Running a successful business is no easy feat. It requires dedication, perseverance, and a deep understanding of oneself and the ever-changing marketplace. In this blog I share 6 business coach tips to unlock your potential and achieve remarkable results.
As a business owner, you may find yourself facing numerous challenges and roadblocks along the way. Marshall Goldsmith, in my opinion, is a super star coach and mentor. He writes about six key concepts in his book titled The Earned Life – Motivation, Ability, Understanding, Confidence, Support, and Marketplace.
In this blog, we will delve into each of these concepts and explore how they can empower you on your entrepreneurial journey and how and where a business coach can fast track your success.
1 Motivation
Fuelling Your Drive – Motivation is the driving force behind every action we take. It’s what propels us forward and keeps us focused on our goals. As a business owner, it’s crucial to identify what truly motivates you. Is it financial freedom, making a positive impact, or personal growth? By aligning your business endeavours with your core motivations, you’ll unlock an unwavering passion that fuels your drive, even during challenging times.
A business coach offers an unbiased, outside perspective on your motivation and then ties this into your business and personal growth goals. A business coach is able to leverage their experience and expertise, to help you see situations from different angles and encourages you to challenge your assumptions. This fresh perspective enables you to make more informed decisions and take strategic actions and most importantly, weigh the risks against the rewards. Alignment of your end goal against the business’ capabilities is sometimes a complex equation to resolve.
2 Ability
Harnessing Your Skills – the ability to harness and enhance your skills is essential to be in business over the longer term. You need to know your strengths and what tasks come naturally to you. However, we are not always as good as recognizing skill gaps and in business, we effectively outsource these to employees with better skill sets. By honing your abilities, you’ll gain a competitive edge and be better equipped to navigate the complexities of entrepreneurship.
A business coach identifies areas where you can enhance your skills and knowledge. In assessing your strengths, weaknesses, and blind spots, a coach provides valuable insights and suggestions for improvement. We assist by creating structured development plan to bridge any gaps, whether it’s improving leadership abilities, enhancing communication skills, or refining strategic thinking. Through targeted coaching exercises, feedback, and practical strategies, a business coach then takes a continuous improvement approach to developing leadership and business skills.
Many leaders I have coached seek to be more assertive, better at time management and dealing with conflicts, and making better decisions. Even though they are in leadership roles, there is some uncertainty in their own abilities. Along the journey, we all doubt ourselves at some stage and whether we “have it” to continue or to achieve the success we need to meet our future needs. A business coach is one way to ensure you optimize your skills and abilities so to meet the demands of your business and the market in which it operates.
3 Understanding
True success begins with self-awareness and embracing it. Understanding yourself, your values, and your biases is crucial for effective decision-making and fostering meaningful relationships. Take the time to reflect on your strengths and weaknesses, seek feedback from others, and be open to personal growth. By embracing a mindset of continuous learning and self-reflection, you’ll be able to overcome limitations and lead your business with authenticity.
As your business coach, I provide emotional support and reinforce what you are doing right. The entrepreneurial journey can be emotionally demanding. It’s common to face self-doubt, fear of failure, and overwhelming stress. A business coach provides a safe space for you to express your concerns and frustrations. I help you build resilience and how to manage the pressures that come with running a business. A coach also acts as your biggest fan, celebrating your achievements and reminding you of your development and the progress made when you look back at the former self.
4 & 5 Confidence and Support
Cultivating Belief in Yourself Confidence is the key to unlocking your full potential. Belief in your abilities and faith in your vision. As a business owner, it’s essential to cultivate self-confidence and maintain a positive mindset, especially in the face of adversity. By developing unwavering self-belief, you’ll inspire confidence in your team and attract opportunities that propel your business forward. Building self confidence requires constructive feedback, and an ability to assess and reflect on the decisions that you have made.
Building a Strong Support Network – No business owner can achieve success in isolation. Goldsmith considers that surrounding yourself with a network of supportive individuals who uplift and encourage you is essential to long term success. Support systems may include mentors, peers, and industry experts. Seek guidance from those who have walked a similar path and learn from their experiences. Collaborate with like-minded individuals and build mutually beneficial relationships. A robust network provides invaluable support, advice, and accountability, helping you overcome challenges and seize opportunities.
A primary tool for business coaches is Goal Setting and Accountability: Setting clear and measurable goals is essential to monitor progress and set and reset realistic (and aspirational) goals. As you business coach, I reinforce the good outcomes, challenge you on the not so good outcomes.
A business coach works with you to define realistic and actionable goals aligned with your vision; breaking down larger objectives into smaller, manageable steps, ensuring you stay focused and motivated. Moreover, a business coach holds you accountable for your commitments, providing the necessary guidance and support to keep you on track. This accountability helps maintain momentum and ensures progress toward your desired outcomes. And through acknowledgement and celebration of the wins along the way, together we build your self-confidence so people can see you as the leader who is in control and who knows where the business is going.
6 Marketplace
Adapting to the Changing Landscape is the final concept in The Earned Life – the marketplace in which you compete. It is always a dynamic environment in which your business operates. To thrive in the marketplace, you must stay attuned to emerging trends, consumer needs, and technological advancements. Embracing an open mindset that may need to embrace change and innovation to stay relevant to your customer base. Continuously assessing your business strategies and adapting them to meet the evolving demands of the marketplace is by no means easy. But by staying agile and responsive, you’ll position your business for long-term success.
A business coach assists you in developing effective strategies and action plans. They help you assess your current position, identify opportunities, and navigate potential obstacles. My business coaching approach is always mindful of what the competition is doing, and where your business sits relative to the competition. Ideally, you don’t want to be competing on price alone, so as a business coach I help you navigate positioning your customer experience (service, delivery, quality), understanding why they and how they buy, and then how to connect better,
Conclusion
Marshall Goldsmith’s The Earned Life provides sound and simple structures that he has gleaned from coaching business executives from major global corporations over many decades. They are tried and tested.
In the quest for entrepreneurial success, a business coach will act as a trusted partner, catalyst, and advocate. I promise to bring a wealth of knowledge and experience, guiding you through the six key concepts of The Earned Life while providing objective perspectives, aid you in setting goals, fostering your skill development, offering emotional support, assisting in strategic planning, and nurturing a culture of continuous improvement. With a skilled business coach by your side, you can unlock your true potential, achieve remarkable results, and create a thriving business aligned with your vision, goals and objectives of being a business owner.
If you would like to know more about David Lockwood, Business Coach, please click here https://www.unlockingyourfuture.com.au/david-lockwood/ book a time to discuss your vision for your business https://go.oncehub.com/DavidLockwood