A coach is there to assist, you can lean on them, when you're not strong.
*Cue Bill Withers voice here*
Ya, that's a coach. Read on for more info!
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A Business Coach (also known as a mentor) is a professionally trained coach with a background in business who oversees, assists and guides an entrepreneur in developing and growing their business. The role of a coach is to assist the entrepreneur to clarify and identify his or her business objectives and goals, to overcome any issues they may be facing, and if they are struggling, to help generate solutions outside the box. A coach also helps an entrepreneur develop various management skills, seek out funding opportunities, manage their finances, and in some cases can supply a network of important and influential contacts to their coachee.
If coaches are used properly they help make sure an entrepreneur operates his or her enterprise with a clear vision, always continuing to keep their key objectives in mind. A strong coach will bring their years of experience to a budding enterprise and supplement the foundation already laid down by the entrepreneur. Young entrepreneurs seeking the expert guidance of coaches typically look for a coach who is not only a successful business professional but is also someone who has a genuine interest the entrepreneur's idea and business plan and is passionate about a similar field.
A coaching relationship has certain requirements in order for it to succeed. A coach usually requires meetings on a regular basis. Meetings are normally held in person or over the telephone. These meetings are used to discuss specific topics: a change in marketing or general strategy or a financial or funding question. Coming to the meeting with specific points to discuss and questions that need to be answered will lead to more successful meetings. Structuring meetings with a coach in this manner, and even sending the coach questions in advance so can prepare will mean that neither the entrepreneur nor the coach's time is wasted.
Areas where a coach can provide assistance:
• General Planning — This Business Coach works with an entrepreneur on stabilizing and developing their strategic/promotional planning, marketing plan, financial management or planning, and general administration or personnel issues that might crop up during the initial development stage of a business.
• Marketing — This Business Coach has expertise in helping to develop and implement a promotional action plan, advertising plan, and public relations strategy to reach a wider target audience group. This coach helps an entrepreneur to organize and action a marketing strategy.
• Financial Planning — This Business Coach specializes in assisting an entrepreneur to understand financial statements, manage cash flow, set up pricing strategies, and employee compensation plans. However, this Business Coach is not a tax advisor.
The coach who builds a relationship with the young entrepreneur will help look at the big picture. Often it is hard for an entrepreneur to come up with new ideas or to think of new solutions to the problems they are facing because they are on the inside. A business coach can look at the same problem with fresh eyes and from an outsider's perspective. A coach can address scaling problems from their years of experience deeling with these issues. The coach guides an entrepreneur from their past knowledge; enhancing the entrepreneur's skills, problem solving tool kit, and developing their capability to address similar problems in the future. This is of course as long as the entrepreneur listens.
The work of a coach is also to provide candid feedback on an enterprise's strengths and weaknesses. The feedback of a coach may not always be positive, but it is the job of the entrepreneur to listen, take in what they have said, and then discern in what way they will put that feedback into action. If a coach does not have the expertise to address a problem they will work to connect the entrepreneur, through their vast network of contacts to someone who can help address the problem.
Through transitional periods in starting and growing an enterprise a coach can play a key role in providing guidance beyond the scope of the business. For example, balancing personal life with business life. They are a reliable source of information and may have experienced much of these emotional issues before. If a strong relationship is built, the coach can be a source of both business support and emotional support.
Above all if a coach believes in the vision of the entrepreneur they will push him/her to reach higher, scale faster, and grow as an entrepreneur and business owner. A coach can be a major driving force and source of encouragement and motivation, helping an entrepreneur through various stages of business development, building their sense of self worth and confidence and in the end pushing them to succeed.
Did you know?
The Ye! Community offers an entire community of coaches. These individuals have been vetted and bring years of experience to the table from on wide range of business backgrounds. Are you interested in finding a coach? Check out the Ye! Community coaching page and see whose areas of expertise match up with your needs. Check them out here.
Do you have a coaching story to share with Ye! Email us, we want to hear your stories. Ye@yecommunity.com.
Are you interested in finding a coach? Check out the Ye! coaching guide and see who is right for you https://yecommunity.com/en/coaching
Deepali Seth is a PR Manager and contributor to the Ye! Blog.