What Is Business Coaching?

A business coach will guide and support the client in the operational process of the business by helping them clarify an overarching vision and how this can fit in with their personal goals. Business coaching is a process that is used to establish the business owners future potential and development that can be made to take the business to the next level. Running a business can often lead to losing sight of why the business was started in the first place.  With this perceptiveness in hand, business coaches can help clients take a step back and assess all available resources such as their own skills to create plans.

What makes business coaching different?

These kinds of services can be commonly confused with other interventions such as mentoring or consulting. While a consultant will tell you how to make your business run better, a business coach will support the learning to see the creation of these solutions and strategies for yourself over time. In contrast to therapy practices, a good coach places a heavy emphasis on the future rather than an evaluation of past performance, highlighting that the business owner ultimately determines the speed and passion in which business goals are met. The success of business coaching over its other components of mentorship, therapy and consulting is the link to personal dreams, goals and plans for themselves. After all, if there is no burning desire to focus on improvements by creating long term action plans for the business, nothing would change. This example of accountability differentiates business coaching from therapy sessions and consulting tools.

Why do you really need business coaching?

Proactive business owners seek to understand the how, why and when of the next level of their business development. If this is not a priority for the business owner, the professional board or the company, mental blockers such as self-sabotage, fears or limiting beliefs may subsequently hinder progress on a successful business. As well as revealing these, coaching will help you to shine a light on what your strengths and weaknesses are and how these can be optimised. Even professionals with their own coaching company will hire a business or a life coach due to the lack of awareness towards their own blind spots. Without this enlightenment and outside perspective that a business coach provides, potential challenges may not be dealt with.  The guidance that business coaching can provide in identifying what the next steps are can be incredibly powerful for your business growth, in addition to the training of you and your team.

A business coach will meet with the professional regularly, either weekly or monthly, to keep them on track with the commitments made during the past coaching process.

What can business coaches help with?

The majority of business coaches are versatile in the processes that they offer, meaning that whether you are looking to revive a struggling business or refine management skills within an already successful business, a coach can be useful. Both small businesses and large corporations looking for a return on investment from the development of skills from either executives or the business owner can also gain valuable tools from a talented business coach. This challenges the common misconception that business coaches are only advantageous to owners with faltering businesses. Ultimately, there are a wide variety of other scenarios where coaches can help other managing areas of all businesses. 

For example:

  • New founders struggling to define their roles and responsibilities within their business.
  • Companies who's original strategies are not up to date with the environment around them. 
  • Businesses looking to be ahead of the curve with their professional skills.
  • Entrepreneurs with new business idea looking to clarify their mission and goals.
  • New business owner taking on too much work.

Running your own successful business can be very rewarding, however, the demand and stresses of the job should not be underestimated. It can be communicated that these then overspill into the personal life of the owner, creating tensions within other aspects outside of work. This is doubly true if someone is operating an entire company all on their own.

When working with a business coach, however, you’ll have someone to assist you through the challenges removing feelings of uncertainty and self-doubt.

Benefits of Business Coaching.

#1- Hiring a business coach creates owner accountability .

Much like the saying "coaches don't play" within the competitive sports field, this is also true for business coaching. Business coaching isn't designed to do the work for the business owners, however, it will ensure that you stay focused on the end goal so you don't steer away or get side-tracked. For example, Coaches keep goals and targets insight by creating key performance metrics and indicators (KPIs) to track successful implementation of the action plan curated together otherwise overlooked or avoided by business owners.

#2-Initates foundations for self-awareness.

Something that fits within accountability is the art of being aware. Self-awareness is the aptness of introspection and the ability to recognise oneself as an individual outside of their environment and completely separated from other individuals. For example, businesses experiencing financial hardships can sometimes create a victim-blaming process, whilst being on the search for reasons as to why business goals are not being achieved. Coaching is therefore the best tool to question inner processes, propelling the chance to change such ways to achieve further success in your business. A reputable coach will ensure that these are being questioned and challenged to increase your self-awareness, acting as a sounding board to help overcome any beliefs that are negatively affecting business performance. More broadly, this also can be perceivable within the business owners life outside of work.

#3- Aligns missions and goals for team development.

Business coaches enable a space for owners and their subordinates to share their thoughts and ideas; what they believe they should be focusing on, where they can improve, and what personal and business success would look like to them. This ultimately helps to identify the pulse of the team and whether these are aligned with both the company and each other. Each member of the team can gain clarity on what the goals are and what skills or areas of development they need to help them achieve these. Although companies will often conduct quarterly team-building exercises; business coaching is more progressive, a business coach will work to peel the layers on what the key drivers of the team are, and how they can all work in unison to achieve the shared vision for the business. This will implement more drive, clarity, and determination in where the business and each member of the team is going. It also helps instil the passion that brought them to that business/role, as well as the business owner as to why they started the business in the first place.

#4-A business coach enables objectivity.

A good business coach will instil direction and clarity to encourage business growth, more so than what can be done internally. Having an outsider's perspective enables more objectivity. It can be easy to think 'we've always done it this way', but when questioned as to why and how that aligns to the mission of the business, it can force you to highlight and question your processes and direction, and whether they're the best that they could be. However, the success of a business coach is dependant on you and your team's ability to do the hard work and to take responsibility for your actions.

#5- Business Coaching can nurture rising talent.

