Why Business Coaching is Important? As a Business Coach, I see a lot of businesses being attached to the ways they’ve done business for years. They resist adjusting to the new market ways — that resistance results in costly business losses. Business Coaching will make you work smarter, give you a competitive advantage, and help […]
As a Business Coach, I see a lot of businesses being attached to the ways they’ve done business for years. They resist adjusting to the new market ways — that resistance results in costly business losses. Business Coaching will make you work smarter, give you a competitive advantage, and help you to get results faster.
Staying relevant in the continuously growing and changing market is probably the most demanding task for businesses today, especially for the new ones. According to Inc.com, 96% of companies go out of business within ten years. In an age where the majority of the businesses are transitioned to the digital world, sticking to customary and traditional business practices might just become the reason why your establishment doesn’t make it too far.
Quality business coaching is your answer to issues related to your business’ cashflow, leads generation, and preventing those acquired customers from churning. These are nothing but just a fraction of issues that can be taken care of. There is much to explore and learn, and more that can be done.
Whether you are running a local, small business, or looking to build a worldwide presence, one cannot overstate the benefits of business coaching.
So, now that you are here let’s jump on the bandwagon and discuss why business coaching is so important in today’s world.
When companies face big changes in their environment, they often fail to respond effectively, and this is the most common business phenomenon that’s going on since the early ages. Some experts even call it the ‘most perplexing’ as well. Powerless to protect themselves against competitors fortified with new tactics, technologies, or products, companies watch their profits and sales wear down, their stock valuations cartwheel, and their best people leave.
Although some eventually make progress – usually after hardships of reorganizing and downscaling – many don’t. The reason why this problem is so global lies in mentality. People are too conditioned to keep things as is. If you’d like to dive deeper into human psychology, I’d invite you to discover the consistency experiments that were brightly described in Dr. Robert Cialdini’s book, named “Influence.”
Not changing up to date fast costs us a lot.
During a recent interview with Fox Business, Blackstone CEO Stephen Schwarzman said that businesses really have to have something that is unique. Although it is true to an extent, it won’t help that much. Reason? Well, in today’s fast-forming economy, businesses get copied every day.
Even if you build something original and successful, your chances of floating up are very slim.
For example, the first site for video hosting was www.ShareYourWorld.com. The original idea, great concept but they fell apart after four years of trying to survive. Then it was… Nope! Not YouTube. Next was Vimeo, and luckily they found their niche of professional video sharing and doing well for themselves.
YouTube was founded in 2005; one year after Vimeo and what you are about to know would probably blow your mind. The only strategic difference between the biggest video hosting competitors was this: Vimeo asked their customers to share a video just once, where YouTube asked them to share a video nine times. That’s it but was it an accident? Absolutely not! YouTube was and is on the edge of constant strategic innovation. That’s why they are the number one video-hosting platform today.
However, their idea wasn’t new; they picked up on Vimeo’s growth and jumped in, and by the way, can you recall the name of that first original idea company?
Let’s have a look at this with another example:
Consider Amazon selling. It is the biggest online retailer out there. The reason why more and more retailers are selling on Amazon is that it gives you access to millions of customers across the globe. Now, the best part, you will find hundreds of sellers selling the same product! Although not all of them are successful, they take half of your traffic with them. So, how are you supposed to make profits? Your competitors just copied you. Now what?
This example was only to give you a hunch of how the modern business model works. Instead of creating a unique product, find an existing product, make some modifications, and then sell it as an exclusive product. This is what Amazon sellers have been doing for the past few years. It seems easy when some guy from a YouTube video talks about making millions on Amazon sales.
The reason why they are successful is not luck- it is a profound knowledge of Amazon’s search engine optimization, a good process for product sourcing, and knowledge of great customer service, but let’s chat about that in another article. Point being- you need a smart strategy to follow.
When confronted with a disruption like a new aggressive competitor in the field or main clients leaving, companies become paralyzed. They are caught like a deer in the headlights – no idea what to do. The problem is not a failure to take action, but the failure to take appropriate actions. A mistake can be lethal. This is where a coach to entrepreneurs can help you.
