Why do I need a coach?

Written by Wyseminds · 3 min read >

I know how to work out in the gym, so why would I pay a Personal Trainer? As a business leader, I understand my field more than a coach, so how could one help me improve? And as an entrepreneur, I can’t squeeze anything more into my to do list, and all my earnings are pouring into the business. I simply don’t have time or money to invest in myself right now. Maybe someday… 

An investment in you – and your business

In this article you’ll learn that an investment in you can accelerate your business on a new purpose-led growth path – freeing you up to think more strategically and therefore fuelling your revenue.

Read on to discover three ways coaching can help entrepreneurs move from being weighed down by the daily slog, to clarity and calm:

  • Honest feedback from someone who isn’t paid to please you…
  • Freedom – by working smarter, not harder…
  • Purposeful thinking on where you are today – and where you want to be tomorrow. 

And, of course, how to get there. 

Bill Gates: ‘Everyone needs a coach’

Back in 2013 – a whole decade ago – Bill Gates gave a TED Talk that went viral. This is what he said:

“Everyone needs a coach. It doesn’t matter whether you’re a basketball player, a tennis player, a gymnast or a bridge player….We all need people who will give us feedback. That’s how we improve.”

The main theme of his talk was about teachers. But his sentiments still ring true in every industry, in every country, today. And there’s evidence to back this. Harvard Business Review research concludes that coaching boosts productivity by 44%, while an ICF-commissioned study claims that coaching clients report a median ROI of 788% (Forbes).

The power of women entrepreneurs

When it comes to women entrepreneurs specifically, the European Union’s ‘Enterprise Europe Network’ sums it up the situation succinctly:

‘Women entrepreneurs have a profound impact on their markets, industries, and local communities through job creation, innovation, and economic growth….Yet women entrepreneurs still have to navigate challenges related to financing, owning, and growing a business. Financial barriers limit women’s access to the capital and business acumen they need to thrive…Finally, individual barriers – such as a high aversion to failure or a lack of mentors and business networks – may erode women’s confidence when it comes to business. As a result, women own only one in three businesses.’

  • Honest feedback from someone who isn’t paid to please you.

The importance of honest thoughts from an outsider whose job isn’t to please you cannot be underplayed. Asking your team for critical feedback is a tricky tightrope to walk. People pleasing at its finest. And your family, too, is there to bolster you – and so may shy away from candid opinions; home may also be a safe haven where you don’t discuss work. 

A coach has no agenda or financial ties to your business – other than to hold you accountable. That might mean some uncomfortable truths. But they’ll most likely unveil tweaks that are needed to propel your business into a new growth era. These transformations may not be as huge as you fear. Small, simple steps can reap huge rewards. But it can be impossible to ‘see the wood for the trees’ when you’re bogged down by the daily grind. 

As Shakoofeh – founder of an ecommerce platform and member of the Wyseminds alumni – explains: 

“We started by understanding what was stopping me from growing. What were the blocks? By starting here, it opened up my mind to all the things that could be different, that could be easier.”

  • Freedom – by working smarter, not harder…

On that note, a coach should help reveal ways of working smarter – and that’s incredibly freeing for entrepreneurs. Professional and personal lives can feel like a perpetual juggling act and overwhelm can stop growth in its tracks. 

It can be easy to slip into micro-managing. Therefore, identifying the critical priorities that need your time, versus activities that don’t need to be done by you, is liberating. A coach can show you how to focus your valuable time and energy to grow your business – instead of obsessing on the operational level.

This was Tessa’s experience, after she embarked on Wyseminds’ Lift-off level (for her content consultancy): 

“Certain patterns of behaviour were escalating and perpetuating tiring inefficiencies and annoyances. Sure, I’d still be able to grow, operationally. But I would be the worker bee, pouring my energies into the operational level.”

  • Purposeful thinking on where you are today – and where you want to be tomorrow. 

With operations of your business being very time-consuming, it’s even more important to put on the brakes and take time out to think clearly about how you want to grow your business. And that’s where purpose-led growth comes in. 

Once you’ve discovered purpose, channelling your energy into the most thriving aspects of your business will naturally follow. 

For Merel, founder of a care company bringing access to people in remote areas of low-income countries – a reminder of her purpose was pivotal.

“This process reminded me of the impact we wanted to have, the difference I wanted to make and the scope of the project. Rather than dwelling on the smaller obstacles, I had to focus on the light at the end of the tunnel – the bigger picture of purpose, our vision.”

Being an entrepreneur is exhausting and exciting. By partnering with a coach, balance can be restored and joy rediscovered. All while growing your business on your own terms.

To find out more about what coaching could do for you and your business growth why not book a virtual coffee with Julie Perkins or perhaps you want to find out in your own way: Check out our Business Growth Programme.