The Benefits of Business Coaching

The benefits of business coaching are becoming more widely accepted and as a consequence it is becoming more commonplace for business owners to hire a business coach just as they would hire an accountant and book-keeper.

However, because of the cost involved, most business owners want to ask is whether business coaching is worth the investment?

Initially business coaching seems very expensive, especially to smaller businesses. Fees vary widely but some of the bigger companies charge up to several thousand dollars a month.

Most business coaches are well aware of the need to justify this cost so they will be consciously looking for ways to help you find this money in the business. If they can guarantee to find that money that you didn't even know you had, you'd be crazy not to try it.

Benefits of business coaching:

  • Hard Questions
  • The quality of the conversations you have in your business largely determines how successful you will be.

    In many organizations difficult topics or problems don't get properly discussed. The culture is such that everyone avoids talking about potential areas of conflict but this is not healthy for the business.

    As the leader of the business a key part of your role is to enable and facilitate more courageous conversations.

    You will find this easier if you're working with a business coach because it's their job to ask you the hard questions and to challenge you to really get to grips with what's happening in the business.

  • Honest Feedback
  • One of the most immediate benefits of business coaching is having a fresh pair of eyes looking at your business. Business coaches are there to give you really honest feedback in a way that family and friends might find awkward.

  • New skills and knowledge
  • Many small business owners are 'accidental entrepreneurs' ie. they didn't necessarily plan on owning a business, it just sort of happened when the opportunity came up.

    Because of this they may not have been well-prepared and just simply learned how to run a business as they went along. However this often means they have knowledge gaps.

    Business coaches can fill these gaps quickly. Importantly for busy business owners it can be done at your convenience at times and locations that suit you.

  • Business Results
  • One of the most valuable benefits of business coaching is being able to achieve more results.

    Business coaches can seem expensive but if they generate a return on investment that more than compensates for their cost then you'll consider it a wise investment. Consequently, it is in their interest to push you to achieve much more than you would have done without them.

    So, expect to be stretched. You will be pushed to set bigger goals and held accountable on a regular basis to achieve them.

  • Sounding board
  • One of the major benefits of business coaching is the ability to work with an impartial ‘thought partner’ who you can discuss problems with and who’ll give you objective and honest feedback on your performance and how to improve it.

    The success of business coaching comes through the relationship that develops between coach and client. The more comfortable you feel with your coach as a confidante the more you will feel you're getting something out of it.

    A coach is 100% committed to helping you achieve your goals so the more you can open up and be honest the more they can facilitate your success.

  • Personal Development
  • Whilst the intended beneficiary of business coaching is the business, the focus of the coaching is actually the business owner and the other people in the business who have influence over it's performance.

    Therefore, one of the other benefits of business coaching is self improvement which has a knock-on affect in other areas of your life.

Business Coaching Questions:

  • What stage of development is your business at?
  • What challenges are you facing currently?
  • What knowledge gaps do you have as far as running a business is concerned?

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