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Business Owners: Can You Benefit From a Business Coach?

Running a business can be tough! Steering a business successfully through the inevitable challenges and obstacles can feel overwhelming. If you're a business owner who's aware you're in need of some additional support, inspiration, or skills to make your life easier and your business better, have you considered a business coach?

Business coaches are experts in the techniques needed to run a business successfully. Ideally, they have sector-specific experience as well as experience in managing significant organizational change. Their role is to support and coach business owners to enable them to tackle the key challenges their organization faces as well as acquire the necessary skill set to optimize the chances of sustainable personal and professional growth.

Do You Need a Business Coach? 

There are a number of characteristics that define a business owner who might benefit from a local business coach:

  • Feeling overwhelmed and constantly putting out fires

  • Lacking strategic overview and planning for growth

  • Lacking adequate resourcing

  • Having motivation and personal life adversely affected

  • Lacking necessary skills

  • Feeling unable to change

  • Feeling lonely or isolated

How to Find a Business Coach

There are many types of business coaches, so finding a good one can be a challenge. Some ways to find a coach that's right for you and your business include:

  • Asking for recommendations from other businesses in your sector

  • Requesting an initial consultation

  • Finding someone with successful coaching experience in your sector and business type

  • Seeking recommendations from your local chamber of commerce or another business network

What Can You Do if You Can't Afford a Business Coach?

  • Use online resources. There's a wealth of online assistance available to help business owners who are feeling overwhelmed, need assistance with strategic planning, or feel they could benefit from improving their management skills?.

  • Talk to your workforce. Employees have a treasure trove of talent and a good understanding of your business. Enlisting their input on an operational issue or how best to enhance productivity and inclusion, for example, could give you access to high-grade feedback and some excellent ideas for positive change.

  • Structure your business as an LLC or S corp. Limited liability companies (LLCs) can reduce tax liability, decrease the amount of paperwork, and provide a more flexible business model. An S corporation North Carolina filing may also be a good option, as this structure allows you to take tax deductions on company losses and save on self-employment taxes. To save money on legal fees, why not complete the process yourself or use a formation service? Remember that each state has its own procedures.

  • Talk to your accountant. A good accountant not only reduces your tax liability but can also assist with financial planning, forecasting, and information on the financial implications of future actions. 

The Triangle East Chamber of Commerce can put you in touch with local advocates and resources that will help your business grow. Join us today!

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