Running a small business takes a special kind of person.
Someone with the resilience and grit to keep going, often against odds that tower over their head. Someone with a special skill or vision, and the motivation to share it with the world. And someone who can juggle 27 plates at the same time – whilst also learning to tap dance.
It’s a unique pursuit that gives many the inspiration, fulfilment, and even success that they crave. But running a small business also takes a unique toll. It can burn down reserves of energy and patience, it can drain your personal life, and it can leave you feeling stuck, not sure which way to turn. Over the last few years, those challenges have reached fever pitch for many.
That’s where a business coach comes in. They can be the ideal resource to help guide your strategy, provide an experienced sounding board, and give you the accountability that many entrepreneurs lack. According to an American Express survey, 92 percent of small business owners agreed that a mentor had a direct impact on the growth and survival of their business. That’s quite the result.
But what does a business coach actually do? And what kind of challenges could one help you overcome?
The Curse of the Never-Ending To-Do List: Life as a Small Business Owner
I’ve talked to hundreds of business owners over the years, and time and again the same challenges emerge:
- Personal sacrifices
Running a business doesn’t come for free. 50+ hour weeks, work-filled weekends, missed holidays, and suffocated social lives are all too common amongst entrepreneurs and small business owners.
- Financial sacrifices
Any business needs capital to get going, and it’s common for owners to commit personal savings to their ventures. This element of financial risk can only add to the pressure, and make it hard to carve out any breaks away from work. It also makes it more likely that you’ll reinvest any cash surplus straight back into the business to drive future growth, rather than taking it as pay.
- Decisions decisions decisions
If you run a business on your own, a lot of responsibility lies on your shoulders. Any commercial operation demands constant decision-making, and when you’re the only senior employee – or only employee full stop – it can leave you feeling isolated.
- Every job under the sun
Depending on the size of your business, it’s likely that you wear multiple hats: client service director, marketing chief, new business and sales lead, finance manager, IT guru, and many more. Balancing your time between these responsibilities, and committing time to the important tasks – and not just the urgent – requires a constant recalculation.
What Can a Business Coach Do for Me?
Done right, hiring a business coach should be more than a transaction. Rather than simply providing a service, a good coach builds a relationship with you and your company. They are there to help share ideas, reflect and strategize about the future, provide an outside eye, and keep you on the right track.
So, instead, why don’t we ask a better question: What can a business coach be for me?
Here are just a few roles that a business coach can play:
A business soulmate
Let’s be frank: running a business on your own can be a lonely game. Even life partners and close friends are unlikely to truly understand what it takes, and when things get tough and your energy reserves run low, it can be easy to burn out.
A business coach joins you on your commercial journey. By bringing someone with direct experience of the pains and pleasures of running a business onto your team, you’ll have an ally with whom to chew over and improve your ideas and key decisions. For too many entrepreneurs, that person simply wouldn’t otherwise exist.
A guiding light – and source of accountability
When times get tough, it’s easy to feel like you have to sprint flat out just to stand still. A business coach can help you find a way through that feeling of ‘stuckness’.
Not only can an outside eye help you uncover new possibilities, but a coach will also enable you to make changes that, typically, you wouldn’t make otherwise. (Isn’t it so much easier to not make a decision?)
They’ll help you make things happen, encourage you to be brave and decisive, and stop you from getting stuck. Helping make it easier for you to move from where you are, to where you want to be.
Plus, having a series of tasks to complete and a coach to hold you accountable for those changes makes the world of difference. (I for one am always more than happy to bite my clients’ ankles when needed. Figuratively, of course.)
An experienced operator and sounding board
It might be that you somewhat accidentally fell into business. Perhaps there was something you were passionate about, and your success quickly became a commercial reality.
That might mean that some parts of running your company aren’t quite your forte. Your business plan might need an update or refresh, or you might be unsure about some of the financial or legal requirements that affect your marketplace.
A business coach can help: providing expert guidance, useful tools, and even connecting you with the right advice. At the same time, a business coach is a great tool for sharing ideas: challenging you in a way that helps you develop your plans and forge a stronger strategy.
When Might You Not Need a Business Coach?
That said, business coaching certainly isn’t for everyone. There are a few reasons that a business coach might not be the right choice for you:
- You are already where you want to be
If you’re one of the lucky few who have already achieved all their business goals, and found the balance we all seek, then I commend your success. If, like most of us however, there are changes you’d still like to make but are not sure how, a business coach might just be the right step.
- You have enough objective sounding boards
‘Too many cooks’ applies as much to business as anywhere else. Letting someone else in can be difficult, and if you have enough close business partners with whom you can confide and strategize, another ear may be surplus to requirements.
- You can’t afford the investment
There’s no two ways about it: good business coaching takes financial investment. But when the changes you make can potentially transform your business growth – and your business happiness – the cost of not making that investment can be even greater.
What to Look For in a Business Coach
Any business coach worth their salt would tell you that it’s all about fit: no one coach will be able to help every business owner. When looking for your business soulmate, consider the following:
- Personality match
Fundamentally, a business coach is someone you’re going to let into what’s going on at your company, and that can feel like a deeply personal thing. If you don’t get on, or don’t quite see eye to eye, it can be a real roadblock.
- Real-world experience
The world is awash with training plans, coaching academies and ‘7 Step’ plans for success. But when it comes down to it, you cannot substitute real business experience; of facing – and overcoming – the same practical challenges that you face.
- A two-way street
A business coach will ask you to share a lot with them: about your business. your ambitions, and your challenges. It’s only fair, and right, that they in turn are open and generous with their expertise and own experiences.
- The right balance
Business coaches come in many forms, generally ranging from ‘classically-trained’ coaches who believe in asking the right questions without offering advice, to ‘mentors’ who will pass on their wisdom in quite a direct manner. Find a coach who strikes the right balance for you.
Your Business Coach: It’s a Team Sport
Matched well, a business coach is like the teammate athletes dream of: always there to pick a pass, to make a run, to provide that crucial assist. Fundamentally, they’re by your side, sharing expertise, providing accountability, and helping you to make decisions and changes that get you where you want to go.
For wise owners like you, a business coach is a truly invaluable asset.
Feel free to drop me a question in the comments below, and if you know someone who might find this useful, don’t hesitate to send it their way too.