Business Coaching 101
Whether you are a small business owner or medium business owner, there’s nothing wrong with asking for help. And it’s also never too late to learn from an executive business coach.
Working with an experienced business coach is the secret weapon to help entrepreneurs, executives, and business owners increase their wealth potential AND quality of life. This ultimate guide will help you understand what business coaching is, what a business coach does, the benefits of working with a business coach, and how to find the right coach for you.
- What is a Business Coach?
- What is a Business Coach’s Role?
- Benefits of Working with a Business Coach
- Characteristics of a Good Business Coach
- Who is Business Coaching For?
- How Maui Mastermind’s Business Coaching Program Works
- Statistics & Business Coaching Success Stories
- Business Coaching FAQs
What is a Business Coach?
A business coach is a seasoned business leader who uses their experience and expertise to help a less experienced business owner and their company reach new heights and their business goal.
Business coaches are successful entrepreneurs and business owners themselves. They have chosen to use their leadership and talents for developing, building, and growing businesses to help others achieve their business goals.
Business coaches offer different programs depending on their areas of expertise and client needs, budget, and goals.
While there is a huge amount of resources and advice available online and in books, business coaches offer something precious and unique: custom, personalized advice created solely for the benefit of a specific business owner and their company, while holding the business owner accountable to reach their goals faster.
A Business Coach’s Role
Essentially, a business coach’s (or business mentor) role is to provide structure, perspective, accountability, and support to a less experienced business owner.
The goal is to help sustainably grow their business and to decrease owner reliance so that they are able to maintain a fulfilling life outside of work and ensure business success.
An executive coach helps provide structure by working closely with their client to create a step-by-step, progressive plan of action that helps cut out unnecessary tasks and focuses in on the truly important business needs.
They also can contribute a valuable outside perspective to help solve problems and shift focus. Often, business owners have been working long hours for months or years and have a tough time stepping back to refocus on the big picture. Having a fresh perspective can also help improve their leadership skills.
That’s where a business coach comes in. With a wealth of experience and knowledge, they can ask questions, give advice, and bounce ideas around that solve problems effectively.
To stay focused and dependable, an executive needs to be held accountable. Asking an employee, whose paycheck you sign, to hold you accountable is asking quite a lot. That’s why a business coach is the best way to check your responsibilities.
By asking someone you esteem and respect to hold you accountable for executing your plan, you put pressure on yourself to stay focused and follow through at your highest level.
Business coaches have been through their own trials and tribulations and can understand nearly every difficult situation a newer business owner might find themselves in.
Whether it’s downsizing, pivoting, changing locations, or any other circumstance, they can provide vital insight and leadership perspective which will help you focus on the positive benefits of change.
What Does a Business Coach Do?
Business coaches help any entrepreneur, executive, and team improve their companies by establishing sound systems, cultivating talented teams, and installing intelligent internal controls. This, in turn, helps to improve their lives.
By creating a more stable, reliable business that doesn’t require as much maintenance, you’re free to pursue other passions, enjoy time with your loved ones, and take holidays as you see fit.
It is the responsibility of every business coach to create a progressive, step-by-step, structured approach to help their students or team develop the skills they need to improve and grow.
There are many parallels between a business coach, sports coach, or music instructor. Each one is responsible for creating a personalized course of action that helps their students improve certain areas of focus to unlock their full potential and become an all-around virtuoso.
Business coaching services can help you succeed by analyzing your business, listening to your problems, and building a detailed roadmap to help you overcome your adversities and achieve your goals.
With an executive coach’s help and leadership, owners are able to establish pertinent goals within a realistic timeline. Attending regular coaching sessions ensures that the strategy is executed correctly and revised when necessary. The things a good business coach can help you do is:
- Provide perspective
- Help hold you accountable
- Provide support
Business coaches provide an important outside perspective that only a third-party can. We refer to this as “steel-sharpen-steel.”
