Unlocking Success: That Transformative Power of Investing into Business Coaching

Have you ever felt like navigating the complexities of running a private or group practice is a lonely journey? Well, you're not alone. This episode is a treasure trove of advice, as we discuss the transformative power of business coaching, which can take the overwhelming weight off your shoulders and infuse your practice with efficiency, strategic guidance, and growth.

Imagine the thrill of having a mentor who understands your industry, shares your values, and complements your learning style. We explore the art of finding just the right business coach, examining potential coaches' backgrounds and experience. We also underline the importance of measuring their success, because this investment is all about enhancing your practice’s growth, performance, and long-term success.

But as we strive to thrive in our businesses, how do we ensure that personal happiness isn't sacrificed? This is the crux of our concluding chapter, where we discuss the delicate balance between business success and personal fulfillment. We encourage you to join us on this blissful journey to success, promising a plethora of ways to stay connected and find support. After all, the pursuit of success doesn't have to be a solitary journey.

Interested in working with me as your buisness coach? Contact me on Instagram at @blissfulbizventures

Transcript

Speaker 1: 0:00

Welcome to Blissful Biz Adventures, succeeding without sacrificing happiness. Ready to discover the path to success and fulfillment, join a vibrant community of dreamers excelling in both realms. I'm Jamie, a CEO and multi-business owner leading a growing group practice of 12-plus dieticians. Let's embark on a transformative journey where contentment and success go hand in hand. In today's episode, we're going to be diving into the single most transformative piece of advice that I can give to private practice or group practice owners and I would scream this from the rooftops every day if I could and if anybody were to ask me after owning your business for five-plus years, with all you have learned, all you have been through, what piece of advice would you give to people out there? And I would absolutely say my number one piece of advice would be invest in business coaching as soon as you are able, as soon as you have the means to invest that in, as soon as you make any kind of profit, invest it back in through business coaching. Business coaching has been transformative for me and I will explain the ways in which it has been, and I can also say confidently that it continues to be successful for all business owners out there, with staggering statistics about how much it helps you as a business owner to feel less alone, to be able to thrive in it, to be able to just get that support and be able to manage your life having a business, and also, of course, it helps the business tremendously and I can say that it is a great opportunity to get into all of those different ways in which it does do that.

Speaker 1: 1:52

Now, as private practice owners, as group practice owners, as entrepreneurs, there are common challenges that practice owners face. Right, we're no strangers to these unique challenges that entrepreneurs have, that, specifically, group practice owners have, that we encounter daily new things popping up all the time, from the intricacies of financial management to the complexities of client retention or managing a team leadership. I mean this relentless battle with all these intricacies. It's tough, we have our hands full and these challenges can sometimes be very overwhelming, but they're by no means insurmountable and they can be even less overwhelming quicker. To get out of this, this stuckness in these challenges, more supported, save us time and energy. With having a business coach who has been there before, who has different ideas, who knows what you're going through, who can offer advice, strategies, tools, time savers, resources, I mean really just save an incredible amount of time, energy and overall, just, I guess, help you save your mental health a bit. Your own energy, so the energy in which you give to the business, but your own personal energy as well.

Speaker 1: 3:18

So before we dive into all the different benefits and the specifics around those when it comes to having a business coach, I'm going to lay out a few different staggering statistics to start us off. The first one is time efficiency. Businesses that receive mentorship are reported to be 87% more time efficient in decision making, allowing them to seize opportunities faster, navigate challenges more effectively. I mean just that one alone with your time. What is more valuable than your time as a business owner? And if you can increase that by an MBA 87% more time efficient why would you choose not to do this? It's not the best investment, because what can you do with that time? You get back no brainer. If you even needed another statistic.

Speaker 1: 4:12

The next one is that there is a 65% failure rate reduction when you have a business coach. That is wild With over, with 50% of business owners and businesses failing, not being able to keep up five years in and having to dismantle their practice with 50%. That's the statistics of businesses that fail. Right If you can reduce that failure rate by 65%. Why wouldn't you do that? Startups in businesses guided by mentors experience a remarkable 65% reduction in failure rates, ensuring a higher chance of that long-term success and sustainability. When you're putting so much of your time and energy and heart and soul into your business, you want it to succeed, you absolutely want it to succeed. You don't want it to be short lived, right. You're setting it up for long-term success and to ensure that business coaching can absolutely help with that reduction.

