Raise the Ceiling: How Business Coaching Changes What’s Possible for Your Start-up
Business coaching is one of the topics that is covered frequently in publications and is regarded respectfully as one of the fastest-growing industries in the world.
Raise the Ceiling of your Start-up
- With the advancement of the world, the business industry is getting sturdier and more vigorous. Due to higher competition, fewer jobs, and for the sake of something new, a lot of people also make their own start-ups. They put their efforts and hard work to grow their business. But there are times when many start-ups face downfall, or their business growth becomes stagnant.
- Let’s take a look at a common business-owners and executives situation; A successful chief executive officer (CEO) of a multimillion-dollar enterprise wants to expand his business even further, he is applying the same ways and formulas that he used to apply when he started the business because he believes that these things have given rise to his business previously, so he is still relying on them for further growth.
- Though he is following the formulas, his business still struggles to grow in an increasingly competitive, global market.
- On the other hand, there are various monetary situations where ordinary people also have reached the point of no return and got stuck in an endless cycle. They don’t know how to solve business issues.
- These are the situations were businessmen or ordinary people reach to a point where they are unable to grow their business based upon their personal limitations. It’s like when a student is studying a new subject on his own to give an exam without any help from a teaching specialist. He will need a teacher even though he knows how to study and is an intelligent person as the help of a teacher will help him to understand things better and perform better in the examination.
- Similarly, in business scenarios, people have to widen their vision so that they can do more and know what more they can do to benefit their business.
Who is a Coach?
- When you hear the word, coach, you automatically think of a sports coach. Well, coaches play an integral role in sports and most of the successful sports stars would never have gotten to where they are now without their coaches. You can appreciate the importance of coaching from this very point.
- This single interpretation of who is a coach and what he does (a private tutor who gives extra teaching) — leads us to other great success stories involving coaches — particularly in the business world.
What Is Business Coaching?
- Business coaches are experienced individuals, either entrepreneurs or business owners, who elect their talents for developing and growing businesses to help other business owners and start-ups reach their goals.
- Though an individual or business owner can get a lot of information and advice that is available online on how to start a business and grow, the information that is found online is general and not specific as it is written considering people from different backgrounds. While some particular information regarding the growth of a business in a specific industry is sometimes available, but that is still not sufficient for starting a business.
- On the other hand business coaches, provide something that is unique to your business and is more valuable, personalized, and customized advice.
- As the players or singers hire coaches to improve their skills, the businessman can also hire coaches –good coaches and mentors are the quickest routes to success in a lot of scenarios. It’s our negligence that we consider the importance of coaches in sports, but in general and business scenarios, we overlook their importance even though they could be helpful in a lot of ways. It is our negligence that we depend on online sources for business education but do not involve the services of certified professionals whose services have resulted in so many success stories throughout history.
Business coaches know what it takes to make a business successful. They charge a fee for their services as they work alongside executives, owners, or start-ups to
- Help them in defining their goals
- Polish their business vision
- Set strategies that will help to achieve their goals and vision
- Whether a start-up is struggling to revive its self or a business wants to take its name to the next level, having a professional business coach is one of the most effective ways.
To make you realize how important business coaches could be, we have gathered some facts that involve stats as numbers are more persuasive than words. Let’s have a look at these.
- A study by Manchester Inc. reached to a conclusion that businesses who work with a business coach saw an average return on their investment about 5.7 times the amount that they paid for their coaching service.
- A similar study by MetrixGlobal LLC showed that the businesses that spent on coaching saw a $7.90 return for every $1.00 they invested in executive coaching.
- A recent study by MetrixGlobal LLC of executive coaching in a Fortune 500 firms reported a return on investment of 52.9 percent and significant intangible benefits for the business.
- A study of 100 executives conducted by Manchester Inc. found that coaching produced an average return on investment of nearly 6 times the coaching expense.
- An internal Personnel Management Association report showed a significant increase in employers’ productivity by an average of 86 percent when training is combined with coaching compared to 22 percent when training alone.
- 53 percent of business owners and managers say their productivity had increased when they took business coaching.
What Does A Business Coach Do?
- The Worldwide Association of Business Coaches describes a ‘business coach’ as someone who enables an individual to understand their role to achieve business success and to develop that role in ways that are measurable and sustainable.
- Either you are running a small, local business or want to build a worldwide company, a business coach can help you. For many people running a business can often feel like a solitary quest. But, having an experienced coach that you can rely on is a valuable resource available to startups or business owners and executives.
- While there are countless books written by notable people on how to build and grow a business, but every business is unique, and a piece of generic advice is hardly a suitable substitute for personalized guidance.
- Business coaches give personalized guidance that business owners need to make their organization a success. They serve as both trainers and mentors, and their job is to train business people in the skills they need to learn to be successful.
They serve as your private source of information from whom you can ask questions about what you should do. Like sports coaches, business coaches also work to;
- refine their clients' talents
- improve their goals
- guide them in the decision-making process
- do everything else that they can do to ensure that the business stays successful.
Business coaching is a detailed job. Coaches pay deep attention to your startup or business.
- They learn everything they can about your brand to understand your business so that they come with proper solutions for you. They learn about your target customers so that they can tell you customized strategies according to your business.
