Do you feel overwhelmed by the amount of work you have to do? Are you struggling to make a profit? Do you feel like you don't have control over your business, employees, or suppliers? If so, it may be time to consider hiring a business coach. Eight members of the Forbes Coaches Council explain why it's important to have someone to talk to about your business and when it's time to hire a coach. Terra Bohlmann of BrightBound says that when you feel overwhelmed, it's time to hire a coach. She explains that the higher up on the scale you are, the more people tend to be dishonest and simply comply.
This can happen to entrepreneurs who work alone and only listen to their own ideas. A business coach can provide checks and balances and help you identify your blind spots. Business coaches can help create owner responsibility, create plans that can be implemented, guide you on the right path, help you get venture capital funding for your business, help you scale your business, bridge knowledge gaps, and help you overcome obstacles and achieve your goals. Before hiring a coach, it's important to understand the difference between a teacher, a coach, and a mentor.
A business coach will help you align your vision with your personal goals and create a compelling reason for achieving business goals. Research shows that business coaching can offer a 529% return on investment. Like a sports coach, a business coach's job is to help you develop the skills and resources you need to succeed. Unfortunately, 90% of leaders don't take advantage of this opportunity.
One example of how effective coaching can be is from an entrepreneur who spent three days with an executive coach from Groove. He had an established business with paying customers but was surrounded by newbies who hadn't even launched their business yet. The coach helped him identify his motivations for setting and achieving business growth goals. If you decide to work with a business coach, it's important to find one that is right for you.
Look for someone who is highly trained in life coaching and has proven business success and experience. They should be able to help you with your mindset as you face the internal challenges of executing plans and growing your business. Usually, clients look for coaches with specialties in their area of expertise such as life coaching, leadership coaching, or business coaching. Talk to some potential coaches to determine if they are the right fit for you.