Many budding entrepreneurs believe that a successful business only requires hard work, a great idea and good customer service. While these are integral aspects of fruitful company, lack of experience on the inner workings of running a business can lead to failure. This is why you must understand how to find a business coach. You probably want to know what a business coach can do for your company before seeking one out, so here are a few important factors you should understand.
Why Is Business Coaching So Important?
Knowing what to look for in a business coach and what they can do for your company is secondary to understanding why the process is so important. After all, coaching tactics may vary dependent on your specific goals or industry, so having a solid grasp on what these professionals do in general will help you make better decisions down the road.
One of the biggest reasons business coaching is so important is that it helps you break away from groupthink and tunnel vision. Once you or your team has an idea in place, it’s hard to see the forest for the trees. A good business coach can provide a fresh, unbiased perspective and help you step back, reflect on your business and come up with the best solutions possible.
In the below section on how to find a business coach, there will be further discussion on accountability, but it’s worth mentioning here as well. When you work with a business coach, their goal is to hold you accountable. Those goal deadlines you’ve made that were so easy to just kick down the road? That easy road goes out the window.
If this wasn’t enough, a study by Manchester Inc. found that business coaching had a return on investment six times higher than the price of coaching. Productivity, customer service and quality work also increased substantially in these companies.
What Can a Business Coach Help You With?
As described thus far, business coaching may sound like a mentor program where professionals provide training and help you stay on track. It certainly is this, but there’s so much more to the relationship between a business coach and budding entrepreneur. You must remember that coaches are professionals because they’ve performed within your industry before, and this gives them insights into what will work with your company.
Their prior experience in your industry also means that they have connections which can help you succeed. The old adage “It’s not what you know, it’s who you know” remains true to this day. Your business coach will have a variety of connections inside and outside of your field, and this is a networking opportunity not many hopeful corporate success stories can pass up.
You’ll also find that many coaches come prepared with business models that can make your progression far more efficient. These are typically methods that have proven successful time and again. The Entrepreneurial Operating System (EOS)® from Traction Inc., for instance, breaks every business down to its basic components. What is EOS? The six components the model focuses on provide a better understanding:
- Vision: Devising the goal, a roadmap to success and ensuring everyone in the organization is on the same page.
- People: Between networking and utilizing the right team members, business mentors know how to utilize people as an asset.
- Data: There may be hundreds of different visions for what creates success at a company, but data to back up facts is what really matters.
- Issues: Identifying the problems that are hindering an organization and solving them.
- Process: Creating consistency and scalability by identifying core processes and standardizing them.
- Traction: Focus on discipline, accountability, execution and achieving the organization’s vision.
As you can tell, each component of this model applies to any company within any industry. The business coach gets the organization on track via these steps. Then when the company feels they are on solid ground, they’re left with the EOS® toolbox enterprise solution for continued progress.
If you want to know more, the Common Questions About EOS page has a wealth of information.
How to Find the Right Business Coach
Statistics prove that having a mentor is essential, so you’re probably now wondering how to find a business coach. Honestly, there’s countless options out there. What you really need to know is how to find the right business coach for your company. Here’s a few tips:
Nielsen Research found that over 90 percent of consumers trusted referrals from family and friends above any other type of promotion. A full 70 percent said they also trusted online reviews. The fact is that people put their faith in referrals, and this is because they often pay off.
Take the time to listen to what others are saying about certain business coaches. It will help you quickly learn their reputation.
Just like academic researchers, many business coaches have writings and other works in the public domain. Take the time to review some of this work. Success and accountability should be a common thread, and the coach should seem fully informed on what they’re discussing.
Referrals and former works are great ways to vet a business coach, but you’ll learn most during an initial meeting. Most reputable mentors will offer a free consultation. In this meeting, get to know each other and strategize together to see if this type of relationship will work for you.
Taking the Next Step
Finding the right business coach could be one of the most important things you do for your organization, but that doesn’t mean it has to be the most difficult. If you’re ready to take your company to the next level, Contact Chris today for a free 90-minute consultation.