A recent report by Keap and Emergent Research found that about 94% (almost all) of small business owners surveyed identify specific financial goals for their business and yet only 65% are confident they will achieve them. This leaves 29% of small business owners, (one in four) who have set specific financial goals for their business, bit are not confident that they will achieve those goals. This is where coaches come in. Entrepreneurs, start-ups and small business owners look towards a business coach to help solve specific tasks and objectives. But the moment they consider the coach’s fee, their reaction generally, is to save that cost, and solve the problem on their own. But don’t worry about how you can’t afford to hire a business coach because the truth is, you can’t afford not to hire a business coach.
Start-ups usually start a business with a great business idea. As a new business owners, they are stuck with being a ‘generalist’. This may work for a while. But as the business grows, new problems and challenges come up, some of which may be too complex for a relatively inexperienced business owner to handle. The choice is to continue to find ‘firefighting’ solutions, or to get help.
Here are specific ways in which a Business Coach can help your business:
- Formulating & Ratifying Strategy & Plans
- Managing the Business
As the business grows, so will the role of a business owner, who will be expected to demonstrate greater management capacity. They can seek help of a Business Coach to navigate difficult business problems and decisions. Coaches will also help set systems and processes in place – in fact a foundation, early on, to be able to handle some of the big, inevitable, management storms that are bound to hit, as the business goes along.
- Taking the business to the next level (Business Growth)
Once the business is up and running, it is critical to keep in sight, the direction in which it is headed. A business coach will help focus on those areas of business that need nurturing in order that business growth is in line with the plan. One critical role that a coach will play is related to accountability. It’s easy for a business owner to let him off the hook. A coach serves as an accountability partner and the business owner realizes that he is accountable to someone, for performance.
As the business grows, the business owner runs out of time to ‘learn while doing’. Also the margin of error for learning from his mistakes is now very narrow. At this stage, the business owner provides expert guidance and advice on how to tackle complex problems and solve them quickly
If you want to stay competitive in the midst of growth and change, don’t be afraid to get help.
Puneet Mathur is a Certified Life Coach, Certified Business Coach and a Certified Organization Development Coach. He specialises in helping business leaders to transform their enterprise into a professionally run Company by implementing state of art systems and processes, and building a highly motivated team. Puneet is an experienced business leader, with about 30 years of Corporate Leadership experience in reputed Multi National and Indian Companies in the FMCG and Chemicals sector. He started his career with Britannia Industries as a Management Trainee. He has worked varied roles in Britannia Industries Ltd. Marico Industries Ltd. Coca Cola, and the Jubilant Bhartia Group. His last corporate stint was with Jubilant Industries Ltd. As Senior Vice President and Business Head of a strategic business unit (SBU, Puneet supervised Global Business Development, Global Key Account Management, Manufacturing R&D & New Product Development. Puneet has extensive experience in Sales & Distribution of FMCG products and Speciality Chemicals (B2B business). He has a rich experience of expanding distribution reach, Sales Force Productivity, International Business Development, and Exports.
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