A helping hand can save the day
Nikola Ellis was ready to quit her small business at the start of this year.
Her Mosman business, Adore Yoga, was yet to reach that critical breakthrough point where income and passion were matching her efforts after a decade of work. She felt demoralised.
But instead of joining the search for a new job, she hired a business coach who helped her identify aspects of the business that weren't profitable. She restructured her time and remunerated herself for it, which saw earnings grow by 18per cent in 2012-13.
"More importantly, I'm anticipating a significant increase in earnings for the business in 2013-14 because of the innovative direction we're now taking."
Ellis says she wanted to incorporate community engagement into her business model, but had lots of vague ideas that just weren't working.
Her coach suggested an event that attempted to beat the Guinness world record for the world's longest yoga chain. That bought together 1000 people to raise funds and support women with breast cancer.
"The momentum and goodwill generated by preparations for the event allowed me to implement activities that have expanded the business and enabled me to employ three more part-time teachers."
Business with Vivacity coach Fiona Redding says Ellis started with a three-month coaching program and is now starting a six-month group program.
"Business owners that seek out business coaching have reached a point where they know they need some objective assistance. They are generally very motivated to put in the hard yards to achieve business transformation and growth," Redding says.
Ellis is one of thousands of business owners across the country who turn to a coach to help them get out of a rut.
A coach can bring fresh perspectives on personal challenges, enhance decision-making skills and quality of life, according to The International Coach Federation.
A coach acts as a business partner rather than an expert or an authority, and contacts can be in person, by phone, Skype or email, the federation's website explains.
Emma Morgan also turned to a business coach a year after launching a creative-marketing support business for home-based businesses, called The Homemade Company. She hired Kathryn Hocking from Reverie Coaching for three months, which helped clarify her thoughts and open new ways to streamline her business.
"Having someone to bounce ideas off and be able to talk through my new business ideas has given me confidence and clarity on how I can better serve my clients in the future," she says.
Melbourne business coach Russell Dowling says most owners call in a coach after being through some serious pain in their business.
"I find that once they've been through enough pain, they're prepared to change."
Poor time-management skills are common among small business owners, he says.
"So many business owners aren't getting the results they'd like to be getting and aren't earning what they had hoped. They also have no quality of life because they're working long hours. Many can't retain good employees and can never take a holiday or the wheels fall off."
Inefficient cost savings such as deciding against hiring a bookkeeper are common, he says.
"Coaching is about holding the business owner accountable. Many in business have the best intentions, but they have to be prepared to change."
Business coach Dr Warren Harmer says coaches are easy to find, but most are pretty ordinary. Get in touch with business networks for recommendations, he says.
Small business owners would learn a lot more from a coach who has owned a small business before their current business, as real-life experience is mandatory.
"Ask to speak to some of their existing and previous clients about how they found the experience. Also, ask what areas of business management the coach is strong and weaker in. For those areas they're weaker in, find out how they got help."
Fees also need to be affordable and any other expenses need to fit into the budget, he says.
"Many coaches ask for large up-front payments and long-term commitments that you can't get out of. Choose one that gives you an opportunity to see how they think, their work practices and attitudes before you commit to long and expensive periods of coaching."
Frequently Asked Questions about this Article…
A business coach is a partner who works with you to bring fresh perspective, improve decision-making and boost quality of life. According to the article, coaches act as business partners rather than authoritative experts and can help identify unprofitable activities, improve time management, and plan growth strategies that lead to measurable results.
Small business owners often seek a business coach after hitting a rough patch or experiencing ‘enough pain’ in their business. The article notes owners tend to call in coaches when they’re motivated to change — for example, when earnings aren’t matching effort, time-management is poor, or they can’t retain staff or take a holiday.
Results vary, but the article gives concrete examples: one small business restructured its time and remuneration after coaching and saw earnings grow 18% in 2012–13 and later expanded staff. Coaching can also enable new community events, revenue streams and clearer business focus that support growth.
The article recommends using business networks for coach referrals, asking to speak with existing and past clients, and choosing coaches who have owned a small business themselves. These steps help verify real-life experience and fit before committing.
Ask what areas of business management they’re strong or weaker in, how they get help in weaker areas, and for client references. Also check fee structures, whether they require large up-front payments or long-term lock-ins, and whether they offer a chance to trial their approach first.
Coaching can be delivered in person, by phone, Skype or email, according to the International Coach Federation. Timeframes in the article include short programs (three months) and longer or group programs (six months), depending on business needs.
Coaches often help with poor time-management, inefficient cost decisions (for example, avoiding hiring a bookkeeper), inability to take holidays, long hours, low employee retention and unclear business direction — all issues highlighted in the article.
Watch out for coaches who ask for large up-front payments, require long-term commitments you can’t exit, or lack real small-business experience. The article advises choosing a coach who lets you evaluate their thinking and work practices before committing to lengthy or expensive coaching arrangements.
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