Morne Patterson - The Benefits of Business Coaching and Why You Should Invest in It
Business coaching is becoming an increasingly popular option for business owners who are looking to improve their businesses and leverage from the expertise of others. But what is business coaching, and why should you invest in it? Business coaches are professionals who have a wealth of knowledge and experience in business, and who can help you achieve your goals for your company. They can provide guidance and support, as well as practical advice on how to improve your business. You can either look to engage a person specialising in business coaching, or rather leverage a company which focuses on coaching and offers a range of services.
How does business coaching differ from mentoring? Business coaching and mentoring are both ways to help people improve in their professional roles. Business coaching generally entails making use of someone who knows more about business and how to improve outputs. They provide advice on how to do things better, work together with you on goal setting, and hold you accountable against these goals. Mentoring focuses more on advice provided by someone with more experience, giving support, listening to ideas, and providing general counsel in decision making. The mentor has generally been in the same position as the person they are helping.
How does the business coach help you build a plan? A business coach will help you build a plan by listening to your ideas, understanding your competitors and target market, gaining an insight into your long-term vision, etc. Together with you, they will then look to create a measurable plan which factors in your resource constraints, and
appropriately priotitises different elements of your plan geared for maximum success. Although this plan will be tough to attain, it would have been created on a reasonable basis and the expectation would be for you to achieve your goals. Once this plan has been finalised your business coach will regularly meet with you to track progress, update the plan, and work together with you in meeting your objectives.
How does the business coach improve accountability? Your business coach will provide an extra layer of accountability to ensure you are sticking to your plan. During the on-going engagements, the business coach will hold you to prior commitments made. This check-in process will help to keep you on track and ensure that expectations are up to date and being met. Additionally, the coach will act as a sounding board for ideas or any issues which come up during the business journey, providing support and guidance throughout this process. Because the business coach is not acting like a consultant, and not directly responsible for executing the plan, they will help guide and keep you focused on achieving your goals. This continuous process will help develop your awareness, assist you in identifying your areas for development, and ultimately improve your accountability.