Can Business Coaching support SMEs in their Transformation Journey?
While running a business can be extremely rewarding for the business owner, there’s no denial that the same could be very demanding and stressful as well.
Running a business can often feel and appear like a very lonely pursuit. However, having an experienced business coach that you can rely on is one of the most valuable resource available to SME business owners.
Most SME business owners looking for advice on how to grow their company have a limited amount of resources to turn to. There are countless online articles, blogs and E-books available on how to build and grow a business. However, every business is unique because of industry, geography and people, and so generic advice cannot replace the personal guidance from a business coach.
Business Coaching is a service where business owners receive the personalized guidance, they need to answer their difficult questions, undertake the transformation journey and make their organisations a success.
Business coaches are generally experienced entrepreneurs, business owners or business leaders who have led their organisations to great heights, who know what it takes to make a business successful, and who decide to use their talents, skills and experience for building and growing a business to help other business owners achieve their goals and reach the desired vision.
Every business owner sooner or later realizes that the ability to do their job well in the past is not enough to run a successful and growing business in the future. They need to transform their businesses in the new, ever evolving business environment.
When transforming and scaling their businesses, business owners require professional management skills, including people and team management and development capabilities, finance and cash flow management and the ability to design an effective Operating Model. These are often skills that most business owners don’t have. A Business Coach bridges that gap.
Business coaches serve as both trainers and mentors, training business owners to explore their talents needed to be successful, nurture the talents to be converted into strengths, and serving as a source of information should the business owner ever have any questions about what should be done, refine the goals, guide the decisions, and do everything else that they can do to ensure that the business is transformed into something big and more successful.
Business coaches start by learning everything they can about the business owner, company, business model and brand, from its value propositions to its target customers to the challenges it may face and beyond. Once business coaches have learned everything that they can about the offerings in the form of products and services and systems, they’ll next want to learn more about the vision of the company and the goals that the business owner has for the company. That’s the beginning of the transformation journey.
Based on the vision of the business owner, a business coach will work to set attainable goals for the team. These goals will be ones that the business owner and the team need to achieve within agreed timelines in order to efficiently grow and achieve the laid-out vision.
Once a set of goals are in place, the business coach is there to help meet them, aiding the business owner in devising a set of strategies and action plans designed to push the business to meet its goals and help navigate any challenges that come up along the way.
Throughout this entire process, business coaches serve as an invaluable source of personalized advice which is objective and unbiased.
It is a common perception that business coaching services exist only to help owners with struggling businesses. While helping get them back on the right track (in as short time as possible) is certainly one thing a coach is able to help with, there are a wide variety of other situations where coaches can help business owners in their transformation journey.
Business coaches can help build a new business from the ground up, advising executives and owners as they go through the process of setting up their business, defining its goals and vision, and putting in place short-term, medium-term and long-term strategies for the business.
A business coach is also able to help business owners that have hit a plateau in their company’s growth as they figure out how to take the business to the next level.
Along with improving the operation and growth of the business, business coaches are also able to ease some of the burdens of business owners to make their journey easier and more enjoyable which is a priceless benefit in itself.
While running a business can be extremely rewarding for the business owner, there’s no denial that the same could be very demanding and stressful as well. This becomes more true if the business owner is running the entire company all on his own.
When you as a business owner work with a business coach, you’ll have someone in your corner who can assist you through the challenges you will inevitably face and serve as a source of experience and expertise that you can rely on when the going gets tough.
In other words, a high-quality business coach will likely be able to help you regardless of the company size or how large you want it to grow.
Coaching engagement is an investment that surveys and studies show beyond doubt can deliver significant returns in a variety of key areas.
Business coaching is best suited for business owners, entrepreneurs and visionaries who want to make a bigger impact. It does not follow a cookie cutter plan. It is for those who don’t even realize there is a box to fit into. If you are running an SME business, don’t leave your success to chance. Get yourself a coach and to help you initiate the business transformation Journey.
Business coaching can transform your business and life, but only if you are open to possibilities and ready to embrace the process.
Are you ready?
ARTICLE ORIGINALLY PUBLISHED IN ET HR WORLD