As of 2022, there are approximately 31 million entrepreneurs in the United States, and some 50% of these businesses will die during the first five years.
To be successful, an entrepreneur needs the right mindset, skills and ability to implement his ideas. The problem is that skill and experience can only take you so far. This is where an entrepreneur coach can bridge the gap and expand your ability to take your company beyond its current boundaries.
When I left my corporate job to start my own publishing company, I thought I had what it took to succeed.
- I was a hard worker.
- I had connections in the industry.
- I’ve known some fantastic authors.
- And I had a great idea.
I thought that was all we needed. I was wrong.
Even though we went from $0 to $5 million in revenue, we made a few bad moves that ended up sinking the company. We ended up with an empty office, an empty warehouse and the feeling that all of this could have been prevented.
We all have blind spots. Even though my business partner and I had a lot of experience in this area, we missed some critical facts that an outsider could have easily noticed.
This is the advantage of working with a coach.
How does a coach help business owners?
A business coach offers support, guidance and accountability to help you achieve your goals and improve your success. Standard stuff as far as training goes. The difference is who they serve.
Coaches who work exclusively with entrepreneurs are constantly faced with the same problems in different areas. They are exposed to a variety of ideas and solutions – far more than you might see in your business and industry. This can lead to breakthroughs that not only solve the problems you face, but can also spark ideas that lead to competitive advantages as you test new strategies in your market. What may be old news in one industry may revolutionize another.
You also benefit from a third party whose future is not tied to the success or failure of your company.
Consider the difference between a business coach and a member of your leadership team. The coach is only interested in your growth and success. They have no other agenda. You can run your tasks through them with complete confidence that their thoughts and insights come from the workplace. If you were to upload your fears, challenges, and goals to a member of your leadership team, they would receive this information through a filter. They have their own career goals and dreams. Your challenges may scare them. Your goals may threaten them. Even if they try to give unbiased advice, their thoughts will always be colored by their interests.
The Most Important Investment: Why Entrepreneurs Hire Coaches
A recent survey found that 39% CEOs used a coach in the last 12 months. This number has increased significantly as their companies have grown.
The myth that entrepreneurs have to carry everything on their shoulders isn’t true, or it shouldn’t be if you want lasting success.
Executives and entrepreneurs understand the importance of investment, which is why many choose to work with a coach.
Why business training is important
When you work with a business coach, it’s not therapy. Coaching is an in-depth program specifically designed for you and your business to help you in four key ways:
1. It helps you find your strengths and weaknesses.
I mentioned earlier how blind spots lead to disastrous endings. One of the most significant benefits of business coaching is that your coach can reflect you in the mirror, helping you identify strengths and weaknesses and blind spots to maximize what you do well and guard against the risks that lie ahead. right under your nose.
2. It provides objective accountability.
Having someone accountable for meeting your goals and commitments is essential to growing your business and growing your leadership skills. It’s hard to do on your own. Working with a coach will keep you on track and ensure steady progress toward your goals.
3. It promotes personal growth.
Growing as a leader has a limitless ROI and serves your personal life and your business. Let it change yours thinkingdeveloping specific skills or developing strategies to help you manage your team more effectively, a coach can be a guide to help you become the kind of leader who can guide your company to the milestones you have planned.
4. It expands beyond your expertise.
Because coaches work with entrepreneurs in multiple industries, you’ll learn methods, strategies, and tactics that you would never have been able to access with your own limited experience. You’ll gain access to the experiences, best practices, and ideas of dozens (or hundreds) of business owners in industries outside of your field. The impact of these new ideas can be remarkable.
Is a business coach right for you?
If you feel stuck in your business or unsure of how to move forward, consider working with a coach to provide you with the support and guidance you need to reach your next business milestones.
Here are some questions to ask yourself to determine if a coach is right for you:
Is my business growing or declining?
Is your business where it needs to be? Are you and your team overwhelmed, underachieving, losing sales or not growing fast enough?
Do I have the skills and experience to take my company to its next milestone?
Do you have what it takes as a leader to grow your business? If so, do you have the discipline to take responsibility for the actions necessary to move your company forward? If not, could the coach’s insight, experience and accountability be the key?
Am I achieving my goals (and am I achieving them fast enough)?
We can only learn and experience so much. When you work with a coach, you benefit from the fact that the person has worked with many other business owners as they tackle similar challenges. They have seen unique and creative solutions that you may never consider. Their experience can pave the way to achieving your goals faster.
(If you’re wondering how to find and work with a business coach to accelerate your business success, this is a great place to start.)
Deciding if a business coach is the next best step
Not all buses are the same, so mileage may vary. But if you’re an entrepreneur and thinking about using a coach, it’s important to look at the results the coach’s clients are getting.
For example, our BusinessAccelerator® Based on self-report, the training program saw the following:
- 67% of small business owner clients report an increase in revenue within the first year
- Staff turnover decreased by 64%
- 66% took an extra week off
- Overall, clients worked an average of 11 fewer hours each week
Coaching can help entrepreneurs become leaders, gain an edge in their market, and ultimately grow their business faster and more effectively.
If you are interested and want to know if business training is right for you, we offer small business owners free business growth training. During our time together, we’ll help identify your obstacles, gain clarity around your goals, and come up with the best next steps for you and your company.
Click below to get started.
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