Speaker 1: 5:18

And the last one, and if one of your objections may be that you don't want to invest or spend money, I wouldn't even call it spending money If you don't want to invest in business owning, if you don't want to invest in business coaching, I want to give you this statistic which will have you thinking differently. Research reveals that for every $1 invested in your business mentorship, entrepreneurs can expect a return of $4 to $9 in terms of improved revenue, cost savings and optimized business operations. So getting a business coach actually makes you money. And I didn't tell the truth. I'm going to give you one last statistic before we go into the benefits, because it's just such an important one. Recent statistics also reveal that businesses that invest in coaching experience, a staggering 46% increase in performance. Again, that's 46% increase in performance and you can, you know it's in all areas of performance, whether it's financials, leadership, role, outreach, whatever it might be an increase in performance overall 46%. So that's just wild.

Speaker 1: 6:36

Okay, now let's get into the power of business coaching and all the benefits that come along with it. If you haven't considered business coaching yet, if one of these benefits speak to you, it is highly worth reconsidering. So the first one is going to be, of course, that guidance. But it's not just. It's not just that support and guidance, it's strategic expertise guidance. Right, it's guidance with that expertise, with that strategy that those business coaches who have been there before can provide for you, providing this strategic roadmap for your practice, helping you to define what your long, long-term vision looks like, to set those achievable goals, to put those strategies into place and create. Start creating a step-by-step plan and implementing that plan so you can reach those goals that you have, working with someone with more experience than you, that have had already that time, that experienced those situations and have had to find those tools, develop those tools that you have not yet gained and have been places where you have not been before.

Speaker 1: 7:49

It's almost like skipping the line you are when working with a business coach. You can be on a fast track, or a faster track than you would have been without business coaching, to get to where you want to be. Because if you're, for example, if you're looking to bring more clients into your practice, what is a better thing to do than hire a business coach to give you the ins and outs of all of the things they have experienced over the years that have been and share with you what has helped them most in terms of marketing, what has been a waste of time, what's just been successful for them over the last several years? You can get that information and get started a little bit ahead of the rest. When you are bringing in that business coach to share their experience and expertise with you. They can help you as well with that strategic guidance. They can help you as well to understand what goals are achievable.

Speaker 1: 8:48

How is the short term plan and what you're looking at short term and what you're doing right now going to impact you long term? Because, again, those people have already been there. They have been in the same or similar place as you and has seen how has impacted them in the long run and can give you that knowledge of what they would have been doing differently, whether it's something they would have considered sooner, something they wouldn't have done, seeing the impact it has on the long term. So they have that just that time experience under their belt which can really help you to not only think of short term planning and what you're doing now, but looking into the success of your business in the future as well. They can help you look at the goals and the things that you are trying to implement with being there and say, hey, have you considered doing it this way? Have you considered reflecting a little bit on this goal and the why behind this goal? And yeah, they can just get into that nitty gritty with that experience. So they can really help you map out how to get there with that, with that guidance and with that strategy.

Speaker 1: 10:05

The next benefit is going to be accountability. One of the most significant advantages of business coaching is you have built in accountability from someone who knows what they're doing and who has been there and can just help you help you to hold you accountable to get to that place that you want to go. So your coach really becomes your partner in your success, holding you responsible for your commitments, your progress, your, your health and well being in general, to make sure it's sustainable. So the success of you personally is going to impact the success of the business, right. So they really become like a friend, a confidant, a confidant, a partner, someone who understands, who gets it all while taking all of that into account and holding you accountable for what they know you can do and what you want. So that accountability piece is so key and a big reason why a lot of people get business coaches.

Speaker 1: 11:13

The next one is going to be growth acceleration Hands down. I already shared the statistics here, but your growth is extremely accelerated when it comes to business coaching. When you are implementing a business coach, there's no other thing tool that can accelerate your growth as much as learning from someone who has been there, who has done that, who has been in your shoes, who can save you that time and energy. With a coach, you fast track your practices. Growth you fast track your way out of a not ideal situation. You fast track your ability to get those tools that are necessary to meet that goal. Rather than researching all of that yourself, right, and testing out these different things, experimenting. You can again be a little bit ahead and skip the line, not do as much experimenting, because someone has already done that experimenting for you and can share with you what they have learned and you can take what they give you and decide what you want to do with that. So growth acceleration is huge. By leveraging your business coaches experience and expertise, you can avoid all these common pitfalls and make more informed decisions together as a team.

Speaker 1: 12:36

The next benefit is going to be problem solving. Challenges are inevitable in your business and they will remain inevitable. Hopefully they're far further and farther in between. But really, as you're growing, as you continue to grow, as you create new things, as you grow in different ways, there's always going to be challenges. I think we just get better at handling them, we become more resilient, we might just look at them in a different way, but problem solving and challenging is in challenges are will always be there. With challenges, your problem, with challenges, your coach serves as a sounding board. Really, as a therapist, is your the sounding board to you and your mental health and your emotional health. With a business coach, they can help to be your sounding board while helping you to sort through your thoughts, helping you navigate through certain issues, providing a fresh perspective, providing their own experiences and guiding you toward effective solutions. Right, they are that co pilot. They are the person in the passenger seat while you're at the wheel, able to look at the map and show you where you're heading, those different options, and all of that.

