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Business coaching has soared in popularity over the last few years. In fact, it has become one of the fastest-growing industries across the globe. Amazingly, the US business coaching industry is now valued at a whopping $11.6bn. Not even a worldwide pandemic could stop it in its tracks.
So, what is the big deal with this new industry? Is it all just hype, or are people finding real, tangible results and actually achieving their business goals?
Well, as it turns out, the International Coach Federation (ICF) reported that 98.5% of business owners expressed satisfaction with receiving professional coaching, stating that their investment “was well worth the money.” But is coaching really for you, or would it simply be a waste of time and resources? Let’s find out.
What Is Business Coaching?
Let’s face it. Running a business is stressful. It’s not only hard work physically, but it can also be a hard job mentally and emotionally. You have tons of different responsibilities on your shoulders. For example, it’s up to you to find new clients and deal with complaints. It’s your responsibility to hire and manage employees. And, of course, you must generate sufficient income.
It’s no surprise that 45% of businesses fail within the first five years.
This is precisely why business coaches exist. The idea behind these services is that experienced business professionals who have walked the walk will assist and guide a business owner in running their company more effectively. This usually entails aiding the owner in setting out clear goals and objectives. The whole point is to get the business from where it is now to where the owner wants it to be (and much more)!
With all that said, here are four common signs it’s time to call in the experts:
You Need a Business Coach If You Don’t Have a Clear Roadmap for the Future
No matter what stage of growth your business is in, you must always have a plan for the future. One common mistake that many entrepreneurs are guilty of is neglecting the need to keep planning ahead once they have successfully navigated out of the start-up phase. In most cases, they usually have very clear and concise goals from their initial business plan that lasts for the first few years. However, once they make it out of the woods, it becomes a little bit more relaxed. As a result, they become less productive.
In fact, 80% of small business owners say they don’t keep track of their business goals. Moreover, 77% have yet to achieve their vision for their company. But as the saying goes, “If you’re standing still, you’re going backward.” In other words, while you’re lollygagging, enjoying the view, the world is quickly rushing past you.
If this sounds like you, your business would certainly benefit from hiring a business coach. You need someone who will support you in designing a plan and prioritizing the goals and strategies you need to push your business closer to your true objectives.
They will also sit down with you regularly and help you establish your roles and responsibilities as a business owner. In this way, you can directly connect your activities with the outcome you are working toward.
A Business Coach Will Help If You’ve Lost Motivation
It can be hard to keep yourself motivated and striving for success every day. After all, you’re human. Eventually, your willpower will subside. However, it’s important to recognize these moments when they arrive so you can prevent them from getting in the way of your business success and achieving your goals.
What you need is someone to keep you accountable for your actions and the promises you made to yourself and to your business. Fortunately, coaches do just that. They are there to keep you focused on the end result and remind you why it is important. Sometimes, the extra accountability from a coach can make all the difference and reignite your passion for your business.
Hire a Coach If You Want to Acquire New Skills
Most business owners (especially those who run small businesses) typically act as the Jack or Jill of all trades. They run around the company wearing multiple hats, making things happen, and keeping the business ticking. The problem with this approach is that it usually means they enter into areas that they are not fully comfortable with. As a consequence, their business is not as productive as it could be.
A business coach will create an executive development program for you to increase your business skills, learn new strategies, utilize your capabilities, and how you can stay motivated for your business.
That’s precisely why there are coaching services out there, such as Clients on Demand (COD). These services concentrate on teaching their students how to actively develop their skills in a wide variety of areas. For example, the COD program shows their students how to implement cutting-edge marketing techniques. COD students learn to find the perfect clients for their companies, a skill not many business owners and CEO’s possess.
Not only that, but the COD program also teaches business owners how to acquire mental fortitude and develop a “growth mindset.” Then, business owners can prepare themselves for the challenges to come when scaling their operations.
Check out this review of their program to learn more about their coaching style and see if it’s a fit for your business: CLIENTS ON DEMAND REVIEW 2020: AN INSIDE LOOK AT THE PROGRAM
One Last Thing
So how do you know when it’s time to seek out business coaching? Unfortunately, there is no hard and fast answer for that question. However, it would probably be a good idea any time you feel like you are overwhelmed or are unsure of what direction to take your business in next.
We are all guilty of losing motivation from time to time. There is nothing wrong with taking your foot off the gas and having a breather. However, the business world is unforgiving, and it is getting more and more competitive by the day. At the very least, a good business coach will help you realign your passions and values with your business objectives. Then, you can reignite your passion and gain a newfound incentive to push forward.