It will cost your business more by NOT hiring a business coach
As a cost-conscious entrepreneur, you don’t have a dollar to waste. When considering hiring a business coach, it’s difficult to commit to a program without knowing what kind of return on investment to expect. Did you know it is actually costing your business more to NOT hire a business coach?
The money you spend on a business coach is an investment in yourself as a business owner and your company. Every dollar you pay a business coach should earn a return in professional development and ultimately, in your company’s bottom line. By working with a business coach, you’ll end up with both a strong entrepreneurial education and gain the knowledge needed to repeat your business success over and over again on other ventures.
A business coach is not an expense, it’s an investment.
Research has demonstrated a 570% return on initial investment in coaching*. The study went on to report that executives who received coaching reported more tangible, and intangible benefits and business impacts. Business coaching is the ultimate shortcut to reaching your business goals.
Tangible ROI: Monetary Return
When working with a coach, 53% of business owners saw an increase in productivity, 48% saw an increase in quality of their product/services, and 48% saw an increase in organizational strength*.
When working on your business with a business coach, you are committing to a program that creates change and growth within your organization. Your company will be in a very different place a year from now after working with a business coach. Whether you are focusing on productivity, customer service, lead generation, or any of the many factors that influence profitability, you will see improvements within your company that ultimately affects your bottom line.
Intangible ROI: Growth
When working with a coach, 77% of business owners saw an increase in their relationships with direct reports, 71% saw an increase in their employee’s relationships with immediate supervisors, and 67% saw an increase in teamwork within their organization*.
A business coach can help you to identify/fix priorities within your organization and shift your overall mindset so the resources you put into your business are not wasted, rather lead you to improvements within your company. A coach will provide you with the guidance and accountability you need to make necessary changes which can be as small as delegating a duty to someone else, and sometimes as large as an organization-wide overhaul.
Just like any investment of time or money, identify and value the benefits and measure the results of a business coach. When you begin working with a business coach, clarify your expectations with them and create an agreement about how your return on investment is to be measured. Your coach should also be qualifying you as a client, evaluating your readiness and ability to move forward in the coaching process.
A stressful business leads to a stressful work/life balance. A business coach can help with that balance.
At a minimum, 50% of your LIFE is spent in your business. It’s easy to let your drive for success and your passion for what you are doing lead to 70-80 hour work weeks with no days off. It’s also easy to spend the time that you are not working feeling stressed or anxious about issues within your organization – and in turn your relationships with family, friends and your health often suffer because of it. How do you put a monetary value on your relationships or your health?
Your business shouldn’t be more work than it needs to be. A business coach will give you the support, guidance and confidence you need to make the leadership and management decisions, alleviating some of your stress. A coach will also work on shaping up your processes and procedures, as well as training key employees on business ownership and management skills, so your business can someday work without you.
Consultant or coach?
What’s the difference between a consultant and a coach? While the terms are often used synonymously, there are key differences between a coach and a consultant that are important to recognize. A consultant is often an industry-expert who will help provide key technical solutions for your specific business, while a coach is a business generalist who will ask the right questions so that you can discover your own pain points and find a solution for yourself. Both can help you improve your business in different ways.
Which you hire depends on your needs. Consulting is usually project-based, where you bring in an expert to resolve a specific challenge or situation within your business. However, as an integral member of your team, a coach will provide ongoing guidance to create and maintain new fundamental changes or processes in your business, which may otherwise fall by the wayside once a consultant wraps up the project. It is also common practice for a business coach to bring in a consultant on a special project to make recommendations or fine-tune processes.
To summarize, the best way to protect your “bottom line” is to hire a business coach. While it is most certainly an investment of time and money, research and experience indicate you will see a return on your investment.
Accelerate ActionCOACHes are business coaches passionate about helping Midwest businesses thrive. We have a coaching program for every budget and stage of the business lifecycle. Contact us to set up a free consultation.
*Source: Study conducted by McGovern, Lindemann, Vergara, Murphy, Barker and Warrenfeltz with Manchester, Inc.