Business coach vs. business mentor: What’s the difference?
Before we dive deep into why hiring a business coach is relevant, we need to quickly touch upon the difference between a coach and a mentor. They are highly useful tools for owners of small businesses.
Business Mentor: Primarily, a business mentor is relationship-oriented (thus a long-term commitment) and does not charge a fee. Mentors tend to concern themselves with the business owner’s growth and success as a person. Their first role is to listen to the business management ambitions, aspirations, and concerns, and to offer guidance and advice that will influence both the individual business owner and the way they operate the company.
For any small business owner who wants to develop and run a successful company, a mentor really is a must-have, particularly because mentor relationships cost nothing more than the time it takes to meet them. Nonetheless, a trainer is not a substitution for a company coach. They each achieve very different-very important-goals for your company.
Business Coach: A business coach helps the company overcome different tasks and priorities (for example, assisting with a business partner or guiding software development through the process). The coach helps set the targets, calculates the number of sessions required to accomplish the target and charges a service fee. The partnership with a business coach is most frequently short-term and over the life of your company, you may make use of many different coaches.
For small business owners, company coaches too are a must-have. But when a lot of businessmen see the fee, they cringe. The gut reaction may be to hunker down and solve the problem alone, just as you did with so many other areas of your life. But don’t think about how you can’t afford to employ a coach for business because the fact is, you can’t afford not to hire a coach.
5 Ways a business coach will help your business
You started out as a professional as an entrepreneur: You had a brilliant idea for a company and you started it. As a newfound business owner, you ‘re now stuck with the job of the generalist. This can work for a while, but you’ll soon remember you don’t have time to keep on top of all the stuff you need to do, or pushing your experience too complex. You can keep hacking it or you can get some help.
A coach will encourage you to think differently, to stretch out your goals. You obviously have high expectations for your company, but it’s invaluable to rebound your plan off someone who walked this path before — pointing out pitfalls, places you need to strengthen. Anyone with a special yet tested plan which will drive you harder while holding your path on track as well.
Technology plays an ever-increasing role in small business and keeping up can be tough. Tech helps small businesses gain a competitive edge by effectively interacting with their staff, clients and prospects; by automating their processes, saving time and increasing efficiency; and by making use of business analytics to boost business results. Coaches have the expertise required to deploy new technologies effectively, handle integrations and advise on the best solutions for the particular situation.
Coaches and mentors help to develop the leadership and management skills. As your company grows, your position will develop into an ever greater capacity for management. Coaches will help you negotiate tough business challenges and decisions and help you set up a structure early on to cope with some of the major, unavoidable storms of management that lies ahead.
Especially in the early stages of a small business the entire marketing plan and commitment is on the business owner’s shoulders. Coaches will help you find out what you don’t see. A seasoned business consultant who has branding, marketing strategy and tactics expertise will boost your sales figures and save you from spinning your wheels on what doesn’t work.
Wherever you are now it doesn’t matter so much as long as you’re sure where you’re going. A coach will assist you in identifying the areas of your business that need to be nurtured to ensure you stay on track for continuous growth. Perhaps the most important thing to remain on track is finding someone to be responsible to. So letting yourself off the hook is easy. A coach will act as a partner in accountability, helping you achieve your target by working through the challenges.