Business Coaching – Is it An Investment Or An Expense ?

Commonly, businesses that have not found a business coach (or a mentor) haven’t done so because they believe it’s a relationship they can’t afford.

The truth is, this is a relationship that you can’t afford to do without.

Whether your business is struggling, and you need a way to revive it or you simply want to take your brand to the next level, bringing on a professional business coach is one of the most effective options you have available.

According to a report only 29% of business owners, have defined their financial goals but even they can’t confidently say that they will achieve them.

Most business owners move about in a dark tunnel and here a business coach is like a flashlight to take you forward avoiding most of the bumps and falling over obstacles.

Ways in which a business coach can help:

A. Build a clear business vision

You may be a specialist in your field, but running a business puts you in a unique position where you are responsible for both the vision and the execution of ideas.

A business coach will assist and guide the business owner in running their enterprise by helping them get clarity of the vision of their business and aligning it to fit in with their personal goals.

They help owners figure out what their goals are, and build a road map to reach them.

Business coaching is a process used to take a business from where it is now to where the business owner wants it to be.

B. Make Actionable Plans

Business coaches help business owners understand why reaching business growth goals is important to them personally, and the impact it will have on their life. After all, if it is not linked to one’s personal dreams, goals and plans, there is no fervent reason why getting to that business goal is critical.

Coaching uncovers the underlying motivation for wanting to grow the business:

Passion for the business and the potential to make an impact.
Buying free time to pursue other passions.
Personal fulfillment and helping others.
Building wealth.

C. Accountability

A very important element of business coaching is the accountability that a coach provides. With a deep understanding of you, your goals, and your situation, they provide invaluable feedback at every step. It is very easy to slip back into old habits, but a business coach keeps you focused and motivated to keep to your commitments. (S)he measures and keeps a track of all progress, making the whole process very transparent and driven to reach your goals.With a coach on your side, you can stay motivated, celebrate successes, and bounce back from temporary setbacks.

D. Management Skills

Coaches help improve your management and leadership skills. As your business grows, your role also changes to a greater management capacity. Coaches help you handle difficult business problems and decisions. By helping you make your processes and procedures so well defined, they support you in becoming confident to handle the many challenging circumstances that are unavoidable in the path of growth.

E. Marketing Advice

In a developing business, the onus of driving the entire marketing strategy and effort falls on the shoulders of the business owner which at times becomes arduous and overwhelming. A business coach can help you see what you’re not seeing. An experienced business coach who is well-versed in branding, marketing strategy, and tactics can lift your sales numbers and keep you from wasting resources on ineffective methods.

Famous entrepreneurs who have taken the help of Business Coaches

Many successful entrepreneurs like Steve Jobs, Bill Gates, and countless others have also taken business coaching at some stage of their careers.
Eric Schmidt – formerly the CEO of Google in an interview with Fortune magazine said, “Everyone needs a coach”
According to some of the different surveys conducted –

Businesses that employed a business coach saw an average return on their investment of 5.7 times the amount that they paid for the coaching services.
Executives who received both coaching and training were able to increase their productivity by 86%
61% of owners report that it increased their job satisfaction
67% of business owners and executives report that business coaching increased their teamwork skills within their business

Every serious athlete and every top performer uses a coach to bring out their best.

Watch TED talk 2017: ‘Want to get great at something? Get a coach’ where a doctor gives his input on Coaching and the huge benefits he gained. (Dr. Atul Gawande, ‘Want to get great at something get a coach’ on Ted Talks, link at :

https://www.ted.com/talks/atul_gawande_want_to_get_great_at_something_get_a_coach?language=en

Business coaching is a thought-provoking, introspective, and creative process. The process empowers clients to maximize their personal and business potential.