There are plenty of reasons for the problem, which ranges from sheer incompetence with managing money flow, break of value chain communication to limited managerial mentality. Business coaching can:
Running a company, whether large, small, or medium, can often feel like a solitary pursuit. Thus, as a business owner, having a mentor to rely on can be a great boost to your confidence. In the present scenario, most business owners are looking for someone who can advise them on how to grow their company. A business coach is a life coach with extensive entrepreneurial and business knowledge.
Business coaching is a relationship. It is a way of challenge, support, and guidance, helping business owners determine what is hindering them from starting or building up a business they want. A business coach works with the management team to help the company in writing their successful business story.
Business coaching is not only about having a trusted guide from an expert; it ought to have the right roadmap. An experienced business coach will ask the right questions from a place of real competence. It helps business owners build a company culture based on accountability and ownership. A business coach also helps in implementing the right ideas with the right tools for putting the theory into practice.
It is neither a therapy nor consulting – it is the perfect blend of the two. An experienced business coach is someone that has the ability to help and has your best interest at heart. They have the insight to be able to identify specific and systemic issues faced by your business.
The best value of hiring a business coach is that they have the strength and patience to help you build up your business process, decision-making system, and ability to think outside the box. You learn the most important aspects of doing business, running a company, and managing the workforce with someone qualified to hold your hand.
In the time of the internet, the competition has got tougher than ever. As discussed earlier, there are hundreds of businesses struggling in the same niche, selling the same product and services. Often, as a business owner, you have got many things to worry about. From ensuring that business processes run smoothly to keeping your customers happy while scaling up, and making sure your business is profitable. All of this can get a bit more than overwhelming.
On top of that, how you take care of your competitors is a whole different story. This is where a business coach will help you to make your life easier. Much easier if you got a qualified one. They help you automate processes, create brand awareness, and find resources to save time and make your outcomes maximum effective.
In any period of your business development, there is a possibility that you lose vigilance, and things go South. Your employees might have their own agenda or purely careless attitude. A data leak might happen that you won’t catch on time, and that may open up a pandora box. Once in crisis, it is tough to stay competitive, and that’s when companies fail. If order to be competitive, you must have your business processes optimized and intact, and you must always innovate.
Facebook is an excellent example of “borrowing” other app’s successful features once they proved the public’s interest. Don’t rely on one well-working feature that gave you golden eggs. If those eggs are valuable and the process is replicable they will come after you, and you will need to know how to act quickly and savvy.
Changing times need changing strategies. As compared to the old ones, the modern business processes and approaches are far different. Here are the most significant differences between new and old business strategies:
Considering the competition and struggle, hiring a business coach can help bring a slowing down business back on track. Competition can either demotivate or encourage, so having an experienced business coach can save the day, the month, and many years in the future.
First, he pointed out that the business you start should have the potential to be huge. Looking for the next “big idea” may paralyze you by the big expectation that comes with it. WhatsApp was created as a simple app that just showed a user’s activity status. Hence the name. Needless to say, this application’s functionality increased over time based on the customers’ feedback. Today WhatsApp is one of the most prosperous companies in the world.
Don’t chase the idea of huge potential but look for what people are already paying for and ready to pay more if it is providing more value.
According to Schwarzman, the most critical aspect of starting a business is testing whether it will be a good use of your investment. This is one of the traditional forms of business thinking, which affected traditional businesses drastically. However, with the inclusion of digitization into business tactics, it is all about identifying and understanding the rise of a hot industry.
The smartest and fastest way to secure your future cash flow would be finding another “Goldrush” and sell the “gold miners” pickaxes a.k.a. Your products or services that will help them to mine what the industry is hunting. How much money could have you made if you could come up with something useful for Amazon sellers, rather than beating yourself up in high competition?
Or another example: rather than going after becoming a popular blogger, somebody in Russia created a tool called “Mass looking”. This software can look at millions of Instagram stories per day from your account. People think you looked at them and connect with you. This builds an organic following. Not too cool from the ethical point, but it is growing popularity since I see celebrities keep checking out my stories. I know what you think: But I don’t know how to build software! Well, if you think that creating software is hard, then you definitely need a business coach.
