Three Important Things A CEO Coach Can Do For Your Startup Company
Being the chief executive officer of any business is a challenge, but this position takes on extra difficulties when the company is a startup. Investors have high hopes for the success of a new business, and this creates great expectations of the CEO. One important decision you can make before the first day the business opens is to hire a CEO coach that has experience with startup companies. There are many things they can do to increase your chances of success. The following are a few of them.
They can assist with raising initial capital
One of the leading reasons for a new company failing is that they are under-capitalized. The reason for this is that an entrepreneur will simply underestimate how much money is needed in the first year or two. A person who has been in the same place as you are can advise you on the areas you may have underestimated your need for money. This will give you the chance to raise more capital before the business begins operations.
They can help with the startup strategy
It not enough to have a sufficient startup money. You need to develop a strategy that you will implement, from the moment you open your doors. Business plans are fine to help raise the initial capital, and they do help give an overall picture of what you hope to accomplish, but your initial strategy will help propel your business forward so you will have a good chance of being off to a fast start. Having a coach also means you will have someone to help you with changes you may need to make, in order to adapt to unforeseen circumstances.
They can help you avoid mistakes
Some of the biggest mistakes a CEO of a new company will be in the first few months of operation. These types of mistakes are those that are common to entrepreneurs in general, and cannot be avoided by reading a book. A person who has been where you are can give you the advantage of his or her experience. Avoiding bad decisions, in the initial phase of your business, is one of the keys to success.
When you look for a coach that is right for you, there are criteria you need to consider. Of course, you want someone who has been successful with one or more startups and is familiar with startup business CEO coaching, but you also want to find someone who has experience in the general area of business you will be operating in. You also want to have a coach with the education to complement his or her experience. Lastly, you should have a comfortable feeling with the coach, as well as good communication.