“I’ve grown my business, I’ve achieved some success, but now I feel stuck. What’s next?”
Do you ever find yourself asking this question?
It’s hard to know what to do. You may ask your friends, family, support network, industry group, accountant, lawyer or business coach for advice. These people may have been helpful to you in the past, but now they’re not quite offering you the level of support you need. You’ve outgrown them. You’re no longer challenged.
Who do you turn to?
This is a common situation many business owners face. They’re brilliant at what they do, they’ve created an amazing business (often with the help of a business coach), but they reach a point of stagnation.
What should you do now? This is when you need an advisor.
But what is the difference between a business coach, mentor and an advisor?
A coach focuses on task and performance. They’ll coach you in how to improve at a specific task and give you feedback based on your performance and results. A coach will set or suggest goals and work with you on achieving those goals.
A mentor builds your capability. They develop, educate and guide you, helping you to discover your wisdom. They have more experience and knowledge than you, but your relationship with your mentor is “offline” – that is, they don’t have the authority over you that a coach has.
An advisor gives professional, tailored advice. They are a content or subject expert who knows what you need to know. They will challenge your thinking, hold you to account and advise you on specific items to take your business and career to the next level.
So, when you find yourself asking, “What’s next after a business coach?”, the answer is an advisor.
Here’s an example …
One business owner we’ve been working with – a brilliant man – had outgrown his informal and formal networks, including his business coach. He didn’t know what to do next.
Fortunately, he found the right advisor, who advised him on areas he hadn’t even considered. The result was that in six months, his income increased by 50%.
Another business we worked with had a similar issue. The owners knew they weren’t the right people to take the business from $10 million to $50 million. How could they go from good to great?
After we advised them on the systems, processes, procedures, culture and strategy they needed, they not only reached $50 million, they exceeded it, and are on track to reach $100 million. An advisor was exactly what they needed.
In business, “you don’t know what you don’t know” – which is why you need an advisor. You cannot expect to double your income or go from good to great without the right advice. It’s a bit like transforming from a caterpillar into a butterfly. It takes time, pain and experience.
Do you have the right people with the right experience in your corner?
You can go from good to great. When you’ve outgrown your business coach, the next step is the right advisor to give you that exceptional guidance.