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What is business coaching and why do you need it?

by | Jan 19, 2022

Are you the owner of a fresh start-up business? Are you a new business owner with no background or experience in entrepreneurship? If you want your business to flourish, try business coaching.

Most business owners want to make sure that their business finds success. However, many of them don’t even consider getting a business coach to guide them through making one.

Below, we’ll talk about business coaching and why you need to consider it.

What Is business coaching?

With a rating of 91.6 out of 100 in the World Bank for starting a business, it’s easy to make a startup in the US, UK, Europe, Canada or Australia.

In 2020, the the United States of America saw a submission of 4.41 million new business applications. Compared to 10 years ago, that’s a 78.9% growth in the number of new business applications.

While you can start a new business in a snap, maintaining and developing it takes more care and time.

Sometimes, even the most prepared entrepreneurs encounter problems after a few months. Without guidance, businesses have a higher chance of failing and going to waste.

 

Build a better coaching business

Business coaching is the process in which you reach your business goals with a coach. It’s the process in which you open your mind to the knowledge and advice of a business coach. Business coaching provides guidance, support, and accountability and creates a vision for success.

Waymaker helps business coaches and consultants scale their clients using our intelligent business management platform.

What does a business coach do?

Before you hire a business coach, you need to know what you should expect of him or her. Business coaching is a reflective process, so expect provoking and probing questions. They may engage you with questions like:

  • Why did you choose this particular business?
  • What impact do you want to make in the world?
  • What does success look like?
  • How do you know if you’re going to succeed?

These questions will push you to know your true intents, inspirations, fears, and more. You’ll learn to become aware of your why, understand your what and execute the how.

Opening up and sharing these things will need you to trust your business coach first.

After engaging in self-inquiry, a business coach will assess your situation with you. Together, you’ll also develop a business road map that you must execute. Finally, an excellent business coach is professional, respectful, trustworthy, and faithful.

Business coaches that have gained a level of excellence on Waymaker’s platform and playbooks are certified as Waymaker Advisors.

Business coach vs. business consultant

A business coach often has similar roles as a business consultant. Yet, the focuses of a business consultant and coach lie in different aspects of a business. Generally, consultants focus on the business, while coaches focus on the business owner.

A business consultant pays attention to the organisation and its systems. They will try to identify problems and develop solutions to them. They find the issues in your system and offer solutions from a unique angle.

Mentoring vs. coaching

Many people confuse business coaches with mentors and vice versa. It’s easy to see why, since both roles aid business owners from banking on their years of experience.

However, mentoring focuses on providing advice based on personal experiences and outlooks. Coaching a business owner is a more intimate role. It helps the owner in planning, accountability, and finding satisfaction in the business.

Waymaker aligns teams with goals

Business coaches or consultants who have become Waymaker Partners and received Advisor Certification will have a mix of skills in coaching, consulting, mentoring, facilitating and training.

A business coach will help you with your business plan and performance execution

If you’re new to the world of business ownership, you may not know what to do next. It’s hard to know your path when starting a business and where your business goals lay. A business coach will help you plan and establish your strategies.

A business coach will also help you master strategic alignment or manage your goals/OKRs. He or she will guide you in setting realistic short-term and long-term goals.

You’ll also learn how to use reasonable approaches to run your business with a proper plan and strategy.

Pick up leadership wisdom

A business coach will open your eyes to your blind spots in leadership and management. Management is a big challenge for many business owners. Not everyone holds the same attitude needed in implementing a proper start-up strategy.

Your business coach will point out your management mistakes. He or she will also help you discover the best way to navigate through them.

They won’t only tell you how to fix the problem, but they’ll instead teach you how to find a solution for it.

Manage your weaknesses, enhance your strengths

The business advice you’ll get from a coach may sound like typical advice given to all business owners. Although this may be true, not all business coaches are the same.

Remember that your business coach also considers your strengths and weaknesses. From what they observe, they’ll help you enhance or handle your strengths and weaknesses.

Business coaches won’t give any old advice that may or may not work for you. In working with you, they’ll also offer guidance that matches your personality and goals.

Learn accountability

Even though it’s easy to start a business in the US and many other developed economies, most new businesses don’t last. Among all the small businesses, 20% of them fail within the first year. When 5 years pass, 50% of them fail, and only a third of them survive until year 10.

Many business owners don’t understand that small actions can lead to success or failure. With a business coach, you’ll learn how critical accountability is in a business. 

You get encouragement and guidance

The best business coach will not only provide good advice but also encouragement. Your coach will be there for you when you’re planning your business strategy. In the same way, he or she will also be present in your most difficult times.

Your business coach will not abandon you when your business starts to fail. Instead, he or she will help you through it. With your coach, you will assess the actions you took, what went wrong, and the possible solutions.

Walk your journey to success with a business coach at your side

Building a successful business takes time, patience, and a lot of hard work. With business coaching, your path to success in business is clearer and easier. 

Are you looking for an app or tool that can help you in your business? Waymaker is the answer. Start your free trial here and grow your business today.

By <a href="https://waymaker.io/author/stuart-leo/" target="_self">Stuart Leo</a>

By Stuart Leo

Published on January 19, 2022

Stuart is the CEO & Founder of Waymaker. Stuart is a passionate believer in helping people find their organisation's true north and giving them the tools to get them there. When not exploring new ideas in leadership and management, Stuart is with his family exploring the beautiful regions, islands and coast of Australia.

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