Business coaching has become quite the thing these days. For business owners, the question is whether you really need a business coach. Business coaching can be expensive, but only if it’s not giving you a good return on your investment. The best way to decide if a business coach is worth it is to ask yourself the probability of getting a positive ROI on the money you will spend. Here are some ways to determine that:
Business Coaching Tip #1: Is your business experiencing more competition and lower margins? If so, you are becoming a commodity. A business becomes a commodity when the main decision factor for the buyer is price. This is a place you seriously do not want to go! If you are finding yourself having to lower price to get business, you would benefit from the right business coach. Find a business coach who understands these concepts and has a track record of helping clients innovate in their marketplace in a way that makes the competition irrelevant.
Business Coaching Tip #2: Do you feel overwhelmed? Not enough time and money to do all the things your business needs? Here’s where a good business coach can really come in handy. Find someone who knows how to help clients come up with a practical, simple business plan. One that has an action plan. That’s the first part of your work with that coach. Then, have them coach you through the implementation of the plan. The right plan and the right coach will give you a huge return on your investment.
Business Coaching Tip #3: Is your business capable of selling more products or services, but something is stopping you? If the answer is “yes,” then a business coach might be a good investment. You would want to look for a business coach with a proven track record helping clients increase revenue by removing the limiters to the business (not enough clients, not charging enough, not enough capacity, not the right marketing or messaging).
Business Coaching Tip #4: Have you, as a business owner, reached your “wing span”? This means that your business has grown to the size that you can no longer run it on “gut feel.” If you have reached that point, you will know what I mean when you read these words. I see this all the time with my business coaching clients. See, most business owners intuitively know what moves to make in their business. They manage by their guts. They are successful and the business grows. Then one day they wake up and it feels like they have never run a business before. They feel like they have lost their touch. They haven’t, but the business has grown to the size where they need to grow their wingspan. One of the fastest ways to grow yourself is to hire someone who has been there. Here is where the right business coach can be very valuable. Hire a coach with years of owning their own business (not their coaching practice, but a business that has overhead and employees).
Business Coaching Tip #5: Do you feel trapped in your business? If your business is not giving you the freedom you want then it’s time for a re-design. A good business coach will start with a behavioral profile that will tell you your natural style. Then the coach will help you transform your business into one that calls on your natural style to come into play. The coach will also help you get clarity about what kind of life you want and build the business to support that lifestyle. Too many people who start businesses for the freedom they imagine they will have end up trapped in them. It’s not necessary and the right business coach can help break you free. When you break free, so does your business, and the bottom-line is often impacted very positively.
If you answered “yes” to any of these questions, then ask yourself what your bottom-line could look like if you could change the answer to “no” by hiring the right business coach. If you could, for example, say that your business is no longer pushed by competition to lower your price. How much would that impact things? Then determine whether investing in business coaching would be worth it. My guess is that if you answered “yes” to one or more of these questions, you should take a serious look at hiring a good business coach.
I am a Master Certified business coach who has been helping clients improve their bottom-lines by an average of 47% since 1998. If you would like a complimentary session to see if coaching might be right for you, call me today.
404-378-5026
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