How a Business Coach Can Help You and Your Company 

     

In an increasingly competitive and marketing-driven economy all companies, especially start-ups, are continually looking for opportunities to increase their competitive advantage. Business coaches, professionals that specialize in coaching management to improve all aspects of business planning, marketing and execution, may just provide that advantage.

In addition, business coaches can focus on the aspirations of the individuals involved, aiding in the realization of their professional goals and achievement of their full potential within the organization. The coach also works with business owners to fully leverage limited resources, accelerate business implementation and growth, motivate employees and instill a sense of accountability at all levels of the company.

Specifically, a business coach can provide valuable expertise to achieve the following:

  • Define business goals and outline an implementation plan to achieve these goals.
  • Ensure that critical areas of the business receive adequate attention.
  • Quantify the financial and personnel resources available and make sure they are utilized most efficiently.
  • Offer solutions that are customized to the company and owner’s needs.
  • Avoid unnecessary deliberation and time-wastage through efficient decision making processes.
  • Bring efficiency to all areas of the business.
  • Help identify knowledge and skill requirements and facilitate learning processes.
  • Improve communication and dissemination of information in the organization.
  • Work predominately with the owner, but also with employees, to identify and realize their goals for the benefit of the company and the individuals’ personal satisfaction.
  • Provide the company with the benefit of their business skills and knowledge.
  • Motivate the organization towards success.
Hiring a business coach should be approached with the same rigor and scrutiny applied to selecting other key professional consultants. Defining the scope, timescale and cost of the contract upfront will help ensure that all expectations are met. Consulting services generally cover a wide range of fee scales; care should be taken to ensure that the fee proposal is commensurate with the level of expertise provided.

A company should choose a coach based on their credentials, experience, availability, and overall fit with the business and individuals involved. A business should be prepared to conduct due diligence, which should include obtaining credible references. It is imperative that a contractual agreement be put in place as well as a confidentiality agreement. It is also important to introduce the coach to employees to facilitate the process for all parties.

Personal recommendations are a good first step in identifying the right coach. Business coaches are also adept at advertising their services and the internet provides a good search tool for identifying professionals that specialize in the skills required by a company.

Although hiring a business coach may appear to be a major outlay at a time when resources are most constrained, engaging the right firm or individual can prove to be highly cost-effective if the result is improved marketing, better strategic planning, and greater efficiency. This may lead to higher profitability and improved access to capital. In some cases, a business coach may be the vital component that differentiates business success from failure.

Other resources

  • The Start-up Checklist That Every Business Needs
    Taking a business idea and transforming it into a tangible enterprise is both an exciting and daunting task. The following checklist outlines the critical steps to provide a company with the necessary legal, financial and practical foundations for growth.
    Read more: Start-up Checklist
  • The History of the Leveraged Buy-Out
    The leveraged buy-out (LBO) transaction gained notoriety in the late 1980’s with private equity firms such as Kohlberg Kravis and Roberts (KKR) and Fortsmann Little undertaking a number of large and high profile transactions. The market effectively reached its zenith in 1998 with KKR’s US$25 billion buyout of RJR Nabisco, which still remains the largest LBO in history.
    Read more: The History of the Leveraged Buy-Out

Topics: Business Coach
 

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