There is no thinking about the future without customer surveys. Simply read online what your competitors do wrong and do it right- I guarantee you this will increase your sales. Any business can easily modify their business tactics according to market requirements. It is all about customer satisfaction.
In today’s market scenario, customers don’t really care about the business unless your business is a movement. A customer cares about is their discomfort to be solved. Not about your amazing idea or how much value you see in it. No. It’s about how is perceived value being bigger than the price. If you crack this task- there you go- you have a big sales celebration.
In the second point that Schwarzman mentioned, he said that the business you opt to do must be unique. According to him, simply picking a product that people already have and making slight improvements to it doesn’t add up to a business’s growth. However, if you look at the current market situation, you will see a plethora of service providers for a single niche.
Remember those stories and filters on Instagram and Facebook that used to be on Snapchat? Yes, they just took it because the market consumed it. That is why you will see hundreds of businesses selling the same service or product and are still succeeding. The ones that provide all in one place win. Again, customers just need solutions for their problems in the most convenient for them way. Today’s businesses are competing for customers, and being honest, customers are having a great time having an amazing choice.
The internet brought global competition to the places where the competition used to be only local. I used to have an expensive office near Central Park in New York City. In order to run a successful business, I had to be physically in the place where I would have access to a big pool of clients even though I strongly dislike New York weather.
Today I can run my coaching business from a nomad in perfectly sunny Orange County, California. So as anybody else who speaks English. Even if I go to Bali, Indonesia, Dubai, or Singapore, it changes nothing for my business. Having your business digitalized and automated is the only way how you can get money and freedom all together.
The customer wins the battle between companies since they get the product or service at the desired expense. However, don’t just follow any business and its strategies. The aim is not to copy any cat or the best cat but to start breeding the best cats.
In his third point, Schwarzman pointed out that when you are commencing a business, the timing has to be right. What he means here is that there should be a high demand for your service that customers come looking for you. Well, this is an old approach again. The new business approach requires the business to reach out to the potential target audience.
In the age of the internet, you don’t have to worry about the timing. You have to worry about getting attention. Because attention nowadays equals money. As Gary Vaynerchuk brilliantly pointed out: “Today we are all in the Media business, then Your business.” You just need the right tools that can help your business reach your targeted customer base.
With the majority of the population using the internet, it is easy for any business to find their respective target audience. With the help of white hat SEO (search engine optimization) and smart digital marketing, you can reach the majority of your target audience in the volume you probably can’t imagine yet.
One of the best things a business coach can do for your company is straightening out your business mindset and give you enough confidence to keep going. As an entrepreneur, it is easy to get lost in your own head, thinking about the company and strategies. It would help if you had someone who can pull you out of analyzing paralysis. It is nearly impossible for you to keep yourself going when you are stuck. Neither you’ll be able to keep attention on what really matters.
All of us have weak spots, and many times, a trigger would come in the wrong moment. What you will need in a situation like this is a little push to get you moving and get going. Even if it is a validation of what you were already considering, pivot planning, or simple decision-making. a strategic business coach can give that extra push you are looking for.
As an entrepreneur, you can easily become enthralled in your own comfort zone. While researching and chatting about new things can be exciting, where execution might feel terrifying. Great is the enemy of the good, so you postpone until you get it perfect. Then something else catches attention, then another distraction, and all of a sudden, you are way behind your competitors, and your cash flow if fading.
Having a business coach will help you explore your ideas more, and more importantly, the coach will push you to explore yourself. Everything in life is entwined – ourselves, our businesses, and our finances. For this reason, having a business coach helps, as it can help you get over your finances as well as emotional blocks.
You will be surprised at things you can achieve when you have someone who truly believes in you and your business perspectives. A business coach acts as a support system who hears everything you have to say before providing their personal opinion. When you feel challenged, a well-trained trained professional can scan you for soaring points. They know exactly when to lift your spirit and get you into peak performance state. The competitive business world can be overwhelming and frustrating at a time.
