Family Businesses who work with experienced and professional business coaches have different benefits based on their challenges, situations, and expectations.
Generally, coaches are hired to handhold, listen and give honest straightforward feedback. Clients look for a friend, mentor, guide, teacher, hard taskmaster, and subsequently a business coach.
Normally, the challenges faced by family businesses are:
- Confidence
- Goal setting
- Prioritization
- Decision making
- Financial planning Team building
- Team building
- Authority, Accountability, and Responsibility
- Internal – External resistances
- Business Modeling
- True Mentor and Guide
Benefits of working with a Business Coach in a Family business:
- Vision Clarity
- Better goal setting
- Improved relationships
- Balanced Life & Work
- Self-awareness & self-discovery
- Improved confidence
- High Profitability
- Business Expansion
- Family Structuring
- Empowered Team
- Delegation
- Better life quality
- Unbiased feedback
Impact of Business Coaching on a Family Business
- Improved Productivity, Quality, and Customer service
- Increased turnover, profitability, and market share
- Reduced downtimes, rejections, and complaints
- Improved teamwork, morale, and job satisfaction
- Increased creativity and innovation
