5 Things You Need To Be Talking To Your Business Coach About
Engaging with a business coach from The Entourage is a great way to elevate you, and your business. You can learn so much about yourself both as a person and as a business owner.
While the business coach is there to help you and give instruction when needed, communication shouldn’t be a one-way street. They may be an expert in business and be able to give you great advice, but you should feel comfortable enough to ask questions, challenge them, and dictate what you want to know and learn.
I’m going to let you know the top 5 topics you should be talking to your Business Coach about so you can get the most out of your relationship.
Why Should You Listen To Me?
I am Stev Lackovic, and I have been the Head of Entrepreneurial Development with The Entourage for over seven years.
I have helped many businesses grow, helped many owners become better operators, and understand their market and their sales so much better.
I know that the relationship between a business owner and their business coach needs to be strong, honest and transparent. We can’t help you if you don’t trust us. You need to be able to ask us anything, so we can help you in any way that we can.
What topics should you discuss with your business coach?
There can be many things you can speak to your business coach about, to help them help you better. But here are 5 of the most important topics to have a conversation about.
1. Setting Goals
Setting goals is essential for your success. SMART goals help you focus and stay motivated. Being timely means, you have something to aim for. Rather than have a goal of ‘more sales’, refining that goal to- a 50% increase in sales in 3 months. It gives you a time frame to formulate and action a plan, and it gives you a date to check to see if you achieved your goals or not.
Two points here- it is okay to not reach your goals. It is a chance to find out what happened, adjust your strategy and go again. And secondly, it is perfectly okay to adjust your goals. It is fine to have lofty ambitions, but if they’re too much, too soon, then you will begin to feel disheartened through failure. Smaller goals, to begin with, are perfectly fine.
2. Financing
Sometimes, your business needs to grow fast. How will you finance such growth? There are several ways, including Angel Investors, Small Business Loans, crowdfunding and more.
There is more to financing than just wishing for money. You need to have all your documentation in order; you need to have a good cash flow; you have to show a business plan.
These are all things your business coach can help you with, and not just the paperwork.
Financing an expansion of your business is a long-term goal. In the short term, you get your cash flow gushing, create your business plans, and determine the WHY you need the money to grow.
Once you’ve done all of that, obtaining finance will be a much smoother operation.
3. What marketing channels should you invest in
I can list 10 marketing channels for you, but which one is the right one for you?
You need to know where your target audience is. Are they on Instagram or TikTok? Will you get better ROI from network groups and face-to-face meetings? Would you benefit from landing pages and email marketing?
The next question is- how much do you invest? Work out a budget, do some AB Split Testing, and study the results, find out how deep into your marketing funnel customers go.And don’t be afraid to try a new marketing stream if you want some new kinds of clients. Your business coach will be supportive.
4. Work-life balance & Delegating
Often, if you’re the owner of a business, your work-life balance is skewed far too much the wrong way. Some business owners don’t even pay themselves a wage!
Don’t be afraid to ask your coach how to establish a better balance in your life. Establish boundaries and learn to say no. Make time for yourself a priority, not something that happens sometimes after 10 pm.
Establishing boundaries is important for your mental health. You want to be able to still enjoy your work life, and not feel like you’re chained to it. Waking up and dreading going to work, in your own business, is not healthy.
5. How to manage relationships
We have many relationships in life. Romantic relationships, manager-employee relationships, business owner and customer, and business owner to a business coach. Each relationship has its own dynamic, its own rules of what is right and wrong, what works and what is inappropriate. Understanding how each relationship works can give you a happier and healthier life, and business.
Having good relationships with your customers will have them become loyal fans and word-of-mouth marketing tools for you. It is easier, and cheaper, to keep a customer than it is to find new customers.
What Does A Good Business Coach Look Like?
We all have our vision of what a good business coach looks like, and we’re not talking about a 3-piece suit and tie, or the casual sports jacket and shiny shoes. Here are 5 things you should look for in a good business coach.
1. Objectivity
While you may build a great relationship with your business coach, their ability to see things from outside your sphere, is what makes them the best choice to help you.
2. Helps you set and achieve goals
You may have wild dreams you want to achieve, but a business coach will break them down into achievable goals, and push you to hit them.
3. Knowledge and expertise
A great business coach has been there and done that, both with their own lives and in helping others. They bring experience to the table.
4. Accountability
If you set a goal, the business coach will hold you to account. Why did you not achieve your goal? What can you do differently next time to achieve it?
5. Support and motivation
At the end of the day, your business coach is there for you, they’re championing your cause, supporting you however they can, and motivating you to grow and prosper.
What Does A Good Business Coach Look Like?
The Entourage has many fine business coaches, in all states of Australia, who are waiting to help you grow your business. You can engage the services of a business coach, or take some training with us and elevate your business to 6 figures a year.
Contact us today to find out more.
