As a business owner or entrepreneur, you know that running a successful business requires hard work, dedication, and a willingness to learn and grow. However, there may come a time when you feel stuck, overwhelmed, or unsure how you can take your business to the next level. This is where a business coach can be a valuable resource.
Simply put, a business coach helps you reach your full potential. We identify opportunities for growth, develop strategies to achieve goals, provide feedback on performance, and offer advice and guidance on a wide range of business topics.
If you are wondering when is the right time to hire a business coach, here are seven signs you should look out for:
You’re Feeling Stressed & Overwhelmed
Running a business can be stressful, and if you are feeling overwhelmed or burnt out, a business coach can help. We help you regain control of your time, money and team, guide you to develop a healthy work/life balance and provide support as you navigate the challenges of entrepreneurship.
One stress-busting tactic I always recommend to my clients initially, is to track the time you’re spending at work over a two-week period. If we can’t see how we’re investing our time to start off with, how can we possibly improve?
You’re Struggling to Manage or Grow Your Team
One sign that it may be time to hire a business coach is when you are struggling with your team. Perhaps you are experiencing high staff turnover rates, low morale, or communication breakdowns. A business coach can help you identify the root cause of these issues and develop strategies to address them. We can also help you build a strong team culture, set clear expectations, roles and responsibilities and develop effective communication channels.
When I work with a client struggling with their team, I look at how the team manages their time, get laser-focused on their responsibilities, and improve how they communicate with each other. I also analyse the seven drivers of a winning team and implement them as soon as possible.
You Struggle With Time Management
As business owners, time is our most precious resource. Why? Because we’re limited to 24 hours a day, and that’s a fixed amount that we cannot alter!
A business coach can help you take control of your time and money by prioritising your tasks, developing time management skills, delegating effectively, and implementing the right systems to free up your time.
One of the techniques I recommend my clients start with is the “4 Ds” technique. This involves labelling or colour-coding each task on their ‘To-Do’ list for the week as follows:
Do – Tasks you can complete quickly. If you get them out of the way, you feel an instant sense of accomplishment.
Delegate – These are the tasks others may be better or more efficient at doing than you are. Delegate or outsource these.
Dump – Have you moved tasks in your calendar or your to-do list for over three months? Just ditch them! 99% of these jobs will NEVER get done, and getting rid of them will free your mind.
Defer – Move the remaining items on your to-do list to a time when you know it can be done or needs to be done. The secret here is time blocking.
You Want To Increase Revenue and Growth
If you’re struggling financially, a business coach can help you identify ways to grow your profits, reduce expenses, and manage your cash flow more effectively. In particular, we can also help you develop a financial plan and set goals for your business.
One simple technique I recommend to my client is the Opportunities Matrix. This involves calling your top ten customers and asking them to name the top five products or services you sell. Do they match your actual best-selling top five? Record this in an Excel document like this:
Open Excel and add a list of the same top ten customers in column A. Then in row 1, list your top-selling products or services. Key in a “Y” in the cells where the client already buys the product or service, an “N” in the cells where you know they’re not interested. Then, get your sales team to work on filling the empty cells.
In other words, contact your customers and educate them about what else you can do for them that they are unaware of. Some of my coaching clients have doubled their profits using this strategy alone.
You Lack Efficient Systems & Processes
Phil Chantry, Business Coach
If your business lacks efficient systems and processes, a business coach can help you streamline your operations, improve productivity, and increase effective time management. They can also help you identify the right technology solutions for you to help you automate tasks and improve efficiency.
Your Lack A Clear Plan
Many of my clients know what they need to do but don’t know how to do it. This is usually because they lack a clear plan of action. Business coaches like ourselves can help you develop a strategic action plan for the future. We help you identify your goals, develop a roadmap to achieve them, and measure your progress along the way. Plus, you have an accountability partner and confidante to support you!
Our quarterly business planning workshop (aka GrowthCLUB) is a one-day event that helps you create a 90-day plan you can be proud of. We will inspire and assist you in building a step-by- step, practical, relevant, tailor-made action business growth strategy to drive more profit into your business.
You Want To Build A Business That Works Without You
A common pitfall among business owners is becoming too involved in the day-to-day operations of their business rather than taking a strategic approach to managing it. This often results in a situation where the company cannot function without them. However, it is possible to create a business that can operate without you by addressing key areas such as team building, system implementation, and process optimisation (basically all of the above!). My mission is to help business owners do precisely this. It not only gives you the extra time to grow your business, but it also solidifies your exit strategy.
To sum up, most business owners need a business coach sooner rather than later for the reasons listed above. To get my help to find the missing links in your business, feel free to schedule a complimentary 30-minute fact find call in our diaries by clicking HERE.
