Many entrepreneurs feel that business ownership gives them independence, control, and leadership opportunities that may not exist for them as an employee of someone else. To a large extent, this is true, and it is one of the reasons so many of us start businesses of our own. As good as these benefits are, there is some caution to be advised about taking these benefits too far. If we become too independent, we run the risk of isolating ourselves, controlling more than we can physically and mentally handle, and turning into micromanagers instead of leaders who empower others.
Thankfully, more and more business owners realize that business today is becoming increasingly complex and challenging to manage as a one-person know-it-all. We need collaboration, outside perspective and advice, and opportunities to improve our leadership skills and overall business knowledge.
Business coaching has been around for a long time and is especially prevalent in Europe and Australia. Business coaching is also common in large businesses but is still somewhat of an anomaly in small businesses in the U.S. despite its advantages. Coaching provides perspective and outside ideas from a mentor who may have seen a lot more scenarios than any single business owner could experience on their own. A good coach can provide education on best business practices and help you choose an approach best suited to your own business. Coaching provides a sounding board or listening professional who can help you think through ideas better than your colleagues or your spouse. Coaching often finds cost savings or revenue enhancement that more than pays for the investment put in. And, perhaps, the most significant benefit of coaching is that it provides accountability.
Accountability has a bad connotation in our society—it often implies punishment, as in “he will be held accountable for his crimes with a lengthy prison sentence.” But, in coaching terms, accountability is not a punishment but a benefit. Coaches simply help people accomplish their goals of making their business more successful and valuable.
Business owners often have a plan of some sort for their business. Unfortunately, their plan is usually vague and not written or shared. But, even if there is a formal plan, it is not often acted upon. Why? Because the day-to-day demands of the business keep owners working IN the business rather than ON the business (see The E-Myth Revisited written by Michael Gerber). Thus, the plan becomes ignored, and no progress takes place. Owners become disenchanted, and the business becomes a burden in their life instead of supportive of their life.
Coaches step in and help formalize the business owner’s plan. More importantly, coaches get agreement from the owner and their team to act on the plan in a way that makes small but steady progress. The coach reminds, motivates, rationalizes, and encourages in any way that ensures progress—that’s accountability.
Think of accountability similarly to how athletes have coaches. Do you think most athletes on their own would carry out the hard work of practice and conditioning that makes them great without a coach? The most successful business owners either have a plan that they are disciplined enough to carry out on their own, or they have a coach.
Just as an athlete doesn’t do it all alone, neither do you. At Vesta, we realize the hard work you put into your business and the support that is required to help you do your best. Ask us about our coaching processes and arrange to meet with a coach to discuss how you could benefit from a coaching relationship and an accountability partner.
