Is Business Coaching For You?
Most business owners that looking for advice on how to grow their company have a limited amount of quality resources to turn to. Online research can lead you to countless online articles and Ebooks on how to build and grow a business, but at the end of the day, every business is unique and generic advice is hardly a suitable substitute for personalized guidance.
The good news: business coaching is a professional service where business owners from every industry can receive the personalized guidance they need to answer their specific and many times challenging questions and make their business a success.
1. What is Business Coaching?
A business coach is typically an experienced entrepreneur and a business owner who uses their talents and skills for building and growing businesses to help other business owners reach their goals.
While there’s plenty of information and advice available for those who search online, how to start and grow a business, all of it is mostly generic and will not provide you with specifics to grow your unique business.
Business coaches, on the other hand, can provide something far more valuable, more personalized, a custom advice that can take years if not decades to discover by yourself. It is a short cut to the finish line.
If you want to learn how to play a guitar, it’s much easier to find an experienced guitar teacher than it is to teach yourself.
Likewise, if you're an athlete and you wish to improve your skills and grow your potential, the best thing to do is join a team that has a great coach to help you develop your skills.
Business coaches are usually expert entrepreneurs who know exactly what it takes to make businesses successful.
For a fee, a business coach works alongside executives and owners to help them define their goals, polish their vision for the future of their business, and help provide a series of strategies that will lead the owner to achieve their goals and accomplish their vision.
Having a business coach on your side is just like having a highly experienced partner on your team, and the value that they offer to your business is priceless. For example, when a business owner has tough questions or when the business owner runs into problems along the way, the coach will be right there to help them navigate their issues in the most effective way possible. It saves time, it provides comfort and assurance.
If your business is struggling, if you need a way to revive your business or it's simply time to take your brand to the next level, hiring a professional business coach is one of the most effective options available to you.
2. What Specifically Does a Business Coach Do?
A business coach works to refine your vision for your future, clarify your talents, hone your goals, develop the skills necessary, help guiding your decisions, and do everything else to ensure that you and your business are successful.
A business coach will begin working by learning everything that they can learn about you, your brand, your value propositions, your target customers and the challenges you will face on your way to the next level.
Every company is unique, every business owner’s vision is unique as well, and a business coach will need to know exactly what you are going after before starting the process of coaching. The coach will learn more about your vision for your company and the goals that you have set for the business by asking specific guided questions designed to reveal a clear picture for what is to be accomplished.
The next step, a business coach will work with you to set attainable goals for your team. These are the goals you will need to hit in order to efficiently grow and achieve the vision you lay out.
Once your goals are set and clear, your business coach is going to help you meet them, aiding you in discovering a set of strategies and action plans to push your business to meet its goals and helping you navigate through the challenges that come up along the way.
Throughout the entire process of growing a business, your business coach will serve as an invaluable source. Running a small business or a large corporation can often feel like fumbling around in the dark hoping to find what you are looking for. In this example, a business coach serves as your flashlight, lighting up the room for you.
3. What Can a Business Coach Help You With?
Whether you want to revive a struggling business or make an already successful business even more successful a business coach is here to help.
A business coach can help building new businesses from scratch, advising executives and owners as they go through setting up their businesses, defining their mission, vision and goals, and putting in place short-term as well as long-term strategies for the business.
In addition to new businesses, a business coach is many times hired to help existing business owners that have hit a plateau in their company’s growth as they figure out how to take their business to the next level.
Alongside improving operations and growth of a business, a coaches is also there to ease some of the burdens on owners to make their journey easier and more enjoyable.
Running your own business can be very rewarding, but it can also be very demanding and stressful especially when you are running an entire company all on your own.
Working with a business coach, someone in your corner who can assist you through the challenges you will inevitably face, someone who serves as a source of experience and expertise that you can rely on when the going gets hard.
A business coach is able to make the lives of owners much less stressful, and make their journey more enjoyable.
4. Famous Entrepreneurs Who Hired a Business Coach
It might surprise you that even the world most successful entrepreneurs and business owners and executives have relied on business coaches to help and guide them through their challenging times.
Formerly CEO of Goole, Eric Schmidt, said that hiring a business coach is the best professional decision he has ever made. After being convinced by a Google board member, Schmidt decided to begin working with a business coach and experienced amazing results. During a Fortune Magazine interview Schmidt had said: "Everyone needs a coach, every famous athlete, every famous performer has somebody who’s a coach. Somebody who can watch what they’re doing and say, is that what you really meant? The one thing people are never good at is seeing themselves as others see them. A coach really, really helps."
Other famous business owners and entrepreneurs who benefited from working with a business coach are: Bill Gates, Steve Jobs, Princess Diana, Oprah Winfrey, Bill Clinton, Warren Buffet, to name a few. These entrepreneurs, even though already successful, realized that only a business coach can elevate their success even more.
5. Important Statistics About Business Coaching
A Manchester Inc report (click here to read the full report) had found that businesses who employees a business coach saw an average return ROI of 5.7 times the amount they have paid for coaching (that's 570%).
Another study conducted by personnel management association found that executives who received coaching in addition to training increased productivity by 86% compare with 22% production increase by executives who only received training and no coaching.
Matrix Global LLC study showed that businesses who paid for coaching saw a $7.9 return for every $1 spent. (790%). In all, their study concluded that Leadership Coaching produced a 790% ROI.
Another study shows that 40% of Fortune 500 companies make use of business coaching to help develop their executives and high personnel.
Like any other business expense, investing money for a business coach is a business investment – and when hiring a business coach, you should consider the rates of return provided above to calculate your ROI.
6. Common Questions About Coaching
Can a business coach help me grow my business?
If growing your business is your goal, a business coach can certainly help you put together the strategy to grow your business, however growing your business is not the only reason to hire a business coach. If you are looking to gain clarity, be more productive, save time, save money, grow your ROI, improve your overall life experience, a business coach can help you with all of these achievements.
Can a small business also benefit from a business coach?
A business coach can help any business at any level regardless of size. Small businesses many times gain larger benefits from business coaching and it is very common for small businesses to hire a business coach.
What should I expect from the first coaching call?
Normally the first coaching call is what we call a discovery call. Your business coach will ask you questions to get to know you, your business and your goals. You will clarify what your intentions are and discuss how the relationship will unfold, going through enough questions to be able to determine what comes next and how to prepare for it.
7. I feel ready to book a coaching call. What's next?
When you are ready to book your first coaching call, all you need to do is click on the button below and we will contact you via email. Your first step will be to complete a coaching questionnaire that outlines your current position, your business type, and basic information about what you are trying to achieve.
Once the coach goes over the information you provided, the coach will then send you 3 time options for a coaching call and put you on schedule.
If you have any questions, please feel free to email us directly by clicking here: firstname.lastname@example.org