Business coaching can be truly transformative. If you don’t know much about it, this is the ultimate guide.
The basics of business coaching
Some of the most famous entrepreneurs in the world have benefitted from business coaching – Bill Gates and Steve Jobs to name just two. It can have a range of benefits, both for an individual’s experience and also for the business – 61% of owners say that coaching increases job satisfaction and one report found that coached executives increased productivity by 86%. So, what does it actually involve?
- Most business coaches are either business owners themselves or experienced entrepreneurs
- The USP of a business coach is being able to provide individually tailored advice that is unique to the business and/or individual being coached
- Coaches work alongside executives and business owners to help identify goals and objectives, define vision and create strategy to achieve objectives
The key roles of a business coach
Working with a business coach means that you’ll get support in a number of important ways, including:
- Being a source of information, contacts and insight that can help to develop a business and ensure that owners and executives have the skills required to succeed
- Helping individuals to identify strengths and hone talents so as to improve development and create confidence
- Absorbing a wide range of information about the business in question in order to understand everything, from value propositions, to target audience and vision
- Supporting the setting of realistic and achievable goals that will help to drive the organisation towards achieving a future vision
- Providing essential perspective when it comes to making difficult decisions, acting as a sounding board and helping to find solutions to challenges that arise in the process of the day-to-day running of the business
The benefits of working with a business coach
- Revive a struggling business. A coach may be able to identify issues or solutions that those within the business aren’t able to see and apply specialist expertise based on years of experience.
- Taking a business to the next level. If your enterprise is thriving and you’re just not sure how to grow it further, a business coach can open doors and help to define practical strategy.
- Overcoming a plateau. Where the business is stagnating, the insight and expertise of a business coach can help to define new direction and vision.
- A permanent cheerleader. Business can be a lonely place, especially when it comes to discussing results, forecasts or other practical decisions that friends and family may not be that invested in. Working with a coach means you always have someone interested in the business who understands it and who will keep cheering you on even when times get tough.
- Business-specific support. The challenges for a small business are not the same as for a medium sized enterprise – and may vary between sectors too. Business coaching is uniquely tailored to one business and its individual circumstances, which is why it’s so effective when it comes to producing results.
Business coaching is a flexible and focused way to create change within your business and help drive it towards a more positive and profitable future.