Top employees within an organisation can also advance their skills and knowledge with business coaching.  A coach will help focus the values of the executive whilst developing and nurturing skills that are in alignment with the companies goals of employee development. Retention and productivity are key factors to business and management success – companies expenditure on schemes to keep employees onside adds up to millions every year. More than often, we hear that opportunity for growth and the room for personal development are two of the biggest reason that talented employees remain within their companies, demonstrating a causal relationship between training with a coach and internal company progression. Offering business coaching to high performing employees could be a huge incentive for both developments and for future financial gain.

Business coaches will keep you motivated to take action to keep a momentum of perseverance, but they won't magically make your business a success and solve all of your problems. Any business coach that claims any overnight success, sets short-term goals or unrealistic expectations should be avoided. 

Take the hassle out of disregarding these kinds of 'coaches' by searching our website for a credible coach. Click here to find out more.

What to expect from a business coach?

Having accurate expectations of the relationship with your business coach helps to ensure that you, as a client are getting the most value out of the training. Whilst every coaching experience and even every coach is different due to the individualistic nature of the sessions, you can count on every practice being engaging and insightful.

Here's what to expect when you are expecting results:

Self-scrutiny

The first thing you will notice is the coaches ability to ask open-ended questions with a clear focus in search of a valuable answer.

For example:

  • What vision did you have for this business before you started?
  • How do you want your business to change?

Questions like this may feel uncomfortable, but thinking about yourself in this way is the first step to develop a forward-thinking approach to business.

Assessments

Most clients are aware of what roles they love doing within their business, it's what they are good at. This can sometimes overshadow the potential weaknesses that they bring to the business. A business coach uses assessment tools to identify areas that could be used to your advantage and others that need training and additional investment put into them.

For example, A small business owners most valuable skill could be perceived as being communication. However, struggles to delegate or ask for help for subordinates or other executives. The Business coach would highlight this through discussions with peers and other executives working within the business to allow a true reflection of your strengths and weaknesses.

This level of constructive feedback takes a lot of vulnerability and honesty. A good coach will be focused on supporting you along the way, ensuring that you feel comfortable.

Professional standards and values

As a client, you are placing a lot of faith in the coaches services and practices. It is therefore important to ensure that standards are being met within the selection phase of your coaching journey.

When hiring a coach, it can be difficult to establish who is who and what is what. Due to the lack of regulation in the coaching industry, clients often fail to recognise Red flags and warning signs.

Here are some pointers to keep in mind when searching for a coach:

  • A business coach promises quick fixes to your problems.
  • They claim that there business coaching will transform your business overnight.

That is why at Credible Coach we aim to take the guesswork out of this process, leaving you with a coach that has:

Integrity

Excellence

Collaboration

Respect

We do this through personally vetting reviews and testimonials to ensure that all of these aspects are of a high standard. The demonstration of their experience also allows you to find the right coach for you. During your journey and after, we make sure you are feeling supported and are working well with your coach. We then use this as ratings and testimonials for our next clients.

Click Here to claim your complimentary Credible Coach match.

What do business coaches expect from you?

As mentioned previously, the saying 'you get what you put into it' is very applicable to any form of coaching.

Here are some requirements that are expected as executives clients:

  • A level of commitment to personal evaluation and the discoveries from this.
  • Openness to receiving constructive feedback and support to develop this.
  • Courage to try out new behaviours, patterns of working or strategies.
  • Complete ownership for own progress and achievements.

How much does business coaching cost?

Business coaching fees can vary widely depending on the business coaches level of experience, their expertise, the location in which they operate and the reason as to why you need a business coach. Due to the customised approach and the lack of a 'one size fits all' approach, the competency and virtuosity of meeting individual needs will come at a price. This does not mean to say that the most expensive business coach is of a higher quality than another, as business coaches are free to set their own fees. The unregulated nature of this industry allows for over-inflation of fees susceptible to what they feel you can afford.

Business coaching services will increase in price based upon:

  • The level or position a client is within the company.
  • The amount of revenue the executive or company is making based upon their sales.
  • The purpose of the coaching.  
  • The way the business coach will be delivering the session.
  • The location between the business coach and the executive.
  • Hiring one of the top business coach with top review, certified by the ICF (The international Coach Federation).
  • Complexity of coaching.

In the first instance of research into coaching, you should try and shift your mindset to viewing business coaching as an investment instead of an expense, to see the best return on investment.

Naturally, if you're looking for a coach to realign a multi-national corporation it will cost more than an entrepreneur looking for a short session on goal setting. In addition, one-to-one coaching will also be more expensive than group coaching, as it will provide a more tailored approach.

Typically, the most expensive type of coaching will be face-to-face, but this does prove to have many additional benefits.

Group coaching can range from £80- £300 per session. One-to-one coaching can range from £150 - £500 per session based on the above criteria.

* Typical rates and not indicative of every coach business.

With all of this in mind, the need to remember your business and your self worth is reiterated within the research stages to ensure you feel as though your coaching and development is of value.

Final comments

A key message throughout all of our articles is based upon the best practices of coaching and the value of hiring a good, credible coach. As mentioned before, the industry is unregulated giving anyone the ability to call themselves a coach, even without having the experience, training, and qualifications to do so. We work to ensure that you hire the right and best coach for you by providing authentic client reviews and vetting coaches before they can have a profile with us. Once a relationship and profile are created with us we then continually update the testimonials and reviews. This is to ensure you are receiving the most up-to-date version of events and experiences, to give you peace of mind when investing in coaching. We want to make sure that this service is accessible to everyone, so we're a completely free service to use, to see our coaches click here.


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