8 Signs You Need Business Coaching Services
Any entrepreneur will tell you. Running your own business is harder than one expects initially. There are ups and downs, highs and lows and long stretches of a plateau in between. Lucky, even in difficult times, there is always a way up and out.
Often, a good way of identifying the cause of what is holding you back is to get an outside perspective. Business coaching services many times offer the business owner an objective view of your business giving you insights the help you jump that barrier your company needs to overcome. A professional service provider will always have your success at heart and will have a vested interest in making sure you get it right.
If the thought of hiring a business coach has crossed your mind, the likelihood that you need one is high. If you are not sure, here are eight clues that you could benefit from the services of a business coach:
1. Direction often changes, sometimes from month to month even – A unified vision is critical to running a business, especially a small to medium sized one. If you are not the only captain of the ship – have partners, maybe – this especially critical. Even if you are running solo, it is essential that your vision remains clear and constant. If you find yourself debating between business models or markets to seize, it may be time to consult a business coach.
2. Priorities are unclear – Clear priorities are what will get you to where you want to be. If you are unsure where your focus needs to be a business assessment tool can be helpful. While the assessment will identify gaps in your business model, it cannot give you the answers. Here is where the business coach comes in.
3. No strategic plan – Well, maybe you do have a strategic plan, but is it one that will get the results you want? When faced with multiple critical activities, do you have a basis to decide on which on to focus? Is your day an endless stream of fires that need to be put out? If you are guiding your business without a compass, it is time to focus on where your business is going. A business mentor typically will have many years of industry experience, whether in the corporate world or by helping other business owners – like yourself – develop long-term strategies.
4. Not getting things done – As proactive or driven as you are, putting off certain tasks or reaching a near burnout point are likely to happen. Those instances will be ones in which your enterprise will need you to pull through. It does not matter if you are procrastinating or you need help focusing on your big picture goals, a business coach will be the accountability partner you need to guide you through these struggles.
5. Have not had a vacation, day off or worked 40 hours or less in one week – Sound like you? It is likely that you are not delegating properly. In a recent survey conducted by The Alternative Board on work life balance, 82% of entrepreneurs are working more than 40 hours a week, yet only 44% want to be. There is a reason for this. Business owners feel like there are certain tasks that only they can handle. A business coach can help you identify the tasks that an employee within the company can take on. Even if that employee does not exist in the organization, a coach can help hire the right person for the job.
6. Hashtags and Retweets are all Greek to you – In today’s world, most everything starts online. Most consumers begin their search for products and services on the internet. With an active web presence, your business will be able to build a reputation through reviews and partnerships. This online presence will, in turn, result in sales. SEO and social media are just a couple of ways to get your business noticed on the web. A business coach can help you identify where you need to spend your marketing dollars and a strategy to support those efforts.
7. Feeling Stuck – Entrepreneurs are an energetic breed. Even when businesses are running smoothly, and revenue streams are flowing, they are always looking to expand. Disrupting your business to grow, can be scary and it is a critical step to take your company to the next level. Business coaching services are an excellent avenue to minimize the growing pains. Your coach can assist in devising and implementing the strategy to help you reach that next level.
8. Business has grown out from underneath you – While growth is the ultimate goal for business, sometimes it can come too soon too fast. Suddenly, your staff, processes and maybe even your physical location might not be enough to accommodate the needs of your customers. Sudden unexpected growth can lead to overworked employees, costly turnover, and poor customer service. A business coach can help you develop a plan to accommodate the growing needs of the firm.
According to the IFC:
– 70% of small business see improved performance after working with a coach
– 67% experience better life-work balance.
– 87% see a return on investment
– Virtually all entrepreneurs (99%) are satisfied with the decision to hire a business coach.
Business coaching services come in several shapes and sizes that range from corporate consultants to peer advisory groups. All are viable options for taking a second look at your business. The Alternative Board’s peer advisory model puts you in a room with non-competing business owners who have faced the same challenges you face every day and allow you to learn from their experiences. Contact Manuel Solis at The Alternative Board St Pete to find out if business coaching might be useful to take your business to the next level.