Owning and operating a business takes dedication, hard work, and perseverance. From the inception to each step along the way, business owners put their heart into obtaining their goal. However, the statistics tell us many businesses close down along the way.
Why? What happens? Some may close because owners decide to change course, but others struggle making their vision a reality. For many owners striving to reach the goal, a business coach would have made the difference between shutting down or staying open.
A business coach helps navigate the business forward during all stages of development and prosperity. By providing mentorship, business experience, and an outsider's perspective, a coach helps you hone in on the objectives set forth for the business. If you are a business owner who senses that something needs to change, but are not sure what. Or if you have ever asked yourself, "Do I need a business coach?", read on - here are 5 dynamic benefits of a business coach.
1) Puts two heads together, which are better than one
We’ve probably all heard the saying, “two heads are better than one.” When you have a problem or need help, it makes sense to get help from another person. A business coach provides a second “head” to brainstorm with about potential ideas – ideas for marketing strategies, product development, and budgeting issues. As your business grows or even runs into snags, you have ideas – some may be good, some may be fantastic, and a few may not be profitable for your business. A business coach can listen to your ideas with an open mind and a deep understanding of where you want the business to go. Your coach won’t pat you on the back and say everything sounds wonderful if you are about to venture into disastrous waters; however, he or she won’t judge your ideas critically, but instead will guide you to the right answer. This is accomplished by helping you honestly assess the values you set forth.
Furthermore, there is scientific evidence to back up the theory that two heads are better than one. The journal of Science published a study led by Bahador Bahrami of the Interacting Mind Project (University College London and Aarhus University in Denmark). During the study, two participants were given a task to do together and then separately. The results revealed that their “collective decisions” were better than their single-minded solutions. However, the research also revealed the participants only performed best together when two factors were present: communication and competency. As business coaches and business owners collaborate and communicate on the goals and solutions for the business, a competent plan takes shape. This, perhaps, is one of the most outstanding reasons to gain a business coach.
2) Increases productivity
A business coach can help increase productivity in several ways. If you are an introvert and tend to shy away from getting your product or service pushed “out there”, a coach has strategies to help you overcome it. On the other hand, if you lean toward perfectionism and procrastination, your coach guides you to set realistic goals. As long as you take steps each day toward realising those goals instead of being stagnant, you increase productivity. The business coach brings experience to the table, so is able to capitalise on your successes and effectively eliminates weak areas. This, too, leads to greater overall productivity.
3) Provides a stabilising presence
You know you are in need of help when confusion sets in. If you feel you are running a treadmill night and day and are not really sure when you got on or got off, then it is time for someone to step in and point you back to your northern star. If you are not sure where you stand with the budget or the profit, then you are overwhelmed. Being overwhelmed doesn’t mean you are a poor manager, it just means you need to regroup and restabilise. A business coach brings a stabilising presence to the workplace. By offering strategies for time management, budgetary planning, and revisiting the business’s goals and objectives, you regain traction in life again.
4) Brings to the table an objective perspective
A business coach is in an advantageous position to help you and offer advice. The coach is on the outside looking in and that gives him or her a unique perspective. When immersed in the details of your vision, it is difficult to see accurately the big picture. Additionally, ambition can obscure sight momentarily. The business coach can effectively sift through the business issues without the subjective lens of the owner. This provides not only unique perspective, but also a crucial one. Sometimes the business coach may nudge the owner back to the path that was carved out, whereas other times he or she prods the owner outside the boundaries. Always seeking the best outcome for you, a coach offers an objective outsider’s perspective.
5) Highlights accountability
It is challenging to be accountable to our own self at times. Nevertheless, it makes a difference when you are. According to the Office of Personnel Management, there are tangible, positive results of being accountable to someone else. Here is how it affects the workplace:
- Improved performance
- More employee participation and involvement
- Increased feelings of competency
- Increased employee commitment to the work
- More creativity and innovation, and
- Higher employee morale and satisfaction with the work
Being accountable to your business coach keeps you on track. Defining and implementing your goals will systematically bring you to a realisation of your dreams.
Maximise the dedication, hard work, and perseverance you've put into your business, by having a coach by your side. A coach who understands your objectives and can navigate you toward the goal is a boost for business. Additionally, as you gain experience from your coach, productivity and profits increase.