“Does coaching work? Yes. Good coaches provide a truly important service. They tell you the truth when no one else will.” Jack Welch, Former CEO of General Electric
Entrepreneurs and business leaders have a lot of preconceived notions when it comes to business coaching. But if these beliefs are holding you back from getting an effective business coach, you’re missing a huge opportunity to improve your skills and your business’s performance.
Business coaching is specifically tailored for your unique situation,and it therefore helps you make better decisions and become a better leader.
Over the years, I have heard lots of excuses as to why a business coach was not of interest, equally, the quotes from leaders after they completed successful coaching provides the evidence that an investment in an effective business coach has a significant return on that investment.
“Coaching is expensive.”
The reality? Running a healthy, well‑managed business leads to both cost savings and growing profits.
Coaching is about learning how to perform better, how to lead your business into growth and success.
An effective business coach will provide a return on investment that means you will have recovered your annual cost of coaching investment within six months.
“I don’t have time for this. I’m too busy running my business.”
Most entrepreneurs spend their time fixing problems and fighting fires. But, by not taking the time to get on top of fundamental challenges, you’re accepting that your problems will continue and probably get worse.
A business coach can help you identify and resolve the root cause to get out of this vicious cycle. If you allow your business coach to structure your time, you make the most progress within a set and manageable period—usually, two to three hours a month.
“I already know what’s wrong in my business.”
Visible problems are usually symptoms of bigger issues that can only be identified through a careful, thorough assessment.
Don’t waste your money treating symptoms that will come back if the root cause is not identified and addressed. A business coach will take a holistic view of your business, find the underlying cause of the problem and then coach you on how to fix it.
“Coaching won’t change anything in my company.”
Nothing will change in a business unless you’re convinced of the benefits of the change and know how to make it happen. The right business coach can help you better understand your business and develop leadership skills. That will enable you to make changes that will have a positive impact on your company’s performance.
Coaching helps you become more confident. Through the sessions you will have a better understanding of your business’ strengths and weaknesses and know how to make it more successful.
“I don’t need another adviser. I need someone to fix my problems.”
Think of coaching as a learning experience. The goal is to transfer knowledge and know‑how to you and your management team.
Business coaching is about teaching you how to fish, not fishing for you. It’s about teaching you the knowledge and skills to address problems on your own.
What I find most interesting, is that in most cases, you have the answer that's right for your business or situation, you just haven't been challenged or given the right channel to recognise the solution is within your grasp.
“My Chairman and Accountant give me advice. Why should I pay someone else to do it?”
Chairman and Accountants can be valuable advisers. But an experienced business coach will look at your company as a whole to determine the cause of your challenges and help you learn to solve them. Your problems could be strategic, operational or HR‑related, so you likely need broader expertise.
Beyond the advice, the right business coach will provide you with a systematic approach and tools you can use to address fundamental issues with confidence.
You must also remember that a Chairman or Accountant has the businesses interests at heart, they have a vested interest in the broader business whereas a business coach only has a vested interest in YOU.
So, with more and more business and personal challenges we have to deal with, it really is worth while considering a business coach to support and help you through the next phase of your leadership journey.
Alan Ball
Rosia Bay
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