It’s difficult to achieve your full potential in isolation. The best way to become the best version of yourself is to surround yourself with other inspirational, motivated individuals who have a vested interest in improving your business and your life.
Business owners benefit immensely from having an expert third-party take a look at their business. Often, owners have to wear so many hats and keep so many plates spinning that it can be difficult to keep the big picture in mind–much less create a roadmap of achievable steps to make their vision for their business come true.
Business coaches help owners identify their strengths and weaknesses, focus on their top money-making products/services, and come up with new strategies and methods to protect and grow their business.
Steel-sharpen-steel conversations with a business coach force you to question every part of your business, strengthening necessary areas and removing superfluous habits. Having a third-party analyze your business will make it more efficient and profitable by implementing new systems, teams, and controls
A business coach helps you establish accountability to ensure that you actually execute and follow through on all of your ideas.
One of the first things a business coach does is help businesses reduce the number of ideas they are pursuing. This ensures that the objectives they want to reach are the most profitable and beneficial for the company.
Once a course of action has been determined, part of the coaching process is for business coach to hold you accountable for following through week after week. A good business coach will call you to the mat if you aren’t doing what’s best for the business.
A business coach is the best way to add accountability for business owners. Asking an employee, who you manage to hold you responsible can lead to uncomfortable power dynamics and/or resentment.
Hiring a business coach and setting up regular check-ins will hold you accountable for all of your actions. Because your coach is someone you esteem and respect, it increases your motivation to perform at your highest level.
Booking a business coaching service and setting up regular check-ins will hold you accountable for all of your actions. Because your coach is someone you esteem and respect, it increases your motivation to perform at your highest level.
A good business coach also becomes a part of your support system, encouraging and strengthening you during difficult times that leaders will inevitably face.
This is often an overlooked aspect of business coaching because not every coach believes or practices it. But the best business coaches are empathetic, in addition to everything else, and can encourage their clients to see the light at the end of the tunnel in trying situations.
Whether downsizing, relocating, or pivoting, transformation can be difficult and emotional for business owners. When you pour your heart and soul into a business, it can seem overwhelming when it comes time to make changes.
A good business coach helps you through these difficult times by providing perspective, encouragement, and support. Because they are experienced professionals, they will most likely have experienced something very similar to your situation. They will be there for you when times get tough and will be there for you on the other side once things get better.
Characteristics of a Good Business Coach
A good business coach is:
Experienced – They have built and grown their own business(es) and are familiar with a diverse set of problems. They can draw on their own experience to help you skip over periods of trial and error, ultimately saving you huge amounts of time and money.
Focused – A good business coach isn’t going to waste your time. They understand their responsibility and are focused on providing you the best service they can. By concentrating on key metrics and goals, they can provide the most valuable services most efficiently.
Motivational – They are able to project their focus and experience in an educational and inspirational manner. Not only do they help you succeed, they help you fail better and are able to learn from and make the most of any situation.
Flexible – Business coaching should not be a “set it and forget it” type of service. An experienced coach will be able to predict problems and trouble areas before they arise, but as we all know, business – and life – is unpredictable. A truly proficient coach can adapt to unforeseen challenges and situations with confidence and grace.
Empathetic – The best business coaches can put themselves in their client’s shoes and communicate in a way that is both understanding and inspirational. A good business coach will help you keep your head up during tough times and be there to celebrate with you when you’ve accomplished something important. Naturally, a good coaching relationship is one where both parties understand and relate with one another.
Keep these characteristics in mind when trying to find a business coach.
Benefits of Working with a Business Coach
A business coach helps you grow your business by increasing company production while reducing owner reliance.
This helps protect you, the business, and your employees. By creating a stable base of sound systems, talented teams, and intelligent internal controls, you can grow your business sustainably. This enables you, the business owner, to reduce the number of hours you work each week, focus on the most pertinent tasks, and take back control of your life.
