Y2M’s Guide to Business Coaching
By Suzana Mihajlovic • 6th May 2021
No matter the size of your business or the audience you serve, the benefits of business coaching can’t be emphasised enough. So, what is a business coach and why may you need one?
By definition, a business coach is a consultant who provides aid to business owners, and helps them define their own business visions. They guide entrepreneurs like yourself in reaching personal and business goals, giving tailored advice along the way.
Usually, business coaches are successful professionals themselves, and this is where a fair portion of their value lies. Having been in your shoes, overcoming the many obstacles that inevitably pop up, a good business coach will guide you to success using their first-hand experience.
So, what does the business coaching actually do?
There are three simple answers to the question above. They are as follows:
- It provides a fresh perspective on your business and what is possible for your business when you adopt a powerful success mindset
- It helps you set a clear vision and goals
- It helps you breakthrough barriers or the glass ceiling to significantly higher profits
A Fresh Perspective
As an outside observer, business coaches can easily detect obstacles and problems that are holding your business back. These can be factors that are holding you back as an owner, or perhaps your team involved in the day-to-day operation of your business.
For example, a business coach will be able uncover whether your decision-making methods are getting in the way of your business growing.
When you work with a business coach that helps you reach greater success through tapping into your inner potential and the power of the right mindset your results can be like you have never experienced before. They are more like Quantum Leaps than the usual boring 10% growth that most business owners strive to achieve.
Visions and Goals
Every business owner has a vision and goals for their business. However, are these goals as good as they could be? What was the reason you started out in business in the first place? Have you been feeling that this reason is now a far fetched idea because you have been bogged down with the tedious day to day administrative duties that every business requires? What if you can have it all in your business – create the business and lifestyle that aligns with what you really want and the reason why you got into business in the first place.
This is what a mindset specialist coaching you in your business can do for you. They can help you create a clear vision and goal based on your terms.
Additionally, an experienced business coach knows the importance of setting long-term goals. They will stimulate you to find the true reasons behind those targets – creating the vision is the first step and establishing goals is the second. This way, your business will provide you with the life you are longing after.
The Power of Mindset in Success and Business
Mindset is everything. It can take you from average to extraordinary. Even the most successful entrepreneurs have their strengths and weaknesses. Detecting them and working on them is integral part of business coaching. Great coaches will help you not only see your potential to succeed but they will help you realise it. Great coaches help you tap into this potential so that you break through your barriers and create the success that you dream of having.
Many business owners neglect working on their mindset. In order to succeed though, this is one of the key areas that needs to be nurtured. There are many tools and techniques that reveal the strengths of each individual. When a business coach helps their client tap into their own inner genius and mindset, they’re put at the forefront of their focus to maximize their clients benefits over the long run going forward.
Successful entrepreneurs who undertook business coaching
You may be surprised to hear that some of the most successful business people of today once relied on a business coach. They did so, so that they could reach their goals and turn the vision of their company into reality.
Some of the world’s most successful businessmen such as Bill Gates and Steve Jobs have benefited greatly from working one-on-one with business coaches. Former Google CEO, Eric Schmidt has stated that hiring a business coach was one of the best business moves he has done in his career.
Business coaches are a reliable source of information, guidance, and a valuable resource many successful entrepreneurs around the world swear by.
Business coaching numbers and statistics
Over the course of time, a substantial number of surveys have been conducted to track the process and results of business coaching as a method. We have gathered some of these statistics. Here they are:
- A study conducted by Hay Group has shown that more than 40% of Fortune 500 companies have used business coaches to help train their executives and chair persons.
- Research made by the Personal Management Association has shown that executives who were coached and trained have increased their productivity by 86% in comparison to 22% by those who didn’t undertake business coaching.
- A MetricGlobal LLC study showed an almost 8 times bigger return, for every dollar spent on coaching services.
- 22% of businesses have reported an increase in their effectiveness and profitability after business coaching.
- 23% of chairmen have noted that coaching has led to reduction of the operational costs.
- More than 50% of business owners and executives noted that coaching has boosted their productivity
- More than 60% of company owners stated that business coaching has added value and increased to their job fulfillment
The above studies have shown some spectacular results in the favour of business coaching. There is no doubt that business couching is a great investment, and that the outcomes will improve the effectiveness and productivity of business leaders.
Business Coaching FAQ
If you are a business owner who is currently looking for some guidance then continue reading particularly on the incredible powers of your success mindset, as we have gathered some frequently asked questions in this domain.
These questions may help you resolve all your doubts, and help you decide whether or not hiring a business coach is a good investment for you.
1. Can business coaches help me grow my business?
The short answer is a resounding YES! Business coaches who are trained in mindset can help you set your bigger goals, develop a stronger image of yourself as well as your business, strengthen your leadership and your team, and help you create significantly higher profits. However, that is not the only type of support business coaches can provide you. They can help you increase your productivity and help you run your business, job and life as a business owner much easier and more enjoyable.
2. Can small businesses benefit from business coaching?
Both small and large companies will benefit from business coaching. The impact of coaching on small businesses is significant – mindset business coaching can take you from a small business to an international company if you choose it to be so. Small business coaching will help increase profits, raise productivity, improve customer service and help small companies cut unnecessary costs.
3. What makes a good business coach?
- Have been successful in business themselves
- Love to teach and share their knowledge and experience
- Specialise in mindset
- Are easily approachable
- Have ways to hold you accountable
- Allow you to do the work, they do not spoon feed you
- Have helped others have success in business
4. How do I prepare for a business coaching session?
Alright, you have decided to hire a coach. Now, you will certainly want to make sure you get the most from your time together. Here are three useful tips on how to best prepare for your learning sessions:
A. Start taking notes early
Having a notebook or an app in which you can write down your notes and thoughts is essential. Write down any questions or problems you have encountered since the previous session. Notes can serve as a good reminder of what you have accomplished, or if something needs to be clarified next time you meet with your coach.
B. Create an agenda
It is highly likely that your coach will have a set of questions to ask you, as well as topics to work on with you. However, if you want to make the best use of your coaching session, take the time to think and write down your own questions and problems you need support with.
Create an agenda by ranking these topics according to their importance. Prioritizing is key as you may run out of time, and will have to leave some material for the following session.
C. Identify your big goal and set smaller goals for each session
Creating a vision and setting a big goal is a step you need to make before your coaching starts. Make sure your goal is clear and specific. Try to avoid general goals like “I want to make more money”. Try to focus on the bigger picture.
Once you have clarified your personal goals, make small goals for each coaching session. Breaking a big target into a smaller more “digestible” steps will start showing results session after session. Also, it will prevent you from wasting your limited time by covering the same issue over and over again.