What business coaching can do for your business
The story of Eric Schmidt
Does the name Eric Schmidt ring a bell?
Well, let me fill you in…
Eric Schmidt is an accomplished technologist, famous entrepreneur and philanthropist. He was CEO and chairman of Google (from 2001-2011) and Alphabet (2015-2017).
Under his leadership, Google acquired Youtube which today serves as the most popular video sharing website, and the second largest search engine in the world (after Google).
In 2008, when Eric was the CEO, Google Chrome which is more than just a browser, was launched. It was also under his tenure that Google Adsense came to be, which changed the game for the online advertising world.
In short, under Schmidt’s leadership, Google, while maintaining a strong innovation culture, diversified its product offerings and scaled its infrastructure.
As a successful CEO of a rapidly growing company, Eric was initially resistant to hire a business coach. Eventually, and after a lot of convincing, he did. Later, he admitted it was one of the best professional decisions he ever made.
Eric Schmidt says, “Every famous athlete, every famous performer has somebody who’s a coach. Somebody who can watch what they’re doing and say, “Is that what you really meant? Did you really do that?” Coaches can give them perspective. The one thing people are never good at is seeing themselves as others see them. A coach really, really helps.”
You see, behind the uber successful Eric Schmidt was a man by the name Bill Campbell.
Bill, who was Eric’s coach, was regarded as “one of the people who made the biggest difference in every key decision involving the structure of Google.”
As Eric Schmidt recounts, what made Bill such a great business coach was that he saw talent. He listened carefully, and he could work with you. What are your strengths? What are your weaknesses? When you were doing the wrong thing, he wouldn’t say, “That’s terrible.” He’d say, “Is that consistent with your values?”
Later, Eric Schmidt, Jonathan Rosenberg, and Alan Eagle wrote a book on Bill Campbell; Trillion Dollar Coach, which became a New York Times and Wall Street Journal bestseller.
“Coaching is not being told what to do. Coaching is a way of getting you to see what you should be doing and getting you motivated to do it. It’s a very special skill.”
Here are 6 reasons why entrepreneurs succeed with a business coach:
1. Develop a vision for your business
Where do you see your business in 5 years, 10 years?
A vision is a vivid picture of where your business will be in a few years to come. It can help you to develop goals and work towards them.
Once you set your vision, it becomes much easier to make decisions by answering just one simple question – does this align with my vision?
With a vision, you are able to focus on what you want to achieve, and avoid getting sidetracked.
It’s really easy to veer off the track when you’re running a business. To get caught up in new projects and forget the core of your work. That’s where having a vision comes in.
A business coach will direct you towards a clear, concise path that aligns with your personal values. You will also have a chance to discuss the things you need to do to get there, which is where setting goals comes in.
2. Achieve clear goals for the company to flourish
Once you have a vision, you can easily break it down into small, achievable steps.
What do you need to do today to get to where you want to be tomorrow?
If you use the motto, my day is my life, you will wake up each morning and work to the best of your ability, every day. Each day should be a representation of who you are and what your life is all about.
So, what goals are you setting for yourself today that align with where you want your business to be in 10 years?
A business coach can help you to create a business plan, provide guidance or obtain outside funding, learn how to address meetings and network etc.
Through business coaching, you can be more in control of your business, monitor your progress, adjust accordingly, and get the best out of your staff.
3. They can help you to push beyond your comfort zone
“Life begins at the end of your comfort zone.”
Similarly, your business success is on the opposite end of fear.
We all like to be in control of things, and this makes us want to stay within our limits. We choose to go with the tried and tested way of doing things because anything contrary to this could lead to failure.
What a hoax!
You may feel your business is doing well, but a good business coach can focus on targets and help you raise them. Business coaching can push you to do so much more and achieve more results than you would alone.
Since a coach is impartial, they are better suited to assess your potential and push you towards it. And through accountability, you’ll be sure to get to your desired results one step at a time.
4. Offer great, independent, impartial advice
69% of small business owners seek advice from family and friends, and many of them end up regretting it.
Why? Because when your loved one is advising you, they’re doing it from an emotional perspective.
In itself, this isn’t a bad thing. However, they are more likely to view solutions through a personal lens, not pushing you in the same way. You have to admit that it can lead you to a ton of problems.
Good business coaches have probably worked with a variety of businesses, know what works well and what to avoid. They also know your business almost as much as you do.
Since they are independent and not emotionally attached, they can analyse and give insights you may not have thought of.
As a small business owner, it can be scary and hard to make the call on tough decisions. But with a business coach to guide you, you can be more confident in decisions.
5. Improve leadership confidence
Confidence is an invaluable skill in business.
As a small business owner, you probably handle a lot of moving parts within your organisation. Between handling administration, sales, logistics, customer service and finance, you may feel overwhelmed.
This gives you little to no time to learn skills that are needed to take the organisation to the next level.
It can lead to decreased confidence in your business. And if you don’t believe in your business, how can you convince others to do so?
This is where business coaching comes in.
Being supported by a great coach and giving yourself the space to work out challenges enhances your confidence when going into major situations, dealing with crises, or handling conflict.
6. Increase your productivity
How do you manage your time? And how many times, as a small business owner, do you find yourself to be less productive than usual?
Proper time management is crucial for a business to thrive.
It helps you to balance your work and personal life, as well as create time for the things that matter.
Through business coaching you can learn to work smarter, not harder, and get more tasks out of the way in the shortest time possible.
To add to that, they also create the culture of making SMART goals, which helps to narrow in on what you actually want to achieve and setting a time frame for it.
Read more about setting SMART goals here.
7. Reducing costs and expenses
Managing your cash flow is an essential part of any business. It could be the difference between your success and your downfall.
Ironically, a lot of us small business owners take this for granted. We are so concerned with making money, but we are unsure how to manage the money when it comes in.
A business coach can help your business make more money.
An article on Forbes states that, “The financial data in your business is telling you a story and it’s up to you to take that financial information and interpret the data.”
A business coach can help you to see the money leaks within your business, where money is being wasted or misused. They can also help you to create a financial plan for your business and commit to achieving the financial goals.
Addtionally, through business coaching, you become a better financial manager, reduce costs and expenses, and in the long run make more money.
And isn’t that every business owner’s dream?
To sum up, a business coach can help to steer your business towards the right direction. Business coaching can lead you towards what you truly want for yourself and your business.
A business coach is like a trusted advisor who leads you to success.
Here are 7 reasons a business coach is good for you:
- Develop a vision for your business
- Achieve clear goals for the company to flourish
- They can help you push beyond your comfort zone
- Offer great, independent, impartial advice
- Improve leadership confidence
- Increase your productivity
- Reducing costs and expenses
Need help with any of the things above? Get in touch. Let’s have a chat about you and your dreams, and what needs to happen to get you there.