One of the biggest challenges Business Coaches and entrepreneurs are facing right now is knowing how to move their businesses forward in a constantly-changing world.
With the global pandemic, many business owners have had to close their doors temporarily, make huge adjustments to follow the government’s and CDC’s guidelines and mandates, navigate laying off employees, re-work the way their business operates, deal with people generally spending less money right now, lead themselves and their teams through the fear and uncertainty of the current times, and so much more.
So how do you as a Business Coach continue moving forward in your business when so many clients and potential clients are facing troubled times? If you find yourself completely lost and unsure of how to move your coaching business forward right now, here are 3 ways to get going:
1. CREATIVITY AND INNOVATION ARE KEY.
Change is inevitable. Many businesses fail when entrepreneurs stay rigid in their ways instead of adapting and finding new opportunities amidst change. If your coaching business is going to last, you need to learn how to EMBRACE and PIVOT when change comes. View it as an opportunity to think outside the box, find untapped potential, and implement new ways to bring in profit. If needed, adjust your coaching for the time being. Listen to what your clients need RIGHT NOW. They might not need your typical coaching on team-building and instead might need to know how to stay afloat through the government’s regulations. In your own coaching business, get creative and be on the hunt for untapped potential, and help your clients do the same. For example, if your client owns a cleaning company that services buildings that are currently shut down, they might consider pivoting to offer disinfecting services to homes or other facilities that need those services right now. Or if you’re coaching the owner of a clothing boutique, perhaps a solution could be to help them expand their market by building their online presence and marketing to a wider client-base. Whatever field your clients may be in, or whatever struggles they are currently facing, ask them how they can adjust their business model to find new profit centers. Because so many businesses are struggling right now, it is your time as a Coach to shine. Helping business owners conquer difficult challenges by thinking differently is what we do. Now more than ever, businesses need someone with the knowledge, wisdom, and insight that you carry.
2. READJUST YOUR FINANCIAL GOALS
The reality is that spending habits change in times of uncertainty. Unfortunately, millions are out of work right now, and when people experience uncertainty, instinct tells us to conserve and save money wherever possible. If your coaching business has taken a hit financially, there are a few practical steps you can take. One is to reexamine your budget and financial goals. Take a close look at all of your business expenses, and eliminate any extra expenses that you don’t need right now. Take a look at the money coming in, and reallocate it to cover essential expenses as needed. There are also several resources available if you live in the United States. If you are a Small Business, check out the SBA Covid Relief Options. If you live in California, you may qualify for the Pandemic Unemployment Assistance program for business owners and self-employed individuals. Even if business seems slower right now, or your current clients are unable to pay, don’t let that stop you from creating more new business. There are people out there that need your coaching; go and find them!
3. TAKE CARE OF YOURSELF
Did you know that it’s not selfish to take care of yourself? We’re not saying to ignore and neglect everyone around you, but in order to serve and lead others well, you need to be in a good physical and mental space to do so. A lot has happened this year, and we’ve all experienced a significant amount of change and new challenges to overcome, so have grace on yourself. Fear, anxiety, and hopelessness have no right to overtake you. Be aware of your mental, emotional, and physical health–go for walks, exercise, pray, stay connected with friends and family, take breaks from thinking about work, watch a funny movie, laugh, eat nutritious foods, enjoy life, and always hope for the best.
Things may seem uncertain and challenging right now, but you always have choices. Choose to do whatever it takes to succeed, choose to be wise with your finances, and choose to be the kind of Coach that others are inspired to follow. This isn’t the end of your story, it’s just one chapter, and you can be confident that there are good things to come! If you have specific challenges you’d like to work through, feel free to contact us for support. We are here for you!