As a small business owner, having a small business coach to help guide you through the process of making important decisions and fine-tuning your approach can be extremely beneficial to your business’s long-term success.
In fact, according to the International Coaching Federation, 86% of organisations saw an ROI on their Coaching engagements, and 96% of those who had an Executive Coach said they would repeat business coaching services again.
But what is a small business coach? And what can their small business coaching services do for your company?
That’s why the business growth experts here at Growth Idea put together this ultimate guide to a small business coach to answer your questions and get you started on the path to success.
What is a Small Business Coach?
A small business coach is a retained expert that can help your business achieve better results by using their expertise. They could be an experienced entrepreneur, consultant, marketing professional, financial advisor, or mentor.
A small business coach will be able to help you think strategically about your business – offering insights that will help you improve your processes and results and create core business strategies to help you succeed.
In addition, a small business coach can help you progress and grow your business. With the right coaching, you’ll be able to implement new ways of working and thinking about your business, which in turn will help you grow your client base and increase the amount of money that you bring in.
Related Reading: What Does a Successful Business Look Like?
Why Business Coaching is Important in 2023
In 2023, many new trends will be emerging and influencing how we, as business owners, run our businesses – from the rise of self-employment to the continuing use of new technologies in the professional world.
This might mean that for many small business owners, they feel daunted by the prospect of having to navigate all this change on their own, successful business owners will adapt to these changes, but they don’t have to do it alone. Fortunately, a small business coach will be there to help you through this challenging time, supporting you in achieving the best results for your business.
Small business coaches in 2023 are able to offer new ideas, approaches and advice that will help you develop, grow and succeed in these more turbulent times. This means that you will have the confidence, knowledge and motivation to keep your business on track as it undergoes its transformation from a small business to a medium-sized one.
Business coaching trends for 2023
DEIB
Those in the Generation Z workforce are bringing their ideals and expectations with them as they begin working. Generation Z employees are the most inclusive in the workplace today thanks to globalisation, which has made it the most varied in history. DEIB (diversity, equity, inclusion, and belonging) initiatives are so crucial in the workplace.
It is clear that these young people want their values to match those of their workplace because more than seven in ten (77%) of Generation Z workers who participated in a survey said that working for a firm that valued DEIB programmes was important to them.
Business coaching can advance DEIB initiatives by encouraging employees to think critically and raising awareness of DEIB issues, which can improve recruiting and foster an environment where everyone feels free to contribute.
Additionally, coaching may promote a culture of equity and acceptance for all staff members and support an organisation’s core principles, which all in all leads to small business success!
Cost of living crisis
Beyond merely aiming for greater diversity and inclusion, many organisations are going through a significant period of change as a result of new technology, evolving employee perspectives on work, and economic uncertainties.
The processes and policies that go along with these changes are being updated in important ways by business executives. In fact, 47% of organisations want to up- or re-skill their workforce in order to fit with shifting goals. But when organisational changes increase, employee uncertainty increases as well.
Organisations can turn to small business coaches as they navigate the obstacles of change to support workforce changes in their own business, no matter how big or little. Employees can be assisted by a one-on-one coach in identifying and filling in skill gaps, fostering professional growth, and acquiring the soft skills necessary to increase resiliency in the face of change.
Small Business Coaching Statistics
So — just how effective is small business coaching? Here are some key small business coaching statistics to help answer your questions.
- 70% of coachees reap the benefits of improved work performance, communication, and relationships. (Institute of Coaching)
- 92% of small business owners agree that mentors have had a direct impact on their growth and their chances of business survival. (Kabbage)
- Increased self-confidence is reported by 80% of coaching candidates. (Institute of Coaching)
- A third of small business founders that are mentored by successful entrepreneurs become top performers. (Endeavour/TechCrunch)
- One in six entrepreneurs utilises coaching to improve their performance. (Forbes)
Key Benefits of a Small Business Coach
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Improved Goal Achievement
A good business coach will help you set goals and track your progress, ensuring that you reach the goals that you’ve set yourself. Even if you’re already good at setting business goals, having an expert to help will provide greater clarity and focus for your efforts.
As well as this, they can identify areas where you may be falling short in terms of your performance or goal achievements. This type of feedback is invaluable because it can help you to identify blind spots that are having an impact on the success of your business, whether directly or indirectly.
Improved Business Processes
A business coach can help you get the most out of the processes that you already use in your business. For example, they could introduce systemisation to certain aspects of your processes, allowing for better time management and greater productivity.
A business coach will also be able to help you identify new opportunities to improve your business performance through innovative approaches. They may even introduce entirely new ways of working or thinking about your prospects, positioning you ahead of the competition.
Better Strategic Thinking
Small business owners are often good at what they do. As a result, it can be difficult to see your business objectively and identify strategic ways in which you could improve its performance or processes. A good business coach will help you to look beyond the ‘internal noise’ of your business, focusing on key areas for improvement and ensuring that you develop a strategic mindset to navigate this in the future.
Great business strategies are a vital part of growth and success. A good business coach will encourage you to think more strategically about the direction of your business and help you implement key strategies for success.
Improved Productivity
By helping you to improve your business processes, a good business coach will help you identify better ways of working that can increase productivity and reduce unnecessary work. This will have a positive impact on the amount of time that you have for other essential parts of running your business.
Boosted productivity in your small business will also help you to deliver on goals more effectively, giving your business a competitive edge over the competition.
More Confidence and Clarity
Many small business owners lack confidence in their businesses – whether this is due to personal traits or simply because of all the challenges inherent in running a new venture. A good business coach will be able to offer an unbiased and objective perspective, which can help you to gain a better understanding of your business and the direction in which it should move.
Greater clarity is another key benefit that a good business coach can provide for your small business. Whether you’re struggling with what strategies or approaches to take, or just want some clarity on where your business is heading and how to get there, a business coach can help you develop this.
Increased Revenue
The right business coach will help you improve your bottom line and boost your business profitability. If you’re an outreach-based business owner, a business coach can be invaluable for getting more out of your outbound marketing efforts and increasing the revenue that these generate.
If you’re an eCommerce business owner, a good business coach can help you to identify ways in which you can increase your conversion rate and improve the experience that your customers receive. This will result in more sales for your online store. A great business coach will be able to help your business thrive, whatever your industry.
Communications and leadership skills
It’s possible that you don’t have the time or resources to devote to formal leadership training as an experienced business owner or entrepreneur. However, a business coach can provide you the direction and encouragement you need to advance your leadership abilities. A business coach can assist you in identifying and resolving any leadership or communication problems you may be having.
Your business coach can offer advice and resources to support employees in developing their leadership and communication skills. You can develop stronger communication skills with your coworkers, clients, and business partners after just a few sessions.
Business coaching can show you how to handle challenging conversations, plan and deliver presentations that excite and engage your audience, and better understand other people.
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How To Find the Right Small Business Coach For You
When choosing your small business coach, it’s important to ensure that you choose the right professional for your business. Your coach should have expertise in areas that are particularly relevant to you and a wealth of experience and skills that they can apply to your business. Some business coaches can also specialise in types of life coaching, helping you find the right work/life balance.
Here are some important things to consider when looking for a coach:
- Experience. How long has this person been coaching small businesses like yours? What is their track record? Have they coached businesses with issues similar to yours before?
- Costs. How much does their business coaching cost? Is it worth the price tag (including your time)?
- Time-frame. How long do you want to work with them? Bear in mind that most coaches offer packages, so if you go with a longer one, you’ll get a better deal.
- References. What are other people saying about the person? Can you speak to them? How did they feel about their work with your potential coach? If this is hard, take a look at Google reviews, or remember that you can always ask for testimonials or case studies showcasing results from the coach themselves.
- Specialisation. Is it important for you to find a coach who specialises in areas like marketing, finance, or strategy? This will help your business grow much quicker.
Looking For an Expert Small Business Coach?
Are you ready to invest in your small business? With the right coaching, you’ll be able to implement new ways of working and thinking about your business, which in turn will help you grow your client base and increase your revenue.
At Growth Idea, we provide expert business coaching programmes, in London and around the UK, to businesses that are looking to grow with particular expertise in the construction industry. We deliver tailored business growth strategies, advice, and tools that are all designed to increase profitability, accelerate business growth and help businesses reach their true potential.
Book your business strategy review today!
Small Business Coach FAQs
How much does a small business coach cost?
A business coach will usually charge an hourly fee for their time. They might also offer coaching packages, which could save you money in the long term – especially if they are charging by the hour.
Having said this, the exact cost of business coaching will always depend on your specific business needs. If you’re a new business owner you might need to invest more, while if your business is already established the cost could be lowered, depending on your needs.
What’s included in small business coaching?
A coach can offer a range of different services, but these are usually tailored to suit your needs and always depend on your particular requirements. Some coaches focus on certain areas, such as business growth, starting a new business, or transitioning from a small to medium-sized enterprise. They will usually tailor their coaching sessions to suit your requirements and will use different techniques depending on your needs.
How do I find a business coach?
There are several ways to find a small business coach. You can ask other entrepreneurs you know for recommendations, try a Google search, or attend networking events to see if anyone specialises in coaching businesses like yours.
Alternatively, you can go right ahead with one of our expert business coaches today and save yourself the hassle!
Next steps…
Book a complimentary breakthrough business discovery call and gain the clarity you need to take your business forward →
