Business Coach

By ACS Distance Education on January 31, 2019 in Careers, Jobs Success & Psychology | comments
A business coach helps small business owners to run a business efficiently and profitably or expand. They also focus on making a business sellable by looking at ways that you can run a business without being totally absorbed 24/7. A business should be able to run independently of its owner.

Scope of Work

Business coaches may work independently or through a public agency. Some work may overlap with life coaches (eg. motivate client, develop business, establish positive mindsets and improve work/life balance, identify and harness strengths to improve business)

Often the focus is more on the business:

  • Sustainability - productivity improvement, efficiency improvement, expansion
  • Planning & Development - marketing plans, management structures, staffing, recruitment
  • Administration - record keeping, financial management, accountability, reporting, marketing

Coaches work may also involve:

  • Professional Development - networking, PD study, travel, conferences
  • Communications - writing reports, work in media, public speaking

What You Need to Learn

Business coaches need knowledge and/or experience of business management:

  • Business management - business development & management, start-ups, entrepreneurship (turning opportunities into profit), resource management (financial, human, stock & plant), planning
  • Marketing strategies - promotions, product launches, advertising, sales
  • Accounting practices - financial management, payrolls, profit & loss assessment 
  • Communication - verbal, non-verbal, interviewing, educating clients, interpersonal skills
  • Planning skills - giving instructions, demonstrations, planning schedules
  • Motivation skills - advising, leadership, facilitation, incentives
  • Coaching skills - rapport building, focus on solutions, goal setting, mentoring
  • Personal skills - commitment, self-discipline, preparedness to work long hours, patience, enthusiasm, flexibility, innovation

Starting a Career

Start by getting more involved in the broad world of business:

  • Networking - business associations, trade shows, social media
  • Experience - volunteer, work in different industries, get a broad perspective on business
  • Learning - formal courses, workshops, Professional Development,  read journals

Business coaches are usually self-employed helping small business owners realise the potential of their business. Some are employed by corporations to help senior staff realise business goals. Others may work in community development roles to help small business owners set up their businesses and run them successfully.

Useful ways to break into this field can be:

  • Networking within business or community to expand you client base
  • Setting up a website, blogs or social media to improve your exposure
  • Having the right experience in business practices

Progressing a Career

Business coaches succeed in their own careers by helping their clients top greater success. When clients succeed, they keep using you; and others notice your success and want to use you too (and are increasingly prepared to pay for the privilege).

Progress your career by being aware of emerging business opportunities, devoting time and effort to industry networking and practicing CPD (continuing professional development) This may be done by:

  • Keeping abreast of what government agencies are funding – funding for people to start their own businesses is part of government incentives from time to time. Business mentoring is usually part of that funding process.
  • Networking within community and business areas to improve your exposure and develop contacts.
  • Improving your communication and coaching skills.