What do business coaches do?
They’re the ones to turn to when asking the questions, “How do I take my staff or business to the next level?” “How do I build my customer base when it seems tapped out?” “Should my company enter a new market?” “How do I increase my company’s sales that have started to level off?” “How can I proactively improve my business even though things are going well?”
Interestingly, business coaches don’t provide answers to these questions the way consultants would. Like a sports coach, they challenge you to put in the time and sweat equity toward pushing yourself—and your business—to the next level. They guide you along to arrive at solutions appropriate for and unique to you and your business. They ask you questions about your business and your leadership style. They observe how you and your employees interact with each other and with customers so they can provide an objective assessment of the state of your business.
They encourage you to look at things from different perspectives if necessary, rather than getting mired in the same routines, the same thinking, the same processes. A business coach can hold a mirror up to show you your current mode of operating—and help you see if it’s hindering your progress or working at optimum performance.
Business coaches can encourage you and your team learn to harness your existing strengths so you work smarter, better and more efficiently. Part of working more efficiently may be helping you relinquish control of things that take up exorbitant amounts of time—particularly if you feel you need to manage every minute detail and make every operational decision. They encourage you to let other team members play their part.
Just as importantly, coaches can guide you as you let go of defeating habits, such as arriving at dawn and staying until sunset (this is especially true for business owners and high-level executives)—that often leave little or no time for family or for personal rejuvenation that can help keep you at the top of your game.
Growing need for coaching
Sports coaches, clipboard in hand, often rely on stats to make game-day decisions to improve the likelihood of a win. You could apply the same concept to business coaching. When you consider the following statistics from several studies and surveys over the last few years, it’s easy to imagine that a business coach can help improve these results:
- 92% of respondents to a 2008 executive development study said it took new executives more than 90 days to reach productivity; 62% said it took longer than six months.1
- 56% of employers are enduring a leadership shortage that is affecting business performance.2
- 30% of external hires don’t meet their expectations in two years; 68% of respondents indicated this is due to lack of interpersonal and leadership skills; 45% indicated it’s a lack of personal skills.3
Conversely, according to an executive coaching study, coaching has measurable positive financial effects on the company:
- 23% quality improvements
- 23% cost savings
- 21% reduced turnover
Offering promise for your company’s future
In addition to what the numbers above bear out, the need for business coaches seems to be increasing. You may notice these in your own business:
First, baby boomer managers are beginning to retire—it’s a trend that will continue over the next few years. This makes developing tomorrow’s leaders now a high priority.
Second, as the economy continues its rocky ride, there’s a need for businesses to encourage optimum performance from their employees to ensure their company succeeds. In some cases, positions are eliminated to cut costs, forcing existing staff and executives to take on a heavier workload.
Third, as businesses go “global and virtual,” there is less access and opportunity for company executives to coach staff internally. However, there’s more of a need for employees who can be productive and function—on their own—in a virtual environment without geographic boundaries.
And as the world continues to change at a rapid pace—economically, politically, technologically—business coaching can help you keep focus on where your company fits in it all. It can be a proactive investment in your bottom line, your staff and the future of your company.
References:
Dueease, B. (2007, October 5). NY Times reports women owner’s success due to M3 program and TCC Coaching. The Coach Connection Blog.
Imbriale, R. (n.d.). Why you should hire a business coach today!
Leiber, N. (Small Business Editor). (n.d.). Do you need a business coach? Bloomberg Businessweek.
Peters, H. (2009, February). The case for coaching. Chief Learning Officer.
Endnotes:
1Alexcel/Institute of Executive Development 2008 “Executive Transitions Market Study,” referenced in Peters.
2Aon Consulting “2008 Benefits and Talent Survey,” referenced in Peters.
3Alexcel/Institute of Executive Development 2008 “Executive Transitions Market Study,” referenced in Peters.
4DBM and Human Capital Institute “Trends in Executive Coaching,” referenced in Peters.
