So you have been thinking about getting a business coach but you are not sure what they can actually do for you. That is okay; standard. Many people struggle with understanding the benefits of a business coach.
Probably, the most important thing to recognise is that as an entrepreneur, there is only so much you can know about business. Your skill is your core-business or the field of expertise you have chosen to follow. However, a business coach has spent their life dedicated to the field of business as a whole.
The strategies behind business are somewhat the same no matter which industry you apply them to. The theory behind making businesses successful is complex and requires an expert in this field.
Imagine for a second that you are an international athlete; you are an expert at your specific field of sport, but the science behind health, nutrition, muscle, creation, sports therapy and mindset coaching are each individual areas of expertise that you can benefit from. It is the same in business.
Many of the world’s most successful business people are experts in a particular field that they have chosen to focus on but they rely on the general expertise of others to mentor them to see opportunities that they would otherwise be unable to identify.
There are two ways to improve your general business knowledge that will pay dividends for you long term.
The first is to surround yourself with people that have a different skill set to you.
The second is to find yourself an expert in the specific area of business that you are looking to improve. For example, if you are looking to grow your business, then a marketing or business growth specialist will be the adviser for you.
Sometimes, the role of the business coach is simply to help you decide which areas of your business you need to improve.
Different business coaches use different strategies for achieving results. Some of the key metrics that business coaches use to improve businesses are:
- brand awareness
- consumer traffic
- consumer enquiry
- sales conversions
- customer retention
- customer frequency
- service delivery
- profit margin
- risk profile
- recurring revenue.
These are just some of the ways that business coaches improve businesses on a regular basis.
So how do you identify the right business coach for you and your business?
It generally starts with identifying someone that you can relate to and that you respect enough to listen to and take advice on board. Finding this person can be challenging, however, it is important that you invest the time upfront to find this person as going with the wrong coach can actually work negatively in your business.
There are a lot of business coaches out there that simply act as an emotional guide rather than offering real substantial information that can help you on a daily basis to improve your business. Be careful about engaging business coaches that have a reputation for being merely a support system. You ideally want to be engaging individuals with a proven track record in business and legitimate testimonials that they can offer, which shows their abilities have been put into practice and results have been achieved.
How Much Does a Business Coach Cost?
A good business coach can cost anywhere from a few hundred dollars an hour to tens of thousands of dollars a year. Be careful to avoid those companies that try to lock you into long-term contracts as often the reason for doing this is because they predict that customers would not see value long term, therefore, they see it as a requirement to lock their clients into long-term agreements.
The best business coaches are those that charged on a performance basis or allow customers to come and go freely because they are confident that the advice they offer will be valuable and relied upon for the long-term.
Finding a successful business coach who has successfully mentored others to success is critical if you are going to grow your business with the assistance of a professional. Taking advice from the wrong person can be very risky and you need to be careful that the business coach you engage is speaking from a place of experience and can offer you some assurances with respect to the outcomes you can expect to see from implementing their ideas.
The Difference between a Motivator and a Business Coach
One of the most dangerous things to confuse is the role of a motivator with a business coach. A business coach should be someone that is highly experienced in the art of business and growing businesses with as little risk and as aggressively as possible. A business motivator on the other hand is simply someone that you meet with regularly who can push you to explore the depths of your own intelligence and ingenuity to perform yourself.
Management consultants are traditionally where public listed or large-scale businesses and governments go for business coaching style advice in a more formal fashion. Management consultants offer management the knowledge that maybe missing within their enterprise as if it were their own, adding to the businesses intellectual property and intelligence bank without the traditional motivational approach. Corporate and highly-governed businesses tend not to want the motivation portion of coaching but rather prefer to focus on an information or best practice approach to business coaching thus it is packaged as management consulting.
So are you looking for a management consultant, a business coach or a mentor? This is the question you will need to answer yourself but finding somewhere to start is step one and the best place to start is somewhere that will put less risk on your business but provide you with ample opportunities that you can take advantage of as they make sense.
Good luck with your coach and let me know if you need an intro to one who can perform in your industry.
LMNT provides on-the-money resources to those people most passionate about success in every aspect of their life.