If you're looking to get past your business chokeholds or expand/grow your business or just want to improve your business in general, you may want to consider getting help from a business coach or mentor.
The Cons
First of all, having a business coach isn't for every business owner, entrepreneur or executive. You must be open to receiving feedback and acting on it. There is no point in having a coach, if you're not going to execute on their guidance. It also requires you to open up and be vulnerable to their constructive feedback. This means that you will face criticism that you may not like. Having a business coach also means that you will be accountable to someone other than yourself. Plus, you need to get the right coach that you can work with. There are plenty of self-proclaimed coaches that pop up every day and some of them don't have the expertise that are required to get the results you may want. If this doesn't deter you, please keep reading.
The Pros
Having a business coach is just like having a coach in another aspect of your life. Similar to a personal trainer, business coaches are there to help you achieve your goals better, bigger and faster than you normally would. As you have probably noticed, only the motivated or the ones struggling have a personal trainer.
There is one certainty in business and this is that every business has limited resources. Even Amazon, the giant that is swallowing up companies like flies, can't take on every venture or innovation. Being successful in business is about being resourceful and using your resources as effectively and efficiently as possible. This is where a business coach comes in handy.
If you have the right business coach, and be aware that not all business coaches are equal, you have better chances of success by having an expert in your corner. How often have you come up against a business challenge that sucks up unnecessary resources, including time, energy, capital, or manpower. Even worse, what about those challenges that you just can't seem to get past, the chokeholds of your business. These challenges can slow your progress significantly or even put your business to a halt. A business coach can help you break through these challenges easier and faster because they have either the experience of dealing with similar challenges or they have the problem solving skills to help you bust through them. Either way, a business coach can help you utilize your resources more effectively which will improve your business.
If you're super motivated and want to grow your business, expand or generate higher profits, why wouldn't you want to get guidance from someone that has helped others do the same? The faster you create, execute, and adjust your strategy, the better the chances of your business rising to the top. Theoretically, if you have two options: a) make $10,000 in six months by paying an expert $2,500 to help you b) make $10,000 in 12 months doing it on your own, which option would you choose? Option "a" is the better deal because you can make $15,000 ($20,000 revenue – $5000 in coaching fees) in 12 months by paying expert versus just $10,000 by not getting assistance. It seems like a no brainer.
So, Why Wouldn't You Hire A Business Coach?
If having a business coach means better results, why doesn't every business owner, entrepreneur or executive have one? For the same reasons why everyone doesn't have a personal trainer. Below are some reasons why an individual in business may not have a business coach:
- The thought may not have even crossed their mind.
- They just don't know where to look to find one.
- They're not completely sure that they will get results by having a business coach.
- They are too busy running the business to even contemplate taking on more work.
- They feel that they can do it on their own.
- They aren't sure of the ROI of having a business coach
- Good business coaches can be expensive.
- They feel that their business is unique and only they would know how to improve the business.
- They want to feel like they can do it on their own.
- They may have had a bad experience in the past.
- They don't want anyone to know that they are being coached.
These are normal thoughts and feelings that many people have.
Summary
Having a business coach is a personal choice. It's something that you have to be comfortable with. The benefits of having a business coach can be substantial if you find the right one. Not all business coaches are equal which we will discuss in a future blog. If you're looking to get past your business challenges or accelerate your progress, it may be worth hiring a business coach to help you.
P.S. For free business tips, tune in to our Perpetual Profits Podcast at www.profitspodcast.com
