In a recent My TrueNORTH Small Business Survey, we asked 500 business owners about how they perceive the value of a business coach. The first thing to note is that the majority of business owners surveyed had hired a business coach: A full 80% of respondents reported having used a coach at some point in their career, and 41% had used one just in the past six months.
This tells me that owners are actively seeking help when it comes to the sorts of services coaches offer:
- clarifying their visions
- developing strategic plans
- and providing accountability when it comes to achieving goals.
But, are the benefits really there?
One telling statistic is that business owners who had hired a coach were more likely to think coaches have a beneficial impact than those who had not — by a margin of over 50 points! There seems to be a gap between what business owners expect of coaches, and what coaches actually deliver.
Benefit 1: Accountability
Accountability was the primary benefit survey respondents listed of hiring a business coach.
If you’re an entrepreneur, by nature you probably enjoy heading out on your own. You’re used to keeping your own counsel and trusting your own judgment — in fact, that’s probably what led you to becoming your own boss in the first place.
There is a downside to the can-do attitude of an entrepreneur however. With no one to look over your shoulder and hold you accountable, it can be easy to get distracted by the wrong priorities, or lose focus when it comes to following through on the tasks that matter most to your business.That’s where having a coach can help.
Benefit 2: Revenue growth
The second most popular benefit of hiring a business coach was to increase profitability. While the actual ROI may be difficult to quantify, coaches can offer you marketing insights, spark new ideas for products or services, or inspire you to create strategic partnerships with other people.
Their outside perspective of your business — combined with their own personal expertise — is an invaluable combination.
Benefit 3: A sounding board
Having someone with whom they can discuss business concerns was the third most popular reason for hiring a business coach. That’s because a coach plays an important role as a trusted advisor who stands apart from your organization.
When you’re running into a problem, having a trusted advisor is critical. A business coach can help you piece together solution without judgment — and without the risk of leaking sensitive information.
These are just three tangible benefits to your business, no matter how the markets are going at the moment. Survey respondents were nearly split down the middle when it came to when they were more likely to retain a coach: 54% when the market is weak, versus 46% when the market is strong.
and if your STILL uncertain, just take a moment to listen to the richest man in the world and his attitude towards business coaches! Bill Gates Youtube clip “Everyone needs a coach”