In a recent survey of 759 entreprenuers, it turned out a staggering one in six have turned to business coaching. Find out why now, more than ever, is business coaching so important.
Business coaching has become, and continues to be, a huge asset in the arsenal of many entrepreneurs. More than ever, start-up companies, pre-revenue and even established businesses are taking on a business coach, or business mentor to take them to the next level. It is not difficult to see why, the benefits of doing so, even from the outset, seem clear. There are some less obvious ones to consider, when trying to understand why business coaching is important. There are some great examples of why business coaching will help your business, but as for why it is important…
The most clear and obvious reason, as backed up by Forbes, is to drive financial gain for the individual or business that is employing the coach. Any business, small, medium or large has to demsontrate a return on investment. Business coaches and business mentors are no different. Personally I have found that there are two ways that coaches can drive such a return on investment. One can be with general business foundational support, this is an area we have had huge success with for many of our clients. Newer entrepreneurs may require general business support and guidance. Secondly, and commonly in larger organisations that will have internalised more business skills and specialisations, is through sector specific coaching. For example a manufacturing specialist, or industry expert.
The consistent message I get back from clients that never considered coaching before, is just how much gain you can get from as little as 60 minutes.
Setting up a business can be lonely. Very lonely. Having a business coach or mentor gives you someone to lean in to when you need support. Whilst of course, any sort of coaching and mentoring is there for the academic and operational enrichment of a client. There is also the emoitonal support too. As a consultant, you are clearly focused on delivering the overall project, and stopping project creep is a big part of a consultants job. That doesn’t, however, stop the consultant being a great advisor to the entreprenuer. For our clients, we see this as a great added value of what we offer.
In our other page about the benefits of coaching, we look at the growth zone, and how coaching increases what you as a person are comfortable in dealing with. When talking about why business coaching is important, we cannot overlook this commitment to yourself as a plus point. Business coaching actively promotes your own personal growth and should be looked upon as an important part of an individuals continual improvement plan. Investing in yourself as a person, a business owner and an entreprenuer is a key factor as to why coaching is such a good option for any business.
Taking on accredited, paid for and professional business support does, ultimately, cost money. Going back to the return on investment schedule. You are going to need to see that return. A good business coach and mentor will most definitely support with your business, even pull documents together for you. They cannot, however, do it all. You as a business owner must also step up to the task, and have a huge amount of input. This is not only how you will grow, but how the business will have success. Actually engaging someone will give you the motivation to not only take on board the advice, but actively use it too. Helping you take your business to the next level.
Business coaching is important because it reinforces an entreprenuer or employee with tools and knowledge to make a difference to their business. Ultimately, the aim is financial reward, such as business growth or sale, but there are also extra benefits too. These include general support and discussions around business decisions, an increased focus on your business as well as individual growth that will last long after the coaching finishes.