If you’re in the situation of seeing profits hitting a wall or decreasing, head to employment sites like ZipRecruiter and get an experienced business coach involved as soon as possible. It is a smart move that can often pay for itself in a short amount of time, followed by large profitability possibilities for your company.
If your business is a lean, mean, money-making machine that sees profits heavily increasing each year (key for startups and the big leagues alike), your business may not necessarily need to hire a business coach right away, but you need a business coach to keep growth sustainable, and to make sure the bottom doesn’t fall out. Read our top seven reasons to hire a business coach to find out how your company could directly benefit from this process.
A business coach can add structure to your business using frameworks like the “Rockefeller habits,” a 1-page strategic plan, and scaling plans like those brought up in the “E-myth.” Without a solid structure from plans that have proven to work successfully in the past, your direction could be the wrong one. A business coach will teach you time-tested methods that get results.
2) Moral Support
Someone who knows what you are going through is key when you are trying to improve your business. The correct coach will know how difficult starting and running a business is and would have been in your shoes at least once before.
Sometimes all the planning, number crunching, and overall analysis in the world can be hampered when the morale is low within yourself and your company; get an energetic, excited, experienced business coach to combine strategies that work with much-needed words of encouragement!
3) A Fresh Look, New Strategies
If you plan on using someone you know that’s already embedded in your company – or even yourself – as a business coach, you run directly into the problem of letting bias affect the plans on where to take your business. These can also be the same choices that lead you to a standstill business, to begin with.
A business coach to act as your highly personalized business insider that comes from outside your company can offer fresh eyes and ears to your problems. They’ll bring fresh directions that will, in turn, bring new ideas and strategies.
4) Stronger Workflow
Your business coach isn’t just going to set important goals with you, they’re going to make sure those goals get completed. The easy part is knowing what you need to do, the hard part is knowing how. Your professional and personal life could greatly benefit from someone that has been where you are before and turned their situation around.
A business coach that has started companies and turned them into successes is going to reiterate that your specific workflow planning is key.
5) Your Company Becomes Accountable
A business consultant is going to keep you on track with the best methods that are geared for your specific business. Not only will there be a plan, there will also be accountability on those that are given tasks within your company.
6) Actionable Items
In order to get your company in a flow that will likely see higher profits, you need an experienced business coach to get your priorities in an actionable format. Business planning tools such as LivePlan can also help enormously in this process; they can help you establish clear, realistic goals with foreseeable outcomes.
This new to-do list will be broken into segments, specifically detailing which staff members are responsible for what and how much time they have to complete their portion of big-picture items as well as day-to-day tasks.
7) Your Return on Your Investment
A business coach is able to assess your situation and find what isn’t turning out profit and what is. Your current income that’s locked in for yourself and your employees could potentially need to be tweaked or completely reworked. A new take on your company’s output ROI could generate a great amount of income in the near and far future.
One last piece of advice – be positive that your business coach is experienced. You want a business coach that has a long line of work, a Master’s degree in business or marketing and is consistent with spearheading effective meetings for you and your business.
Idea Labs Consulting is an Austin-based team of coaches and consultants helping small businesses solve a wide range of business problems since 2011. Our team is composed of experienced entrepreneurs and technical experts.
We offer three distinct ways to work with you based on your current needs.
- Unlimited business coaching and consulting for a full year [$100 per month or less]
- Access to the resource platform of our products and services [pay for what you need]
- Business products and tools we recommend [free]
While there are plenty of sources for start-ups and small businesses to receive help, funding, and mentorship, Idea Labs operates like a marketplace by meeting the needs of your business’ ecosystem. As opposed to the common consulting and business coaching trope of increasing billable hours or project scope in order to maximize revenue, we prefer to be a place you can depend on during crucial stages of your business journey. We can help connect where you are now and where you want to be.
Idea Labs Consulting