Most small businesses are born out of the founder being really good at something or spotting an open gap in the market that simply needed filling. At the outset, entrepreneurs run on optimism, hard work and a little bit of luck. In any business, small or otherwise, the two constant goals are growth and turning profits. As your business grows, it’s easy to lose sight of your initial vision, which could very well affect profits.
The relentless work of entrepreneurship is gruelling, especially when you’re going at it on your own. With so many balls to juggle, it eventually becomes necessary to pause and consult with a business coach.
A business coach worth their salt will provide a professional assessment of your business and advise the best way forward. Many entrepreneurs have lauded the services of a business coach as indispensable. Let’s take a look at what they can do for you and your business.
Clarify your business mission and purpose
Maybe you’ve had this rock solid from the very beginning and stuck to it, or maybe the vision became a little blurry as the business progressed. Perhaps certain elements of that vision are not attainable or no longer relevant. A business coach will be able to spot these gaps and inconsistencies from a mile away, while advising on a more realistic approach, taking resources and profitability into consideration.
In this process, together you will establish new goals and objectives for the company that are aligned with the greater purpose. Your business coach will have tread this road many times before.
Develop a strategy to achieve goals and objectives
As a motivated entrepreneur, you’re likely always buzzing with ideas for your small business. Innovation is never a bad thing, but alignment with your business goals and objectives is always vital. A good business coach will help you hone all your ideas and use them in a way that makes sense strategically.
How does idea x help you achieve goal y? If you can’t answer that, it goes. But that’s not always an easy thing to do for the business owner, though it’s ‘business as usual’ for a coach. Apart from keeping the business trajectory on course, they will also challenge you to aim higher and wider, potentially taking the business to unparalleled territory.
When you’re the boss, who is holding you accountable for the things you set out to achieve for your business? And with all the day-to-day tasks you simply must attend to, how do you ensure you don’t lose sight of the broader vision? Having someone to hold you accountable is one of the most valuable perks of hiring a business coach.
Once you’ve both bought into what your goals and objectives are, and the roadmap to achieving that, then the hard work is up to you. Execution is out of the remit of the business coach’s duties, but they are adept at keeping you accountable to the goals you’ve set for your business.
Remember, entrepreneurship is no easy feat and getting help to achieve success is one of the smartest decisions you can make for your business, your staff, and yourself.
Keep an eye on our blog for more advice on how to weather this entrepreneurship life.