Small Business Coaching

Business coaching is not just for top executives in PLC’s, it should also be considered an essential learning and development pathway for SME owners and their teams too. For a small business to continue to achieve its goals and revenue targets can be a challenge, particularly in the COVID-19 pandemic world. That’s where a business coach comes in.

Small Business Entrepreneur Coaching

What is Business Coaching?

 Business coaching can be a combination of many different aspects, using a range of techniques to suit the individual. Quite often, we find that the scope of the coaching programme increases as each session progresses and that is largely due to other factors being introduced where solutions need to be found.

Therefore, a business coach needs to be very experienced in a number of disciplines, open to programme change, and being able to adjust quickly to provide new focus.

When would I use a Business Coach?

 The first 12-18 months of a new company start-up is the most critical time, with the failure rate in the first year particularly high. According to the Office for National Statistics, 80% of UK companies fail within their first year. Our experience in working with start-up and newly fledged businesses is that poor planning was one of the stand out reasons for failure.

Most people start a new business based on their experience, in other words, leaving a business to start their own with the knowledge that they have gained. Unfortunately, it’s not that simple. You will become the MD, Sales Director, Marketing Director, Web Master and Finance Director, just to get going.

And that’s where a business coach comes in, right at the beginning.

 Your first step is to create a Business Plan and then ensure that it is watertight. What is your strategy, sales forecasts, marketing plans, expenditure, and networking focus? How will you actually achieve the sales figures you have included in your plan? If you work with a business coach you will gain the focus necessary to begin from the right place.

If you employ people, how do you monitor their productivity, learning & development requirements, their stress levels, and their happiness? Again, a business coach can control these aspects too.

How can a Business Coach help to develop me?

Be open about what a business coach can offer you. For example, a good coach will have personal assessments that they can work with you on, all designed to help you build your own personal profile of key strengths and areas for development. The more you understand about yourself, the better your intuition when it comes to developing the business and team members.

If you are currently looking to start a new business or you are moving your existing business to another level, be sure to factor in a business coaching programme within your budget. This is as essential as getting your market focus correct and will help you lay the foundations for your business.

Business Coaching and Mentoring

 Over the years, business coaching and mentoring have aligned to a degree and many coaches now provide a blend of these disciplines, sometimes referred to as “Centoring”. There are certainly some overlaps and also some clear distinctions, but a good business coach will move around seamlessly between the two.

In general terms, here are some snapshot differences.

Mentoring   

Ongoing relationship that can last for a long period of time

Coaching

Relationship generally has a set duration

Can be more informal and meetings can take place as and when the mentee needs some advice, guidance, or support Generally more structured in nature and meetings are scheduled on a regular basis
More long-term and takes a broader view of the person Short-term (sometimes time-bounded) and focused on specific development areas/issues
Mentor is usually more experienced and qualified than the ‘mentee’. Often a senior person in the organisation who can pass on knowledge, experience and open doors to otherwise out-of-reach opportunities Coaching is generally not performed on the basis that the coach needs to have direct experience of their client’s formal occupational role, unless the coaching is specific and skills-focused
Focus is on career and personal development Focus is generally on development/issues at work
Agenda is set by the mentee, with the mentor providing support and guidance to prepare them for future roles The agenda is focused on achieving specific, immediate goals
Mentoring revolves more around developing the mentee professionally Coaching revolves more around specific development areas/issues

Some of the Benefits of Small Business Coaching

Interpretation of your thoughts, behaviours, and actions.

Develop a road map of sound ideas and strategies for growth.

Understand yourself, preferred ways of learning, thinking, and doing.

Structured goal setting and accountable actions.

 

Business Coaching | Entrepreneur Coaching | Small Business Coaching  | Executive Coaching | Personal Coaching

 

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