Many business owners ask me about business coaching and mentoring. One of the most frequently asked question was “When is the best time to invest in business coaching?”
The truth is, there is no definitive answer. Coaching and mentoring has many benefits that can help you find clarity, focus and direction during all phases of business.
Stage 1 – Seed and Development – A business coach can help you assess the viability of your business idea, give you expert advice and an unbiased opinion, and help you develop the skills, finances and market readiness to be profitable as quickly as possible.
Stage 2 – Startup – The start up phase is one of the riskiest for a new entrepreneur. A business coach can help you mitigate crucial “launch” mistakes and help you fine tune your products or services, and provide clarity and focus as you brand your business and attract new clients.
Stage 3 – Growth and Establishment – This phase can be very time consuming for most business owners. Although you are attracting clients and generating money, you’ll personally experience increased demands from managing revenue, providing customer service and staying ahead of your competition. A business coach can help you streamline your processes, boost your overall productivity, and find balance between business and your personal life.
Stage 4 – Expansion – During the expansion phase, you’ll experience a comfortable, stable pace. Your business is firmly established and you have staff in place to help you manage your business. Unfortunately, it’s also the time that many businesses get too complacent, lose ground to competitors and get caught off guard. A business coach can help you review your resources, analyse your expansion risks, and help you put a realistic plan in place to help you expand your products and services or enter new geographic markets at a profitable and comfortable pace.
Stage 5 – Maturity and Possible Exit – A business coach can help you decide whether to push for further expansion, how to organize your business for a partial or full sale, or create an exit or business succession plan so you can hand over the reigns smoothly and without negative impact on your business.