Have you ever been left wondering how you can improve your business?
It doesn’t matter if you are starting off your business or you already have an established business, there are always new ways to develop your company.
Scaling up and making your company profits grow can be a daunting task. This is why you always need new strategies and fresh ideas to build your company and make it grow. This is why a business coach can really sky rocket your growth!
A business coach or consultant is responsible for many things which help stimulate the business to become a successful one.
A good business coach will guide you through business strategy, long term plan making, marketing, team management, sales. And these are just a few of the numerous things a business coach helps you with.
If you are ever stuck in a situation without guidance or support, then you definitely need a business coach to work his charm on your business.
But most importantly, a business coach will give you and your business a direction to move ahead in.
The world of business is more competitive, more ruthless, quicker and constantly innovating in it’s working. The idea of business has changed dramatically over the years.
Whether it is a product oriented business or a service oriented business or an industry oriented business, the method to approach marketing your company has changed drastically.
For example, present day businesses rely heavily on digital marketing and search engine optimization in order to create a funnel as compared to traditional television, newspaper or door to door marketing.
Understanding and knowing which form of advertising and marketing strategy that works best at whatever particular stage you are at will go a long way in taking your company to greater heights. This is when a business coach comes as a blessing in disguise.
They not only help you bring out the best in your firm by improving the good areas of the organization but they also make you confident in your decisions as you have someone to rely on for advice.
Running a business can get complicated and stressful at times. By having the right business coach who is accountable can make it much easier to handle it. Although there is a lot of competition, there are also a lot more opportunities!
Accountability is one of the greatest strengths of working with a Business Coach. Sometimes when you really need to hear the truth, a business coach will always be there to tell you. Even if you don’t want to hear it.
By helping people develop their business, a good business coach doesn’t just come as a luxury, it is a necessity for the business to have.
A basic requirement for a business coach is multiple years of experience which can provide valuable insight. Problems that might be right under your nose or the ones that you mistakenly ignore or problems that you don’t want to face will be brought to light by the right business coach.
You can survive without a business coach but a business can not survive without it.
You don’t need a business coach, but your business does.
What is a Business Coach?
It is very hard to define a business coach as they do everything that is required for a business to grow. From marketing to sales to business strategy and managing assets, a business coach does everything.
A business coach is an invaluable asset to small businesses and start ups as they help in starting, developing and growing the business.
Any confusion in the vision aims, and mission of the business will be clarified by a business coach through their vast era of experience.
They help you set clearer goals and objectives and helps you develop the skills to acquire new resources required to grow the business into a successful now.
What does a business coach do?
It is absolutely crucial to communicate well with your business coach and keep them in the loop on a regular basis to discuss and brainstorm business decisions and opportunities. This will enable your business coach to do their job perfectly well.
A good business coach helps you keep on track with the progress of the company and come up with alternate decisions. Success comes to communicating clearly with your business coach, brainstorming and following a strategy to help build your organization.
Business coaches help you do the following things for your company:
A business coach helps you streamline and steady all your organizational processes such as marketing and sales strategy, working on financial decisions, bring about administration efficiency and increasing employee retention.
Marketing and Sales Planning
One of the major aspects a business coach does is chart out the entire promotional activities, bring in the leads and create a funnel and enable an efficient sales team. T
his includes choosing from between the various streams and channels of advertising, decrypt the message for branding and developing the message of the company which you want to sell to your customers and managing public relations.
The importance of financial planning cannot be more emphasized by anyone apart from a business coach. The business coach with credible experience in managing company finances can turn your accounts books in something incredibly impressive!
They advise and help you understand various factors such as profit and loss ratio, pricing strategies, managing the cash flow.
Business owners are always looking for someone who has known their business for a considerable amount of time and understand its inner workings, company policy, and company ideology really well.
They see your company from an outside perspective and broaden your horizon. They also give you straight forward judgment and opinions about various areas of your company – both positive and negative.
Most importantly, they encourage and motivate you, helping you build your sense of self-worth and confidence.
A business owner might have a different mentality and outlook towards running the organization. It is helpful if they are from the same industry.
