Executive mentoring and coaching is often only considered a necessity for start-ups; a new entrepreneur may not have the experience nor the expertise to confidently launch their new business and succeed. But, this is not the only exception. An established brand may also choose to utilise a coach if they are struggling to overcome a certain obstacle or just wish to have a fresh perspective on their daily operations.
In this blog post, we’ll be outlining why you may need a business coach or mentor even if your organisation has built up a reputation over the years. There are a variety of different reasons and it’s important you understand why you may need a coach, otherwise, you may overlook an opportunity that could see your business reach new heights.
What does it mean to have built a brand up?
A brand is a business’s personality and this will usually take several years to establish. It portrays an organisation’s message and customers may come to associate the brand with a particular feeling through the clever use of tone of voice, visuals and user experience.
A strong brand instils a sense of confidence for new potential customers as they’ll feel reassured of your reputability and high-level services. And, by building up brand awareness you will be more visible in the marketplace – standing out from your competitors and securing new business.
Essentially, a brand means you stand out; you have curated a positive image that sets you apart from the crowd and attracts your target audience. Executive mentoring and coaching can be a very useful tool for those not sure where to start as this process requires you to detail the purpose and motivations behind your business which many struggle pinpointing down. In addition, the experience and expertise a coach can provide can streamline the journey to building a successful brand as they’ll be able to suggest ideas that will get you the right results.
So, why would I need a business coach as an experienced business owner, with an established brand?
There is always room for improvement and as a business owner, you should regularly be searching for new ways to develop your company. This may not be through growth specifically but there are a variety of different areas in which you can streamline your business, ultimately increasing productivity levels and boosting employee morale.
You may think to yourself this is doable yourself, and you may be right but many business owners struggle to dedicate the time to this improvement. Or, you become so regimented in your ways that it seems impossible to let go and embrace a new process. Executive mentoring and coaching can assist, aiding you by evaluating where you currently are and working with you to create an actionable plan to see you out of a potential rut or plateau. Let’s look at some of the key ways a business coach or mentor could help you:
#1 Upgrading your existing processes
Once you’ve been in business for a while, it’s easy to let your operations tick by without little thought into their development. After all, the processes in place currently seem to be getting the job done! And, whilst there are some advancements that will not be appropriate for your business, making no effort to explore new possibilities can be frustrating for your team and see you actually lose out on easy profits.
Executive mentoring and coaching is therefore crucial, as the business coach or mentor you work with will be able to identify areas in which an upgrade made be suitable. For example, you would not change the way you make your bread if your brand was built around a recipe passed down the generations but, perhaps you consider implementing a new ordering system to streamline your sales. A coach or mentor can guide and support you through the upgrade – change can be scary, not to mention difficult to adjust to, so having an expert with previous experience can provide you with the assurance you need to make these next steps.
#2 Creating a healthy work-life balance
As we’ve mentioned, building a brand takes time and energy – and, it can take years! The line between your work and personal life becomes blurred and it’s difficult to re-establish the equilibrium. Being a business owner is demanding and it’s easy to prioritise your company’s success. However, overworking does far more harm than good.
A business coach or mentor will work with you to create a healthy balance, seeing you thrive both personally and professionally. It’s difficult to put a value on this additional time, but the return of investment of time is unrivalled. You’ll have a confidant you can turn to, preventing you from over stressing as together you’ll create a more manageable schedule and set boundaries to create a work-life harmony so you don’t have to sacrifice time away from your family or friends.
#3 Re-establishing your motivations and goals
Motivation is vital to the continued success of your business, but many business owners lose sight of their visions and thereby, lose their motivation and drive. A business coach or mentor can hold you accountable and encourage you to get back on track. As they learn more about your organisation, they’ll uncover the values, mission and objectives, ensuring you stay true to these.
Your coach or mentor will work with you to create a set of objectives that align with your motivations, providing you with a purpose to accomplish these. It’s important to note that your drive and goals may have significantly changed from when you first launched the business. This is usually why you’ve lost your motivation as your purpose feels lost and it can be difficult to overcome this obstacle in your path.
#4 Identifying a new market for your products or services
As a successful, experienced business owner, you may have cornered the market and jumped ahead of your competition. This may be your goal, to reign in one exclusive area. But, there is a significant opportunity to branch out and explore new audiences. However, it can be difficult to know where to start as, of course, not all routes will be relevant to you.
If you choose to work with a mentor or coach, they’ll be able to provide you with a range of new networking opportunities that can allow you to try new routes and build connections, serving you into the future. It may not be an immediate discovery, but with the support to experiment down another path, you may be able to conquer another market and expand your profits as a result.
#5 Offering a fresh perspective
Innovation is the key to development, but often those inside your organisation lack the creativity they once had, particularly if they have been with your company for several years. It can be difficult when centred within a business to see opportunity outside your comfort zone.
Business coaches and mentors force you to experiment and push the boundaries; they’ll challenge your thinking and encourage you to take calculated risks. As an established brand, you have the capacity to make changes without detrimental effect – it’s vital you remain true to your values, but this is not to say you should never trial a new suggestion should it be relevant.
Executive mentoring and coaching: How will a business coach work with you as a reputable brand?
Many experienced business owners are put off at the prospect of working with a business coach or mentor. It may seem as though you are admitting defeat or you may feel it suggests you are not capable, but this is certainly not the case. A business coach is not there to upturn your business and transform it into something unrecognisable, and it’s important you remember that you are the driving force behind your company’s success.
You should never be made to feel like a child when working with your coach; instead, it will be a joint effort to discover new opportunities for development. You’ll build an actionable plan that aligns with your goals and sees you meet new milestones – and remember, this doesn’t need to mean business growth specifically. As a business owner, you just need to be willing to new ideas and change which can be a difficult adjustment at first but in the long term may secure the continued success of your business.
Are you looking for executive mentoring and coaching? I’ve worked with a variety of different businesses over the years – whether you are a start-up looking for guidance to propel you towards success or you are an established brand searching for assistance to develop your company’s structure and processes, I can help. With over 30 years in the business sector, I can confidently tailor my services to suit your needs, providing you with the desired result.
Contact me at firstname.lastname@example.org or complete this contact form, and reach your business’s full potential now. I’ll be happy to discuss how I can help you over an initial consultation free of charge.