The Benefits of Business Coaching for Business Owners & Founders
Steering the ship of a business is can be both exhilarating and challenging. Decisions made can have a profound impact on the entire company and its performance. It’s in this context that personalized business coaching emerges as a powerful tool for business owners to not only navigate the complexities of their roles but to thrive and excel.
I’ll dive into the various advantages and positive outcomes that business coaching brings to owners and founders as a not-so-secret weapon.
Podcasts in my feed right now
Don’t you love hearing about what people are reading or listening to?
I thought I’d share some of what I’ve been listening to lately…and would love to hear what’s in your feed.
Below is a brief summary of each podcast from each show’s About page so the summaries are theirs; they best describe their shows.
Creating Your High-Level Team
One of the toughest aspects of running your business is wearing the many hats it takes to run your company.
However, to get yourself out of the spin cycle of your days, investing in building a high-performing team can elevate not only the space you can gain in your business to focus on strategy and goals, but to elevate your company’s results.
Through my work with my clients who are successful business owners and founders, we’ve been able to elevate their impact and overall company performance by embracing three core steps in building high-level support in their businesses:
From chaotic and exhausted to routine and growth…
I want to share a story about a business owner who was consistently feeling behind the eight ball…Always feeling 2 steps behind each week.
She was growing but everything was chaotic and she was exhausted.
She was struggling to deliver her services to her clients and grow her business - She was engaged in most of the business development, dealt with many of the clients and was the primary contact for any customer service issue.
She was onboarding a new team member yet because she was still a small business of only six, she was still wearing many hats each day.
Then, after working together, she was able to turn things around.
How?
How to Delegate
If you’re like many Business Owners and Founders, you’ve found a way to delegate to your team members.
What I hear, however, is sometimes you feel like you’re doing a great job and other times it feels like you and your team member are speaking two different languages.
If you feel your delegation is hit or miss, don’t worry, I’ve got a resource for you!
First, why is it important that we delegate in our businesses?
I suspect you know the answer to this already.
How to grow your business
One of the most frequent questions I get asked is ‘how do I grow my business’?
While businesses each have their own founder/owner strengths and opportunities, there are foundational steps to growing any business.
And, when I’m working with my clients, we look at where they are now and where they want to be. We look at what has worked in the past, what hasn’t and how we can use what’s working to fuel greater growth.
We reverse-engineer from where they want to be to hone in on the specific steps they need to take to get there.
What I’m sharing below is a guide so you can self-identify where you are and what next steps could benefit you in your business…
How confident are you about your business growth over the next three years?
Based on KPMG’s 2022 SMB Business Outlook Survey, 83% of SMB leaders are confident in their company’s growth over the next three years.
KPMG has also identified that the single most significant source of growth over the next three years will come from organic growth (innovation, R&D, investments, new products, and recruitment) ranked at 24%. Other forms of growth cited were Digital and Technology Investments 18%, Strategic Alliances with third parties 18% and Attracting Fresh Capital at 10%.
Organic growth involves evaluating your operational models for efficiencies, enhancements, or other initiatives that will strengthen your company.
This is where the consideration of adding value comes in…
What happens when your plans fail?
Notice I said ‘when’….because really…this happens to everyone.
I wanted to touch on this today, because I’m noticing you taking action and some things are working out and some things…aren’t.
There’s a skill to failing that I wanted to highlight that I’m hoping will be helpful.
So what does failing look like to you?
How to be at your best?
We all have so many plans that we want to accomplish.
Whether you’re growing your customer base, building new relationships, hiring a new team member, leading your team or creating new products and services, whatever it is, we have a lot on the go.
So what can support us to be at our best as we put our efforts forward in meeting our priorities, obligations, and purpose?
There could be a number of answers to this from great to sleep to the latest time management strategy.
But in this video today I wanted to share something that could be a real game-changer in your approach.
This is not a one-and-done. It’s a practice that I encourage you to try each day.
And, I demonstrate in my video how I practiced it in the moment for myself :).
Create a powerful week
Powerful =
“…having control and influence over people and events.” In this case, I’m referring to control and influence over ourselves and our own impact.
“…having a strong effect on people's feelings or thoughts.” In this case, being intentional with our own thoughts and feelings that support us in our efforts.
We all know the Wealthy Barber story where he saved and invested 10% of his income each month, and over time and the power of compound interest, he became a millionaire. It took time and small increments of his paycheque each and every month.
It’s the commitment, regular modest investment, and the compound effect over time that I’m drawn to in this story as a parallel to consistently making space for your own personal leadership practice.
Having a personal leadership practice allows us to show up powerfully each week.
Here’s a thought: If we don’t have a personal leadership practice, how can we expect our employees to show up powerfully too?
A personal leadership practice doesn’t have to be developed through grand gestures, but can be small, focussed and consistent. (A few minutes of regular planning will go a long way.)
First, what does personal leadership look like for us?
Do you ever wonder what goals to set?
Happy New Year!
I hope this email reaches you healthy, happy and ready for what’s coming this year.
I’m hearing from some of you that you are cautiously optimistic but approaching the start of the year slowly.