Many business owners want to grow their business but are afraid to begin because they believe they will have to sacrifice their lives and work long hours every day. However, the key to sustainable growing your company is actually to diminish its reliance on you.
A good business coach can help you understand this and to create a detailed plan of action that helps your business flourish and gives you the ability to keep your work and personal life in a healthy balance.
Who is Business Coaching for?
If you are ready to grow your business but struggling to take the first steps, a business coach may be exactly what you need.
Whether you’re a startup, small, medium, or large business, a business coaching program provides invaluable resources to help you professionally and personally.
When and why you enlist business coaching services depends on your needs. Some entrepreneurs need help conceptualizing and planning their business path, and therefore hire a coach for the developmental stage.
Other business owners may be having a hard time growing or scaling their businesses, and hire a business coach to help them make key hires, organize their budget, and expand their operations.
A good coach can help many different types and sizes of businesses. To find out if a business coach is right for you, do is to document all of your projected problems and issues before you start looking for one. This will help determine if they will be able to help with your specific needs.
How Maui Mastermind’s Business Coaching Program Works
For over a decade, our business coaching program has helped business owners and entrepreneurs build a creative business that provides the freedom and the quality of life they desire. The business coaching program consists of multiple stages:
- Strategic layer – Planning, prioritizing and sequencing. This involves an in-person Strategic Planning Intensive that will result in a clear 1-page plan of action to achieve maximum results.
- Execution layer – Achieving results through focused action. This includes weekly coaching sessions to ensure accountability and execution.
- Business Development – Consistent progress towards Exit, Scaling, or Owning passively. In this stage, we build out the systems, team, and controls you need to scale and reach goals successfully.
Business Coaching Statistics and Positive Results
Executives who have worked with professional coaches to develop and grow their business are outspoken about the many benefits and advantages they have gleaned throughout the process. Multiple surveys highlight the results of such services.
- Our business coaching clients grow 7x faster than the average privately held company
- On average, our clients reduce their working hours by 20 hours or more per week
- On average, our clients grow at more than 32% annual growth rate
- Our clients increase Owner Independence Index by 194%
The Bottom Line: Why Business Coaching Works
A business coach helps improve your business and life.
The right business coach provides a personalized, step-by-step roadmap to your business’s success, help owners sharpen and focus their intentions, hold their clients accountable, and support them in trying times.
At Maui Mastermind, we help clients build businesses they can sell, scale, or own passively. We have personally scaled and sold over $2 billion of businesses. And most importantly, we have been able to do so while enjoying a happy work-life balance.
Our clients have achieved a business growth rate of 7X the average privately held company, and are also reaping the benefits of increasing their business’s productivity while reducing owner reliance.
If you’d like to find out if our business coaching services are right for you, schedule a free 90-minute strategy session with one of our advisors!
Frequently Asked Business Coaching Questions
Q: What is the first meeting with a business coach like?
A: The first meeting will help your business coach get to know you so they can tailor their advice specifically to help your business. This will be a friendly discussion about your business, setting the foundation of planning, prioritizing and sequencing through a one-page action plan.
Q: Does hiring a business coach really work?
A: Yes, hiring a business coach has proven effective for entrepreneurs, executives, and business owners of all sizes. In fact, Forbes reports on the success of business coaching services, with more than 85% of clients reporting financial benefits that far exceeded the investment they made.
Q: What should I expect from a business coach?
A: You should expect a business coach to set appropriate goals, help you strategize, and hold you accountable to your action plan. Here are some free business coaching resources that will give you an idea of the process and action you can expect.
Q: How much do business coaching services cost?
A: When investing in business coaching services, you want to think about your return on investment and whether or not the returns justify the expense. Maui Masterminds‘ business coaching services have a proven record of success. If you’d like to learn more about the exact cost to invest in the program, schedule a free 90-minute session with one of our advisors. If you want to have a successful business, you’ll need all the help you can get.