6 Reasons Why You Need a Business Coach
“One cannot see the forest for the trees.” “You cannot see the label from inside the bottle.”
These are sayings that denote that if we are too close to something, we can’t see it all. The quotes refer to another very popular saying, “You can’t do it alone.”
Chances are if you are a small business owner, you seeded your business with your skills and knowledge. You had a huge passion and saw a need for the product and the services you provide.
But does that passion, knowledge and skill guarantee success?
There’s a reason why 50 percent of all new businesses don’t make it past the first 5 years, and why 7 out of 10 businesses fail within the first 10 years. A pre-pandemic article in Entrepreneur outlines 10 reasons why businesses fail–really, really great points you need to review. But I believe that all those reasons are rooted in one commonality…. people tried to do it on their own without the adequate knowledge or the skill sets and resources they needed.
“But Marc,” you say, “You just wrote that we started our business with our passions, knowledge and skills.” That, dear reader, is where the problems are rooted. You started your business with your passion, knowledge and skill…. and even if you hired people, you don’t have ALL the skills you need.
You’re still standing inside the jar.
That’s not a dig or a personal attack, it’s just a fact.
There is no way that you understand every facet, principle or philosophy, of HR, marketing, business operations, leadership, decision making, productivity, customer service, etc. etc. etc. Add to that, you’re still standing inside the jar.
In my recent interview with Serial Entrepreneur, Business Consultant and Transition Coach, Jean Howard, we discussed what a business coach is and how we can gauge if we need one for our career and business. “The determining factor to throw in the towels and say, “I need a coach!” is when you’re in this love-hate relationship in your business and personal lives,” says Howard. “You’re stuck with a career or business you love so much but hate what it’s doing to your personal life. Maybe you’re in a dead spot and can’t see the way to move beyond where you are now.” Sounds familiar?
Check out my full video interview with Jean Howard
There’s no such thing as self-made success. Every career professional, billionaire, entrepreneur, athlete and high-achiever has enjoyed favourable access to opportunities, information and people that enabled them to become the success that they are now. They were surrounded by individuals who inspired, encouraged, taught, guided and helped them along the way. Some of those people were teachers, mentors and of course, coaches.
Business coaches become partners to business owners, entrepreneurs and career professionals. By bringing outside knowledge and perspective and using tools and techniques to develop efficiencies, coaches help drive success and profitability, helping business operators fulfil their potential within their personal and business lives.
If that doesn’t convince you, here are 6 key benefits to hiring a coach.
- A good business coach gives you time and attention to bring out what’s going on inside of you and around you and co-create a desired future.
A good coach is an active listener. They are observant, empathetic and focussed on what you say and how you say. Coaches get to your fears and pain points as well as your sources of joy. They dig deep into what you personally want in life and business. They act as a buffer to change. To truly gain understanding, the first phase of coaching, the listening sessions, can take up the first 2-3 months to make thorough assessments, build rapport, demonstrate empathy and effectively carve out the path you need to take to get you to where you want to be.
- A good business coach gives you access to new doors of opportunities for your growth and business success.
A good coach can serve as your advocate, especially a well-rounded person who loves to build connections and relationships. This productive networking lifestyle can open doors for you – new business ideas and partnerships as you will consistently be top-of-mind with your coach. Being your partner in this journey, your coach spends time researching your competition and fills you in on the latest trends in the market and new opportunities for the both of you to study and assess together. Your coach is there to help you sow seeds that would hopefully and eventually sprout and bear not just one-time fruits but high-yielding ones in abundance in each and every season.
- A good business coach focuses on enhancing your strengths and passions to be more productive.
Jean agrees with John Maxwell about the need to spend time enhancing one’s gifts and talents. Business managers can be so passionate with their vision and mission, raring to accomplish what they love, but end up stifled and limited by their lack of knowledge in areas that are necessary but not within the scope of their abilities or passion.
A business coach with an external bird’s eye view and a tool chest of resources can bring solutions and ideas to the forefront, creating balance innovative thinking and tools to leverage what the manager is really good at.
- A good business coach imparts wisdom from life experiences, values and expertise.
A good coach is someone who has had a fair share of both failures and successes and uses them to impart wisdom so you may learn from them. As Roy Bennett puts it, “Finding the lesson behind every adversity will be the one important thing that helps get you through it.”
Coaches also have different strengths and expertise. As Howard puts it, “There will also be times when I feel that I would do the clients a greater service if I honestly say that I am not the appropriate coach for them and make a referral to other coaches with similar values and whose area of expertise could best assist them.”
- A good business coach makes things possible and achievable through accountability.
A good coach puts your mind in the right perspective in the midst of pressing decisions and priorities competing for your attention. In order to accomplish this, you are held accountable for what you both discussed and decide to do.
Ideas and projects that before seemed far-fetched and difficult to accomplish can be made possible and achievable with the help of a good coach. We tend to perform better when we know someone’s monitoring and supporting our growth We tend to procrastinate easily when we are alone in our journey.
- A good business coach activates that transformative and creative mind to create unlimited possibilities.
A good coach can bring you to that Road to Damascus moment that could break old beliefs and biases to make an unparalleled impact on your industry, community and personal life. The in-depth and creative discussions with your coach can lead you to unlimited possibilities. In a business coach-coachee relationship, both individuals’ zones of genius converge to forge great ideas and implement them. Both bring in their distinctive level of expertise, a wealth of experiences, values, insights even contrasting biases to the table – what could be more powerful than that?
a business coach is the single most valuable investment any career professional or business owner can make
Like many, I took forever getting a business coach. Getting a coach meant I had to admit that I couldn’t do it on my own or I wasn’t good enough. I ended up with more challenges and mistakes than I can ever imagine.
Once I took the plunge, I realized that getting a business coach was the single most valuable investment any career professional or business owner can make. People may say that I’ve got all the ingredients to make it but I’m afraid I cannot take all the credit (except for the good looks and the rocking sense of humour… and, oh yeah, and an incredible amount of humility!). I am what I am, and have accomplished what I have because of the significant people around me who have collectively helped me realize my fullest potential as a business owner, non-profit founder, host, actor, visual presenter, service expert, motivational speaker, writer and a business coach in my own right.
It’s important to realize that there are at least two people involved in the coaching relationship. Entering into that relationship is hard for many people. You have to park your ego and fall back on the virtue of humility. You have to be willing to be vulnerable and get outside of your comfort zone.
Having a coach is getting a confidante, a sounding board and a quiet, safe space in one person. A great coach values confidentiality and trust. They are willing to spend time with you just listening and being there to walk this journey together with you. The two most valuable traits of a good coach are genuine love for people and empathy.
If you are uncertain if you are ready for a coach, download Jean Howard’s 5 Indicators that You Could Use a Coach worksheet, or book a free 30-minute free call with Jean or with Marc.
Whatever condition your business or life is in right now, it is wise not to put a limit on your challenges but to continually aim to challenge your limits. It is when we challenge our limits, that we move a step higher, exceed our expectations of what we can do and become more prepared to taste success.