So, you’ve caught yourself wondering “Should I get a business coach?”. Unfortunately, like most questions in life, there is no straightforward ‘yes’ or ‘no’ answer. A booming, yet often underutilised industry, only one in six businesses have used business coaches in the past. However, one study found that working with a business coach could increase net revenue by 46%. While enticing, these stats don’t mean that you should dive into this headfirst. First, you need to establish exactly why you are seeking a business coach in the first place. From here it becomes easier to determine whether hiring one is a fruitful idea.
In this blog, we delve into what a business coach really does, what you should consider before hiring one and when the best time to hire a business coach really is. Read on to find out more.
What is a Business Coach?
Think of a business coach as a consultant that helps propel your business into its next stage of growth. By contemplating various influential factors – including the likes of business finance, marketing strategy and legal considerations – a business coach creates a scope for your business’ current state and a plan for expanding your company into the areas you want it to be in.
In its most simplistic form, business coaches provide you with an alternative viewpoint for your business and how using this fresh angle can identify optimal areas for growth. If you find yourself in a progression pothole, they could well be the person to help lift you out of it and get you back on the road to success.
Why Get a Business Coach?
The idea of a knight in shining armour strolling in and streamlining your business strategy may seem like a dream scenario. However, before you dive into this investment headfirst, you should consider the reasons for seeking out their services. (It is also important to bear in mind that, in reality, your coach would unlikely be clad in armour.)
Here are some of the things that a business coach can help with:
Avoiding Potential Pitfalls
It’s no secret that the world of entrepreneurship comes with a myriad of different factors to consider. From financial nuances to legal requirements, the scope of these issues is extensive. Plus, even rudimentary matters such as not knowing how much to charge for your services or incorrectly managing expenditure may be a bit of a head scratcher when beginning a new venture.
With a wealth of experience at their back – if selected wisely – business coaches will be familiar with all the common pitfalls for a business such as yours. They can help ensure that you don’t fall victim to the most frequently-made mistakes by businesses of your stature, and set you on a more sure-footed path.
Providing a Second – Well Informed – Opinion
The world of an entrepreneur can often be a lonely one. Being the sole decision maker for your company can bring about a huge amount of stress, especially when the ramifications for such decisions are so significant.
Think of a business coach as a right hand man (or woman) with a wealth of experience in the area. They provide the perfect soundboard for you to bounce ideas off without ever taking the reins from you. You lead the way, they simply help guide you using the experience and industry knowledge that they have at their disposal. The wise old Gandalf to your plucky, wide-eyed Frodo, if you will.
Improving Your Own Knowledge
Running your own business is a very personal experience. And you wouldn’t have set off on this endeavour if it weren’t for your ambition to grow as a professional and prove yourself within your field of specialism. Well, a business coach can help with that, too.
As the title suggests, business coaches don’t only help lead you in the right direction, but they also impart their knowledge and experience on their clients. The right business coach can help you achieve personal and professional goals, become a better leader and push you to truly excel within your field. When it comes to learning and development, no course or online certificate will help equate to having a wealth of real-life industry experience at your fingertips.
Factors to Consider When Looking For a Business Coach
Before we dive into what factors to consider when on the hunt for a business coach, it’s important to understand they are not some all-in-one magic fix. A business coach can’t wave a magic wand and – abracadabra – your businesses is a runaway success. Similar to say, a running coach, they then can provide the expertise, guidance and motivation you need. But its up to you to win the race.
As with any business decision, soliciting the help of a business coach should be done following the right amount of research. Diving in blind will be unlikely to provide you with the benefits that you are after. Instead, you should consider a number of factors before signing on the dotted line:
Do they have experience with businesses of a similar stature? Different styles of coaching will be required depending on the stage of development that your business is currently at. Therefore, you should seek out a business coach that mirrors this. If you’re an ambitious start up looking to take the next step, getting advice from an individual who specialises in global enterprise expansion is unlikely to prove fruitful.
Do they have experience in your industry? Experience is a crucial factor in hiring a business coach. So, why consider someone with no tangible experience in your industry? Again, this is a case of avoiding square pegs in round holes. Make sure that they know your industry inside and out so that they have the credentials to provide that extra layer of knowledge that you are after.
What would you consider to be a good ROI? As with any aspect of business, you want to make sure that a business coach’s success is tangible. Outline what you want to see from your experience and through this define your KPIs, before presenting them to candidates at the hiring stage. This will help make sure that you are both on the same page from the outset.
Make sure that you are compatible. An obvious but essential factor. When working closely with an individual and letting them in on your personal entrepreneurial project, it is of the utmost importance you are compatible. That isn’t to say you should always see eye to eye – some of the greatest ideas in history have been borne out of conflicting notions. However, you also don’t want to be spending swathes of time with someone that you simply do not like.
Ensure that they aren’t being fraudulent. It is also important to note that a lot of business coaches don’t actually have the credentials to provide the advice that you require. Always ask for evidence of experience and referrals where possible.
When to Hire A Business Coach
Unfortunately, there is no one-size-fits-all approach to this business decision. However, there are some indicators that may signify an opportune moment to get in touch with a business coach.
These include:
- You are consistently struggling to reach your business goals.
- You have just started a new business and have no prior experience in doing so.
- You are finding it tough to effectively measure your success or progress.
- Your business seems to be missing something.
- You are looking to sell your business.
- You simply want a second opinion on your business decisions or processes.
If you are experiencing any of the above or want to find out more about whether you should be seeking help from a business coach, get in touch with our team. We provide expert business coaching for accountants and are here to help you take the next steps on your entrepreneurial journey.
