Why You Need A Business Coach
If you don't know what your goals are, how do you plan on achieving them? A business coach can help to get you there - providing you choose the right one.
As a business owner, it can be difficult to determine which investments are considered to be savvy ones, especially when it comes to choices that will ideally allow you to “level up” as a brand. If you’re considering the services of a business coach, it’s important to understand exactly what they do - and don’t do.
What Is A Business Coach?
Although often seen as a luxury, the right business coach can be your secret weapon when it comes to identifying exactly what it is you hope to achieve as a brand or business owner.
Fundamentally, you can expect a good business coach to:
Increase your productivity
Increase your sales and profit
Improve relationships with employees, clients and partners
Reduce internal conflict
Develop or improve business and marketing plans
Team training and skill development when required
Advice on where to best invest
Motivate you with encouragement and accountability
Help you to focus on what it is that you do best
Offer an impartial and unbiased voice
However, all too often clients walk away from a business coaching experience feeling underwhelmed and scratching their heads. Common reasons why business coaching doesn’t work for brand owners usually include the following -
The Wrong Coach - When it comes to selecting the right business coach for your brand or business, there is no “one size fits all” approach. Be sure to check their credentials, and try to align yourself with a coach that has experience working within your industry.
No Action Plan - A good business coach should not only identify the “what”, but also the “how”. Identifying the problem areas in your operation is one thing, but turning them into an actionable “to-do” list and tools for you to tackle them is something entirely different.
Unrealistic Expectations - Be transparent with what you hope to achieve from working with a business coach, to ensure that your endgame aligns with theirs. A business coach is not a miracle worker, and won’t be able to quadruple your income within a four week period.
What About Using An Accountant And A Business Coach?
The sad reality of trading in Australia is that it truly is a jungle out there. According to the Australia Bureau of Statistics, more than 60% of small businesses cease operations entirely within their first three years of trading. One of the most common reasons that they fail is due to a lack of cash available to meet their expenses, particularly within the first six to twelve months - and these figures were issued before the arrival of Covid-19.
It’s for this very reason that understanding the finances of your business has never been more important - or at least enlisting someone who can effectively translate this for you. Since the ultimate success of a business is often linked directly to the state of its finances, it’s surprising that more operators don’t realise that many accountants also provide business coaching services too - so why do they make the best coaches?
Driven By Data - The simple fact of the matter is that numbers don’t lie. When you combine the powers of an accountant with that of a business coach, the advice is issued based on data derived from your financial state of affairs, reducing the chance of any oversights.
They Know Your Brand - Whether you already have an accountant or are considering hiring a new one, an accountant that doubles as your business coach will ultimately know the ins and outs of how your business works in its entirety. After all, knowledge is power.
Realistic Action Plans - A good accountant that is also your business coach rapidly becomes somewhat of a silent partner in your operation - they want you to succeed. Aligning your vision, finances and transparency helps to deliver the very best action plans in terms of strategy.
Where To Find An Accountant And Business Coach In One
If understanding your finances or the in’s and outs of business finance isn’t your strong point, then it may be reassuring to know that you’re not alone. In fact, many businesses (big and small) enlist the services of an accountant and business coach in order to free up their time, while knowing that their financial obligations are already taken care of by the professionals.
What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices?
At Muro, we are more than just accountants - we offer our clients strategic business advice and ongoing support to help them reach their business and financial goals, and offer the services of both an award winning accounting firm and business coaching services. Get in touch with us at Muro today to ensure that you’re on the right path for success as we head into 2021.