When Should You Get a Coach for Your Small Business?
Are you tired of working around the clock and never getting to the end of your to-do list? Do you finally want to enjoy a healthy work-life balance? If so, hiring a small business coach could be a good idea. An expert can analyze your company and discuss your strengths and weaknesses with you. Then, they can come up with a comprehensive plan for how to improve your business practices and lighten the load.
Almost every small or medium-sized healthcare business can benefit from coaching at one point or another. For example, you should consider hiring an expert if you’re not sure how to reduce your workload, you would like to stop having to work endless hours to earn a living, or you’re hoping to sell your business in the next few months. Above all, coaching clients must be ready and willing to make some changes.
When Should You Hire a Small Business Coach?
Every healthcare business is unique, so there’s no one perfect time to hire a business coach. You might feel that you need some assistance at the start, or you might have already been running your company for 10 years by the time you reach out to an expert like Natasha at GoldPhire. Regardless of where you stand, your coach will analyze your company’s current structure and help you improve it.
You Want to Reduce Your Hours
If you own a small or medium-sized home healthcare business, it’s likely that you have to wear many hats. You might be in charge of hiring and training new employees, managing everyone’s schedule, acquiring new clients, and maintaining good relationship with existing clients. While these varied tasks can be exhilarating at first, they can soon become overwhelming.
By working with a business coach, you can come up with a strategy that allows you to delegate some of the tasks and reduce your working hours. You’ll still be able to manage your company, but you’ll improve the structure of your business so that you don’t have to be a part of every interaction. As a result, you can finally enjoy a more sustainable work-life balance.
You Want to Build a Passive Income
Most people who start out in the business world earn an active income, which means that they get paid for every hour they work. But as a business owner, you’re uniquely positioned to turn your income passive. With this strategy, the money coming in won’t be dependent on the time you work. In fact, you will be earning even while you’re enjoying time with your family and friends.
One of the easiest ways for small business owners to earn a passive income is to hire others to do the work for them. If you can get reliable employees to serve your clients, you won’t have to be there every day. Your coach can help you build up good hiring strategies, so you can find trusted people that won’t have to be supervised all the time. What’s more, your coach will discuss technological solutions that could simplify your life and reduce your working hours.
You Want to Sell Your Business
Do you feel ready to “sell your baby”? If you’re tired of running your business and ready to make a complete life change, you should speak to a business coach, who can help you evaluate your firm’s strengths and weaknesses. That way, there won’t be any negative surprises when you put the company up for sale. You’ll know exactly what you’re good at and what’s still missing, and you’ll have had a chance to address the weaknesses.
Your business coach will analyze every aspect of your company, from your marketing efforts and online presence to the quality of your product or service, and let you know what improvements can be made before the sale. If you contact the coach for several months or years before you want to sell, you will have enough time to change anything that isn’t working and position yourself optimally for a lucrative sale.
You Are Ready to Make Some Changes
In today’s business world, conditions change rapidly, and firms have to be ready to pivot at any moment. For instance, countless companies had to change their strategy during the Coronavirus crisis, and many of them are now integrating their newfound business practices into their long-term plans. You should only hire a business coach if you’re happy to be flexible and accept new ways of working.
The most successful coaching clients are the ones that take on board new information and are willing to try various solutions. During coaching, we will spend some time discussing and trialling possible strategies. If you’re ready to work as a team and integrate new ideas into your existing business model, you are a great candidate for business coaching.
How Does Coaching Work?
Now you know why you might need to hire a small business coach, you might wonder what the process looks like. Your coach will start by evaluating your business’s strengths and weaknesses, paying special attention to the company’s hierarchy and any hidden weaknesses.
By the end of the evaluation process, you will know exactly where you stand and what you need to do to improve your strategy. At that point, the coach will come up with clearly defined goals that help you reach your short and long-term targets. Within a few months, you will be ready to step back and benefit from passive income or sell your company to a trusted successor.
Evaluating Your Business’s Value
The first thing your coach will do is complete a thorough evaluation of your business and its value. Together, you and the coach can go over every aspect of the company to figure out where your performance is excellent and where you still need some help. Some of the aspects we might address are your online presence, your social media accounts, your marketing efforts, the quality of your product and service, and your communication practices.
While most businesses we work with at GoldPhire are awesome at what they do, not all of them have optimized their marketing strategy. They might not update their social media regularly enough, or they might have a clunky, slow website that doesn’t encourage potential customers to engage with the company. We at
Looking at the Hierarchy in the Company
Most CEOs who built up their healthcare business from scratch are reluctant to give up control. After all, you’ve worked so hard to create something wonderful, why would you put it at risk now? But unfortunately, you can’t stay in control of everything forever. At some point, you’ll have to delegate or even find someone else to run your company for you.
Your coach will not only analyze the technical details of your company, but they will also have a look at the interpersonal relationships and the hierarchy you have created. They can identify your leadership style and show you how to structure your company in a way that requires less input from you. Depending on the number of employees you have, this might mean creating new job titles or changing the distribution of the work.
Identifying Hidden Issues
It can be hard for you to identify the problems within your business because you’re so emotionally invested in it. In contrast, your coach is impartial, and they will be able to detect issues you might not have picked up on yourself. Hiring a third party who can look at your business with fresh eyes can be a great way of detecting potential problems and nipping them in the bud.
Optimizing What You Already Have
A good business coach won’t come to your company and change everything right away. Aside from addressing your weak points, they will also discuss what your company does well. If you’re looking to sell in the next few months, these are the things that will be put front and center in your advertisement or pitch. You and your coach can discuss how to best highlight your company’s strengths to potential customers or buyers.
Building a Long-Term Strategy
In the short term, you might feel more secure handling everything yourself and being present all the time. But over many years or decades, such a strategy is bound to lead to discontentment and burnout. When you hire a business coach, you are taking the first step towards building a long-term strategy that will be sustainable for everyone within your firm. Once your coach has completed the analysis of your company, they will help you implement new solutions.
To get started, you will define clear goals for the next few weeks or months. These might include hiring new employees, redefining everyone’s tasks within the company, building a strong team you can rely on, and optimizing your marketing strategies. You will work with your coach for months or even years to implement the new strategy. Over time, it can be adapted to fit your company’s changing needs.
People who own a healthcare business often feel stressed and overwhelmed because there is an endless list of tasks, including managing employees, improving client relations, and completing necessary paperwork. If you’re ready to make some positive changes, you should speak to a small business coach. Message Natasha now at GoldPhire to find out how she can help you improve your business strategy and free up some much-needed leisure time.
