In addition to all the practical aspects of running a business, entrepreneurs are also human beings with problems just like everyone else. These issues may start to affect how well you run your business, or make it hard for you to see where you’re going wrong and what you need to do to correct it. This weakness can become a new business venture for yourself if you take up coaching on the side.
Business coaching is about combining the analysis of the business and how well it’s performing with an appraisal of a client’s thought processes, beliefs, and emotions, and then discovering how one is affecting the other. Sometimes business owners are their own worst enemies, and by pointing out the effect their actions are having a business coach can make a tremendous difference to their personal happiness as well as their profitability.
Most accountants will go through accounts at least to some degree with their clients, explaining what the figures mean and how well the business is performing overall. However, as a coach you could be doing far more. Accounting software can produce such detailed and precise reports and forecasts that it’s a waste not to make use of them. You can spot where prices should be changed to maximize profits, lines to drop, lines to expand, and a wealth of valuable information that would increase profitability quite significantly. Rather than just filing your completed accounts, a good business coach could dig deeper into the data and show them where they could be taking action to reduce costs and increase net profits.
Business owners often struggle with the marketing side of their business. They might have a great product at a perfect price, and still be making little in the way of profit because no-one knows they exist. There are so many elements involved in running a successful marketing campaign, and the tactics that would be best for one business may not be as effective as for another. A good business coach can combine the analysis of a client’s accounts with a forecast illustrating the potential benefits of making changes to your marketing strategy.
Managing time is critical if you’re to maximize the influence you have on the fundamental workings of your business. It’s not always easy to see where you’re wasting time in your own daily routine, but as a business coach can spot all the ways in which your client could gain time and avoid spending it on tasks they don’t need to.
For example, if they are managing their own website maintenance and backups, as a coach you could point out the advantages of using a managed hosting service like Onyx.io, which would free your client from the bind of performing routine tasks like backing up their site, as well as improving the security. Identifying how they can manage their day more efficiently could not only save them a great deal of time, but improve their working life, as they will be able to focus their attention on more interesting issues like marketing campaigns.
A good business coach is one that helps support a business’ process and its people, making it a very profitable career to get into.