Business coaching is considered as one of the fastest growing industries in the world. This is due to the fact that over half the number of organizations claim the efficacy of investing in business coaching to their businesses’ success.
The utilization of business coaching is rapidly increasing since it is very cost effective. It offers optimum results for both business and organizations with a lower rate. Other advantages of making use of business coaching includes an increase in productivity of workers, enhanced customer service, amplified senior staff retention, cost reduction, and augmented profitability. In addition, business coaching also helps business owners achieve better working relationships with direct reports and managers, it also helps team building, conflict reduction, and good business relationships with customers.
Some business owners do not favour any type of training for his or her workers because he or she does not believe that training results to a successful business. However, business coaching can make a training investment worthwhile after showing optimum results.
Many business owners invest in business coaching because it promises better results. At the present time, business coaching is increasing because of the following reasons.
1. In Small business often times result to remote managers who accept challenge and support from an outsider. This happens especially when in-house training or coaching is not accessible. In order to cope with his sole problems, he or she will typically ask help from other people which may or may not be good for the business.
2. It is rather difficult to insert guidance sessions as well as travel expenses in the busy and underprivileged lives of employees or workers. That is why it is impossible to conduct trainings and seminars to enhance their knowledge and abilities outside of work. Fortunately, business coaching can be very well done over the phone or by email during a worker’s free time.
3. Majority of organizations are experiencing understaffing which increases pressure to the workers. Time shortages add to the stress as well. Thus, decreasing the productivity of workers and making the business unsuccessful. If a business coach is employed, the coach can offer assistance and support the individual and help to guide them to better success.
4. Business coaching offers a helping hand to executive managers. They help managers come up with a decision in an advanced manner. The coach can be an effective thought partner which guides leaders to make objective decisions.
The following organizations prove that business coaching is a very effective means of preventing failures to both small and medium-sized businesses. First, the Xerox Corporation discovered that the effect of using follow-up coaching sessions at the end of training and seminars resulted to a gigantic 87% boost on the efficacy of the training. Another success story is that of the International Personal Management Association. They claimed that training alone increased 22% of the team’s performance but when coaching is added, it increased to 88%.
How do you know that you are in need of business coaching services? Here are some reasons why you should invest in business coaching as soon as possible, and some very short stories defending them.
1. You do not have time for yourself and your family. If you start to feel that you are working longer hours than your employees and taking shorter holidays compared to the previous years, then you should engage the help of a business coach to help you manage your time as well as make your staff more productive. This happened to a young and charming woman. She worked long hours in order to please everybody. When she felt that people have been back biting her despite her struggles, she started her own business. After a temporary success, the business seems to struggle leaving her the need to attend coaching sessions. So business coaching led her to the path of self-discovery. Only then that she discovered that she is still trying to please others. Her coach helped her through it and guided her to make more dollar productive decisions wherein she works not to please others but to fulfil her passions.
2. You lost track of your business. Instead of developing your business, you end up solving problems all day long, fire fighting if you like, which leaves the business stagnant. This happened to a 41-year old woman who is running an internet business. Although she has worked hard for three years, the business seems to stop flourishing providing her no profits at all. Then, she started to engage with a business coach, they assisted her to push through her self-imposed walls. By doing so, her natural leadership developed making her business extremely successful.
3. The flow of cash as well as your profit is low in association with your overall sales. This means that your business may not last long. You can make use of business coaching in order to make things right, cash flow forecasting is mine filed, but a good business coach knows this subject inside out.
4. You and your business partners relationship is deteriorating. A woman signed a business deal with Japanese distributor and has seen her business become successful in a year. However, the split from her partner made her fear to lose everything and left her in a dilemma. With the help of a business coaching, everything appeared clear and helped her to make the right decisions. Now, she is thankful that she employed a business coach to help her through her business and somewhat, personal struggles.
5. Your sales team is poor in performance. Just like you, your workers also need motivation. A 49-year old woman experienced this and was relieved to have engage with a business coach. After some sessions, she decided to realign her staff, delegate properly, and position employees on their field of expertise. Not long after, her staff became more productive and her business flourished.
6. When hiring and retaining staffs is becoming difficult, clearly you need help, a good business coach can help you with hiring and retention strategies.
7. You are losing all your customers to your rival company. If you want to fight and get your customers back, marketing should be a key strength of any business coach.
If you have been experiencing any of the above problems, you need to utilize business coaching so that you will not end up frustrated and tired. Having a business coach will help you work with passion, get smarter, increase profitability and achieve the kind of life that you have always been dreaming of.