I belong to several networking groups and recently ran an exercise with members of two different groups on the benefits of business coaching.
We discussed problems that business owners commonly face, looked at which ones caused those members the toughest problems and then discussed ways of improving their situations.
The 3 main areas of concern for members of those two groups were:
- Time Management
- Achieving a work/life balance
- Understanding financials
Time Management
Business owners are pulled in every direction. There are 101 things that need sorting out and limited time to do it. Members spoke of working past midnight, giving up their weekends and missing family events due to the amount of work they felt they had to do to keep their businesses afloat.
Solutions provided from other members included using Stephen Covey’s matrix time management tool (see below) from his book, “7 Habits of Highly Effective People”, and writing “To Do” lists.
Whatever tool you use it needs to work for you. Different people need different tools. Working with a business coach you will identify the best time management method for you and your lifestyle, they will keep it simple so that you can easily implement it and, most importantly, use it!
Achieving a work/life balance
It’s very easy, as a business owner, to just keep on working. Often the business owner is the last person to recognise that they are overstressed and likely to become ill. Achieving a work/life balance means that you will work in a smart way to maximise your resources (time and money) so that you will be able to have time away from work – with family, with friends, doing hobbies, and/or relaxing.
A good business coach will ask questions that help the business owner learn, grow and achieve success in all areas of business and personal development. They help the business owner identify and achieve specific goals for their business whilst maintaining a balance.
Understanding financials
A business can have a large turnover but not achieve a profit or enable a business owner to earn a living. When we talk with you about Business Growth we mean increasing your net profit, also known in casual terms as your bottom line, and enabling you to earn from all the hard work of running your business.
In Business Growth Coaching we help you understand cashflow, operating and net margins, assess trends and then optimise your business financially. You need a good accountant and – depending on your business – a good book keeper, but you also need to be able to understand your reports so that you can ask the right questions to grow your business.
What other benefits will business coaching bring me?
Business Growth Coaching is about the way things are done as well as what is done. The aim of business coaching is to help the business owner achieve focus and clarity on their business growth journey and to deliver improved business performance and build sustainable development for their business vision.
Coaching fits with your lifestyle since it can be carried out virtually or face to face, individually, or in groups. It works best over a period of time – since you can then tackle problems, report back, learn and grow in steps.
