Did you know that eighty-one percent of those whose businesses have failed cite cash flow problems as the main cause of their business’s failure?
If you’re struggling to get your small business the momentum it needs to generate more revenue, you are not alone.
And there is no reason that financial difficulties should hold you back from making a shift to create a thriving business. All you need is a small business coach who will offer you the right kind of guidance and support.
We’ve written a guide to help you understand why you should hire a small business coach. Keep reading if you want to find out more.
What Is a Small Business Coach?
A small business coach is an expert business person or manager who knows what it takes to get a business off the ground and how to make strategic choices to ensure its long-term success.
They are passionate about training and mentoring small business owners.
If you’ve owned a business for several years and realize that it is not as successful as you would like it to be, a business coach can help you figure out what is not working and how to fix it.
They will also offer you encouragement to make hard but important business-related decisions.
1. Stop Making the Same Mistakes
Instead of repeating the same mistakes from the past and making impulsive decisions on your own, a small business coach will show you what to do and how to grow your business. And the more specific your business consultant can be, the better. For example, I provide my clients the details of how much they will increase their profit if they implement the tasks we discuss, what to do, how to do them, and even in what order to do them. Make sure you get a detailed plan so you can execute the ideas and advice well.
You may think that the best business coach candidates have experience with building businesses related to your specific industry. That can be helpful, but it’s actually not as necessary as you would think. In fact, some of the biggest leaps my clients have made have been because they implemented a strategy from a completely different industry.
I’m a big fan of taking successful strategies and tactics from one industry and applying them to another. When it works, it can cause a major disruption in the marketplace, with my client’s business growing leaps and bounds beyond their competition, who are often left scratching their heads wondering what just happened.
2. Get Help to See Above the Trees
Skilled business coaches know how to help you find the blind spots in your small business strategy and execution. My firm uses a licensed software program that ensures we cover up to 40 different aspects of your business. 40! There are always quite a few things business owners, even the ones who are doing pretty well, hadn’t thought of.
The real magic is when we dig into those 40 points but still maintain a higher level of focus on your priority.
It is easy for entrepreneurs and side hustlers to get lost in the forest of their businesses, and it is difficult for them to know what their priorities should be if they aren’t able to see “the forest from the trees.”
Your coach will be there to help you gain a wider perspective. They will do this by encouraging you to gain a clearer understanding of your vision and goals.
They will also show you how to set goals that are realistic and on point.
3. Your Small Business Coach Can Be Your Compass
If you are unsure if you’ve been taking your business in the right direction, you can hire a small business coach to help you out.
They will assess where your business is currently headed and will support you to make decisions to start moving it in the right direction. It’s like a second set of eyes on your plan. Incredibly valuable.
This is especially important for somebody who is in the process of opening dental practices and faces steep competition in their geographic area.
A small business coach will be there to help this person gain a competitive advantage over other dental practices by coaching them on how to find the right location, or where to find some great joint venture referral sources.
If this dentist chooses not to hire a small business coach, they probably won’t know what kinds of factors to take into account when they are deciding on a location.
Therefore, they might choose a location that is overpriced and that does not have space for customers to park their cars.
A business coach will be there to check in with the owner to make sure that they are heading in the right direction and that they are making choices to take their businesses in the right direction.
4. Break Free of Your Self-Imposed Limits
Sometimes all that a small business owner needs is an outlet where they can be heard and a guide to help them make sense of their current circumstances.
Those who choose to run their businesses without getting help from mentors will hold themselves back because they won’t be able to recognize the limiting beliefs that are telling them how a business should be run.
Small business coaches know what it takes to overcome self-imposed blockages. These blockages often have a lot to do with saying “yes” when you should be saying “no.”
Just like life coaches, business coaches can support their clients to accomplish their personal and professional goals by teaching them how to overcome their limiting beliefs.
Those who do this tend to compromise their standards to accommodate the needs or demands of others. This can cause harm to their small businesses.
5. Getting a More Objective Third Party Perspective
Your small business coach will offer you constructive criticism in order to get on track to accomplish long-term business goals.
If you ask your colleagues, friends, or co-workers for constructive criticism, they will be biased because they know you so well.
They also might not have the necessary skills to understand the weaknesses and strengths of your small business.
One of the first things that your small business coach will want to know is what your needs, wants, and desires are. This will help them to understand what you’ll need to do to improve your business.
6. They Will Offer Accountability Support
Don’t be surprised if your small business coach sometimes encourages you to do something that scares you.
For example, a small business coach will encourage you to have difficult conversations with team members who are taking actions that are not aligned with your small business goals.
A small business coach knows how to hold their clients accountable. They will be there to check in with you to find out whether or not you’ve chosen to have this difficult conversation.
If you haven’t they will ask strategic questions to help you understand what is holding you back from doing this. And if you have chosen to hold this conversation with your colleagues, your small business coach will cheer you on.
7. Create New Habits and Ideas
Regardless of how much experience you have with running businesses, you might have the tendency to stay in your own lane and not take notice of the habits of other successful business owners.
A small business coach will be able to help you to embrace new practices and mindsets.
For example, if you are a chiropractor who is struggling to bring in clients, you can work with a small business coach who has a background in sales and marketing.
This coach will introduce you to new ideas that you otherwise might have never thought of.
8. Get Help to Overcome Unique Challenges
If you are struggling to get your small business up and running, then it is a good idea to make a list of the types of business coaches that you would like to work with.
If your goal is to implement a social media strategy and you’ve been unsuccessful, it is a good idea to hire a small business coach who knows how to create engaging videos on platforms such as Instagram and LinkedIn.
Alternatively, you may want to grow your business in such a way that doesn’t tie you to the extra workload that social media management brings. Fine. Then seek a business coach who is more than a “one-trick pony” and can suggest alternative growth strategies that are far less work than social media has become.
9. Set Your Sights on Success
Your small business coach will be there to help you to stay on the right track. It can feel overwhelming when you are trying to start a business.
It is easy to feel like you are going nowhere because there are so many different things that you need to focus on. It is also easy to get distracted if you see an opportunity coming your way.
Your small business coach will be there to remind you that it is not possible to do it all. They will offer you guidance for delegating things that can open up your calendar to pursue new ideas, as well as point out when or if a new trend will take you too far off the course of your stated goals.
10. Become a Better Decision Maker
Most small business owners need to make many important decisions on a regular basis.
If you don’t have a crystal-clear understanding of your business’s mission and vision, it can be challenging and stressful to make these necessary decisions.
A small business coach will teach you new decision-making tips and techniques.
They will also continually encourage you to tweak your business’s mission and vision statements. This will make it easier for you to make decisions.
Hire a Small Business Coach Today
Owning a small business can be both exciting and stressful. One of the best ways to set your business up for long-term success is to hire a small business coach.
If you are ready to take your small business to the next level, I am here to help you. Don’t hesitate to check out my Business Coaching Services because there are three ways I can support your profit acceleration: