Business coaching: A pathway to success for business owners

Oct 2, 2024

Have you ever considered that the word ‘HELP’ is not a taboo for entrepreneurs or small business owners? In fact, it can be a beacon of relief, a sign that you’re not alone in your challenges.

As a business coach and trusted advisor to small and medium-sized companies (many of them family businesses) for more than 20 years, I have found that too many owners wait until things have already gone south to get help. Why is that? Is this like the addict who has to “hit bottom” before they’ll get help?

Realize that by taking action sooner, you’re empowering yourself to break free from bad habits and undo the harm that’s been done. It’s never too late to start again.

Back in 2001 when I called myself a business consultant, I was invited into a large family-owned and run, wholesale and retail bakery business with over 500 employees to “fix” their business. They had just been fined $60,000 by Cal-OSHA for poor safety and environmental issues in their manufacturing plant. This was an expensive mistake that had the owners looking for help to improve their operations.

Our solution was not just about fixing the immediate issues, but about paving the way for long-term growth and improvement. We sought out best practices in a manufacturing facility, identified output measures for a wholesale bakery, and implemented these practices by establishing processes for better operational management.

This was my first experience of what business coaching truly entailed. We were not just fixing problems, but educating, guiding, and directing each department leader towards the processes that would lead to better productivity and efficiency, inspiring a hopeful future for the business.

Some of the top struggles faced by business owners

Most small business owners, entrepreneurs, and departmental leaders are burdened by their pride, often finding solace in complaining to their family and friends. However, there comes a point when they are gently nudged towards a better path. They are advised to join a CEO peer group, engage in conversations with industry colleagues in their trade association, or hire a business consultant or coach.

These avenues offer a sense of relief, removing the loneliness and isolation that often accompanies owning and running a small business. After all, it’s lonely at the top. Business owners frequently encounter these common challenges:

Time management: Because balancing numerous tasks and priorities can be overwhelming.
Strategic planning: Developing and executing a long-term vision requires confidence and certainty.
Team management: Hiring, training, retaining the right talent and aligning them with the company vision requires knowledge of best practices.
Financial management: Budgeting, cash flow management, and financial planning requires education.
Customer acquisition and retention: Identifying, attracting, and building a loyal customer base requires learning about marketing and selling.
Stress and work-life balance: Managing stress and maintaining a healthy work-life balance is difficult if you don’t prioritize these.

Understanding business coaching

There are many advantages to hiring an outsider who can bring an independent perspective and guide you to managing the challenges you face with ease and confidence. Below are some of the benefits of having a coach, as well as a few recommended tools and systems.

Business coaching

So, what is business coaching? It’s a collaborative process in which a professional and experienced coach helps a business owner or entrepreneur clarify their vision and business goals, develop leadership skills, and create actionable plans to improve business performance so they can experience more personal fulfillment.

Business coaching is action-oriented and focused on the needs of a growing company or organization. Business coaches work with clients across various industries and professions to enhance their performance, define processes, optimize the organizational structure and people for maximum growth, and address individual and organizational roadblocks, e.g., blind spots, to realize the dreams of the owner and leadership team.

A business coach is a partner, providing insightful guidance to identify opportunities to improve, capitalize on strengths, and strategize for long-term success. Whether you’re a startup founder, a next-generation leader in a family business looking to scale your business, or someone in between, a business coach acts as a trusted advisor to help you and your company drive more success and experience more personal fulfillment.

Executive coaching

Executive coaching, by contrast, aims to help individuals in high-level management or leadership positions enhance their leadership abilities, strategic thinking, and organizational impact. It focuses specifically on leadership development and empowerment.

Executive coaches tend to work with leaders in the C-suite and other high-level decision-makers within larger organizations, where the coaching relationship is more focused on helping individuals hone their leadership skills and steer their organizations toward greater success.

An executive coach is a trusted sounding board, fostering self-awareness, emotional intelligence, and strategic thinking. Through this process, leaders embrace their full potential, inspire their teams, and drive transformative change within their organizations.

Benefits of business coaching

There are many benefits to business and executive coaching. Here are just a few:

Clarity and focus: Coaches help business owners define their vision and set achievable goals.
Accountability: Regular check-ins with a coach keep business owners on track.
Skill development: Coaches provide leadership, communication, and strategic thinking training.
Objective perspective: An external coach can offer unbiased insights and feedback.
Improved decision-making: Enhanced critical thinking and problem-solving skills.
Enhanced performance: Focus on high-leverage activities and improved time management.

Recommended tools and systems for business owners

To reduce and remove the chaos and daily ‘got-a-minute interruptions’ from your business, I recommend companies establish a business operating system (BOS) to provide a structure to manage your meetings, metrics and priorities, processes and procedures, and create clarity around roles and responsibilities. A BOS establishes a way of doing business with your people and your market and provides a structured business framework.

A few of the most popular business operating systems are Entrepreneurial Operating System (EOS), Scaling Up, Rhythms, and the Great Game of Business.

For a deeper dive into why a business operating system is a must-have, read our blog: Why You Need an Operating System for Your Business.

Business operating system software

There are a handful of cloud-based softwares that are designed to support business operating systems, including Bloom Growth, Ninety, Align, Scaling Up Scoreboard, and Metronome Growth Systems.

I’ve used them all, and each has unique strengths. Bloom Growth is the software I’ve used the most, and I find it easy to set up and use.

Implementing a coaching strategy

If hiring a business coach makes sense to you. Here’s how to get started:

Assess needs and goals: Identify the specific areas where coaching is needed.
Choose the right coach: Look for coaches with relevant experience, credentials, and a compatible style.
Set clear objectives: Define what success looks like and establish measurable goals.
Create a coaching plan: Develop a structured plan with regular sessions, milestones, and evaluations.
Engage and commit: Be open to feedback and willing to implement changes.

A guide to help transform your business

Business and executive coaching can be transformative for business owners and leaders. It offers tailored guidance to overcome challenges and maximize potential. By leveraging the right tools and systems, business owners can streamline operations, focus on what matters most, and achieve sustainable growth.

By following the above guidelines, business owners can harness the power of coaching to elevate their leadership, streamline their operations, and drive their businesses toward greater success and personal fulfillment.