4 Business Coaching Tips Every Business Owner Should Know

4 Business Coaching Tips Every Business Owner Should Know

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  • There's a reason why many successful entrepreneurs invest in business coaching - it equips you with the tools you need to set and reach your goals.
  • While there's much value to be gained in hiring a coach, there are some simple things you start working on now for your personal, professional and business development.
  • In this article, we delve into the top four coaching tips to help you improve the way you run your business.

Business coaching can be one of the best ways to grow and scale your business. From startups to established corporations, a business coach can transform your processes and performance.

Many organisations spend a considerable amount of time and resources to find top business coaches. With a great business coach comes the motivation and confidence that you can achieve your goals.

No matter what your goals are, coaching can give you the tools to make them happen. 

In this article, we share some of the most effective coaching tips to help you in both your personal, professional and business development.

The Top 4 Business Coaching Tips for Business Owners

The top four coaching tips that will help you improve the way you run your business are:

  1. Time management
  2. Goal setting
  3. Learn something new every day
  4. Leadership

1. Time Management

How often have you heard someone say that there just isn’t enough time in the day? The promise of full control of our day is so alluring. Proper time management can give you hours back to your life.

Well, not exactly. The key to proper time management isn’t to work faster than ever, but to work harder on what matters most. Proper time management is also the key to a work-life balance.

So what’s the secret to time management? Prioritisation.

In the book titled The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary W. Keller and Jay Papasan, the key to proper time management is focusing on the MOST important tasks.

The value of the ‘One Thing’ is simplifying one's workload by focusing on the one most important task that makes all other tasks easier. By prioritising what is MOST important in your work and your business, you can begin to schedule and allot time on the areas where you need to be most productive.

This can be achieved through time-blocking or task batching your day. In short, it is pre-scheduling your workweek to focus on major projects. You also move other less important obligations to make room to focus and complete the most important projects.

Time management is one of the hardest but most important skills to master. Time blocking can make sure that major projects that will make your business run better are given the time they deserve.

2. Goal Setting (And How to Achieve Them)

As business owners, entrepreneurs and even professionals, we all know how important goals are. We know that to be successful we need to focus on our big goals, and constantly be moving the goalpost to get to the next level.

Real success comes from not just setting goals, but hitting them! To have successful goals we need to follow the SMART goal structure, and make sure we constantly track our progress.

To make sure your goals are clear and reachable, each one should be:

  1. Specific (simple, sensible, significant)
  2. Measurable (meaningful, motivating)
  3. Achievable (agreed, attainable)
  4. Relevant (reasonable, realistic, resourced, results-based)
  5. Time-bound (time-based, time-limited, time/cost limited, timely, time-sensitive)

Whether for your business or your own development, SMART goals make it easier for you to know what success looks like. You can take the goals one step further and incorporate them into your daily routine.

For example, if your major goal is to land five new clients for your business, then cold calling and networking events should be one of your top priorities.

While most of us will remember pulling all-nighters to finish school projects, this doesn't work in business. You need to spend dedicated time each day to get one step closer to your goals.

Focus on being 1% closer to your major goals every day, and you may even find yourself there sooner. 

3. Learn Something New Every Day

“If this is something you are passionate about, you need to learn more about it every single day.” - Loren Howard, Founder of Prime Plus Mortgages, Hard Money Lenders Arizona.

Learning new things daily can have life-changing effects.  No matter your goals or background, everyone can benefit from continued learning. As business owners, learning and adding to your skillset will only lead to better ways of doing business.

Reading boasts a myriad of benefits. Those that undertake daily learnings, whether by reading or watching videos, find themselves more mentally aware and stimulated. It can also improve your mental performance, performance at work and aid relaxation. By reading on a daily or weekly basis, you can focus more and reduce distractions.

Making a commitment to learning will help you to continue building up yourself, your business and your employees. And you needn't look far - resources to improve your skills or learn about running a business can be found all over the internet! 

4. Leadership

Thousands of books and conferences have been created on this one topic alone. Leadership is one of the hallmarks of a great business. With the right leadership, any business can launch itself to the top.

While many business owners cite leadership as one of the most important skills, many are unsure of what makes a good leader. Some of the top traits of a good leader are:

  • Confident
  • Inspiring
  • Caring
  • Accountable
  • Purposeful

People often mistake leadership with aggression, which couldn’t be further than the truth. Most employees say that they work harder for a leader that cares about them. If you want to build loyalty, you need to build a connection with your employees.

You can do this through a cycle of feedback, growth and goal setting. Learn what your employees' goals are and set goal posts to help them. Regularly coach your employees for a loyal and productive workforce.

Spending time to build a one-of-a-kind work culture of accountability, not blame is a great way to attract talent.  Leaders have to be fully aware that their actions set the standard of their teams. Always act in your employees' best interests, and practise what you preach. 

Summary

Coaching is a great way to learn the habits of success and see returns throughout your business lifecycle. While these four tips are a great way to get started, definitely consider hiring a business coach if you're ready to accelerate your personal, professional and business development journey. 

Do any of these tips resonate with you? Share your thoughts in the comments below.


About the Author:

Loren Howard is the Founder and CEO of Prime Plus Mortgages Hard Money Lenders Arizona. A serial entrepreneur, he has launched several businesses to the 7+ figure mark in various industries. Aside from running his many organizations, he passionately coaches up and coming business owners. He takes an active role as President in The Valley Guardians, a non-profit that mentors children. 


Catherine Way

Marketing Manager at Prime Plus Mortgages

Catherine Way graduated from Michigan State University with a Bachelor's in Advertising. A freelance content marketer for industries such as photography, mortgage, and real estate. She has written for Silver Doctors, The Paper Source, Active Rain, and Progressing Income. She enjoys creative outlets like writing, designing, dancing, and modeling. She currently writes and reports for Prime Plus Mortgages: Hard Money Lenders Arizona


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