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The true value of having a business coach

Business coach

Including how to pick the right coach to reach your business goals

As the professional environment becomes more complex, the leaders of today are increasingly seeking out business coaches to achieve greater success.

There are many reasons to engage with a business coach. For a start, two heads are better than one! Especially when one has the wisdom and experience to guide you and your business on the path to success.

And this expertise is becoming more and more valued.

In fact, the business coaching industry is booming.

Without a doubt, the industry is growing and the nation’s best coaches are becoming more and more in demand.

So what exactly is a business coach?

There tends to be somewhat blurred views about what a business coach is and what they do.

But that fuzziness is about to become crystal clear.

Business coaches are typically people who have developed experience as a successful business owner or CEO, who are passionate about sharing their business talents and management experience to help other business owners and leaders grow.

Coaches do more than just teach behaviours; they provide opinions, knowledge and sometimes essential feedback in many areas of business to help you on your way to success.

What makes them unique and valuable is the personalised guidance and strategies they provide based on you and your business. It is their experience, combined with the ever-changing paths to success in the business world, that make coaches so popular.

According to Heather Hansen O’Neill, author of bestselling books Teams on Fire and Find Your Fire,

“Business coaching can help entrepreneurs break through barriers that are holding them back and focus on the actions necessary to achieve their goals. In addition, many business owners now have tremendous interest in investing in coaching for their leadership teams to improve the performance of everyone at their companies resulting in greater synergistic success.”

And as your team of leaders and professionals improve their performance, this is when the returns start to soar!

According to Metrix Global, business coaching results in an average 529% ROI — and that doesn’t even include intangible benefits like improved job satisfaction, clarity of direction and the greater belief in your ability to succeed.

So, do you need a business coach?

While not everyone will need a business coach, there are some common areas where they are proven to bring value.

According to research by Harvard Business Review, the top three reasons coaches are engaged are:

  1. To develop high potentials or facilitate transition (48%)
  2. Act as a sounding board (26%)
  3. Address derailing behaviour (12%)

World-renowned business advisor Ram Charan has contributed to some of the world’s most successful businesses including the Bank of America and GE. In his experience coaching CEOs and top executives, he understands how important coaching will become in the increasingly complicated business world. 

“There’s no question that future leaders will need constant coaching.”

– Ram Charan

Think of it like this: if you want to learn a language, the best way is to learn from someone who speaks the language – a proven way to achieve success and way more fun than trying to learn yourself or having to rely on Google Translate!

The point is this: the best way to learn is from someone else who has the skills, expertise and experience. Someone who can help you and your business do better.

So why not apply this logic to your business?

Now, unfortunately, as much as we can hope and dream, it’s impossible for a business coach to deliver an overnight fix.

Business coaches are a long-term commitment.

Surveys by Harvard Business Review show that for a coach’s efforts to take full effect, the estimated timeframe is 7-12 months.

As well as the time commitment, you should also consider your future business plan and your goals.

Where do you want to take your business in the future?

How far can your business grow and are you ready to take it there?

Looking to engage a coach? Here’s how to find the right business coach for you

It’s important to note that like any business relationship, not everyone’s path to success is identical. Business coaching comes in all shapes and sizes from one-on-one, to group coaching, to pre-recorded sessions.

Professor Anne Scoular, who has trained some of the best executive coaches around the globe, shares her two golden rules for hiring a coach1:

  1. Make sure that the executive is ready and willing to be coached
  2. Allow the executive to choose whom he or she wants to work with, regardless of who in the organization initiated the engagement

Another thing to be wary of is that all business coaches have different specialities and different objectives. Some are hired to solve a specific problem, while others are experts in growth and will accelerate the success of your business.

What’s important is to feel comfortable with your coach and to be sure they understand your objectives and are ready to help you achieve them.

Ready to work with a business coach?

Want to grow your business and learn from a pro?

Apply to join likeminded, emerging leaders in the business builder coaching program hosted by Daniel Brown, CEO of MBS Advisory and Coastal Advice Group.

Not only will you benefit from the expertise and wisdom of someone who has started and scaled 3 successful advice practices; you’ll also get access to industry experts who will cover key topics and strategies for successfully scaling your business.

1 https://hbr.org/2009/01/what-can-coaches-do-for-you

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