So things seem to be going well with your business and it looks as if you’re finally turning the corner and looking forward to halcyon days. Well, congratulations, but this is probably the time you need to step back and reflect!
Remember that good times, like bad times, don’t last. So you need to get your Plan B together and also plan for future growth and expansion. Without these, you could find yourself unprepared for unforeseen eventualities or you could stagnate after a trajectory of fast and furious growth.
On the other hand, if you’re going through a severe business downturn and the future looks bleak, you certainly need help. Being in the eye of a storm often blinds you to the real nature of the problems in your business and this is where outside experts can set things right.
Today, you no longer need to multi-task and play the super-hero businessperson. Enlist the support of a competent and experienced business coach and get back to doing what you do best – running your business.
What does a business coach really offer?
The Big Picture: A business coach studies every aspect of your business and the people involved from an objective and professional point of view. This gives the coach a 360-degree perspective of the issues and dynamics at play. As an entrepreneur, you’re often not privy to such an outside viewpoint, since you’re far too involved and committed to the daily routine and in micro-managing things or in fire-fighting.
Focus: Businesses often experience an initial period of high-growth, which may not sustain in the long run. This could be due to other financial reasons, errors of judgment, bad planning, human factors, limited vision, misjudging the competition, unforeseen events or a bad reading of the markets. An expert business coach can do an independent analysis and come to the root of the problem and help you keep your business healthy and growing well.
Strategy: We often miss the small details and planning strategies that can make all the difference to the health and strength of our businesses. A variety of short and long term goals have to be set, with good information, financial planning, human resource planning, data analytics and reporting systems in place.
Apart from all these, the biggest offering that a business coach brings to the table is a fresh, new perspective. The coach need not be an expert in your domain – in fact, someone from a different industry can give a better macro picture.
Do some research and background checks and know exactly what you want from business coaching before you sign on a business coach.