The Benefits of Business Coaching for Business Owners & Founders
Steering the ship of a business is can be both exhilarating and challenging. Decisions made can have a profound impact on the entire company and its performance. It’s in this context that personalized business coaching emerges as a powerful tool for business owners to not only navigate the complexities of their roles but to thrive and excel.
I’ll dive into the various advantages and positive outcomes that business coaching brings to owners and founders as a not-so-secret weapon.
The amazing truth of where you’ve been and where you’re going
When I graduated from University, I was incredibly fortunate to go back-packing across Europe, travelling through several countries.
For a time, I was with a friend, but then we went our planned separate ways and I travelled solo for a few weeks.
I remember one leg of the trip I was arriving in Prague, via train, with an hour to find my way to the hostel to check in before the front desk closed for the day. I had to navigate through a strange city and language to find the hostel where I was staying for a few days - all arranged over the phone.
This was a time of pay phones and phonebooks….and very limited internet!
I remember nervously studying my travel book in anticipation of the train’s arrival, mapping out my route in my mind, trying to picture and plan each step.
I had to take the street car from the train station, get off at the correct stop, find the correct street, turn at the next correct street and then the next to find my way. Finding the landmarks and proper streets each step of the way.
Create a powerful week
Powerful =
“…having control and influence over people and events.” In this case, I’m referring to control and influence over ourselves and our own impact.
“…having a strong effect on people's feelings or thoughts.” In this case, being intentional with our own thoughts and feelings that support us in our efforts.
We all know the Wealthy Barber story where he saved and invested 10% of his income each month, and over time and the power of compound interest, he became a millionaire. It took time and small increments of his paycheque each and every month.
It’s the commitment, regular modest investment, and the compound effect over time that I’m drawn to in this story as a parallel to consistently making space for your own personal leadership practice.
Having a personal leadership practice allows us to show up powerfully each week.
Here’s a thought: If we don’t have a personal leadership practice, how can we expect our employees to show up powerfully too?
A personal leadership practice doesn’t have to be developed through grand gestures, but can be small, focussed and consistent. (A few minutes of regular planning will go a long way.)
First, what does personal leadership look like for us?
Your favourite book…
Do you enjoy reading?
I love to read. I’m slowly making my way through stacks of books that I have around the house.
An ideal vacation for me would be to sit somewhere peaceful and read. (Preferably somewhere in or near nature.)
But reading for me is a way to learn, escape, grow, expand, or deepen my understanding of the world around me and of myself.
While I love a great fiction novel I do read many non-fiction and professional development books. Some have really made an impact on my own growth and the growth of my career and business.
I’d love to share some with you today…
Are you feeling confident about the future?
Several years ago my husband and I were asking questions like: Will we have enough to retire? How much is ‘enough’? What do we need? What do we want our future to look like?
We’ve both worked in the financial industry and we have a good understanding and knowledge of personal finance. However, we wanted more than our general understanding and wanted to speak with an expert in retirement planning.
We explored possibilities and chose someone who we love working with and has the expertise we needed.
Once we made that move I felt incredibly relieved. Like a weight had been lifted off my shoulders because we now have a plan built for us.
And, I feel more confident in our ongoing day-to-day financial decisions because I know where we are in relation to where we are going with our ‘plan’. It was a very smart decision for us and I’m so thrilled we made it.
Getting help in the areas you need it is important. We can’t be all the things.
And we don’t know what we don’t know.
You can apply this to a number of areas in life.
Is decision fatigue derailing you and your business?
The number of decisions you make in a day can be astronomical.
And this can cause decision fatigue.
Decision fatigue can make us second guess our business decisions, slow us down, and make us feel like we’re missing out on opportunities.
We should have started that project by now…
My best employee has just resigned…
We need more clients but I feel like we can barely manage the ones we have…
This doesn’t make you a bad or unsuccessful business owner.
In fact, the more your business grows and expands, often the more situations you are faced with that require your input.
But if you ever wonder which direction to take, struggle with employee performance, or wonder how you’re going to continue to manage it all, then read on.
Your Mission and decision-making
Are you making decisions aligned with your Mission?
First off, do you have a clear sense of your mission now? If you’re a business owner, what is your business’ mission?
If you’re a leader, what is your personal mission for leadership? What are you trying to accomplish in your organization? Is it aligned to your company’s mission?
If you are clear on your mission, then that’s the first step to ensuring that your decision-making is aligned and you move each day to fulfill your mission.
Daily steps lead to spectacular achievement
I came across a quote that grabbed my attention and it’s aligned with some themes I’ve been noticing lately. Themes such as: putting time and effort in for a future reward, making commitments, and decision-making.
“Spectacular achievement is always preceded by unspectacular preparation.”
― Robert H. Schuller
I think of the athlete winning their race and how that’s accomplished on the heals of thousands of hours of early practices, doing drills over and over again until the movements are ingrained into their muscle memory.
The artist creating their beautiful piece only after years of perfecting their various brush strokes and meticulous mixing to achieve the perfect colours and shades.
The ballet dancer who makes a leap or a pirouette look as graceful as can be, like they’re floating across the stage; perfected after years of doing daily barre exercises.
What motivates a human to do those daily or regular, sometimes grueling or methodical behaviours and practices to move them forward to a goal, a vision, or a destination in the future?
What are you in business for?
Beyond why you started your business, WHY did you start your business?
Let me explain…
Maybe your WHY was to build a business around a dream or passion, to achieve freedom and financial security, or to change lives through your product or service.
That’s great!
Now, that your business is a living breathing entity…what role will it play in your future?
Will it close when you’re ready to move on or will you try to sell it or pass it down?
Building a legacy or a company that will last beyond you is different than running a business for the purpose of providing an income now. Both are great goals, but the way you build and the focus for growth will be different.
Leading with certainty
Growing a business and leading your organization can be fraught with ‘what-if’s’ and ‘maybe’s’ and general unknowns.
Deciding which way to go can feel like you’re at the fork of multiple paths.
So, how can you create certainty, when you don’t feel at all certain?
First, what creates certainty?
Is it more information?
Knowing you couldn’t fail?
Knowing if someone will buy?
So consider this, does having more information really create more certainty? Perhaps in some cases….but we can never really have ALL the information. Can we?
The Power of Increased Intentionality in your Career and Business
Living with intention is a way of tuning into your own desires, needs and goals and not letting yourself be swept away by the goals and desires of others.