Why hire an Entrepreneurial Coach?

If your reason has to do with time or money, then my response is: you can’t afford to be without one.

In an era of stiff competition both on domestic and global scales, no family business or any enterprise owner needs to be an island. Even the CEO of Google once said, ‘Everyone needs a coach.’

There are generally three problems for the typical business owner/entrepreneur:

-You are overwhelmed with ideas and information and you need a trusted source to help you design and implement a compelling action plan to take your business to the next level.
-You need to learn more business and marketing skills so you can increase revenue and grow your business.
-You know what you need to do – but simply can’t find the time to juggle all the responsibilities of owning a business.

Without support and knowledge in running a business, you’ll end up struggling to make your business a success, and all your passion and enthusiasm will drain away. Presuming you know all the basics, what else can an Entrepreneurial Coach do for you?

Let’s go to sports. If we examine the word ‘coach’ and think of sports, we ask how coaches function to enhance the performance of their athletes.

One way is by imparting new skills, tricks of the trade that they learned or figured out for themselves, that aren’t intuitively obvious to their players. Coaches get their players to play harder. They do this through all kinds of means, among them goal setting and encouragement, to name a few.

 

Coaching addresses the loneliness of business owners who just don’t have anyone they can turn to in order to discuss their challenges. Left on their own, struggling entrepreneurs or start-ups will be tempted to kick back, especially after achieving only moderate success. This can lead to backsliding and to a downward cycle of achievement. With a business coach, they’ll get a prodding, pushing, and occasional kick in the pants that they need to reach peak performance.

Hiring an Entrepreneurial Coach will:

-Help business owners and CEO’s clarify their vision and goals;

-Craft a cohesive action plan for growing your business;

-Turn breakdowns into breakthroughs;

-Show you how to accomplish more by working smart and not just working hard;

-Identify and put into action: what‘s working, what’s not working, what’s missing and what’s next;

-Develop momentum and keep one from diverting from one project to another before completing the previous one;

-Create a culture of accountability by holding the owner accountable for the goals he/she sets and never let reasons or excuses justify weak performances;

-Manage/resolve conflict and build teams;

-Show the owner ‘the forest through the trees’ more clearly by identifying effective, as well as ineffective behavior patterns that others might not see or be aware off;-

-Improve communications throughout the entire organization;

-Generate substantial increases in sales and profitability;

-Increase revenue and profits;

-Provide a complete toolbox of coaching skills for managers to use to inspire employees.

 However, let me point out that entrepreneurial coaching is not consulting. What’s the difference between an Entrepreneurial Coach and a Consultant?

Like a sports coach, an entrepreneurial coach works on bringing out the best that’s already inside you. In small business coaching, you will be asked to focus on the ‘bigger picture’ of what it is you want to create for your business (and your lifestyle), and talk about what will keep you motivated to move forward on your dreams, goals and tasks.

A consultant will tell you what to do regardless of whether it suits you and it’s up to you to put the plan in motion. Very often, clients do not implement the plan because they have no motivation or they do not like the plan. An Entrepreneurial Coach will help you figure out what you do best, make a plan, push you to do more, and will stay with you as you implement the plan. It’s no accident that professional athletes have coaches – they know the value of partnership.

Entrepreneurial coaching is not a quick fix. Rather, it’s a partnership between coach and client lasting from several months to several years. Building a business takes time and energy. True success comes from doing the work necessary to achieve results. You must be ready to do the work that will maximize your potential.

There is a good analogy that illustrates the difference between an Entrepreneurial Coach and a Consultant:

-An Entrepreneurial Coach will help you understand how and why you ride a bicycle, help you to determine what’s holding you back from riding properly, and jog along next to you as YOU ride;
-A Business Consultant will explain you why one bike is superior to another, teach you how to ride the bike, and if necessary, ride the bike for you.

Which one is best for you is based on your needs, values, as well your time constraints and deadlines.

Professor Enrique Soriano III (Ateneo de Manila University)

Article first published in Franchising.PH