Operating a small business can be a roller coaster. Many business owners have considered the benefits of a business coach to help smooth out the roller coaster.
As the owner you wear many hats, some of them fit just right and others are uncomfortable. Many business owners are doing things they never expected to be doing when they first got the idea to own a business. At other times the business changes due to market conditions, competition, technology, or you simply find that doing X is better than doing Y.
It’s not hard to imagine a scenario in which the business owner says “I’m not sure what to do next”.
Research by the International Coach Federation has shown that, of small business owners that have hired a business coach, 70% have seen increased work performance, 86% have seen a return on investment and an impressive 99% of entrepreneurs were happy that they made the decision to hire a business coach.
Help is often closer and more affordable than you may think. Hiring a business coach will help you get a handle on the best path forward. A business coach has experience with many businesses and will often have a systematic process that can be tailored to your unique situation and improve your skills as a CEO.
How do you know if you should consider hiring a business coach? Below I’ll discuss five signs that indicate it may be time to hire a business coach.
1. You see no clear path forward
This can apply to the entire business or just one or two aspects of your business. Do any of these cases sound like you?
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CEOs, particularly of companies they personally started, typically begin doing everything themselves and wearing many hats. As the business grows the owner may hire out certain responsibilities, as she just doesn’t have the time any longer and/or realizes someone else will be able to dedicate more time and do a better job.
Related: Systems Thinking
A business coach can help you figure out what should be delegated. They can also help with the art of delegating by establishing processes, analytics, and accountability systems to be sure the delegated tasks are being completed effectively.
2. You’re overwhelmed
One clear sign you’re overwhelmed is you can’t remember the last time you quit working at 5pm. Another might be that you can’t find the time to implement ideas that would advance your business. Often we find that 20% of the things a business owner does brings 80% of the results. A business coach can identify and point out ways in which your time can be more heavily invested in that 20%.
Another sign of overwhelm is that you are constantly dealing with crisis and putting out fires. That is a clear sign that things need to change so that your energy can be invested in creating a business that doesn’t keep you overwhelmed with crisis but allows time to build and/or create processes that eliminate the daily crisis management paradigm.
A business coach can help identify and implement processes and systems that allow the CEO to focus on the priorities that will move the business forward.
3. You need more personal accountability
Perhaps you have defined your goals, written them down and have even broken them down into actionable items, but the days go by and you never find the time to work on those “important. but not urgent” tasks. Before you start thinking that your goals are too high you should review where you are spending time and what is holding you back.
A business coach can help define goals and break them down into manageable “To Do” items and work with you to find the time and hold you accountable for working on those items.
4. You want to develop new skills.
Perhaps you’ve been complimented for your strong leadership skills, there still may be area where improvements can be a great asset to your company’s growth. There is always room to improve, that is why they say “leaders and readers”.
It is quite possibly your growth mindset that got your leadership skills to the level they are today. But leadership is not the only skill a business owner should develop. There is communication, negotiating, relationship building, finance, new technology, public speaking, mental models for decision making, etc..
When searching for a coach it’s important to find a coach you can trust and who has a wide range of experiences and an ability to look at strictly business concerns and personal development concerns.
5. You want to double your business
Your business is going well but now you want to double or triple your revenue and profit. What are the steps to take? Are there revenue opportunities that can be explored that are easier than others? Is an edge expansion program right or should more be invested in marketing? Can we grow without disrupting our current operations?
An experienced business coach can view your business from a 30,000 foot perspective. Hiring a business coach to brainstorm and help with strategic planning and implementing a holistic growth strategy is another great way to increase your business.
Have you ever heard; “nobody is smarter than everybody”? With the help of an experienced business coach, you will gain new perspective and confidence in planning and executing strategies.
Only you can know when is the right time leverage the benefits of a business coach. Though most businesses have common traits with other businesses, each business is unique as is each business owner.
Many business coaches offer a free session or have free resources on their website so you have the opportunity to get to know them and their processes before becoming a client.
Free Resources from Eagle Business Services:
Screen Share Session: Unpack The 5 Simple Strategies To add $10,000 to $50,000 to your Bottom Line