Sometimes, managing a small business might seem a solitary endeavor for an entrepreneur like you. However, you might be surprised to find out how many business owners, from both small and large companies, turn to other people for valued advice on how to run their organizations. A study conducted in 2001 by Manchester Inc. revealed that businesses that paid for coaching services got a return on their investment 5.7 times the amount they spent on business coaches. Another study by the Personnel Management Association highlighted that business executives who employed business coaches saw an 86% increase in productivity as compared to those who did not hire mentors. Moreover, the UPS Store conducted a survey and found that small businesses that employed coaching services survived more than 5 years (which is double the survival rate of other businesses that did not hire business coaches). All these studies show how business coaching could help a business, especially a small business like yours, to thrive and grow.
But how exactly does business coaching drive growth for small businesses?
Business coaches offer valuable insight
More often than not, business coaches have experienced business owners or entrepreneurs themselves. As such, they have already seen the best and worst of every possible business scenario and would know how to efficiently work their way towards a vision. Because running a business could be overwhelming, business owners could overlook some important aspects of the business. A business coach gives guidance on what to prioritize, what pitfalls to avoid, and how to surpass a struggle with grace. In other words, a business coach is a lot like your teacher who has already completed studying the subject and therefore is now credible to teach you what she has learned. Yes, there are self-help books available, but nothing compares to a mentor who had been in the same circumstance and is able to give you customized advice that works.
Business coaches are trainers
Business coaches are a lot like trainers or sports coaches. They are those aspiring athletes turn to in order to improve their skills and learn more about their sport. Thus, we could say that business coaches serve as the fastest route to success. They know a lot about business pursuits. They help entrepreneurs carve their vision for the business and undertake the necessary steps to fulfill this vision. Furthermore, business coaches are trainers because they provide motivation for entrepreneurs to keep going forward despite the inevitable difficulties along the way. Suffice it to say that a business coach’s ultimate dream is to see an entrepreneur hold the steering wheel of his business in a steadier way with a clearer focus on the road and with the ability to overcome bumps, slopes, and curves.
Business coaches guide decisions
Decision-making could be a tedious process, especially for starting entrepreneurs. Most business owners tend to get overwhelmed with all the things to be done that they make the wrong decisions which eventually lead the business to suffer. This is one of the reasons why only half of all small businesses are able to survive for more than five years. Business coaches can shift this towards making small businesses persist over this length, as they will be able to guide entrepreneurs with the decision-making process. As mentors, they can guide owners in evaluating the repercussions and benefits of a decision, in assessing whether a decision requires higher risk than returns, and in reviewing whether a decision is in line with the company’s long-term goals. Business coaches can easily offer intelligent feedback as owners make decisions because they have gone through similar situations and have the utmost understanding of every possible impact on the business.
Business coaching services may not be too popular for small businesses in the Philippines, but they are definitely needed for the industry to grow stronger. All it takes is finding the perfect business coach to drive growth for your business.
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