And I’ve heard from others that you are ready and putting your head down with clear intentions, and you’re moving ahead with your plans, regardless of what else is going on (Omicron be damned!).
Whatever your thoughts are on beginning your year, I want to ask you about goal setting.
Do you set goals?
And if you do…?
Do your goals light a fire within and get you excited to hit the ground running?
If your goals aren’t generating that kind of excitement, I encourage you to take a look and see how you can write or re-articulate your goals so that they do.
Because, if you aren’t excited by the prospect of moving ahead with your goals, then why do them? AND, you lower your chances of hitting them in the first place…
Grow and scale by reclaiming your time…
Does this sound familiar:
You don’t feel like your time is your own, you feel pulled in different directions and there’s never enough time to do all the things you need to do?
And, this impacts more than you; it impacts your family, how much energy you have for other things in your life. You love your business, and want it to succeed, but sacrificing your health, your family, and relationships is not worth the price.
The reality is this: If you don’t take the time to decide what’s important to you, others will…
Your Mission and decision-making
Are you making decisions aligned with your Mission?
First off, do you have a clear sense of your mission now? If you’re a business owner, what is your business’ mission?
If you’re a leader, what is your personal mission for leadership? What are you trying to accomplish in your organization? Is it aligned to your company’s mission?
If you are clear on your mission, then that’s the first step to ensuring that your decision-making is aligned and you move each day to fulfill your mission.
The benefits of time off work
In a world consistent overworking and putting off personal plans to ‘get ahead at work’ is still a badge of honour for some (things are are changing but not fast enough in my opinion), sometimes the idea of taking vacation gets shoved aside.
But the research and benefits of taking time away are quite compelling:
Cultivating Resilience
Being able to recover from setbacks, challenges, and major difficulties not only applies to your personal life but also applies to your work and career as well.
A number of people leave jobs where they’ve experienced high stress, overwhelm, and even workplace trauma. 47% of working Canadians agree that their work is the most stressful part of their day. (Source: Workplace Strategies for Mental Health: Morneau Shepell. (2017). Media Room)
Finding your own ways to recover from setbacks and tough situations can help you move forward and cultivate resilience for future challenges.
And, as a leader, resilience can help you lead and expand into new opportunities. Having personal experience in cultivating your own resiliency can also help you support the people and teams you lead.
Here are some strategies to consider if you’re interested in continuing to build your own resilience:
Your Business Vision
Being able to articulate your company’s vision simply is powerful.
It supports your decision-making, how you lead, and provides a guidepost for your company to work towards.
Sharing it with your team, your clients and suppliers can be equally as powerful so people know what you’re about. People are attracted to doing business with companies that have passion and purpose.
If you haven’t articulated or written your business’ vision in a while, I encourage you to use this simple framework which includes what success looks like.
Here’s a vision framework for you to work with:
To grow & scale to a valuable business, let go
One of the reasons I see businesses plateau in their results is not funding, or lack of ideas, but resistance in letting go. Letting go and letting their employees do what they were hired to do.
And for some, simply hiring someone can be a huge hurdle to cross.
By letting go and increasing the responsibilities of those around you, you create one of the foundational components to growth and scale.
It can be difficult and challenging.
What does it often come down to?
Trust.
Trust in them, trust in your business as an overall entity, and trust in yourself.
There's no better time to cultivate the confidence for what's next
When I started my business, and I started writing my newsletters and blogs, I found myself signing off with the words “NOW is YOUR time.”
It just happened the first or second time I started to write. Those words came out on paper naturally (I often write on paper first and then transfer to my computer; my writing seems to flow better that way :)).
I was thinking about these words recently and thought about what I meant by them.
And, what I was reminded of came easily to the page (again). NOW is YOUR time, for me means that it’s time to cultivate the courage to take your next step now.
Your next step could be…
Leading your high-performing Team
There’s a lot of advice out there on leadership and sometimes it can make one feel that we have to have things perfectly figured out to be a good leader.
So, I’m suggesting that if you feel that way too, let’s agree that we can let that idea go completely.
In fact, I believe that’s the beauty (or challenge) of leadership…much of the learning is experiential and you have to live it, learn it, and be willing to try things out. Some will work, some will not. And, some will be painful and messy.
However, I think the intention, effort, and a mindset of continuous improvement can go a long way in expanding your leadership skills and creating a high-performing team.
This is a collection of ideas to inspire you in your leadership to dig in and explore ways to take your leadership to the next level so you can heighten results from your team…
The Drivers of Company Value
There are 8 drivers of company value that contribute to the valuation of whether your company will be easy to pass on or to sell in the future. Through my work supporting business owners to grow their businesses in a way that maximizes their future exit options, I have found that these 8 drivers aren’t always obvious.
And, through focusing on these 8 drivers, this is the process to grow your company, so if you’re not looking to sell anytime soon, these drivers will offer you a roadmap to enjoy growth in the meantime.
The first driver I would love to talk about first is Hub and Spoke. I wanted to start here because typically, almost every owner I’ve worked with has an opportunity in this area…