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What’s the Importance of Business Coaching?

January 23, 2019 by  
Filed under Money/Business, Weekly Columns

(Akiit.comA lot of small and large business owners have never hired a business coach to analyze their company for what they are doing right and wrong.

A lot of times companies will go for years trying to increase their revenue, returning clients, and overall profits but can’t figure out why they aren’t growing.

It’s common for companies to ask for an inside perspective from their employees about what they think needs improving, but that can only get you so far.

Hiring a business coach means you are getting an unbiased, outside perspective of your business and get the expertise of someone who helps businesses for a living.

Commonly, human resources consulting companies offer business coaching services, as well as assessments of employees and CEOs to ensure a strong structure is in place. 

Business coaches can be valuable for building your confidence when dealing with new and challenging situations. Perhaps you just landed a huge client and are intimidated by their expectations. A good coach can steer you through challenges and build your confidence for future challenges. Companies such as; help energize start ups, and existing businesses, as different niche markets, require more of a hand on approach to reach goals, etc.

A business coach offers an objective view of things and can combat any unconscious incompetence going on in the company. It is common for businesses to have blind spots that they aren’t aware of that a skilled business coach will point out based on their own experience. Business coaching is therefore important even just for that aspect of it.

Creating a long-term financial plan is another specialty of business coaches. Deciding where monthly marketing budgets should be spent and where cuts can be made is important for long term success of a company. They can help you avoid financial pitfalls and guide you to decisions that will improve the company’s financial wellbeing.

Onboarding coaching is a popular service offered by HR consulting companies. Statistics show that 40% of new senior executives will fail within 18 months. An onboarding coach aims to ensure long-term success for new executives and help them add greater value to the company much quicker than usual.

Some components of onboarding coaching include: identifying a leadership style required for the new role, accelerating the learning curve and integrating the new executive into company culture, developing early wins for the executive to establish credibility in the company, and planning strategies for success for the first 1, 3, 6, and 12 months in the role.

Another reason for a company to hire a business coach is to increase employee retention rates. Coaches can work directly with current employees as well as improve workplace culture to make employees want to stay. Keeping your workers happy and empowered is key to continued motivation and a strong foundation for the company.

If your business is struggling and you aren’t sure where to start fixing it, a business coach might be the right choice for you. The initial cost of coaching is worth it considering the long-term benefits gained. It is a wise investment for your business, but make sure you do your research on the business coach before hiring them. You’ll want to make sure they’ve worked with companies in your industry before and have proven results to backup their claims.

Do your research and find a coach for your business if you think it’s right for you.

Staff Writer; Greg Ross

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