With all the planning tools, strategic mediums, industry reports, and conferences, business owners often have no idea how to operate strategically. The same applied to me in the early days of my business ownership career (despite all my degrees). Typically, nothing in the route to entrepreneurship prepares you to be a strategist. Nor would most newbie business owners recognize an applicable strategy if they tripped over it. That’s when business coaching becomes your greatest asset.
Create a Plan for the Future of the Business
Many years ago, I attempted to work with the board of directors of a resort operation in Ohio. Despite their efforts, they were not showing a profit. The board had a debate about which comes first: strategy, objectives or goals. I tried to explain that the terms were not important (even though they could have the same meaning). Instead, I stressed the importance of creating a Profit Plan for the future of the business.
I then put them through the task of determining their tactical strengths and discovering what forces actually powered the business. The 12 people in the room individually came up with about 20 different points and combinations. This didn’t surprise me. However, it demonstrated that the top team had never discussed and agreed on the key factors that powered the business. Additionally, they often made contradictory decisions.
The CEO glanced at me with that, “I told you so” look on his face. He then addressed the room. He expressed disappointment in the board’s ignorance of what was obvious to him and what he thought he had communicated in the past. Unanimously, they all fired back, “we never heard that!” What may have been clear to the CEO, had never been communicated and confirmed with the leadership.
The group cancelled the afternoon session they had dedicated to objective decision making. Oh, did I forget to mention, all 12 of the board members were related family.
Avoid Negative Outcomes
A good business coach can help you avoid the outcome of the client encounter I shared, but only if you commit to seeking and implementing the coach’s advice. A business coach can analyze your business’ direction, repair the leaks in your bucket, and develop and implement a formula to push you forward to success.
I’ve owned and operated eight businesses in six different industries, and the success of many of my coaching clients exceeded my own. To me, they represent excellent examples of how any motivated person can achieve great results when there is a plan in place and they are coached in using the skills and tactics that make it happen.
Maximize Your Coaching Benefits
If you’ve invested in a business coaching program, these three steps will help you maximize the benefits.
1. Know What You Want to Accomplish
Your coach is like the GPS in a car. You state your destination first, and then the coach tells you the best way to get there. If you don’t know where you want to go, no coach can help you get there.
2. Learn When to Talk and When to Listen
Spend time picking your coach’s brain about strategy, tactics, implementation, and execution. Likewise, a coach should readily offer the knowledge, suggestions, and plan of action to help you reach your goals.
3. Accept the Truth
If an idea, strategy or tactic is seriously flawed or altogether wrong, you need to accept that truth. You don’t benefit by turning your coach into a yes-man. Nothing matters more to a qualified coach than results.
When companies lose sight of what seems like an uncomplicated goal—to show a profit—great business coaching will help put your business back on track.
To get more information and receive other no-cost special audio downloads, reports, articles, blog posts, and more, visit Ron Hequet where I cover valuable topics that every person wanting to grow their business or career needs to know. And, if you’re ready to take your business to the next level, get a free assessment from me personally at Free Business Assessment or for those wanting to build your career go to Complimentary Coaching Assessment.
And if you haven’t joined my FB group yet, click here to join.