The benefits of business coaching has been fairly well established, but many small and new business owners balk at adding any additional expenses to their budget. Sure, large businesses and multi-national corporations can afford business coaching, but what about small, local businesses, or ones that are just starting out?
The Basic Benefits of Business Coaching
For any type of business, small or large, new or old, private or public, business coaching helps. Here are a few of the general benefits of business coach services:
- Through encouragement and motivation, business coaches help their clients learn how to work harder toward their goals.
- Through identification and clarification of goals, coaches help their clients become more focused on goal attainment, and the steps needed to achieve what they want.
- Coaches help identify strengths and weaknesses, and then help build a business plan accordingly.
- Coaches can help brainstorm ideas.
- Coaches offer realistic measurement and assessment of where a business is, and then offer steps to improve performance.
- Coaches offer guidance, support, and knowledge.
Business Coaching – the Difference Between Success and Failure?
The failure rate for new businesses can be rather high. Presidential hopeful Rand Paul claimed in 2014, when criticizing President Obama’s record on job creation that nine out of ten businesses fail, but that was just political hyperbole and nonsense.
The Small Business Administration has stated that “About half of all new establishments survive five years or more and about one-third survive 10 years or more.” Though Rand Paul was just plain making up statistics, as most politicians do, a 50 percent failure rate is still rather high – so it might be wise to think about the benefits of business coaching and hiring a business coach before even opening your new business.
The biggest reasons new business fail include:
- Lack of experience
- Lack of strategic planning
- Lack of investment capital
- Poor location
- Poor inventory management
- Over-investment in assets
- Too much competition
You may gain a competitive advantage when you hire a business coach because a coach may know how to help you avoid these issues before you begin. Yes – issues can pile up and sometimes get too big to handle, but most of these problems are avoidable…if you know how to avoid them!
The 3 Most Important Benefits of Business Coaching For New Businesses
Failure rates for new businesses can be significantly reduced with good planning, comprehensive forecasting, risk evaluation, and a proper financial assessment. A business coach can help with all of these things. However, the three most important things a business coach can do for a new business owner are:
- Providing a wealth of knowledge
- Offering emotional support
- Helping you develop and maintain the correct entrepreneurial mindset, a vision for your business, and an enduring belief in yourself as a business owner.
Yes – business coaching will cost some money, and only you can decide if the benefits of business coaching outweigh the costs. But, these benefits are real!
One of the first decisions for your new business is whether or not you need to hire a business coach. If you have years of experience with starting new businesses, perhaps you can be your own coach. However, if you are a novice, the benefits of business coaching are many, and it might be a wise decision to hiring an expert to help make your new business a success.
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!
Writing Team, Coaches Training Blog Community