When you enlist the assistance of a business improvement coach, you optimise business transactions and streamline your operations. Operating your own business comes with many challenges. How does a business coach help businesses? Here are five benefits of hiring a business improvement coach.
Objective point of view
When you bring a business improvement coach to the table, you have another pair of eyes reviewing your business goals. Why is this important? They can give you an objective point of view. They may see things that are difficult for you to see. When you are so closely involved with running the business, it’s easy to become emotionally immersed in it. It may take an outsider to be able to look at it objectively and see where the business strengths and weaknesses are. They are then better positioned to offer suggestions objectively.
It’s a little different when you work for yourself. There is no one to whom you report, you don’t necessarily have to balance the budget if you don’t want, and you choose whether to exercise financial discipline. One of the advantages of operating your own business is that you decide how you will do things. The only catch is if you don’t adhere to your goals, then you probably won’t be in business very long. That’s why accountability is actually a good thing. It can keep you on track of your goals. A business improvement coach will meet with you regularly for a review. You can discuss what you have or have not accomplished and why. Your coach will suggest solutions to help you stay on track. Sometimes it just takes a mentor providing a nudge of accountability to help business owners stay focused.
Sees the big picture
Being the owner of a small business means you are inundated with details and tasks every day. You probably have your hands full and fulfill many roles in the company. You’re more likely to see the micro-details of the day-to-day work. However, it’s important to be able to step back and see the big picture. In other words, how do the integral parts work together to make the whole? This is especially important in the financial aspect of your business management. For example, you may be bogged down with the daily entering of invoices and receipts for the business and not able to see the larger picture of weekly cash flow. This is where a business improvement coach will come in and help with integration.
Financial management assistant
One thing is for sure, your finances are the foundation of your business. Without a good handle on them, you will soon sink. There are invoices, receipts, accounts payable, accounts receivables, taxes, and more. How can you keep it all straight? Your business improvement coach helps you sort things out so that your finances stay within the parameters you set forth. Your business coach will also help determine if you are eligible for any government funding grants and search out tax savings for your business. In the end, you could save much money just from having a business improvement coach.
Have you ever considered continuing your professional skills? It’s important that your professional development be ongoing. The more you learn about customers, your work team, marketing, budgeting, and so on, the better positioned you will be to elevate your business to the next level. When you partner with a business improvement coach, you will learn some of the business techniques they’ve gained down through the years. Also, some coaches provide workshops for your continuing improvement.
Business improvement coaches will bring a boost to your business and help ease the load. At proCFO, we work closely with businesses to make sure your goals are met. Contact us for more information.
About David Officen
David is the Founder and Managing Director of proCFO.
David combines an accounting and consulting background with commercial experience both as a manager for large commercial businesses and as the owner of private and family businesses.