Choosing a Business Coach is a game changing decision. Here’s some of the most important questions you need to ask.
Growing a business can be measured in so many ways… It could be profitability, revenue, market share, number of clients, and so many other things.
A business is really a means to an end, a way of the owner expressing their inner desires to the world.
So the first thing that needs to be established, is what are the owners personal goals and objectives. We can then create a business that fulfills these objectives.
If a business owner is looking for lifestyle, the business will be totally different to a business build to create profit.
So the best way to grow your business is to first get clarity on your personal goals. You can download a copy of the personal goal generator here. Then design a business that will fulfil those goals.
With clear objectives, growing a business becomes much easier. We can now focus on building a system that is scalable and allows the owner to either increase profitability, or create a lifestyle business.
By definition, a business is a commercial, profitable, enterprise, that runs without you.
There are 8 steps to creating a successful business, each one will take you further towards a business that doesn’t depend on the owner.
Step 1 is to establish goals. Setting 10 year, 5 year, 3 year and 1 year goals is one of the most important steps in creating a successful business.
Step 2 is to establish an effective time management routine. This cannot be done without having clear and concise goals.
Step 3 is to make sure you have clarity around financials and key performance indicators in the business. A dashboard to monitor all aspects of the business.
Step 4 is to focus on delivering a superior service. This is to ensure you maximise retention and referrals. This also ensures that you optimise your return on investment on marketing.
Step 5 is to build a marketing plan that provides a consistent flow of leads to the business and allows you to monitor the acquisition cost per client.
Step 6 is to start building systems to allow scaling of the business and it workflows. This step is critical to enable you to employ the right people and ensure they are doing their job.
Step 7 is build your team of high performing employees that are able to deliver the product or services of your business with consistency and quality.
Step 8 is to create synergy where the team are now contributing ideas and innovation that means the business is building itself.
Once you have tackled each one of these steps, you will start to build momentum and be able to move into other markets, franchising or diversification. This is where the big game of business is played, and we start to see some real profits.
The question of will business coaching work for me or my business is tricky to answer… you see, a business coach needs to assess the business and the owners capacity to take it to the next level.
Based on that assessment, a program needs to be created that aligns the personality type of the owner with the pace and workload required to build the business.
None of this can be accomplished until the coach sits down with the owner and define what it is the owner really wants. This can be a painstaking process of questions and digging to understand the motives an constraints that are peculiar to each individual.
A coaching clients needs to …
- Be Open and Honest in their communications
- Be willing to change things
- Be willing to make mistakes
- Be willing to get uncomfortable
- Be open to hearing the brutal truth about them and their business
Business Coaching is not for everyone.
If you are happy with how your business is right now, or don’t like being accountable, or are just happy to work things out as part of your personal growth, you may be better investing your money in other things…
On the other hand, if you are sick and tired of hitting the wall, not making progress, or just need a sounding board, then having a business coach could be one of the best business decisions you’ll ever make!
Getting results is the only reason to engage a coach. Whether it’s increasing profitability, reducing stress, or getting you back on track, your business coach needs to be absolutely accountable to a result.
Having a business coach is a bit like having a personal trainer, our job is to understand your objectives, review your current strategy, adjust your plan to take advantage of Strengths and Opportunities, while closing up the gaps that are holding you back.
Once we have a plan, coaching sessions are like pit stops to check your progress, adjust the strategy, and get you re-focussed on building the business.
I often get a glazed look from people when it comes to what a business coach actually does.
The simplest way to explain it is…
Having a business coach is like having a personal trainer… Someone who sits on the sideline and watches your game, identifies where you can tweak your performance, and helps you isolate, identify and develop the critical skills need to improve both your personal effectiveness and the performance of your business.
Coaching combines these 4 primary components…
- Motivation – Creating momentum by inspiring the coachee to pursue their goals with vigor. This is done by gaining a deeper understanding of the individual and what drives them. Aligning the coachee’s personal and business goals is the critical first step in getting lasting change.
- Education – Teaching the coachee business skills that will help them manage and build their business is a core foundation to successful coaching. This includes marketing, sales, financial, planning, management and leadership skills.
- Accountability – Having someone holding you to account is a critical component of the business coaching process. The coach does this by providing a consistent framework with a working business plan and regular reporting to hold the business owner accountable to an outside party.
Breakthrough – When education and accountability are combined in the right proportions, pressure is applied to the coachee to grow. This pressure applied in the right way will cause growth and permanent change in the coachee.
The primary role of the business coach is to orchestrate personal and business growth by strategically combining the above ingredients. The results can be measured directly through achievement of these goals and profitability of the business.
Professional athelete’s recognise the value of having a coach to take them from good to great. Professional business owners realise that even though they might be running a successful business, the difference between good and great is almost invisible to the owner. Having an outsider perspective that is not in the game will give you insights into your business performance that you just cannot get internally.
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