Small Business Professor: Hiring A Business Coach

By Bruce Freeman
The Small Business Professor

WWR Article Summary (tl;dr) What exactly does a business coach do and should you hire one? Bruce Freeman, an adjunct professor and co-author of “Birthing the Elephant” shares his thoughts on the subject.

The Small Business Professor

Q: The financial services business I recently started got off to a good start but has of late been floundering, and I’m not sure what direction I want to go in. A friend suggested I retain a business coach, but I have no idea what one would do for my business or would wind up costing. Please advise.

A: A business coach can help in many areas of business, including the following:

-Vision: How do you envision your company in the future?

-Business objectives: What are your business objectives as related to revenue for the first year, first three years and first five years?

-Company goals: What are your goals and how will you generate revenue over those same time periods?

-Values and principles: What are your values and principles? In other words, your rules for running your business you’ll never violate.

-Mission: Why are you in business, and what is the driving force that makes you do what you do?

-Team: Who has to be on your team as employees or contractors to support you and your company?

-Marketing: What will you do in terms of in-bound marketing and networking to go into the market place?

-Financials: What budgets do you need to grow your business and sustain your lifestyle.

Al Turrisi, an experienced business coach, recommends a careful self-examination of your business. The success of your business is based on how you see yourself and what you do each day to grow your business, so ask yourself the following:

-How you would describe your ideal prospect opportunity?

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