The following content in its entirety is a re-post from Forbes. The original content can be found here:
Author: Ben Walker, CEO for Transcription Outsourcing, LLC.
Startup CEOs often want to find a partner to help out with the workload. People rarely consider lessening their workload by hiring a coach instead. A coach brings much more to the table than encouraging words and a pat on the back for a job well-done. When you’re first starting out as a small business owner, it’s good to have an expert to guide you along. Having a coach who knows about both the highs and the lows that come with being a first-time CEO is essential to grow your business. It may seem like an unnecessary expense now, but keep reading to see why a hiring a business coach is worth the investment.
Understanding A Coach’s Role
Some of the most successful CEOs today had some help from someone in their industry. Steve Jobs mentored Facebook’s Mark Zuckerberg. Larry Page at Google had Eric Schmidt looking over his shoulder. Today, there are executive coaching management companies that provide advice to entrepreneurs and business owners alike. My coach, and Denver-based executive coach Bill Treadwell says, “It’s lonely at the top, and, just as a CEO holds his hires accountable, an objective third party — a coach — serves to hold the CEO accountable.” A mentor is there to ask you questions about the types of decisions you make, guiding you towards the best possible solutions there is.
Tapping Into Someone Else’s Experience
Running a business doesn’t come with a play-by-play handbook. Employees will come and go, budgets will need adjusting, and events arise that might feel like they come straight out of left field. You may not know what to do or how to react, but someone who has been in business for 40-plus years will. If you’re a new CEO, discussing current work issues with a mentor over a business lunch is insightful and inspiring. You’ll come back to the office with a clear head knowing what steps to take next, ensuring you that your business will succeed.
Correcting Typical Patterns And Common Mistakes
Mentors have seen it all. They’ve either experienced it themselves or seen it happen to one of their mentees. A business coach can direct you away from common mistakes before you get in too deep. Having someone alert you of a common trap that beginner CEOs fall into can save you a lot of time, not to mention money. Bill helped me eliminate 35% of my expenses after two meetings. We dug in deep on everything we were spending money on and were able to get rid a lot of little things we didn’t need to be paying for. It was hard to let go of some of the marketing expenses, but it was well worth it when we reevaluated six months later.
Getting A Grip On Your Emotions
A mentor can help you increase your emotional intelligence. As a new business owner, you may or may not have had experience firing someone or reviewing a shockingly high monthly expense report. If you’re not emotionally prepared for these types of situations, it can be easy to let your emotions get the best of you. Fortunately, a business coach knows what it feels like to be in these types of situations. Having a mentor who can share their past experience won’t always stop a situation from happening. But it will prepare you emotionally in case it does.
Contributing To Ongoing Education And Self Confidence
My coach also coaches other business owners in and around Denver. We all meet once a month and almost always have a guest speaker give a two-to-three hour presentation. These group presentations and discussions have been invaluable to me the last few years, as I have learned about mergers and acquisitions to the latest techniques in search engine optimization.
A mentor is there build your confidence. They’re there to give you the nod and let you know that the decisions you’re making are leading you to success. You can’t build strong self-confidence overnight. Start out with a mentor and allow them to guide you as you build your business. Having someone by your side encouraging you can give you a boost of confidence needed to keep going.
Studies show that businesses that hire a coach grow quicker and achieve higher revenues. Without paying for a business coach’s network, tools and resources, CEOs can miss out on a great business growth opportunity. The empowering lessons that a mentor teaches about business are also applicable to your personal life. Investing in a business coach is worth the expansion and longevity you’ll see in your business for years to come.