you create goals for the first year, the fifth year, and a ten year plan. (Then you can earn a million dollars!).
2. Time Management
One of the toughest things for company founders to learn is how to manage their time. As a company takes off, its leader may found herself drowning in email, overwhelmed by meetings, and floundering.
When it is your company, you may feel responsible for everything. It's easy to start micromanaging.
Successful CEOs must learn a variety of skills they may never have mastered before. They must learn to hire reliable staff who can take tasks off their plate. They must research appropriate technology that can streamline processes.
CEOs that are overwhelmed and stressed tend to be less productive. They may alienate colleagues and make mistakes.
A good business coach can help a new business leader learn ways to use his time more effectively. That means learning how to prioritize. It means learning how to say no.
3. Build Better Habits
It's easy to tell someone that they should not yell at their employees, but it is harder to teach them better ways to handle their stress. You may know in your heart that it is not doing your job or your family any good to stay at the office until midnight every night, but that doesn't mean you know how to change this habit.
A business coach will help you learn specific skills designed to make you a better leader and a more productive worker. You will learn how to do more in less time. You will learn tactics to help with brainstorming, boundaries, and incentivizing employees.
A business coach may also help you shift your bad habits to healthier ones, by encouraging you to leave your desk every few hours or by eating a healthy lunch.
Sometimes a business coach will provide in-depth insight into the root causes of your unproductive habits. Others may choose to give you simple easy tricks that help you stay on track. A good coach will find which approach works best for you.
You'd be surprised how much more effective you can be when you adopt better habits. That goes for your personal and professional lives.
4. Metrics
Another way a business coach can help you stay on track and be successful is by helping you define the metrics by which you will measure your own results.
Will you be successful depending on the number of widgets you sell? The number of dollars you net? Or how much your company is worth to a private equity firm?
You want to know how to measure growth in a way that shows you when you are and are not on track. Your coach can show you how to align your metrics with your goals and how to review them regularly to see where you need to refocus or recalibrate.
5. Motivation
It's lonely at the top. It's hard to cut jobs, slash budgets, and discipline people when they do not do their jobs well.
It can also be hard to maintain a confident facade when the economy looks shaky, an investor pulls out, or a critical shipment is late. Sometimes you just may want to go into your office, put your head down on the desk, and cry.
A business coach can be the person you turn to when you don't want your employees to see you sweat. They can help calm your fears and show you the bigger picture.
They can also instruct you in ways to stay motivated. They understand the ups and downs of the market, and how human beings need to sometimes unplug, vent, or just let down their guard.
Like a sports coach, a business coach understands your frustrations and can help you channel them towards the win.
6. Leadership
Not everyone is a born leader. But leadership skills can be learned. Some people are naturally charismatic. But even if you are a more introverted type, you can inspire others to do their best.
Whether you are outgoing or not, a business coach can help you identify certain traits you have that you can nurture to become a better leader.
Most leaders admit their mistakes and move on. They can be honest when they have tried something and it has not been successful. This kind of honesty and resilience is inspirational to others to do the same.
Good leaders also listen to others and practice empathy. If these are not your strong suits, a business coach can teach you ways to improve your listening skills so that the people who work for you feel they matter.
Leaders are also not afraid to make bold decisions. If this is a terrifying concept for you, consider working with a business coach. He or she can help you increase your confidence and develop more ease with risk so you can do what needs to be done to grow your business.
7. Accountability
When you are the boss, you can take the day off and go water skiing whenever you want! You can revel in your success and take a break anytime.
It's important to be accountable to someone so that success doesn't go to your head. Your colleagues may be hesitant to say anything if they see you slacking off or going on wild tangents.
A business coach is there to keep you on the straight and narrow. They are there to remind you of your goal and check in to see whether you are still focused on it.
By scheduling monthly meetings with a coach, you are forced to be accountable. You will have to report your progress and admit to where you have fallen short. You will find that accountability is a great motivator for getting things done and staying true to your objectives.
It also requires that you judge your own actions clearly and honestly. Regular, honest self-assessment can propel you towards more effective leadership and productivity.
8. People Skills
You may be a terrific engineer or inventor. You may be a whiz at finance and accounting. But without people skills, your business may suffer.
Every business requires others in order to thrive. Employees need to feel valued and appreciated. Clients want to know you understand their needs. Bankers want to know you know what you are doing.
A business coach can assist in improving your people skills so you can be more authoritative and approachable. They can help you "rehearse" difficult conversations so you are prepared. They can give tips on how to make employees appreciated and how to handle personal crises when they enter the workplace.
9. Networking
As a company leader, networking is a critical part of the job. You need to get to know potential clients, partners, government officials, and community leaders. You may have to attend council meetings, chamber of commerce events, and industry association get-togethers.
Networking can seem awkward and a waste of time. Let a business coach show you how to maximize your time at these events, and how to use your personality to your best advantage.
10. Crisis Management
Every company leader must at one time face a crisis. It could be an economic turndown, a lawsuit, or a disgruntled employee.
How you handle a crisis could make or break your business. You need special training on how to maintain morale, handle publicity, and keep things going when things get rough. A business coach is well equipped to guide you through this challenging terrain.
Business Coaching: What You Need to Succeed
Business coaching can guide new and seasoned business leaders towards greater productivity and growth. They can advise on how to handle everything from employee or product complaints to crises of confidence to long term strategy.
Everyone needs some help now and then. If you think you and your business could benefit from this kind of support, contact us for more information.