As a small business owner, you have no doubt heard the value of hiring a business coach. Whether you’re just starting out or ready to scale, these advisors will help you see the gaps in your plan that you haven’t seen and provide you with the guidance you need to stop your company from collapsing.
Some business owners look at their business coach as their savior, a knight in shining armor ready to win their battle against the business management monsters, with all their words written in the stars.
But is that the purpose of having a business coach? Is their presence vital to attaining business success? Read on to find out.
Why Business Owners Hire a Coach
A business owner can say that their business is already successful with the help of analytics: performance and satisfaction reports, profit margins, industry awards and recognition, and personal success. In the ideal world, a business owner ticks everything off their list, but in reality, there is always room for improvement.
This is where a business coach comes in. After all, it wouldn’t hurt to have a professional look from the outside in, acting as a sounding board and advising as they see fit from their perspective.
Companies and small business owners hire a business coach to gain leverage over their market and become recognized in their field. A business coach assists in professional career development to maximize your expertise in running an entire agency. With the help of a business coach, small business owners are empowered to design policies and action plans to grow their businesses and motivate their teams.
Things to Consider When Hiring a Business Coach
Effective business coaches assist you in making accurate decisions, assessing your strengths and weaknesses, and improving overall agency performance. Sounds promising, eh? But just like any other coach who offers their services to you, immediately taking the bait without properly scrutinizing it may cause more negative impacts than positive ones in the long run.
Here are a few factors you can take into account first:
What stage is your business at?
Does your new business already exist? Is your business producing enough to make the cash flow stable? Although small business coaches specialize in start-ups and self-employed individuals, it is still important to note which stage your company is at to get a clearer picture of where to begin.
Is your mindset aligned with success?
There’s been a lot of talk lately about “Success Mindset”. This isn’t just about being positive or having high hopes for your business; it requires visualizing success and what steps you’ll need to take to get there. It is a powerful tool, and a small business owner should spend some time checking in on your approaches to solutions, strategy, and collaboration, as all of these things are essential to success.
Some people find coaching helpful for improvement in this area, but keep in mind that even a great coach won’t be able to do this introspective work for you.
Is this really right for me?
Business coaching is a bit like having a life coach. Business owners can still live and function well without them. For some people, the opportunity to reflect with a coach is useful; for others, it feels uncomfortable and unproductive.
When Hiring a Business Coach Isn’t Worth It
If you are seriously considering hiring a business coach, but can’t put your finger on exactly why you should, then maybe you should also check why you shouldn’t.
You can’t afford it
Small business coaching services don’t come cheap. Their charges start at a thousand dollars a month or higher. Others charge $500 per hour, and other in-house coaching goes as high as $2,500 for one-on-one sessions. So if business owners don’t think they can spend more of their budget on additional business costs, hiring a business coach may not be the best solution.
You aren’t sure what you want to achieve
Everyone can say business growth is their plan six months from now, but how would an entrepreneur achieve this? When the answer is “I don’t know,” then a business coach may not be worth hiring. Their presence is to advise and observe the best way to fill in the gaps they see, but not spoon-feed the path itself. Business coaches give directions, but they’re not going to dictate where you take your business.
Your business is stable and predictable
Small business owners use business coaching services when their business plans fail. Likewise, many entrepreneurs take advice when they want to overcome obstacles like if they feel stuck, desire additional revenue, improve their sales and marketing skills, and so on. But if your business is stable, and you can foresee future growth despite the challenges, there may be no need to look for a business coach.
Why We Don’t Recommend a Business Coach
A great business coach is like a life coach for your organization. They collaborate with CEOs and owners to determine the best way to build businesses. However, having a business coach does not always turn out to be the best answer for all organizations. Here’s why we don’t recommend getting a business coach:
There is a misdirected focus in coaching sessions
Because business coaches want to figure out the optimum track to maximize your agency’s growth, it not only deals with the organization but with the top figures of the company as well. Unfortunately, coaching sessions today tend to focus more on talking about the entrepreneurs’ feelings and aspirations rather than developing KPIs and business strategies. Ultimately, they act as behavioral therapists who psychoanalyze instead of working alongside you.
They promise quick results
Business solutions take time before earning the fruits of their labor. Suppose it’s a whole system you aim to change, a structure for new ventures you want to create, or decades of embedded company culture that need modification. In these cases, successful business owners know there’s no shortcut to implementing an efficient development process.
They treat symptoms, not the cause
Business coaches tend to act on the immediate needs rather than the causes. Patching up the symptoms might help in the short run, but will only mean delaying if not foregoing long-term success. The underlying issues will still be around unless cured. As a result, business coaches’ approach can sometimes be limited, failing to address the root cause of problems that stop the entrepreneurs’ skills and organizations’ abilities from performing well.
Alternatives to Hiring Business Coaches
So, how does one succeed without the aid of business coaches?
Fret not! There’s still hope! There are other options to build businesses and increase ROI. Here are a few alternatives to check out if you’re still in doubt about getting a business coach:
Be conscious of your agency’s goals
What would you like your company to achieve? Split it down: What do you want to achieve by the end of the week? By the end of the year? Five years from now? Most business owners skip this part and take the plunge right away. Sit down with your team and confirm you’re all on the same page. Commit to making progress within the agency.
Establish and optimize your process
Set an effective business plan, find ways to measure development and monitor your progress. Metrics are not some scary nightmare of figures chasing you; they can be your best friend. Listen to them and honor their results. Be transparent and give feedback if needed.
Keeping track of your growth means evaluating what you already have and comparing it to what you want to achieve. A constant learning curve will help you become aware of areas for improvement and recognize your successes.
Make room for self-education
Education does not stop in college or senior high. Always say “yes” to improving yourself. Start by reading a few books that will help you discover and learn. Then, hire a pro to do a specified, detailed task so that you can take time to prioritize your physical and mental health. Finally, ask questions so that you can solve them yourself next time.
Lastly, become competent in using available online business tools like ScaleTime. They are there to help you time and again with running your organization with confidence and ease. Take the Sales Toolkit, for example, which will help you simplify and streamline your sales process and monitor the earnings you will be taking in.
To summarize, here’s our take on hiring a business coach for your agency:
- Small business coaching is not necessarily a route to success.
- They are there to help you improve your strategies and source of motivation, but they don’t guarantee you or your company’s growth.
- Business coaching can be expensive, and it doesn’t do the work for you.
- If business owners do not benefit from hiring one, they can focus on alternatives such as goal awareness, optimizing processes, and self-education.
Take our FREE agency growth assessment quiz to see where things are falling short. We’ll send you a bundle of resources tailored to scaling your agency.