Speaker 1: 13:59

Problem solving is, of course, huge. I use my business coach a ton when it comes to problem solving. Of course, right, I use my business coaches in all these ways, but when it comes to problem solving, it's hard to go about these challenges alone. It's hard. It's really important to be consulting others and to be asking their thoughts, what you might be missing as their perspective. You're missing. Is there a better way to do this? So they can help guide you toward alternative solutions, shared different experiences and help you find the best effective solution for you at that time.

Speaker 1: 14:37

The next benefit is going to be confidence building, and this was really true for me, I think, in the last few years of business coaching and having a business coach, it really helped boost my confidence as a leader and, as I was able to see, through working with someone, that I was along with them, I was able to achieve these milestones, overcome obstacles, develop a greater self-assurance as a business owner and as a business coach, and it was really helpful as well to see that. You know. A lot of what I was chatting about with my business coaches are things that were like knowledge I also had and intuition I also had. I was able to gain a better sense of just confidence in my ability to do a great job as a leader, as a business owner, as a group practice owner, as a entrepreneur and business coach in general. So that was really big. And the last benefit that we're going to talk about today although these are absolutely not all inclusive, but the next benefit is going to be effective decision making. Making critical decisions becomes less daunting with the coach and this this goes hand in hand with problem solving, but when we are specifically talking about making effective, the correct decisions, those are that's a very over that can be very overwhelming as a, as a group practice owner, and so it becomes less daunting with a coach by your side able to help you make those decisions, be your sounding board, share experiences, help you weigh the pros and pros and cons, the potential consequences of going in in different directions and making informed, well thought out decisions and just some bonus things.

Speaker 1: 16:40

I want to add here is from personal experience. Some of the most helpful benefits of having a business coach would be feeling not alone in the hardships of the realities of owning a group practice, but feeling in community, feeling inspired, feeling, motivated, feeling it's hard to describe just less alone in the process. I feel like I, you know I always feel like I have a team. Leadership can be in. Having a business can be isolating, sometimes it's not everyone understands, but when you have a group and a community that understands who can also help you accelerate your growth, help you problem solve, help hold you accountable, give you that guidance you need, give you those tools, those strategies, help you boost confidence, all while also helping to provide community and someone who is there and knows what you're going through. I mean that again is just a no brainer. These are the benefits that I'm going to talk about today, but they are endless. They are, and you see it, as soon as you have, you know, your first few business code coaching sessions, even in your first, and what I see is when people start business coaching and they start to. What I see is when people start to implement a business coach and invest in a business coach. They are. They make sure it continues to happen, no matter what the budget is, because they see the compounding benefits that they from that investment and how helpful it is In so many ways.

Speaker 1: 18:34

So now, if this spoke to you and you feel that you want to go out there and find a business coach, then we want to make sure you find the right one. So we're going to end today with talking about how to find the right business coach. Of course, understanding the benefits of business coaching is essential, but equally important is selecting the right coach to guide you on your journey. It has to be a good fit. So we're going to talk about what to consider, what questions to ask yourself when you are trying to find that good fit coach for you and your practice. First question to ask yourself are what are my goals? Define your specific goals and expectations. Do you want to increase revenue, streamline operations, expand your client base? Knowing your goals and your objectives will help you to find the right coach with that right expertise. So, for example, if you are someone who wants to grow your practice, but the business coach you're looking into is a solo practitioner, or maybe they have a very small group, that means they might not have been in similar situations with someone who has a large group practice, because those the problems, what you experience, finances, all of these things that come up are going to be very, very different, and so you might want to consider if your goal is to be of a certain size, you will want to work with a coach who is around a similar size of where you want to get to, and it doesn't mean that's all inclusive and that's the coach that you have to work with. Like you have to find someone who has an identical practice, because there's a lot of benefit in meeting with people with other goals, objectives, situations, business models super helpful but it's going to be important to first start with your goals and your expectations so you can see who has that expertise, that experience, that knowledge. That's going to be the most helpful for me right now, at this time.

Speaker 1: 20:43

Next question to ask yourself is what kind of coach do I feel that I want, as far as fit goes? So a better way to maybe ask that is what's my preferred coaching style? Think about your learning style, think about how you work best. Do you thrive with a coach who might provide more structure and accountability. Do you prefer someone who is more flexible? Do you prefer someone who's more holistic in their approach? Do you prefer someone who's able to give you resources as well? What kind of coach is going to help you to be most successful? And you might have to experiment with this and see you know, working with a few different business coaches as I have as well to find out what you like, but ask yourself what is my preferred coaching style?

