6 A.C.T.I.V.E. Benefits of Having a Business Coach
Updated: Aug 5, 2022
State of Small Businesses
Small business is the essence of the United States. According to the U.S. Chamber of Commerce, there are approximately 31 million small businesses in the United States of America. This figure accounts for 99.9% of all U.S. firms. The U.S. Small Business Association (SBA) defines small businesses as independent businesses with fewer than 500 employees. Whether your business has one employee or 500, ensuring business continuity in current times is paramount. Small business owners typically work with fewer resources than other companies. Limited resources can lead to business stagnation or failure. Many industries where small businesses thrive are coming to terms with riding the COVID wave versus long-term business planning. At AllProfitHR, we recognize the ingenuity and power of small businesses in the American and global economy. Our objective is to help leaders plan effectively for the present and future to avoid overgeneralization and fast trends leading to harmful and long publicized business practices from a human resources lens.
Negating Small Business Failure
Did you know that the failure rate of businesses is 70 percent within the first decade of operation? And this is compiled general statistics prior to the COVID-19 pandemic. An article by Entrepreneur cited businesses "fail" due to subjective metrics. However, a keen observer could utilize the statistics to inform budding and current entrepreneurs of significant milestones to be aware of or avoid versus not considering entrepreneurship altogether. It is risky? Yes! But so is working for someone else. As a business owner, especially one within their critical 10-year business ownership period, this is where a business coach could be of assistance.
Business coaches are great accountability partners to help ensure you're learning, growing and evolving. - Brittany Hodak
What is a coach?
If you were to think about a coach, I'm sure you can recall at least once you've come across even if you did not play a competitive sport. You may stereotype them more than describe them, but I would be grateful if you could take a moment and reflect thoughtfully on that question.
When you think of coaches:
Have you had one before?
What came to mind?
When did you employ a coach?
What did you enjoy about them?
What did you desire to change about their coaching style?
What did you learn from them?
What benefit did they provide you?
Once you think about it, coaching is not an unfamiliar practice. Coaching expands beyond sports; you may consider experiences in which someone coached you to grow in a new area. While styles, education, and expertise differ, coaches resemble mentors, guides, teachers, physical wellness trainers, supervisors, and business owners.
Coaches motivate their proteges to explore and hone their craft. Coaches research the competition, outline plays, and analyze their proteges to address strengths and minimize weaknesses. Coaches hold their proteges accountable. Coaches are present and focused on the future. They offer guidance over a set period and remind their proteges of the importance of balance and rest. They are sources of insight, and they are perpetual cheerleaders.
If that's a coach, what is a business coach?
Business coaches work outside the sports arena. The International Coaching Federation defines coaching as partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential. The coaching method often unlocks previously untapped sources of imagination, productivity, and leadership.
A business coach takes on a business niche and utilizes their expertise to help you laser focus and grow in that area. Take every objective of a coach and place them beside a determined entrepreneur. What you can create is an efficient level of productivity for your business. Quicker.
"A business coach is exactly the kind of an expert you need in your life if you want someone to help you stick to your plan and make it efficient." - Solomon Thimothy
Why consider a business coach?
Leading a business, organization, or your life sometimes feels overwhelming. The self-help industry is booming, with books and social media driving home the importance of growing in all 8 dimensions of health and wellness, managing relationships, and cultivating and growing your business. There is always something new or next to consider regarding macro and microeconomics. There are front-desk and behind-the-scenes operations, logistics, accounting, marketing, human resources, stakeholders, clients, and you. How can one balance their 24 hours a day, especially when running a small business that never feels like it shuts off? If you also work a full-time job, have a family, or want a social life, you must incorporate balance before you burn out. Sometimes there is nothing like one-on-one personalization to zone out from the distractions of life and dive deep into your efforts to grow your business. A business coach can be that game-changer for you.
