Starting up a business can be quite tasking though often adventurous. There can many setbacks in starting a new business, including raising capital, finding gaps in the market and developing a business strategy that works.
Small businesses face many difficulties. But there are plenty of resources that a business owner can use if they know where to look. Great business coaching is one aspect that a new business owner may consider. There is an abundance of benefits for both personal and business growth and we are going to examine some of these further. But first, we must look at the reasons a business might need a business coach and how they can assist.
Have you ever wondered why about 9 out of 10 start-ups fail? Several business owners noted such reasons as insufficient capital (29%), the wrong team for the task (23%), and strong competition (19%) as purposes behind disappointment (ref. Fortune.com article). Although not all these problems can be avoided, a good business coach can help you to navigate through some of these problems by supplying the necessary information and local knowledge to sustain a business. So the question now is, what is a Business coach? and how can a business coach help a startup company to achieve success?
A business coach is a professionally trained coach with a background in business-related issues who oversees; assists and guides the business owner in starting, developing and growing his/her business. A business coach helps start-ups clarify their business goals, and objectives and help start-ups to develop the skills and resources needed to achieve business success. Business coaches aim to guide start-up owners on the trajectory of their expansion and help in the creating of a foundation for growth. An executive coach helps individuals to unravel their potentials by improving their management, business and leadership skills. Executive coaching concentrates on working with start-ups owners on their personal development.
A good business coach is known through their effectiveness in business management skill, ability to evaluate performance by giving feedback, and in ensuring growth through challenges, testing and homework.
The advantages of good business coaching incorporate business profitability, decreased pressure, better commitment and teamwork with staff, improved communication, the ability to implement change and proper identification of business opportunities.
Two minds they say is better than one, extra brainpower from outside your company offers a fresh take on process improvement that your business needs at some point in time. So it is a big advantage to have a good business coach by your side. Especially if this business coach has a wealth of knowledge and experience in business.
Firstly, a good business coach should be patient and willing to provide adequate time to interact with start-ups owners to ensure business success. Also, they should be experienced in identifying and solving some of the issues of small businesses. They are people oriented and effective in communicating with and actively encouraging business owners to accept new challenges. A good business coach is an effective teacher who builds self-confidence and appreciates the teaching of small business owners.
A good business coach is concerned with the business’s success through process improvement and facilitating professional development. He recognizes the importance of coaching for people at all levels within an organization.
A good business coach will help develop a business strategy and plan which can be brought to stakeholders in the business. They can do this through a process of market research, identifying potential gaps in the market and shoring up unneeded expenditure.
The major reason start-up owners don’t work with a business coach is because of their lack of awareness of the coaching framework and how it can help business achieve success. Business coaching acts as a catalyst of business success in a variety of ways ranging from local knowledge including contacts and finance opportunities to sourcing materials and office space etc.
While the concept of business coaching itself may sound simple, the real power of the approach is in what the coach brings to the engagement. Business coaching provides an environment based on complete confidentiality. There is never a wrong time to start working with a business coach. Having a business coach will help new perspectives on your business or the realities of your current marketplace so that you see new opportunities by sustainable growth. Also, giving start-up founders the best possible chance for long term success. The business usually works with the start-up founders and other leaders in the organization, helping her/him to define objectives and goals for business success. He also draws a roadmap to achieve the goals and holds the leader accountable for those actions.
A good business coach can contribute to just about every area of the business and can help new startups to start on the right footing.
Contact Gregg Coaching and we will be happy to provide all the help you need to make your life and business a success.