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Is small business coaching worthwhile?

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One of the newest trends in business is small business coaching. A small business coach can help you with strategies and techniques to create business success and think strategically about your business. Coaching and consulting can also help you:

  • Learn new marketing and business skills
  • Increase sales and profits
  • Prioritize your tasks so you know what to do first
  • Boost clarity and focus
  • Create sustainable motivation and accountability
  • Craft a cohesive plan for putting it all together

While all of this is certainly worthwhile the question remains is small business coaching worthwhile? Small businesses often have limited resources and owners may be wondering if small business coaching is worth the hard earned dollars they would spend. You may be surprised to learn that statistics on business coaching have proved that using a business coach can increase your profit margin by an average of 46 percent. However it should be stated that further statistics reveals that 42 percent of businesses of do not use a business coach.

Whatever the statistics may show financial experts feel that the pros of using business coaching often outweigh the financial con since they give a structured plan and guidance. In addition business coaching can also give you an outside view of how your business is running.

Before committing to small business coaching it can be helpful to get a sense of how other business have seen using it. A recent survey of clients who had used small business coaching were asked how valuable their small business coaching experience had been. Some of the statistics on business coaching that were gathered are as follows.

  • 70% of the companies that had used small business coaching believed business coaching is "very valuable."

  • 50% of the business owners confide in their coach as much as their best friend, spouse or therapist, 12% admitted to confiding in their coach more than anyone else.

Some of the outcomes of the business coaching were:
  • 62.4% of the business owners felt they were better at smarter goal-setting

  • 60.5% of the business owners felt they had a more balanced life

  • 57.1% of the business owners felt they had lower stress levels

  • 52.4% of the business owners felt they had more self-confidence

  • 43.3% felt they experienced an improvement in quality of life after using business coaching

  • 25.7% of the business owners reported more income

It is important to understand that business coaching is not just for people who have no grasp on what they are doing. It can be effective for anyone who wants to better manage their personal and professional life. Even for those who think they have everything under control can learn something. People who use business coaching learn time management skills, stress reduction techniques, acquire financial education and more. All of which can help them to improve their business.

Many experts feel that the 42 percent who are not using the guidance of a business coach are at risk of being left behind, regardless of how proficient they are in running a business. This is because their competition will increase their skill level by improving on their weaknesses and building on their strengths.

The statistics on those who use business coaching reveal that those who do use coaches do improve their chances of success in one way or another. This is due to the fact that you are allowing an external perceptive and you gain the opportunity to receive guidance and advice you may not have conceived to look for.

The bottom line is that in this every changing, increasingly challenging market, having a business coach can be a worthwhile investment.

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Comments (2)

I'm a business coach whose ... (Below threshold)

I'm a business coach whose seen firsthand the benefits coaching can have on moving a business forward. In this blog you've mentioned some research and stats. Can you please let me know where you got these? You might also be interested in a survey that was conducted by the International Coaches Federation in conjunction with Price Waterhouse and published in April 2009. Its entitled the ICF Global Coaching Client Study. According to their research, 96% of clients who've used a coach would contract a coach again. That's a win-win for coaches and clients!

Nice to this post here. Ri... (Below threshold)

Nice to this post here. Right now, the economy is tough and that means the margin of error for businesses is smaller than in recent history. Thus, coaching is MORE valuable than ever. I'd hate to think of people considering it a mere expense when it's actually a great investment.

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