How Business Coaching and Mentoring Helps You and Your Business

How Business Coaching and Mentoring Helps You and Your Business

Business-Coaching-and-Mentoring

Coaching and mentoring are some of the fastest-growing personal development techniques both for startup entrepreneurs and executives. 

Business coaching has been adopted by several human resource (HR) personnel due to the ease of passing knowledge and skills and to empower the employees. 

Business coaching and mentoring industry at large

While some companies automatically assign new employees a mentor or coach, others allow the employee to look for one on their own. And again, others are yet to realize the need for a coach/mentor within their ranks. 

Several concerns come with coaching and mentoring for all the parties involved. These concerns include;

Those looking for a coach/mentor do not know how to go about it. Finding a mentor can be a little confusing as they do not know how or where to find one.

Companies who invest in a mentor/coach must be assured of a return on investments. The returns can be a little hard to quantify as there is a lack of harmonized evaluation techniques.

Read along to find out all you need to know about coaching and mentorship. 

I wrote this article in order to address all the concerns you may have about coaching and mentoring. at the end of this guide, you will know the vitality of getting coached and mentioned by an experienced business coach and mentor.  

This guide will give you in-depth information about coaching, which will culminate into suggesting to you one of the best mentors you can opt for no matter your level of expertise or experience. 

Who is a business coach?

Business coaches are experienced business owners and entrepreneurs who use the knowledge and talents they have amassed overtime to help other business owners and their businesses reach their goals. 

Always seek a business coach who has done business by building their own company from startup to a successful business

Be careful when you hire a business coach who is a franchisee of a business coaching company. 

Some are very good coaches, but many are entering the field with high initial investments which have to be recouped. 

My friend Neil Franklin mention it in his article about Business Coaching For Entrepreneurs 

A business coach plays a similar role to that of sports and instruments coaches. 

Most great teams have great coaches, and when a team consistently posts poor results, it is mostly the coach whose work is on the line. 

Same applies to business, while there is a lot of information online on how to start and run a business, you still need a business coach to help you navigate your way to success faster.

A business coach must have what it takes for a business to succeed. They work with the owner and business executive in defining goals and visions and setting up strategies to fulfil them. They also help the company make better ‘people’ decisions, increase the organizations’ focus and accountability, and the general aligning of the entire organization.

These are some of the qualities you should be looking for in a prospective business coach; 

  • Find someone who is experienced. They should have several accomplishments to help you avoid making mistakes. 
  • They should be able to share with you all their experiences without holding back. 
  • A good business coach should have connections that will assist you in investments or other challenges. 
  • You coach should be easy to access, and their course should be custom made for you. 
  • The coach must hold you accountable for reaching your set targets. 

Who is a mentor?

A business mentor is someone with better entrepreneurial and business success than you. They act as a trusted confidant or close associate for a long period.

Unlike business coaches where you must pay, some mentors guide you free of charge. because they use their experience as a way of giving back to the society that impacted them.  

A relationship with a mentor is that of mutual benefit. Where, in as much as the mentee gets wisdom from the mentor, the mentor also gets new tactics, ideas and strategies from the mentee. 

Age and seniority do not matter when it comes to mentorship. All you need is the other party being experienced at the required subject. And the relationship can either be informal or formal. Formal mentorship is when the company assigns employees’ specific mentors while informal set up is when the employee can look for their mentors.

These are some of the tips to make a mentoring relationship work for both parties; 

  • Both the mentor and the mentee should be proactive in making the relationship work. 
  • Clarify your expectations from the start to avoid wasting time. 
  • Inform your mentor promptly whenever any situation that can affect the relationship occurs. 
  • Have a plan in case the relationship does not work out as you had expected. 
  • Whatever it is that you do during the mentorship sessions, have fun. Get to know each other personally and to open more. This allows for better learning. 

Why business coaching is the fastest way to grow

Most business owners for a long time have dismissed the need for a business coach due to lack of knowledge on the same. 

The entrepreneurs do not know exactly what they stand to gain from a coach. Others also avoid business coaching due to financial constraints at the early stages of a business.

The truth is that these excuses are blocking you from abroad and reliable resource base that can easily help grow your business faster. 

These are some of the ways having a business coach helps your business grow faster; 

  • A business coach guides you on setting targets and how to go about achieving them. 
  • The best way to ensure accountability is to have a business check. A business coach schedules periodic reviews of business progress to help in keeping you focused on your targets. 
  • A business coach is a go-to person when you experience challenges in running your business. They will also help you prepare promptly for the expected challenges such that nothing will derail your progress. 
  • Having a business coach helps in financial planning. They will help you find a way of separating the business from personal expenses and investments. 

How can a business coach help your startup?

As a start-up founder, you might be considering the need for a business coach. Maybe you conclude that you can postpone having one for the time being, or until when you are a stable business.

And that is where you go wrong. 

A new business is set to experience many challenges. You might find it hard raising capital, developing a working business strategy or finding gaps in the market. 

Now that is where a business coach comes in. 

Having gone through similar challenges when starting a business, a business coach is able to help you navigate the tricky start. They provide necessary information on how to avoid the problems and how to sustain the business once you are started.

These