Starting a small business can be risky, especially with the turbulent economy that we’ve seen over the last few years. Not even an online business coach can save your business from being affected by macroeconomic events.
If you’re a business owner who was forced to close down his shop because of the pandemic crisis, there’s no way things are going back to normal. That’s because the consumer landscape is different now. More and more brick-and-mortar stores have migrated online and are now using digital technology to create new access points to markets.
Traditional business models like direct selling or franchising are no longer viable, especially with the threat of more Covid variants reappearing, thus fueling concerns of another widespread lockdown.
According to industry data, at least 20% of small businesses fail in the first year. And that was before COVID was unleashed on an unprepared market. Now, just imagine what the adjusted average would be like post-pandemic. You’d then need all the help you can get in order not to end up as part of the worldwide statistic.
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Table of Contents
Reasons To Hire An Online Business Coach
If you’re unsure of how to get your business to the next level, then this is where an online business coach can help you. A business coach is someone who has experience and expertise in your industry. Ideally, he or she would have their own successful business so that they can provide useful and timely advice on how to overcome the challenges that businesses undergo.
Having one on board will ensure that your business will be able to withstand the challenges and uncertainty in a post-Covid world. You’ll be able to draw upon their extensive experiences and knowledge so that you can be better prepared to handle sudden changes in the business environment.
Think of it as an investment, and a practical one at that. This is especially true for old-timers who don’t know how to navigate the online environment of e-commerce. Instead of wasting time trying to figure it out, an online business coach will cut to the chase and provide you with direction and technical support so that your business will be successful.
Getting an online business coach will also give you more flexibility when it comes to setting schedules for coaching sessions. Instead of face-to-face meetings, you can conduct sessions from the safety of your home office through Zoom meetings. You also won’t have to worry about missing information because everything will be digitally recorded. Plus, it’s also more cost-effective since you won’t have to travel to meet your coach.
#1 — An Online Business Coach Can Help You Prioritize
Oftentimes, business owners have a lot of ideas running around in their heads. They’ll dream big, but unfortunately, not every idea will be good. And amid the noise of competing ideas, business owners will often lose sight of their goals.
When you hire an online business coach, however, you’ll have someone giving you an objective and unbiased assessment of each of your ideas. He’ll steer you to the good ones and make you discard the bad. Not only will he be able to guide you to have a clear business outlook, but he’ll be able to help you set attainable goal posts so that you can keep track of how the business is doing. You will be able to make better decisions because he’ll also help you overcome your blind spots.
One specific example is by way of a road map. A road map is essentially a visual guide of your business’s objectives and goals. Conceptualizing a road map together with an online business coach will ensure that you have a clear picture of where the business is going in this post-pandemic landscape and what the course of action will be to get there.
#2 — An Online Business Coach Will Teach You Accountability
Accountability is important in any business because it promotes productivity. When you and your employees know your particular responsibilities and expectations, you spend less time putting out fires at work and more on dealing with activities that push the business forward.
Hiring a business coach will help you realize how to take accountability for every good and bad part of your business. You’ll learn to honor your commitment and deliver on your promise of an excellent product or service. And when this concept is cascaded down your organization so that it becomes part of your organization culture, you’ll have a more engaged workforce that will be able to adapt to any sudden change in the business environment as well as outperform any competitor in your niche.
#3 — An Online Business Coach will Help You Innovate In Your Business
Today’s industry experts are saying that innovation will be an important factor for businesses to survive in the post-Covid age. Because business models and consumer behavior have been substantially changed by the lockdown, businesses will have to think of better strategies to cope with the new business landscape.
Case in point, American grocery stores like Kroger and Whole Foods pivoted their business by turning their stores into order fulfillment centers to be able to meet consumer demand while complying with the lockdown protocols. Other examples include restaurant chains that have added selling fresh groceries as part of their services.
When you have an online business coach, you’ll have better chances of innovating your business. He’ll be an excellent sounding board to test your ideas and help you think out of the box as well.
He’ll provide strategies that are unique for your business. He’ll provide direct answers and concrete solutions so you don’t have to go through cycles of hit-and-miss solutions. And you didn’t have to go to business school to get all that.
An online business coach essentially improves your success rate.
#4 — An Online Business Coach will Introduce You to New Connections or Networks
One side benefit of having an online business coach is that you can potentially have access to his extensive list of business contacts and industry resources.
Because a business coach has vast experience in the field, he’ll have contacts with almost anyone that can help your business or improve your leadership skills. Whether it be local suppliers or a new peer circle, he’ll be able to advocate for you to them so that you can expand your network.
For instance, if your business is in the food industry and you’re finding it hard to source supplies because the entire supply chain hasn’t still recovered from the pandemic, your business coach may have connections with local suppliers that can handle your business demands. You can then use this to pivot your business to take advantage of this opportunity to meet your customers’ demands.
As an aside though, be careful of online coaches who are nothing more than just digital salespersons mouthing off motivational quotes. Oftentimes, they won’t have a credible list of industry connections that are useful for helping your business grow and thrive.
Ideally, a great online business coach is one who is established in the field, widely respected, and has a track record of managing successful businesses.
#5 — An Online Business Coach will Enhance Your Personal Development
Not only will an online business coach help your business, but he’ll also improve your mindset along the way. He’ll develop your leadership style, communications, and social skills so that you can fulfill your potential as a respected business leader. You’ll become more self-aware, and confident and have a positive outlook on life.
More importantly, he’ll teach you how to achieve a work-life balance. No man is an island when it comes to running a business so an online business coach will see to it that you learn how to balance your home and work life. They may also be able to help you implement systems to automate much of your busy work.
One particular skill that’s essential for any entrepreneur is time management. First-time business owners often ignore this because they feel they need to devote more time to devote to their fledgling business. But guess what, this is counterproductive in the long run. Not only will you become stressed out, but your relationships can also suffer. However, with an online business coach standing by, you will be able to learn how to maximize your time so that you can be productive both at work and at home.
A Two-Way Street
Let’s be clear though: hiring an online business coach isn’t a guarantee that your business will succeed. Just because you paid one for his services, it doesn’t mean he’ll do all the work for you.
Like most things, it all boils down to how much time and effort you are willing to invest into the transaction. An online business coach can only do so much when it comes to improving your business. In the end, it’s you who’s going to do most of the grunt work because it’s your business after all.
But for those who’ve gone through this road and persevered, the rewards are more than worth it. For example, former Intuit CEO Steve Bennett credits coaches as essential for professional development. And hey, even former President Barack Obama said that business coaching helped him achieve his distinguished career.
If this is the case, isn’t it high time you start looking to hire one?