Why Have a Business Coach

In 2009 almost 7 million new businesses where formed. This was the largest number of start-ups in 15 years. Today slightly more than one-third of Americans are self-employed. When business owners are asked why they struck out on their own any number of reason can be the response. The most common and my personal favorite relates to the fact that it is the American Dream.

Sadly close to half of all businesses fail within the first 5 years. There are many reasons for their demise but the most common are all derivatives of the owner being stretched too thin. It is not reasonable to think that one person can run an entire business all by themselves. Every business needs a team, a group of individuals such as a CPA for accounting, an Attorney for legal issues, and yes a consultant for advice. While revenue is typically sparing for start-ups they have these same basic needs.

When asked, most all veteran business owners will tell you that running a business means constant problem solving. A key ingredient to problem solving is to have someone knowledgeable to bounce ideas off of. This is where a business consultant comes in. Consultants regularly work with many clients from different industries. Since there are many stages throughout the evolution of a business, there is a good chance your business coach will have already solved a similar issue for a different company before you ever encounter it. It is this experience that you can benefit from without the sometimes costly learning experience of going the wrong direction first.

At some point all companies come to crossroads and do not always know which direction to take. Even if the business owner has been in business for 20+ years there always comes a time of uncertainty, caused by a decline in the business, difficulties due to the economic climate, or a shift in technology.