Finding the right business coach who fits into your perfect mindset is an absolute bonus for your company
Why do people hire a business coach?
There are several reasons why people hire a business coach because of the several invaluable assets and growths they bring to the company.
Both small and large businesses have experienced downfalls and turmoils. A business coach brings guidance and clarity in a reorganized, modernized, efficient and simplified structure. They help you understand the various aspects of running a company.
A good business coach is extremely motivating and positive by encouraging you to take bolder steps and face difficult challenges head on. They give you confidence as you have an experienced mentor to guide you and your company will be in safe hands.
Rome was not built in a day. Building anything substantial and significant requires time and lots of patience. Successful people who have built a business empire all had momentous mentors who guided them through the good times and the bad times.
If you are a small business entering the networking world of business needs guidance and if you are an established company then scaling up and looking at new prospects is important.
The experience and network a business coach comes with will give you an entry into the business world thereby making your mark in the industry and gaining respect in your field and by your peers.
What’s the difference between an executive coach and a business coaching?
Both executive coaching and business coaching are great solutions for your company. But there is a huge difference between the two that you need to understand in order to pick what is best for your company.
Executive coaching is a type of the coaching for high performing company executives. These are people who are highly ambitious in their career, goal oriented, are highly productive and want to improve their personal and professional skills in order to be more efficient.
Whereas, a business coach specifically focuses on the company related issues.
They work with the managing directors of the company in order to generate company strategy, improve the organization and its inner workings, developing marketing and sales strategy, identifying trends and improving the company performance overall.
Executive coaching is the more directly employee oriented than business coaching, which deals with the business aspect of the company.
Business coaches directly consult with the heads of the company like CEO, CFO while executive coaches directly consult with the top ranking, career oriented employees of the company.
Typically, executive coaching and business coaching often gets mixed up with each other. While they both cater to the business world and industry, they are fundamentally different in their approach.
What are the essential skills required of a business coach?
A business coach is extremely useful in helping build your company and managing specific business tasks and challenges. They can lift a huge load off a business owner and they bring with them a large amount of creativity, expertise, and experience.
Some of the essential skills to be a good business coach are:
A good business coach will support you through the decisions and help you come up with innovative solutions to challenges your company might be facing.
Accountability is the most important factor in a business as they are responsible for dealing with the financial, marketing and organizational factors. So having a coach accountable for implementing tasks that you have been postponing goes a long way in enabling your company growth.
Respected and Networked
Any business owner will look for a reputed and well-connected business coach such that they can add credibility to the company and help the company form a good network of other business owners for building symbiotic partnerships.
Communicative and Professional
It is absolutely crucial for the business coach to have high levels of communication with the business owner.
Any form of miscommunication or misunderstanding of the expectations of the company needs can prove to be costly for the company. Therefore, maintaining an open line of communication and resolving issues can help develop trust between the business owner and the coach.
Foresee opportunities and challenges
A good business coach must have an ability to predict and analyze how the decisions of the company will play out in the future. This will help set realistic goals and expectations thereby encouraging you to make bold decisions more confidently.
How much is a business coach salary?
Now, the big question! After investing so much time and effort into becoming a business coach, what are the returns like?
They are amazing! A part time business coach can earn anywhere between $30,000 to $40,000 a year, whereas a full-time coach can earn anywhere between an average of $80,000 to $100,000!
One study by Julia Steward showed that beginner coaches that are at the starting off in their career typically charge $100 to $200 per hour while more veteran coaches charge upwards of $600 per hour!
There is a huge demand for good business coaches which means there is a variable range of salaries. But in order to be on the top, you need credibility which can be added through various certifications!
Do I need business coaching certification?
Specifically, you don’t need a certificate to become a business coach. But all reliable business coaches generally get certified to be more appealing to their clients.
Having a certificate can go a long way in adding credibility to a coach. Certificates can be recognized by institutes such as the International Coach Federation (ICF), World Coach Institute (WCI), and other international professional coaching organizations.
Being a part of such associations also helps you build a network of other credible coaches. The number of hours you put in into getting your coaching certificate, the more experience and expertise you will gain!