What Is Business Coaching And Why Do You Need It?
A business coach will assist and guide the business owner in running a business by helping them clarify the vision of their business and how it fits in with their personal goals. Business coaching is a process used to take a business from where it is now to where the business owner wants it to be.
Coaching and Mentoring can sometimes be confused since both roles are bringing their years of experience to the table. The biggest difference is that a mentor focuses on advising while a coach will assist the owner in goal planning and keep them accountable so that they achieve success.
Business coaches build actionable plans.
Proactive business owners seek to understand why reaching business growth goals is important to them personally, and the impact it will have on their life. After all, the business owner ultimately determines the speed and passion in which the goal is met (if ever). If it is not linked to the business owner’s personal dreams, goals and plans for themselves, there is no burning reason why getting to that business goal is critical.
After clarifying where a business owner would like to take their business, business coaching will help plan and prioritize what goals and strategies are needed to help progress the business closer to its goal. A business coach will meet with the business owner regularly, either weekly or monthly, to keep them on track to the commitments made during the past coaching session.
Coaches have years of experience that they bring to the table. They help owners figure out what their goals are, and create a road map to reach them. Their perspective on the company can help owners see which items are just tasks and which are long term objectives.
Business coaches create owner accountability.
A critical component of business coaching is accountability. You will never see a football coach run laps of the field for their team. The very same fact is true of a business coach. A business coach is not a consultant. They will not do the work for you in your business. They are there to keep you focused on the end result and remind you why it is important. They will motivate you to keep your commitments. They will act as a sounding board and when needed hold a mirror in front of you, highlighting your business and personal blind spots.
My monthly business coaching sessions help me maintain accountability and focus on setting goals and meeting them.” – Dave Treadwell, President Vital Signs Ho Ho Kus, NJ
Coaches track goals by creating key performance metrics (KPIs) that makes the journey to reaching them very transparent. The coach is there to keep track and measure progress that someone might avoid recording if they are on their own. When the journey is transparent, it makes the person that is in charge of reaching them very accountable.
Many great small business owners credit their success stories in part to having a great business coach. By combining the power of a business advisory board (who acts as a sounding board for ideas and challenges in your business), with a business coach that will help you to implement ideas and strategies borne from each monthly meeting. TAB business coaching sessions, along with your TAB board members, provides accountability and strategy to get your business from where it is today, to where you would like to be in the future.
TAB regularly conducts PULSE Surveys on business topics and issues. Check out our survey on Business Coaching to learn more about how a trusted adviser could help you increase your business impact.