PKF Australia

Accountants and Business Advisers

Why do I need a coach?

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Andrew Beattie


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Why do I need a coach?

When people compete in sport, whether joining a team or individually, to be the best they can be they have a coach. Generally, there is no question about it. When people are employed in a role or are progressing through their career they usually have a supervisor or mentor or someone to help them improve. So why is it when these same people go into business, probably one of the hardest and most challenging things anyone will ever do, they believe they don’t need help?

Building a successful business requires knowledge, skills and guidance from a host of people both inside and outside an organisation. Often someone like a business coach.

So why does every business need a coach and why shouldn’t you go it alone?

Every business and business owner need people with varied skills to challenge them, assist them and ultimately grow their business and achieve their objectives. The actual role played is hard to define because it can cover so many aspects of a business and it moves with the life-cycle of the business.

Running a business is hard work. In Australia, various studies highlight that approximately 70% of small businesses fail within the first two years of operation and many of the businesses that do survive are not profitable. A business coach, an advisory board or even a trusted adviser (hopefully your accountant) can help start-ups navigate tricky situations, offer advice on when and how to bring on investors, and help founders make sure that every new hire is relevant.

To be challenged. A good coach will challenge you to reach higher or push harder, they won’t just say yes to all your ideas but rather ensure you consider other alternatives and select the best idea, and they will offer sound advice and direction from a position of experience and independence. You see whenever someone goes into business it is usually because they are very good at a trade or profession or skill and figure they can apply that same skill in their own business and have more time or money. The problem is, in most of cases, they have never been shown how to run a business or completed any studies in business and the result is less time and less money. So, doesn’t it make sense to have someone who can help these businesses to be all that they can be? A coach.

Many business owners battle with the issue of whether they can afford coaching…I would ask them whether they cannot, and have they considered alternatives to one-on-one coaching.

What are the alternatives?

Coaching Groups – there are many different coaching groups out there, some of which are extremely expensive to join. However, there are more affordable options. PKF run coaching for local business owners to come together in a group environment and challenge each other. The group has several benefits; not only are you getting the benefit of coaching, you also build a network of business owners who each become heavily invested in each other’s businesses ensuring that whilst you continue to be challenge by your group, you also have their support and help when times get tough.

Momentum for Business – for those businesses that are looking for structured coaching and training, www.momentumforbusiness.com is key in helping you to get exactly that for an affordable price. This website has been set-up by some of the team at PKF in conjunction with a business coaching organisation. The videos on the site give great insight into common problems businesses face and the workbooks you’ll be asked to complete, will help you to be able to implement change in your business.

If you’re in business and you don’t have a coach, get yourself one today. For more information, contact your PKF representative.


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