If you’ve owned your own company for any length of time, you’ve probably experienced the typical business ups and downs. Sometimes the ups outnumber the downs: you hit your goals and everything’s groovy. Sometimes not.
If the downs outnumber the goods for an uncomfortable length of time, it can feel demoralizing. You can easily lose faith in your business plan, your abilities as an owner, and you might even think about quitting.
Don’t give up yet! Sometimes a fresh set of eyes, ones that have helped others in your position, can see things you don’t. It’s possible you may want to call on the “eyes” of a small business coach.
What Does a Small Business Coach Do?
A small business coach specializes in mentoring business owners on aspects of running a business.
Sports coaches have a deep knowledge of the game and pass that knowledge on to their players. Small business coaches do the same for business owners. They have deep knowledge of the processes that can help a small business succeed, regardless of the industry.
Trained in all aspects of running a company, small business coaches can help clients in a number of important ways:
- Draft or Update Business Plans: Business plans help an owner fully describe their company and its values. They layout concrete goals, target markets, and the special niche their business holds in their industry. A good business plan should also outline marketing and sales, organizational structures, and financial projections.
- Organize Company Leadership Structure: While every company operates differently, most owners will eventually need a leadership team to help them oversee the business. Creating the right structure can mean the difference between success, getting stuck, or failing. A small business coach can help owners find the right mix of leaders for operations, finance, marketing, sales, and production.
- Create Work Processes: Business processes establish rules of conduct and workflows within an organization. A quick Google search will bring up policies related to Human Relations (HR), which are critical to have in writing. But a small business coach can also identify and systemize how a company does business.
- Help Identify and Solve Issues: Not every issue is easily identifiable. In fact, many initial complaints result from deeper-seated problems. By finding the root cause of a problem, a business coach can help an owner identify, discuss solutions with their team, and solve them forever.
- Conduct Strategic Planning for the Future: Small business coaches can help owners solidify their strategic plans which can inform how a business grows. By setting 10-year targets then breaking them down into smaller actionable steps, business coaches help owners see their path forward.
Why Would You Need a Small Business Coach?
Small business coaches can help provide clarity of direction, goals, and issues that can lead to better business decisions. They can offer an outsider’s perspective to help identify blind spots or provide insights where an owner may have less experience.
When an owner builds a business from the ground up, they can sometimes become a victim of their own success. What got them where they are won’t necessarily get them where they want to go. A small business coach can help create the framework and tools to propel a business to the next level.
When Would You Hire a Small Business Coach?
Most owners only consider hiring a small business coach when they experience issues, many times financial or talent losses. Often owners resort to a small business coach when they’ve tried “everything else.” But a business coach can help owners at any point in the company’s life cycle, regardless of current situations. Small business coaches can help ailing companies do well and well-functioning companies become great.
The pandemic has created an interesting side effect: The Great Resignation. As many workers reconsidered how they want to earn a living, many decided to start businesses to pursue their passions. Often with little business training, brand-spanking-new businesses can start off on the right foot with a business coach’s help.
By creating solid business plans and putting processes in place at the outset, new owners set themselves up for success.
What Should You Look for in a Small Business Coach?
Every company will need something a little different from their experience with a business coach. First and foremost, a small business coach should be able to build rapport with the owner and other leaders. The owner should feel like the coach “gets” their company and believes in its future success. Other important attributes of small business coaches include:
- Positive attitude
- Outstanding listening skills
- Business knowledge
- Ability to teach material
- Love for sharing information and resources
- Easy Accessibility for Clients
- High Expectations (and Accountability) for Clients
How Much Does a Small Business Coach Cost?
A small business coach typically charges between $85 and $300 an hour, with some charging upwards of $500 an hour.
Naturally, fees vary depending on the level of experience of the coach and the amount of support they offer. Some will charge a flat fee per month or day, or determine a certain number of sessions at the start. Many business owners get sticker shock and shy away from hiring a small business coach.
But perhaps a better way to look at it is: how much is a small business coach worth?
A good small business coach will motivate you to do more, helping you achieve your goals faster. And because they hold their clients accountable to actions and timetables, owners are much more likely to follow through. By helping improve efficiency, streamline processes and achieve their goals, small business coaches offer long-term value-add for business owners.
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How to Find a Small Business Coach
Interested in finding a small business coach to help with your company? Before you start randomly calling the first hits on a web search, think about how your business finds customers. Ask for referrals in small business groups you belong to or connections on LinkedIn. Or consult with an EOS Implementer Match Expert to help you find the best business coach for your company.
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