What is a business coach?
What’s the first thing that comes to mind when you think of a business advisor or business coach? There are a lot of elements involved when assessing whether you need a business coach and how to pick the right coach for you.
Finding the right business coach is an essential part of the process. There is no one size fits all but it does require a holistic approach.
Some business owners look to their accountant to help them grow their business beyond finances. But by trade, accountants are generally educated and experienced in crunching the numbers. As an accountant myself, I know that financial reporting and tax returns are important. But my main priority is to grow your business and beyond.
If you’re a small business owner, you know how important it is to keep a network of experts around you to make sure you follow best business processes.
Below we will outline a few key factors to help you choose the right business coach for you and for your business.
What’s in your business playbook?
Many clients I work with do not have any formal training in running a business. They are savvy, motivated and determined to meet their goals.
But if you could have a playbook on your business, would you use it effectively?
Everyday, we are bombarded with new resources to point us in the right direction but there is still a lot of noise. We can educate ourselves and our team, but time is a finite resource.
That’s why, we need to turn to human interaction and experience to teach us first hand. Not every business owner studied business. We rely on experience to guide us and when you are juggling multiple hats in an organisation, sometimes all you need is a mentor by your side to show you how to avoid losing your balance.
If you don’t have a mentor by your side but you’re still wearing multiple hats and resources in hand, it usually causes burnout. Burnout can leave you exhausted with little to show for it.
Who is on your team?
When you own a business, it can look like an easy dance between people management and numbers. But you must develop a holistic approach to leverage your team first, so you can provide a return on the numbers. The overall value that the people on your team can bring to your business will ensure that you can make the shift to focus on what you do best.
Setting targets and KPIs for the business and mapping out what that looks like for each staff member, team, and department creates responsibility and accountability at an individual level and business level.
But, to maintain the continuous flow of results; mentorship and guidance to your team is essential. You need to know how to incorporate and coach the best internal and external stakeholders in your business.
In a business, there are the visionaries or entrepreneurs, the leaders, the managers, and the technicians. Majority of business owners fall into a mix of the latter two.
Overtime, this results in minimal growth, increased stress, and less time to spend with family and leisure.
If none of this information is new to you, then let’s dive deeper.
How can a business coach help you?
There are a few different types of business coaches that we commonly see on the market.
Business Coaches that aren’t Accountants but have been in business before or may have experience in a particular discipline eg Marketing, Sales or Operations.
Some accountants can package up the Coaching with the Accounting and Tax work to ensure that you are getting maximum value for the investment in your business in a cost effective manner. This can provide you with all compliance work being handled like BAS’ and Financials, whilst providing you with value in terms of regular coaching and advice that will ensure you are maximising your resources, time and money to get continuous results and growth in your business.
Remember, your relationship with your coach is a marathon, not a sprint. You need a business coach that understands business and specialises in coaching business owners like you, so you can produce big results for your business.
A business coach will provide strategies and tactics to make more money and create more time, whilst also ensuring that you are held accountable to your weekly and monthly goals.
To undertake and execute the strategies to transform your business and wealth and achieve all the goals that you feel are unattainable if you were to do your business alone.
Having Business Coaching and Advice whilst also having the accounting and taxation work completed will ensure that you always have financials numbers and results to confirm that the strategies and advice are working.
The prospects and clients that focus on the value of the coaching rather than the cost of the coaching see the greatest reward.
What results can you expect when using a business coach?
The objective with Business Coaching is to deliver at least a result that is 10X the cost of the Coaching and Accounting. Check out how we helped Mike Pearson from Magic Sports Nutrition.
Having Accountants that are specialised in Business Advice as well as Financial Planning will ensure that when the money and profits are being delivered, that there are suitable investments and platforms to allocate the money to, to create wealth. Check out how we helped Paul Doherty from PD Project Planning achieve this.
Business Coaching addresses limiting beliefs, mindset issues and blockages that are usually holding a business owner and their staff back. It can help you ‘pull the trigger’ to get the results you deserve by providing the right strategic action in the simplest, most timeliest way.
Check out how we’ve helped our clients.
Ready to grow? Let’s get results.
Need more inspiration before getting started, check out our blog.