Why do Business Owners need a business coach?
Business Coaches are normally experienced Corporate professionals who worked at Leadership level for so many years and now they are providing mentoring/consultancy to entrepreneurs. With no. of years of successful experience, they can provide valuable insight that will help Entrepreneurs to develop long-term and short-term goals and strategies, as well as improve their business in areas that they might have overlooked.
There are various proven business development strategies that business coaches create for Sales and other depts. Business strategies must be backed by strong business plans considering pipelines of new and existing motivated clients who are willing to pay a premium for their services. By utilizing some of these approaches, business coaches are able to build significant and highly profitable business for their clients.
Benefits of Coaching in Organizations:
· They help business owners and guide them How to do profitable business.
· Increases employee and staff engagement.
· Improves individual performance.
· Helps building systems & processes so that Business can run on Autopilot mode
· Helps identify both organizational and individual strengths and opportunities.
Is a Business coach worth it?
The answer is yes, especially in the current scenario when business has been affected due to Covid and profitability is under tremendous pressure. By using measures, such as income or net worth, clients can ascertain if their business coach was worth the time and money. The degree to which business coaches can demonstrate their services translate into success for their clients.
What is the responsibility of a Business Coach and what is expected out of him?
Business owners should expect an effective coach to provide:
A clear view of what is important and what needs to be changed in the organization
Making short- and long-term Business strategy
They should help doing Environment scanning and take a deep research on company’s Sales, HR, manufacturing, brand, supply chain strategies.
By assisting the organization to use proper utilization of employees in the most efficient way.
Based on above a very clear action plan for all the stakeholders of the organization specially leadership team and Dept Heads atleast.
Does coaching really work?
Study says that Business Coaching whether executive coaching or one on one has a positive impact on individual-level performance and skills, profitability of the organisation, well-being, work attitudes and goal-directed self-regulation.
Importance of Business Coaching
Business coaching plays an important role in established business as well as in startups. Starting a new business brings with it a number of different feelings and emotions. One of the successes of any Startup is that they must be backed by a strong business strategy. Two things happen at that stage — either the business folds and vanishes due to bad business planning, or owners seek out the assistance of business coaches to help right the ship. Which way they have to go. Choice lies with Business owners & entrepreneurs.
Most entrepreneurs, SME business owners and self-starters feel that they can handle a business on their own and rely on the use of online materials as a guide/tips to help them progress over time. It is also quite common that a number of business owners feel that business coaches are a waste of time and don’t serve any purpose other than draining additional cost. However, whether businesses big and small may need a helping hand once in a while in order to stay relevant and remain healthy.
Therefore, Business coaching is an art that highly-skilled professionals embark on for the strict benefit of helping other businesses succeed. Today mostly, People can go online to find tips, tricks, and guidance. However, the human touch of meeting with a professional in person & understanding the issues in detail is the best route to adopt. At PNP Consultants, we offer the knowledge, skills, and training to help your business be the best it can be for a price that business owners can afford. Contact us today, so that we can begin to coach you and your business towards success! You can also join our Master Class or One on One Business coaching program.
Dr Praveen Srivastava, Business Coach & Management Consultant, Recipient of Philip Kotler excellence award in the area of Consulting and Training www.praveencsrivastava.com & www.pnpconsultants.net