Business Coaching: A Quick GuideTime, money and manpower are all limited resources in any business setting. However, in a competitive and fast-moving economy like the US, these resources become even more valuable. Businesses are always under pressure to do more with less. You must enhance your performance while elevating that of your team.
In a game with such high stakes, efficiency is crucial. Here are some questions you are probably asking yourself:
- How do we optimise our resources?
- How do we raise our game?
- How do we increase market share?
Just as you wouldn’t expect a top athlete, no matter how gifted and hardworking, to succeed without a good coach, the same applies to business owners and managers at all levels. Having someone beside you to challenge you, provide personalised support, and a needed outside perspective can give you the extra edge to succeed.
Recent research has demonstrated that individualised coaching achieves quantifiable results. For instance:
MetrixGlobal LLC conducted a recent study showing that companies that invested in coaching received an average return of $7.90 for every $1 invested
Another MetrixGlobal study on leadership in a Fortune 500 firm linked a 529% return on investment and other important non-quantifiable benefits to business coaching.
The Personnel Management Association showed in a study that when training is combined with coaching, managers can lift their productivity by 86% versus 22% when they only receive training.
A recent field study looking at results of individual coaching, self-coaching and group training in reducing procrastination found that recipients of individual coaching were more satisfied and felt that they were better able to achieve their goals.
Coaching Basics: Expectations & ResultsThere is a misconception among some that business coaching is only for start-ups or for businesses that are struggling. Although it is true that these types of enterprises can benefit from coaching services, any business leader at any stage of their career and at any point of business development can benefit from business coaching. Coaching is suitable at any stage of a business lifecycle, whether a start-up or a well-established company struggling to cope with market changes. Coaching bridges the gap between your personal goals and those of your company.
A coach is typically a person with a versatile background, combining experience in training and management, with the ability to help you identify your challenges, set your targets and hold you accountable in a way you would not be able to do on your own.
Here is what you can expect from your engagement with a business coach:
1. Leave your comfort zoneGrowth only occurs when you step outside your comfort zone. A business coach will not only challenge you and your decisions, but will also dig deep into the areas of the business that are 'not working' and encourage you to tackle those challenges head on.
2. Personalised supportAn experienced business coach will have the ability to draw insights from the overall business landscape, whilst also understanding the specific challenges within your own industry.
3. Direct, honest feedback and AccountabilityThe role of your coach is to provide honest (sometimes brutal! But always constructive) feedback and advice. A business coach will remind you of the commitments you have made to yourself / your business and spur you forwards.
4. Tangible, measurable resultsA business coach bridges the gap between the often overly theoretical world of consultants, and the unpredictable, ever-changing reality of business. Your coach will help you identify the challenges, strategies, solutions and improvements that will work in your unique business circumstances. At Kaizen, when you start on a business coaching program, we discuss the outcomes that you can expect, and these are guaranteed, meaning they are measurable, tangible results that you will definitely see.
5. Get a confidanteThe key to having an effective coaching relationship is clear and open communication. Your business coach’s first loyalty is to you, and his/her objective is to enable you to succeed by helping identify your weaknesses and strengths, overcoming the first and building on the second. A business coach is someone you can speak to openly, and be a sounding board when you need them to be.
6. Expanded NetworkA business coach is your advocate, both inside and outside the organisation. When you hire a qualified and experienced coach, your range of contacts expands exponentially. From being connected to like-minded business owners and entrepreneurs, to having a network of tried-and-tested suppliers and service providers, you immediately gain access to a solid network that will help you grow.
Business Coaching Works: Get the Support You Need TodayStill wondering about how coaching can benefit you and your business? It’s difficult to know unless you really try it. At Kaizen Consulting Group, we support hundreds of companies around the world to create a culture of accountability and strong leadership, and to develop a clear strategy for future growth. Among the brilliant results we've seen, companies have experienced rapid, sustainable growth, a future-focussed innovation strategy, and double-digit increases in revenue and profits year-on-year.
If you’d like to see the same for you, get in touch with us to learn more. We’re happy to answer any questions you may have, and arrange a free business insight session with one of our award-winning coaches, so you can see whether coaching would work for you - click here to contact us now.