One of the hottest news headlines in the business section of the papers this morning has Yahoo taking up a prominent position. The Wall Street Journal reports that Starboard Value, an activist investor with a huge stake in Yahoo wants some significant changes to take place at Yahoo. One of the changes that Starboard Value wants is a move to dump all the members on Yahoo’s board.
Earlier in January, Starboard noted that investors had lost confidence in the management and board after a turnaround has remained elusive. Starboard Value opines in a letter that both the board and the management have “continually failed to live up to their own promises” and they “shouldn’t be trusted” to make decisions for Yahoo or its investors. It remains to be seen if the letter will have any effect on Yahoo’s operations but it does draw my attention to the need for business owners to review the state of their business at regular intervals.
Yahoo shareholders and investors have been keeping the board and management on their feet. However, small business owners might not have shareholders/investors to keep them on their feet (especially if your investors are family and friends). This post seeks to provide you with information about instances when it might be beneficial to seek out a business coach so that you get an objective third-eye view on your business.
1. When Results Seem Elusive
Many people know what they need to do to take their business from point A to point B; except that after doing everything, the result seems to be elusive. If you are at a point in your business where results are not forthcoming, you might want to consider hiring the services of a business coach. A business coach might be a valuable ally offering you an objective view on the things you should be doing or things that you are doing wrongly.
People who have hired a business coach at a point when results seem to be elusive have testified to the number Eureka moments they’ve had. A business coach can help you identify the root of non-performance, increase your ROI, and move your business ahead at a faster pace.
2. When you don’t have enough time and money
As strange as it might sound, it might be in your best interest to hire a business coach when it appears that you are running out of time or money in your business. The times when you think, “I wish I had an extra $20,000” or “if only I had more hours in the day” are the times you need the expert guidance of a business coach. A coach can save you from the “Lone Wolf” syndrome by giving you another perspective.
For instance, instead of seeking more funds and taking on debts, a business coach can help you find ways to cut expenses in your business. Instead of complaining about not having enough time, a business coach can help you to hire and train competent hands to whom you can delegate some tasks.
3. When you are overwhelmed and need to talk
Entrepreneurs and Business Owners often face lots of stress at work in addition to the stress that comes with wearing the thousand and one hats that entrepreneurs wear at the start of their business journeys. When you start feeling overwhelmed, especially because it seems you don’t have control over your business, employees, and vendors – it might be time to hire the services of a business coach.
A business coach can be a confidant with whom you can be free to talk about your business in a way you won’t be comfortable to discuss with your family and friends. You can talk to a business coach and you won’t have to worry about being exposed or losing your credibility or reputation. A business coach can offer you a safe sounding board from which you can get honest feedback and ideas for dealing with pressure at work.