The Importance of Being Coachable When Running Your Business

by | Nov 4, 2021 | Business | 0 comments

A business owner who is not coachable will never reach the peak of their potential.

No matter what type of business you run or own, it is crucial to be open to new ideas and information. It goes without saying, if you are unwilling to adopt new strategies or change your approach, your business growth will likely stagnate.

Of course, humility is the mustard seed of growth. We must first be willing to admit that we don’t have all the answers—which is undoubtedly hard for entrepreneurs hard-wired to roll up their sleeves and solve problems when the going gets tough. But, accepting help can yield extraordinary dividends.

What does it mean to be coachable? How do we adopt a mentality of open-mindedness? And, why should we when we are already a master of our craft?

Why Being Coachable Matters

While it may seem counterintuitive at first, the strongest leaders are often the most coachable ones. Instead of sitting at the top of the pyramid, waiting for ideas to come up from their company, they are actively seeking out information that could help their company or business grow.

Being coachable also demonstrates your desire to improve and become the best version of yourself. You know who you are and what you’re good at, but you’re always looking to take yourself and your advisory business to the next level. Every day is a new opportunity for growth and development.

Being coachable also shows that you’re willing to be a team player and work with your peers. Collaboration and communication are integral parts of any business or company. You know that you can’t do it alone and that you need the support of those around you.

Humility Is a Trait that is Quickly Recognized

A willingness to be open-minded and knowing that others can help you grow professionally and personally is an admirable trait. People think of business owners–especially successful ones– as being very prideful people. A level of pride over one’s business successes is warranted, after all!

Of course, there is nothing wrong with being proud of our accomplishments. If we aren’t proud, we aren’t done. But we can’t let that pride stymie growth. No one has ‘arrived’ at being the best version of themselves—it is a constant evolution that continues until the day we die.

Even the most accomplished individuals have room for improvement. Regardless if you have been very successful in the past, chances are there is someone out there who has more experience, knowledge, or skills in some areas than you do. Without the willingness to let others help you, you won’t achieve your full potential.

An Enhanced Client Experience

A humble pursuit of improvement propels us and our business forward. And in the advisory profession, it also helps to propel clients forward. Wouldn’t it be great to have access to the resources and information that would improve your client outcomes?

You can never go wrong with an enhanced client experience. Not only do you become more referrable, you receive more referrals! Your book of business grows with high-quality leads when the service you deliver is fan-worthy.

Why Being Coachable Can Be Difficult for Business Owners

Business owners are amazing people. They are driven, ambitious, and intelligent. They are risk-takers, people-leaders, and self-starters. These traits are both the key to many business owners’ success and what holds them back from being coachable.

When you have proven yourself capable of making it this far, it is often hard to let go and allow others to guide you. What if they steer you in the wrong direction? It is your business and reputation at stake, after all.

Stop!

Think about it this way: you took the risk to found your own business. But what now? Are you satisfied with the status quo, or are you ready to grow? It’s time to explore new opportunities, consider different approaches, and confront the failures that may have occurred in the past.

You may be great at what you do, but even a tiny amount of self-seeking will probably reveal that you could improve aspects of your personality or your way of operating. We aren’t talking about an overhaul of everything here; even minor 1% adjustments can make a world of difference.

Being Coachable Requires Action

Being coachable entails more than just listening; it requires action!

Being coachable means hearing people’s feedback.

Being coachable means opting to read books and take courses on the subject of being coachable.

Being coachable means implementing the changes that are suggested by others.

Being coachable means actively seeking out the feedback of others.

By becoming coachable, you open the door to new personal and business opportunities you otherwise may miss out on.

Considering new ideas, strategies, and viewpoints can benefit any business owner or key player within a company. Allowing for a culture in which everyone is open to learning and growing will improve morale and help your business succeed in the long term. It’s not a matter of how good we currently are, but rather how great we can become.

At Trivium Point Advisory, we have partnered with a number of advisors looking to grow and scale their solo firm into a growth-minded partnership with our group of mentoring financial advisors. We provide the resources and knowledge you need to transition from a one-man, multi-hat wearing operation into something greater.

For more information on our program, we encourage you to reach out to us. We can set up a time to chat and explore the benefits of partnering with our firm. We look forward to hearing from you.

*The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.. Trivium Point Advisory and LPL Financial are separate entities. Tax and accounting related services offered through Trivium Point Advisory LLC, DBA Trivium Point Advisory, LLC. Trivium Point Advisory is a separate legal entity and not affiliated with LPL Financial. LPL Financial does not offer tax advice or Tax or accounting related services.

 

All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.

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