- After getting to know about your business operations and the system, they focus their attention on your vision for your start-up or brand and ask about your goals for the business.
- They also ask you about your income goals, how much income you want to get, or how much you want to expand your business. Either you want to get a handsome amount to feed yourself and your family, or you want to go beyond that and want your business to turn into a big corporation.
- After that, your business coach will work with you and your team to set beneficial and attainable goals for your startup. In order to grow and achieve the vision you had laid out, you need to hit these goals.
- After setting goals for your business, the business coach will help you meet them. He will plan a set of strategies and actions to aid you in achieving business goals and help you to navigate through any challenges that come up along the way.
- This whole work is not a two-step process; it needs proper knowledge, experience, deep understanding, problem-solving, and effective decision making by a business coach throughout the entire process. Thus a business coach serves as your flashlight as he shows you the way in the business world whether you are running a developed business or a start-up, either small or large.
What Can A Business Coach Help You With?
- Generally, business coaches are versatile in the services that they offer. This means whether you want to revive your struggling business or expand an already successful business. A talented business coach will be helpful either; its a small, local business or an international company.
- A lot of people have a misconception that business coaching services are only for those start-ups and businesses which are struggling or faltering. Though it’s a big part of their job to help such business to get them back on the right track but there is also a wide variety of other business scenarios where business coaches can provide their help and services to business owners and startups.
- Not only business coaches can be helpful for developing or developed businesses, but they can also help with how to build a new business from scratch. They can guide owners and executives as they go through the process of setting up their business. They can help new businesses to define their mission and goals, as well as to develop both long-term and short-term strategies for business to be successful.
- The business coach also helps business owners that already had high business growth to figure out more ways to help them in taking their business to the next level.
Business Coaches Ease Your Burden
- Start-ups or business owners have a lot of burden on themselves as they have to do a lot of work because their job is to run an entire company all on their own. Every person in the company looks towards their guidance and decisions. Though running your own business could be very rewarding, but it can also be very demanding and stressful as well. In this regard, business coaches ease some of the burdens on owners as they help in improving the operation and growth of a business and make the owner’s job easier.
- Whenever you work with a business coach, you will have someone who can assist you through the challenges you will inevitably face in business activities. They serve as a source of expertise and experience whom you can rely on when things get tough. In all ways, they are able to make the business owner's lives much easier and less stressful, which, without any doubt, is a priceless benefit for business or start-up owners.
Benefits of Business Coaching
A personal business coach who is confident and the challenger can help you:
- Give personalized guidance through job transitions
- Teach you to use your behavioral and professional strengths effectively
- Identify and diagnose reasons for career dissatisfaction
- Navigate through your annual business reviews
- Learn how to do networking, interviewing, and taking on new opportunities in business
Through business coaching, you can also:
- Sustain professional success and maintain balance in your life
- Overcome hurdles in business activities that hinder success
- Manage change more effectively
- Learn how your behavioural style (i.e., autocratic, democratic) affects those you work with
Small scale Business Coach vs. large scale Business Coach?
- Though there is not a lot of difference in small scale business coaching and large scale business coaching as most of the coaches, have started from small scale business coaching. This depends upon how a business coach labels himself.
- Some coaches only work with large scale businesses as in many cases, the challenges and goals of large scale businesses differ from small scale businesses.
- Consider the example of a garment business that wants to attract more local customers, so their set of goals and strategies would be entirely different from an international clothing brand that wants to attract customers from all around the world. It's like developing strategies to target customers of almost the same culture, taste in clothing and area and on the other hand targeting those who belong to different cultures, different areas and have different tastes in clothing.
- So, in the end, it depends upon coach specialties and experience. If he has already worked with high-end corporations, then he is more likely to offer his services to large scale businesses. And the small business coaches specialize in helping small businesses and their owners to achieve their business vision and goals.
- Whether a coach describes himself as a “small business coach” or not, he will most likely be experienced in working with small businesses.
- In simple words, an experienced and high-level business coach will be able to help you regardless of your company size or how much you want your business to expand. Their job is to learn as much they can about the company and the owner they are working with and develop a strategy that is uniquely suited and customized to their scenario. They should change unproductive, cyclical dynamics, and bring tangible, positive business outcomes.
Famous Entrepreneurs Who Had Business Coaching
- You might think that all known business personalities are genius enough that they created those business empires on their own. Well, you might be wrong as some of the world’s most famous and successful business executives, owners, and entrepreneurs have counted on business coaches at some point or another in their carriers to meet their goals.
- The famous executives and entrepreneurs who have benefited from business coaching include Bill Gates, Steve Jobs, Eric Schmidt, and numerous others.
- Consider the case of Eric Schmidt, who is the former CEO of Google – he said that taking help from a business coach was the best professional decision he ever made regarding his carrier. Being a successful CEO of a rapidly-growing company, it was hard for him to admit that he should hire a business coach. But, after being convinced by another Google board member, he started to work with a business coach and got amazed by the results. In his interview with Fortune Magazine, Schmidt said, “everyone needs a coach.”
- So, Business coaches help business owners or start-ups navigate their issues in the most effective way possible when they run into any problems. They are like a highly experienced member on your team on which you can rely on in your business in tougher times. The value they offer to business executives is priceless.