The past year has been a struggle for many businesses of all sizes and across all industries, and the events of 2020 have been unprecedented for owners and leaders who thought they had already been through it all. Many are questioning what’s ahead and struggling to pivot with the future of the economy so uncertain. Even when times aren’t so unprecedented, business owners and leaders need some support and guidance of their own. However, there are some big, very obvious signs that it’s time to start working with a business coach.
When the business owner is the boss, they are generally only accountable to themselves. That can make it too easy to put off important initiatives to grow and improve their company. A good business coach won’t let the owner off the hook once they make a commitment to an improvement. Things like establishing a sales process for the team, or making sure your accounting practices are correct can be easy to put off if the owner is not accountable to someone other than themselves.
At our monthly peer group meetings, the members also make a specific commitment to the group at the end of each session. The group then revisits that commitment the following month. This makes everyone accountable and ultimately improves the business and the business owner over time.
Have sales and performance in your business plateaued after a period of growth? It’s not always easy for those on the frontlines to see where the problem is, but there’s a chance that something is continuing to be done within the business even though it’s no longer working.
Think back to when you created your business plan and the goals you included as milestone markers for success. Have you reached them? If so, what new goals have you established? If you haven’t yet marked those milestones, what’s keeping you? If you don’t have any goals, it’s surely time to call in a business coach.
If there is constant discord among your most senior leaders or C-suite, your business is in trouble. Culture is more important now than ever before, and that starts at the top with a team of leaders that work together and lead the rest of the organization by example. The wrong culture can drive top talent (and revenue) for the hills.
Everyone at every level of your organization is looking to grow and thrive within their role, and that’s especially true for leaders. If there’s not already a system in place a business coach can assess needs and help create one that promotes professional and personal development.
Employees below your leaders and managers need to stay engaged to continue to be productive and help your business move forward. Low retention, lack of morale, and a general negative culture around the business are all signs that engagement is flagging.
While consultants and coaches play roles that overlap, business coaches are much more of a mentor that will continue to support business leaders in their overall growth. Business coaches won’t give you the answers you’re looking for but they will stand by your side and guide you to solutions. This partnership will also force leaders to ask difficult questions and push them to face challenges head-on.
These questions and answers will shape new goals for leaders and businesses as a whole. Business coaches listen to the leaders they work with and uncover bits of information that can clarify those goals. If there are no business goals set or leaders can’t express them clearly to their team, a business coach will help change that.
Once those goals have been established, business coaches will be able to pinpoint the skills that leaders need to focus on to meet and exceed those goals. It could be those underdeveloped skills that contribute to performance plateaus or lack of engagement; the root of an issue that could be causing several other issues within an organization.
Perhaps the biggest benefit that a business coach can offer is the support to make better, quicker, more efficient decisions that lead to growth. Many of the signs above that a business coach is needed can be a result of leaders not knowing how to make decisions with confidence. Throughout their process, business coaches will pinpoint why it’s become hard for leaders to make those decisions and create a system that works to improve the decision-making process — and a business’s bottom line.
Business owners who want real help to improve themselves and their business — not just a consultant to try and do it for them — can benefit greatly from hiring a business coach. Some owners still haven’t worked everything out, and are in the process of putting together their ideal vision, not just for their business but also for their lives.
The Alexander Group’s small business coaching can help with identifying what that vision is and how best to transform the business to support it. We’ve faced everything you face as a business owner, such as forming new enterprises, turning around struggling operations, and establishing level expansion in fast-growing businesses.
We focus on providing clients with a more personal, intimate approach to guidance. To learn more, contact us online or give us a call today.
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