Uncovering the Truth: Is Business Coaching Worth Your Time and Money?
Many people find that business coaching programs are ineffective, and for good reason – the service they have bought is rubbish. The issue is that the majority of modern business coaches and coaching programs place emphasis on mindset, motivation and feelings, instead of applying tried and true processes, strategies, and activities that would actually expand a business.
In the majority of business coaching sessions, time is spent mainly trying to encourage the business owner and talking about their emotions. This is done instead of concentrating on creating, marketing, and selling items that customers are eager to buy, and the reality is, while you may feel better about yourself and become what I call the ‘motivated idiot’ after the high passes, you’re right back where you started – needing proven strategies.
Many business coaches have become like counselors to solopreneurs who are in need of somebody who they think will understand both them and the feeling of remoteness regularly experienced when attempting to build and grow a business out of the start-up phase and into the 7-figure phase.
Hiring a therapist, psychologist, or life coach can be beneficial, but these are different services than what business coaches should offer. A good business coach assists business owners in expanding their business and reaching success by teaching them best-practice systems and processes that can be hard to implement without coaching and guidance.
You may have heard the saying ‘you don’t know what you don’t know’ which is true. The reason you engage a business coach is to highlight what you don’t know – and give you the keys to learn, grow, and develop those weaknesses into strengths.
Business coaching has the potential to be truly transformative for any organisation, but often it has become nothing more than a form of entrepreneur counseling. To illustrate the impact that good business coaching can have, take Eric Schmidt, the former executive chairman at Google, and his decision to hire Bill Campbell as his coach. As he told Fortune, his first thought was: “How could a coach advise me if I’m the best person in the world at this? But that’s not what a coach does …They have to watch you and get you to be your best … Once I realized I could trust him and that he could help me with perspective, I decided this was a great idea.” Schmidt’s experience highlights the power of effective coaching.
IBIS World estimates that there are roughly 65,000 registered business coaches in the USA alone, and there would be tens of thousands of people who did an online course and now call themselves a business coach 😳.
To make sure you choose the right one – one who will give you strategies and hold you to account, not just offering pseudo-counseling sessions – doing research is essential. This should be done in the same way as selecting a mechanic, plumber, or dentist…
Have a Look at the Reviews
Investigate thoroughly, and look for video reviews if you can, as these should be easier to verify. Are the people giving the review talking about feelings, or are they sharing the concrete outcomes that their business coach helped them with? Broke business owners still love their coach if the coach helps them feel better about themselves…
A good coach will have business owners they have helped that they will be happy to connect you with so you can ask specific questions about how the coach developed strategies and tracked the coaching to specific outcomes.
Look for proof
Often business coaches lack actual experience in growing any type of business, other than their own program. Consequently, whatever they are teaching is only based on theory and they might have no idea if it will be beneficial for you and your organisation. If the program appears too good to be true and promises overnight success or large gains that seem too good to be true – they probably are.
It is crucial to put in the effort to research and choose a business coach that suits you. Doing so can be a life-altering decision, so the appropriate time should be taken to ensure the coach is the ideal fit.
If you would like to connect with our clients who are experiencing major growth in their businesses – actual increases in sales and revenue, not just how they feel about life and business, then jump into our free Facebook group today. See you on the inside!
Business Coaching FAQs
Q. Is it good to have a business coach?
A. Whether or not it is good to have a business coach depends on the specific needs and goals of the individual or business. A business coach can provide guidance, accountability, and support to help a business owner or entrepreneur achieve their goals. They can also provide valuable insights, tools, and strategies to help improve performance and productivity. However, it’s important to find a coach that is a good fit and has the relevant experience and expertise, rather than a coach who will simply offer ‘mindset’ work over and over.
Q. What do you get out of business coaching?
Business coaching can provide a variety of benefits, depending on the coach and the specific needs of the individual or business. Some of the benefits of business coaching may include:
- Clarity and direction: A coach can help the business owner or entrepreneur gain clarity on their goals and develop a plan to achieve them.
- Increased productivity and performance: A coach can provide tools and strategies to help the business owner or entrepreneur improve their performance and productivity.
- Accountabilty: A coach can help keep the business owner or entrepreneur accountable for taking action and making progress towards their goals.
- Support: A coach can provide a sounding board for ideas and a source of encouragement and support.
- New perspectives: A coach can bring fresh perspectives and ideas to the table and challenge the business owner or entrepreneur to think differently.
