Running your own business requires skills and expertise in a wide variety of areas. During the early months and years of being an entrepreneur, much of your management might come down to trial and error until you gain sufficient firsthand experience. Alternatively, you can seek out an experienced business coach that can help guide you along the right path. It can be difficult to admit that you need help managing your enterprise, but there are a few telltale signs. Today, Buildateam has some tips and suggestions to help you recognize when it’s time for a change.
- You Feel Overwhelmed
New business owners can make a lot of progress fueled by their initial excitement at getting a venture off the ground. When that first wave of reverie wears off, it’s easy to experience a loss of motivation. You might feel overwhelmed or just plain stuck. Your business coach will likely have been in much the same situation. Experienced entrepreneurs know how to spark the kind of inspiration that can push you through many of your mental or emotional obstacles.
- Your Finances Are Suffering
Statistics show that most small business failures are due to poor cash flow management. You may be a savant at overseeing your personal finances and investments, but handling the monetary issues of a business is a different beast. Expenses can pile up when you are striving to keep your enterprise afloat. If you start to notice that your financial situation is getting out of hand, you should seek professional coaching before matters worsen.
- You Need a Better Marketing Plan
It is likely that your emerging venture does not reach as broad an audience as it could. Marketing is the key to appealing to ever more potential customers, and it is an area that you can always stand to improve upon as an entrepreneur. For instance, you can improve customer confidence in your website by incorporating a finance API to verify balances and protect against overdraft fees.
It’s also extremely helpful to put a face on your business. You could hire a graphic designer to come up with a custom logo, or better yet, simply make a custom logo for free using existing templates, then spread the word via social media!
- You Would Like to Expand the Business
Even if things are going smoothly with your business, a coach can still be a powerful asset when you decide to expand. Surplus revenue and a growing clientele can present opportunities to branch out into offering products or services that are outside of your expertise. Your coach can offer advice on growing your skillset and navigating the uncharted territory of a major business expansion.
Know Who to Contact
If you have good networking habits and a bit of luck, you might already know a fellow entrepreneur in your area that can serve as a mentor. Otherwise, it doesn’t hurt to reach out to professional coaches or other successful individuals in your industry. Make sure to be open and honest about your expectations and any questions you may have before moving forward with a formal coaching arrangement.
Experience and connections are perhaps the two most important tools in any entrepreneur’s repertoire. Consulting with a business coach is a surefire way to equip yourself with both of these tools, even if you are still in the early stages of your career. Whether you are struggling or simply wish to bring your enterprise to the next level, seeking a professional coach is one way to get the boost you need.
Our CEO, Alexey Mustafin, a serial entrepreneur and an experienced Startup mentor offers 1-on-1 Startup / Business / Personal & Professional Growth mentorship and coaching. Feel free to schedule your next session with him following this link.
Image via Pexels.
Written by Patrick Young
[contact-form-7 404 "Not Found"]