7 Red Flags that Signal You Need a Business Coach
Do you find that you spend a lot of your time fighting fires? Are you always trying to resolve issues instead of actually getting any work done? Perhaps a key staff member has decided to quit at a time when you are also having cash flow and credit problems and to top it all off, you are struggling to work against strict regulations. Dealing with these “urgent” matters takes more time away from planning and strategizing for your business goals.
The reason you’re stuck could simply be that you’re failing to prioritize. You may have many different problems to deal with, and you may think that certain things cannot wait, but it is crucial that you set your priorities straight. If you are experiencing this issue, you should seek out a coach with many years of experience; someone who will be able to see the bigger picture and help you to move forward.
You haven’t had a break in the longest time ever, and the last time you went on a vacation seems like a lifetime ago. You’re understaffed, always working overtime, and you even find yourself responding to work emails in the middle of the night. When your work life begins to interfere with your personal life, this is a warning sign that you are overwhelmed.
Business owners tend to feel like there are certain tasks that only they can handle. This sort of behaviour can be dangerous in the long run and it is a cycle that you need to break out of. This is where business coaches come in: they can help and guide you to identify the tasks that would be better suited to other employees. After all, you shouldn’t be working below your pay grade right? If you’re worried about competency, and you don’t think that anyone in your company besides you can handle such tasks, perhaps it’s time for you to find someone who can.
Most business owners believe that they are able to look objectively at their problems and make unbiased decisions. However, the truth is that you can sometimes be too close to the problem. Subconscious biases are inevitable, and they can get in the way of decision-making. An objective ear, especially an experienced one, may be just what you need.
If you have a new idea that you are thinking of implementing for instance, it could be extremely helpful to have a chat with a coach and weigh out the pros and cons together. You cannot always share everything with your business partners or your staff, can you? Sharing your ideas and concerns with an SME business coach is an excellent and productive alternative.
Perhaps the most important thing when it comes to running a small business is a vision of exactly what you want your business to be. This is even more crucial if you are running a one-man show and trying to develop your business all by yourself. Having a clear vision and developing strategies accordingly to achieve it is extremely important. But do note – being consistent with your vision is equally important.
Constantly modifying your strategies is a sign that you need to get your affairs in order. Otherwise, you will soon find yourself stuck in a routine that you cannot break out of. This is where a business coach could help you and guide you, to strategize in a way that ensures growth for your business.
No matter how hard you work, there will always be factors that can stunt your progress and this can be extremely frustrating. And no matter how smoothly your business may be running, you will always feel like you should be doing better. We Singaporeans are a kiasu bunch after all.
Business owners tend to be highly ambitious, and it can be disappointing to find that your growth has plateaued. While it might be intimidating to hear, the truth is that in order for your business to continue to grow, disrupting it is a must. If the idea is scary to you, seek out a coach who can guide you through the entire process. A business coach can help to make your path forward much smoother.
If you find that there is a history of recurring problems in your business, this is a clear sign that you need outside help. Perhaps you find yourself training good staff only to be met with a high employee turnover rate. Or your clients consistently kena poached by competitors who are able to offer lower prices. So how can you go about addressing this underlying structural issue? Well, by seeking out a business coach who has insight into these problems, you will be better able identify the root causes.
On the other end of the spectrum, perhaps the most dire situation of all, is witnessing your business shrinking. Having to watch the business you have poured so much of your time and effort into gasping for air and dying a slow death can be extremely painful.
Issues such as shortage of manpower, credit problems, cash flow problems and competitors slashing prices at rates you cannot match, can happen all at once and trap you in a situation you cannot escape. Jialat. So how do you claw your way out of this one? A business coach is your answer; to show you a path out of the darkness and point you in the right direction – there is hope yet.