Crucial mistakes business owners make based on assumptions and how they may ruin their business

“Business coaching is a waste of money. I already know what’s wrong with my business. I don’t have time for this.”

Entrepreneurs have a lot of preconceived notions when it comes to business coaching. But if these beliefs are holding you back from getting an effective business coach, you’re missing a huge opportunity to improve your skills and your business’s performance, says BDC’s Business Consultant Nyron Drepaul.

“Business coaching is management training for entrepreneurs specifically tailored for their unique situation,” Drepaul says. “It helps you make better decisions and become a better leader.”

Here are the most common myths about business coaching, and the real story.

Myth No. 1

“Coaching is expensive and I need to save money.”

The reality? Running a healthy, well managed business leads to both cost savings and growing profits.

“Coaching is about learning how to identify inefficiencies in your company and learning how to fix them, so you can save more in the long term,” says Drepaul, who has coached hundreds of entrepreneurs. “Not fixing these problems means profit is leaking away every day.”

Myth No. 2

“I don’t have time for this. I’m too busy running my business.”

Most entrepreneurs spend their time fixing problems and fighting fires. But, by not taking the time to get on top of fundamental challenges, you’re accepting that your problems will continue and probably get worse.

“A business coach can help you identify and resolve the root cause to get out of this vicious cycle,” Drepaul says. “I structure my clients’ time so they make the most progress within a set and manageable period—usually, two to three hours per week.”

Myth No. 3

“I already know what’s wrong in my business.”

Visible problems are usually symptoms of bigger issues that can only be identified through a careful, thorough assessment.

Don’t waste your money treating symptoms that will come back if the root cause is not identified and addressed, Drepaul says. A business coach will take a holistic view of your business, find the underlying cause of the problem and then coach you on how to fix it.

Myth No. 4

“Coaching won’t change anything in my company.”

Nothing will change in a business unless you’re convinced of the benefits of the change and know how to make it happen. The right business coach can help you better understand your business and develop leadership skills. That will enable you to make changes that will have a positive impact on your company’s performance.

“Coaching helps entrepreneurs become more confident,” Drepaul says. “At the end, you have a better understanding of your business’ strengths and weaknesses and know how to make it more successful.”

Myth No. 5

“I don’t need another advisor. I need someone to fix my problems.”

Think of coaching as a learning experience. The goal is to transfer knowledge and know how to you and your management team.

“Business coaching is about teaching you how to fish, not fishing for you,” Drepaul says. “It’s about teaching you the knowledge and skills to address problems on your own.”

Myth No. 6

“My accountant and lawyer give me advice. Why should I pay someone else to do it?”

Accountants and lawyers are valuable advisors. But an experienced business coach will look at your company as a whole to determine the cause of your challenges and help you learn to solve them. Your problems could be strategic, operational or HR related, so you likely need broader expertise.

“Beyond the advice, the right business coach will provide you with a systematic approach and tools you can use to address fundamental issues with confidence.”

https://www.bdc.ca/en/articles-tools/business-strategy-planning/manage-business

Why hire SDIL as your Business coach -

Ø1. SDIL will identify what is holding your business back from being more profitable?
Ø2. We will open you to opportunities surrounding your business,
Ø3. We will resolve business challenge that needs to be resolved?
Ø4. We will help with overall improved business performance of the business?
Ø5. We will help you in your processes, people, structure, operations and  strategy.

We will happy to help in the drafting of your business plans ,improve your business processes ,Business modelling work on your HR /Business strategy in order to reduce cost , improve sales and optimize performance in workplace

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