Why a Business Coach?

I often get this question “Why should I hire a business coach?”

What do you know about my business?

What can you teach me about my business that I don’t already know?

These are all fair questions.

Don’t think of a business coach as an expert in your field but rather an experienced businessperson that can look at your business from the outside. The processes, systems, and tools used in successful businesses are the same when you look at businesses of different sizes and industries.

A business coach will sit with you and understand your talents, passion, and drive for your particular business. Your coach will then analyze your pain points, map out a strategy to solve these pain points, and hold you accountable for implementing solutions. You, the business owner, are not able to be an expert and know everything there is to know about business. You however can put the right people on your team to help you manage all aspects of your business effectively and efficiently. Broadly speaking, with most of my clients I start with analyzing the three categories of Time, Team, and Money.

Time – How much time are you spending every day on your business? Is the time you are spending giving the maximum return on your business? Are you applying the 80/20 rule, where 80% of the outcome/output results from 20% of all causes/input? You need to focus on what gives you the biggest return on Your Time spent and the activities that employ your talents. The other minute tasks need to be given to other people.

Team – You cannot be an expert at every business aspect, so you need to hire or train the experts that can manage your business effectively and efficiently. How do you select your employees? Do you hire on knowledge, aptitude, trainability, or culture fit? Once hired, how do you train them? How do you hold them accountable? How do you motivate them? How do you keep them?

Money – Well there is a big category. When you look at it, it only boils down to two items. Income and Expenses. What systems and processes do you have in place to measure these two categories? Do you know exactly what drives your business and what are your Key Performance Indicators? Getting a financial statement from your accountant is good but does it give you the information you need, and do you understand it? What numbers need to be reviewed daily, weekly, and monthly?

Your business coach will bring the framework to set out a path so that your business supports the life you want and not the other way around – That your life supports the business.

You bring the motivation and willingness to do the work and your coach will bring the guidance and hold you accountable so that your business will get you to a place where you get the life you want.

If any of these items resonate with you and if you feel you could use the help of a business coach, reach out to me at alex@MyKPICoach.com for a brief chat to see if the fit is right for a successful relationship.