Small businesses are integral components of local communities, but many face uphill battles as they try to establish themselves.
Recent data from the Bureau of Labor Statistics indicates that around 20 percent of small businesses in the United States fail within the first year, and by the end of their fifth year, roughly 50 percent have closed. While there are many different reasons why a business succeeds or fails, small businesses may need all the help they can get as they try to ensure their long-term success. Small business coaching may be a good form of assistance.
The International Coach Federation, which is the professional organization of all coaches, including small business coaches, says coaches help individuals discover goals and align actions with what they want to achieve. They help people self-discover and generate solutions and strategies. Coaches do not push their agendas. Rather, they can be a support system that can help a person develop a plan and stay on target.
Small business coaches are viewed as mentors, consultants and advisors. Coaches can help small business owners develop business plans, serve as sounding boards and offer constructive criticism about specific ideas. Many coaches can diagnose problems within organizations and help find ways around them, according to the financial resource Fundera. Small business coaches help businesses figure out how to reach their full potential.
The right time to hire a small business coach is unique to each business. Some business owners utilize coaches before they even open their doors to the public, while others may bring in coaches to improve on operations even after a business has established itself.
A coach may be called upon if the business hits a road block or needs a way out of a tricky situation. Many business coaches are experienced entrepreneurs who currently own or previously owned their own businesses, and that experience can prove especially valuable to first-time business owners.
For more information contact reach256, we’d love to help you grow your business!