"A business coach serves as an essential third party to regularly check in to ensure that you are on the most direct path to your ideal destination." - Doug Bend
Six A.C.T.I.V.E. Benefits of Hiring a Business Coach
Below are six active ways that a business coach can elevate your business genius and transform your level of success:
When working with a business coach, expect to complete a questionnaire to identify strengths and opportunities, both personal and with relationship to your business. Your coach will utilize this assessment to gauge your potential goals to determine what you want to work on. The main objective of business coaching is to achieve outcomes that shatter current barriers that you believe impede your long-term success. Goal setting is an essential component that requires a dose of honesty and humility. When preparing for coaching or determining if you want or need coaching, identify some hard-to-achieve goals you would like to work on with someone. This is a good starting place.
Coaches can bring many skills and experiences, but I believe individuals often seek compassionate, attentive, and responsive individuals in particular areas needing development. Another essential component of a coach would be someone who has personal and professional balance and can exude that strength and skill throughout your coaching experience for your development.
Businesses are active entities just like human life. Coaching are credentialed professionals who help business leaders focus on creating transformative change for present and future success. If you believe it would be helpful to examine past experiences, or trauma, which are impeding your success, I would suggest that you consider licensed therapy.
Coaches provide a level of guidance through their unique perspectives. Being communicative and forthright with your goals and the barriers that restrict them can help you reap substantial rewards as your coach guides you toward your goals.
Coaches are third-party non-biased participants in your business. They judge less and scan the business operations from a bird's eye view because they are not as intricately tied to your business as you are. This allows them to ask meaningful questions and share an insight not previously considered. The comments are often suggestions, but they can be excellent at helping you think differently about yourself and the way you lead.
Like you, most business coaches have owned and operated a business. Coaches often offer a blueprint of resources that support ways that you can expand, perform, or fund your business. This experience increases their value to ask questions that not only coach but also mentor you to success. Consider, but don't simply limit yourself to, coaches who have certifications, credentials, and licenses in areas in which you want to know more about or grow your business.
Sometimes, all you need is an expert to highlight something that was in front of you all along. - Kelly Richardson
AllProfit HR Coaching & Consultancy
As the Chief Executive Architect of Powerful Intent and Purpose at AllProfit HR, I have over 17 years of experience in people, culture, and organizational systems. Recognizing the importance of human resources to organizational success, I founded AllProfit HR LLC in 2018. AllProfit HR's mission is to cultivate transformational people and culture systems to create a culture of belonging. AllProfit HR maximizes organizational success through guided human resources advisory services and executive coaching. Intent and purpose are essential to develop organizations' most valuable resource -- employees and expand beyond the traditional methods while continually delivering transformational human resources services. To learn more about me, click here.
Celebrating You & Me
I am giving my introductory coaching package to two small business owners to celebrate my accomplishment. This fall, I will complete my pre-certification credentials to be an Executive Leadership and Relational Coach with the CoActive Training Institute. The coaching sessions will begin in September 2022 and do not need to be HR-related. Scroll to the bottom for details on how to enter.
I don't know about you, but it is an AllProfit season. Let's get ACTIVE. Schedule a free discovery call today to discuss how AllProfit HR can help your business raise its internal and external currency to the next level.
Have you engaged in business coaching before? If so, what outcome was more beneficial for you? If not, what questions do you have about business coaching?
Enter The Executive Coaching Contest
To be entered in the coaching giveaway, complete the following steps:
Follow @allprofit on IG. Access link: https://linktr.ee/allprofithr
Like this post on IG.
Share this post to your IG story and tag @allprofithr.
Tag 3 small business owners or solopreneurs that you support in the comments. **Multiple entries welcomed.**
Bonus (not mandatory but appreciated): Comment on any AllProfitHR blog posts between July 23 - August 31. **Include your IG name.**
The Fine Print - Terms and Conditions
The winner will receive 3 30-minute executive coaching sessions.
Participants must be small business owners.
18+ years or older.
USA residents only.
Participants must complete all steps - I will definitely check.
Only two winners will be selected.
The contest will run until August 31, 2022, at 11:59 pm.
Winners will be announced by September 5, 2022, via our IG Stories and contacted through IG. Be aware of scammers.