Speaker 1: 21:35

The next question is going to be what is their industry experience? This is similar to your goals, but you're going to want to ask what is my coach's industry experience, right? Have they? What are the experiences they have? What are the hardships they've been through? What? What is the growth that they have been through? Have they been through similar situations? Have they seen a lot of different things? Have they had to make tough decisions?

Speaker 1: 22:04

Research your potential coach's background. Are they familiar with the nuances of your specific industry, right? Right, do they work in your industry? Do or do they have a similar business model? And because those nuances are so helpful to move through with a coach who understands and who has dealt with what you are dealing with and what you will deal with right.

Speaker 1: 22:32

So, honestly, if I for me, as a group practice owner and creating courses and programs, I have coaches who do just that, I have someone who's experienced in leading group practice, who's a step ahead of me in certain ways, who has been through things that I haven't been, and who has a similar size practices me, who is also a dietitian like me, but I also have therapy business coaches as well, because it's it's so similar the dietetic and therapy spaces for group practices. So, anyways, it's it's very helpful to ask can they help me with what I'm going through Basically? Do they know, are they going to know, what I'm talking about when I refer to this? Are they going to go? Are they? Is their response going to be Yep, I know, I know about that. I'm very familiar with that. Let me tell you what I do, what. Let me tell you what I would suggest. Right, have they been there? Or are they going to look at you with a blank face and say I'm not? I'm not sure about that one, because you know they're just not in the industry to understand.

Speaker 1: 23:40

Okay, you want someone who is going to get it and who's going to get you and going to get through or get understand what you're going through. Okay, the other thing, the the next question to ask is how do they measure success? I think this is really helpful when it comes to the feel and the fit for you and your business coach. How does your coach measure, measure success? Everyone measures it differently. You want to be on the same page with your values, with your measures of success, with just the fit in general.

Speaker 1: 24:25

So I'm going to change this question to just what is their fit with how they run their business, with their business, with their values in their business, with their fit as a person? You know, do you connect on a personal level as well? Are they easy to talk to? Does it just you know, kind of like when you're searching for a therapist? Does it feel like a good fit? Can you open up? Can you talk to them? Can you do you know you can count on them to be there? How do they show up? Those are going to be really important questions, because your business coach can be super deflating or really inspiring. Right, you're always going to be in the driver's seat. No one knows all the correct, all the answers, right? But you want someone who is informative, who does have solutions, who does have ideas, who is there to inspire you and be your cheerleader and feels like someone you can just be a friend with as well. So super important questions. So I hope that was helpful questions to consider, stats to consider to move forward with what I think is the most, most important thing you can do for your business investing in business coaching. And I'm going to leave you with another mind blowing statistic to ponder as you continue your day Businesses that engage with coaches experience an astonishing 570% return on investment.

Speaker 1: 25:52

That's not just a game changer, it's a complete paradigm shift. So I really want you to consider that today, because I want you to be successful and I think this is one way in which you can accelerate your growth. Feel less alone. It's the best investment you can do for yourself. It's just for me, has become a no brainer. The minute I have more to invest is the minute I invest in my business coach. Find an additional business coach with a new, creative project that have invested in a group group coaching program. Invest in a new course, because your knowledge, your education, your growth is so vital. So business coaching is just where it's at.

Speaker 1: 26:37

So, overall, business coaching isn't a one size fits all solution. It's really a tailor made approach, so think of it as a finely crafted fit to your unique practice. It's about identifying your practices, specific needs, your desires, your challenges, that you're having your goals and creating, being able to create those strategies that align perfectly with your vision. If you're interested in business coaching with me, if you feel like I'm a good fit, please DM me at blissfulbizventures. I'm happy to have a conversation and see if I'm a good fit for you. If I'm not a good fit for you, there are a ton of business coaches out there and make sure you are picking, make sure you continue to ask yourself those questions we went over today and find that person who can help you with your specific needs, your challenges, your goals and help you to create a perfectly aligned stress, perfectly aligned strategy and vision.

Speaker 1: 27:33

Alright, wishing you all the best, I hope you find happiness in today, enjoy in today and calm in today amongst I'm sure you're never ending to do list until next time. Have a great one and I will see you soon. Thanks for joining blissful biz. Adventures succeeding without sacrificing happiness. Stay connected with our vibrant community by subscribing. Together will uplift and support each other on this blissful journey Until next time. Always remember that in your business you have the potential to not just survive, but to truly thrive.