The more you are trained to cut through your down moments, the more you can prosper. A business coach will be there with you to help you effectively recognize your shortcomings and guide you to overcome it. Success is always teamwork. A leader always needs a person from the side who can advise from an unbiased perspective. A business coach will help you get to the place where you will have access to the right tools to carry out your business operations in the best way possible.
A good business coach will help identify the right self-image, help you build up a brand, and put that brand in front of the right audience. This strategic step sounds simple but has an immense number of underwater stones where one unexperienced can waste a lot of resources and time. When the right product/service matches the right audience, it opens up a gate of cashflow.
You may know yourself well, inside out – from likes, dislikes, and everything. However, when it comes to bringing out the best in you, deep desires, and hidden talents, you will probably surprise yourself. We never know, but an outside perspective of someone experienced with trained eyes can easily tell you what are your strengths and weaknesses.
A business coach can easily identify patterns in your behavior and can help exploit your strengths in a way that will make you and your business shine. The same comes to weaknesses-hiring the right people that compensate for your weaknesses is one of the pillars of success.
While it is easy to create dreams and set goals, what are the possibilities that you will attain them? We assume that you already got a plethora of ideas for your business. However, many times, people tend either overestimate or underestimate themselves. Sometimes it is a learned experience that they got in the wrong team or partnerships. A business coach will help you identify your real potential and strategize a step by step action plan specifically for you. This clarity will bring you to the destination where you want to be in your business endeavors.
A business coach is someone who will push you outside your comfort zone with the right tools. As an entrepreneur, you need to show more confidence in your business ideas than anybody else. You need to negotiate without leaving money on the table.
Sometimes without having the proper experience, the idea of getting something extra would not even cross your mind. If you are trained on how to pitch it right, people will happily give it to you. A business coach knows how to prepare you to face the competitive world.
You will be able to build up a lot of confidence in your thought process, ideas, and even self-acceptance. Everyone needs someone who can tell them: “You’ve got it! Go do it!” Or point out how things could be done better. This way, one can develop a stable business identity. It is hard to convince oneself that we boast the capability to achieve our business goals. This is where a business coach is going to play a key role.
You will be liable to answering questions starting with “what did you accomplish this week?” to your business coach every week during the session. If you haven’t put in the hard work, such questions will get you sweating.
A business coach is your accountability partner who reminds you and nudges you of what you pledged to do. They keep you on track with what you want to accomplish and what is most important why are you doing this. There is nothing simpler in like than making a promise to ourselves and then breaking it diminishing all the work you’ve done before. However, when you are accountable to a business coach, you don’t have the luxury to abandon your promise.
Having a business mind is good, but it comes with its challenges. One can have millions of valuable ideas, but not know where to begin with. A business coach will help you harness all your ideas and give it a proper direction. Having a business coach by your side during your business start journey will help you gain a fresh perspective, allowing you to pick and execute the right ideas. This way, you can save time, effort, and money and start successfully right off the bat.
As an entrepreneur, it is easy to dive into building a business and forget about your health, loved ones, and suffer burnout. Using a reductive approach and setting proper outsource process will help you to have your business running at the right pace while you won’t have to sacrifice yourself on the altar of success. Besides, your emotional stability defines how far you can go. Experiences entrepreneurs know that business is not a sprint but a marathon, and one better not run this marathon alone.
Business is hard, I get it. Everybody gets it. Otherwise, everyone would be successful and companies wouldn’t have filed for bankruptcies. However, if you are warned then you are prepared. At SHL Coaching we love giving people an unfair competitive advantage.
We love winning but even more, we love when our clients winning with us. It shouldn’t be so hard to make a living. We still want to have time to live life, to spend time with our loved ones. When we learned how to work smarter not harder we, naturally, wanted to share it with others.
Let us support you.
Talk soon,
Liana
Why Business Coaching Is Important In 2019
By Liana| October 18, 2019 Read More2020 Best Business Coaching Advice or SEO for Business
By Liana| October 24, 2019 Read More