The answer to the question ‘Why would you hire a Business Coach’ has two answers: a long one, and a short one.
The short answer is very simple:
It is an excellent investment of time and money: A Manchester Consulting Group study of Fortune 100 executives found an ROI of nearly six times the money paid for coaching services.
Interestingly enough, nearly exact the same return was mentioned by our own clients. But then, what does a business coach do?
The answer is simple: to push a business owner beyond the point where they would stop if left to their own devices. This video clip explains it best:
The long answer goes like this:
Imagine a mechanical bull, the likes you sometimes see at an entertainment center. You struggle to stay on it, and the longer you can, the more successful you are. But staying on that bull requires all attention. Almost all business owners experience something like that. There is a constant struggle where the business threatens to run them, instead of the business owner running the business: There are fires to be put out, important clients that need attention, employees that did not do what was expected, cash flow that needs to be managed, paperwork that still needs to be completed, and so on…
The ride can become all consuming, and at some point most businesses plateau. But who is focused on the performance of the business owner? Who is constantly looking for ways to improve? Who is putting attention to new techniques and business practices when they become relevant? The answer to that is: the business coach. A good business coach brings a wealth of experience and best practices, an objective view at your personal performance and mindset, lots of connections and accountability when needed.
In other words, a business coach makes the business owner put regular attention on working ON the business. IN the business means keeping the business functioning. ON the business means working to improve everything the business does. More output, with less input. Happier clients that give more referrals. Employees who are properly selected, trained, guided and who love working in a less chaotic, more positive environment. No more school of hard knocks due to Trial and Error, as that is way too expensive. Suddenly the business owner is trained to ride that mechanical bull, and knows the tricks to predict its movements.
The results? Making much more money, in much less time. Almost every business coach will have had the experience off a spouse thanking him or her for getting my husband (or wife) back. That is WHY you should hire a business coach.