You are an experienced entrepreneur and have grown your business to its present shape and size, quite possibly without ever seeking external help or advice. So why might you do so now? In this blog, we explore six reasons why hiring a business coach could be a wise investment.
1. Your business is not giving you what you want
Many entrepreneurs we meet either don’t know or aren’t getting what they want from their business, perhaps because they have lost sight of it or because their circumstances have changed and they haven’t taken stock. A business coach can help you step back, reconnect with what you want from your business materially and / or personally, and evaluate your options for getting it, increasing the likelihood that any decisions you take today will deliver the future outcomes you want.
2. You want a perspective that you cannot get from your team
Your senior team may be highly valued and effective operators, yet unable to offer you a perspective that is truly objective: they will naturally want to protect their positions and futures. You too may have been looking at your business through the same lens for some time and developed blind spots like the rest of us. Or you may be holding assumptions or beliefs that are obscuring options open to you. A business coach should bring a detached perspective that is informed by their own experience and work with other businesses, respectful of your values and aspirations and honest enough to help you make informed choices.
3. You want a clearer vision of the future for you and your business and to feel confident that you can achieve it
When you created your business, you may never have imagined that you would get this far. You may equally have been too immersed in the day to day to give yourself credit for how far you have come, or to envision how you want it to evolve. Creating a clear vision of the future can be energising for you and your team and help you all anticipate and prepare much earlier for key decisions and events. This can be the difference between creating a path to outcomes that everyone is comfortable with and committed to, and suddenly confronting complex issues that can put valued relationships under pressure or worse still, create results that fall short of long-held expectations. A good business coach will help you formulate that vision, including a process for creating it that will best meet your aspirations and those of your team.
4. You want to avoid foreseeable pitfalls as you grow your business
Your deep knowledge of your core business activity and sector will be one of the assets that has powered the growth of your business to date. Valuable as it is, it can also produce habitual rather than fresh thinking. Nobody can claim perfect knowledge or foresight; nevertheless a good business coach should bring a heightened level of both to complement your experience and help you avoid or at least mitigate the many obstacles that typically arise in growing businesses and which could otherwise slow your progress.
5. You want to work out your best responses to opportunities, challenges or threats that your business is facing today or can anticipate
Few if any businesses are immune to the impact of advances in technology, the concentration of data and power into fewer hands, near universal access to information, the breakdown of trust in authority and so on. Long-held assumptions, conventions and business models are being overturned every day in sectors as varied as retailing and space travel. In the face of such complexity, decision-making based on past experience may not serve you well. A business coach can support you to develop new ways of thinking and introduce tools that will help you distil what matters most for you and your business, weigh up your options, define your best strategies and then plan for and deliver their successful implementation.
6. You want to feel in control of your business rather than the other way round
Many entrepreneurs we meet are in various states of exhaustion and talk of running to stand still: their businesses are, in effect, dominating their lives and consuming their energy. It can feel to those involved that the explanations are unique to their businesses, yet they rarely are. Typically, the root causes are predictable and can be effectively addressed to create a much more healthy and sustainable relationship between a business owner and the asset they created. A business coach can help you assess what is happening, understand why this has come about and develop solutions tailored to your context, preferences and aspirations that will ensure your future feels very different to your present.
Whatever your reasons for exploring business coaching, it will be most effective if you are prepared to commit to it wholeheartedly. A good coach will equip you with the insights, resources and methods to develop solutions that are right for you, your team and your business: they won’t do it for you, however.
This is the essence of good coaching and will ensure that the solutions you create are yours, designed and tailor-made by you to meet your present and anticipated requirements. The process of creating them will develop new capabilities that will stay in your business and provide an ongoing return on your investment.
Planned Ascent offers a tailor-made blend of business coaching, consulting and connections and we have previously explored how you might choose a coach to work with. Take a look at the services we offer, or book your introductory call to discuss what more you want from your business.