The Importance of an Executive Coach in Crafting a Business Plan

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Business Plan

Before you ever step foot in a boardroom or bank while trying to open a new business, you should have a well-crafted business plan that outlines all of your objectives, goals, and visions, as well as the manner in which you hope to achieve them. This process can feel overwhelming. After all, if you haven’t even opened your doors yet, how can you choose goals that are proactive and specific to the needs of a company that doesn’t quite exist yet? That’s where an executive coach comes in. An executive coach with specific training in business development can help you seek out the personal and professional objectives that are going to lead to success in the future.

Improve Your Weaknesses

An executive coach can help you by focusing on your strengths and using them to mitigate your weaknesses. You’ll find that as you continue to work towards setting objectives for your business, some goals will be aligned with what you’re good at. Here’s an example: If one of your weaknesses is that you don’t do well during phone calls and one of your goals is make cold calls for marketing purposes, you’re going to have a very hard time finding success in that venture. An executive coach will take the time to identify the goals that can wait until you’ve improved your weaknesses, leading to better chances of success in the near future.

Purpose and Direction

They can also help you find a sense of purpose and direction in your aspirations to open a small business. Too often, businesses fail because their owners didn’t really want to open them in the first place. Instead, they were seeking fulfillment and change in other aspects of their life. Unfortunately, the decision to open the business can be a costly one, and if you’re not ready for the challenges, you may find yourself on the other side without funds or a way to get back on your feet. Approaching your small business decisions should be a guided process, one in which you understand every motivation for what you’re doing. Once you understand yourself, you’ll develop a better understanding of who you are as a business owner.

Catalyst Group, ECR is passionate about helping business owners find their voice and their leadership style, which can lead to higher success rates and more satisfaction with your decision to lead a company. Read more about how Lori can help you become an informed decision maker in both your personal and professional lives.

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