Why having a business coach makes sense
Dennis Weed
A few years ago, a friend started a software business with his brother. They had never started, nor run a business before. So they decided to invite some friends to be their sounding board and business counsel. Unfortunately, most of those friends had no experience running a successful business either. Their new venture had a very difficult time getting off the ground.
All new business ventures have growing pains and issues when starting out. But, if my friends had started out with a good Business Coach, they would have had a higher probability of being successful in their new venture.
A Business Coach with high business acumen will have the ability to assist people with:
1) Build a high performing team and culture
2) Achieve higher sales and profitability
3) Solve efficiency issues
4) Hire and retain great employees
5) Market and price products for best margin
6) Optimal inventory management
GOOD TO GREAT
A good Business Coach will have knowledge on marketing, managing staff and payroll as well as improving efficiency in the business. A Business Coach who has run a large organization and has seen the issues facing new companies will know how to guide a new business owner through them.
A great Business Coach has experience over theory. They have been through the trenches and have overcome a lot of issues from leading their own business.
A great Business Coach will:
1) Make appropriate referrals, direct to effective books and other educational courses.
2) Present challenges to enhance and sharpen skills of their clients
3) Be honest with their clients
4) Teach and listen to their clients
5) Be accessible by emails, phone calls and text messages
6) Be accountable to generate the best results for their clients.
Studies and data have proven that a great coach will result in a Return of Investment of 10 to 20 times or more from the investment of time put into meeting with a coach.
COACH VS. CONSULTANT
A Business Coach is different than a Business Consultant. Consultants are usually trained IT specialists, Web Designers, Lawyers, CPA tax professionals, and Engineers. A consultant will have years of training in his or her field as an expert and will keep up on changes within their field. When a new business owner needs an expert to help them with a specific problem, they call a consultant.
FIND MY COACH
The North Idaho Small Business Development Center located on the North Idaho College campus employs seasoned business owners and executives that coach local businesses to reach new heights as well as consult in areas of expertise.
SBDC coaches have expertise in specific areas, additionally qualifying them as business consultants. When business owners need a great consultant beyond a coach’s area of expertise, they are able to identify that need and help a business reach out to them.
North Idaho SBDC, has a track record of success known throughout North Idaho and beyond. They have helped startups go from a thought to an open-door business. They have helped struggling businesses become successful and go on to receive awards and recognition as businesses of the year.
SBDC knows something about coaching and success. Let SBDC help you and your business be successful. Contact us at NISBDC.com or 208-665-5085.
• • •
SBDC Coach Dennis Weed started his career working in the Industrial and Manufacturing Engineering of aerospace graphite parts and subsequently held a variety of leadership positions in the U.S. and Europe. His experience spans the aerospace, software development, business management, finance and tax industries.
