According to the US Small Business Administration, about half of all new businesses fail in the first 5 years. Now there are many different reasons why businesses either fail or survive. When it comes to small businesses, however, it is most often because a talented, successful, smart, and inspired entrepreneur decided that they could do it better. And they were absolutely correct. So what stopped them from succeeding?
Unfortunately, an exceptional talent or skill in providing a service, or producing a product, most often does not include the skills needed to manage and systematize the running of a profitable business. This is where business coaching comes in. It is designed especially for those talented, successful, smart and inspired entrepreneurs who need to learn how to run a profitable business. If you feel like you are being run by your business, instead of the other way around, then this type of personal coaching is definitely for you.
What is a Business Coach?
A business coach is very similar to having an experienced business partner by your side, except that there is no need to share the stocks or profit. Small business coaches see the big picture. They recognize your strengths and your weaknesses. They help organize your business, systematize your process, and realize your goals. They push and encourage you to make critical decisions. They provide honest feedback, sound advice, and a valuable perspective.
What If I Don’t Have the Time?
The most common obstacle facing most small business owners is a lack of time. In fact, one of the very first things your small business coach will help you with is how to gain back control of your time. Did you know that most small business owners find themselves spending unnecessary time and effort on tasks that are better delegated to a team member? Business coaching will help you learn tried and tested methods of managing your time, your team, and your money. Soon, the days of wasting time and resources on unnecessary things will be a thing of the past.
Who Will Manage My Staff If I’m Not There?
Another important step facing most business owners is learning how to recruit and motivate a team of winning employees who will uphold the company culture you want. Once established, giving trust and authority to your team will come naturally. If you honestly feel unable to leave your business for even an hour, it’s quite possible that you have the wrong person in a crucial management position, even if they’ve been with you for a decade or more. Your small business coach will help you navigate these waters, too. Cultivating the right team, just like running a business, is more about learning the skills than about having the inspiration.
How Can I Afford Another Expense?
Successful business coaching, like successful marketing, should never be an expense. It is an investment. In fact, anything that allows you to improve your operations, multiply your customers, increase your profits, and synergize new opportunities should probably be seen for what it is. Coaching is a valuable business investment.
Results won’t come overnight, but if you are determined, willing to work hard, and able to make tough decisions, they will come. You will soon see positive changes in your business. In yourself…and in your life.
Competitive athletes would never dream of training without a coach. Their coach helps, guides, instructs, and measures their performance. This allows them to set and achieve goals that were previously out of their reach. Their coach helps them to perform at their best, and drives them to become better on a daily basis. A good business coach can have the same effect on business owners and managers that a sports coach has on athletes.
While it is possible over many years and decades of practice to self-teach oneself an entrepreneurial skillset, very few of us have the nerves, persistence and financial reserves to make it through to the other side of success. In fact, according to a recent Gallop Poll, roughly 50% of all businesses fail in the first five years. After ten years, says the US Small Business Administration, only 1/3 of all new businesses are still in business.
The reality for many aspiring entrepreneurs and small business owners is that the harsh reality sets in. Being highly skilled in a trade or profession is not enough to be highly successful at running a business. Instead of them running their business, the business is running them. And without proper coaching or training, the business will run itself straight into the ground, often taking the unsuspecting business owner with it.