- Professional and personal growth: A coach can help the business owner or entrepreneur develop new skills, knowledge and leadership abilities, and make them aware of their blind spots.
- Increased confidence: A coach can help the business owner or entrepreneur build confidence in themselves and their abilities.
- Problem-solving: A coach can help the business owner or entrepreneur identify and solve problems that may be holding them back.
It’s important to note that these benefits can vary depending on the coach, their expertise and experience, and the specific needs of the individual or business.
Q. How much should I pay for a business coach?
The cost of a business coach can vary widely depending on a number of factors such as the coach’s experience, location, and the type of coaching they offer. Business coaching can range anywhere from a few hundred dollars to tens of thousands of dollars.
On average, you can expect to pay anywhere from $75 to $300 per hour for a business coach, although some coaches may charge more or less. Some coaches may offer package rates for a certain number of sessions, while others may offer ongoing coaching on a retainer basis.
It’s important to keep in mind that the cost of a coach should not be the only consideration when choosing a coach. You should also consider the coach’s experience, qualifications, and the specific coaching services they offer. A more experienced and reputable coach may charge more than a less experienced coach, but they may also be able to provide more value and help you achieve your goals more effectively.
It’s also important to remember that investing in business coaching is an investment in yourself and your business, so it’s worth to spend enough to get a coach that can help you achieve the results you want.
Q. How often should you meet with a business coach?
The frequency of meetings with a business coach can vary depending on the coach and the specific needs of the individual or business. Some coaches may recommend meeting once a week, while others may suggest meeting once a month. Some coaches may offer ongoing coaching on a retainer basis, while others may offer a set number of sessions.
It’s important to discuss the frequency of meetings with your coach and determine what works best for you and your business. Generally, it’s a good idea to meet regularly, in order to stay on track, maintain accountability, and make consistent progress towards your goals.
If the coach and client are meeting once a week, it is a good practice for the client to work on some tasks or goals in between sessions, so that the coach can follow up on the progress during the next session.
The frequency of meetings may also change over time, as the coaching relationship progresses and the business owner or entrepreneur’s needs change. The coach should be open to adjust the frequency of sessions as the client sees fit.
Ultimately, the most important thing is that you feel comfortable with the frequency of meetings and that you are making progress towards your goals.
Q. Why do CEOs need a coach?
CEOs may benefit from working with a coach for a number of reasons. Some of the potential benefits of coaching for CEOs include:
- Clarity and direction: A coach can help the CEO gain clarity on their goals and develop a plan to achieve them.
- Increased productivity and performance: A coach can provide tools and strategies to help the CEO improve their performance and productivity.
- Accountability: A coach can help keep the CEO accountable for taking action and making progress towards their goals.
- Support: A coach can provide a sounding board for ideas and a source of encouragement and support.
- New perspectives: A coach can bring fresh perspectives and ideas to the table and challenge the CEO to think differently.
- Professional and personal growth: A coach can help the CEO develop new skills, knowledge and leadership abilities, and make them aware of their blind spots.
- Problem-solving: A coach can help the CEO identify and solve problems that may be holding them back.
- Stress management: Being a CEO can be a high-stress position, and a coach can help the CEO develop strategies to manage stress and maintain a healthy work-life balance.
- Leadership development: A coach can help the CEO develop the leadership skills necessary to effectively lead the organization and its employees.
- Decision making: A coach can help the CEO navigate through the decision-making process by providing support, guidance and feedback.
Overall, a coach can be a valuable resource for CEOs, helping them navigate the challenges and opportunities of leading an organization, and achieve their professional and personal goals.
Q. How long should you have a business coach?
The length of time that you work with a business coach can vary depending on the specific needs and goals of the individual or business. Some people may only work with a coach for a few sessions to address a specific issue, while others may work with a coach for an extended period of time to achieve long-term goals.
It’s important to discuss the length of coaching with your coach and to set realistic expectations for how long it will take to achieve your goals. Some coaching engagements can last a few months, while others can last a year or longer.
It’s also important to have an end goal in mind, and to work towards it with the coach. This will help the coach and the client to stay focused and to know when it’s time to end the coaching relationship.
It’s also important to note that the relationship with a coach can be ongoing, even after the specific goals have been achieved. Coaching can be an ongoing support for the business owner or entrepreneur as they continue to grow and develop their business.
Ultimately, the length of time that you work with a coach should be based on your specific needs and goals, and the progress you are making towards achieving them.