The times we’re living in are turbulent, and the world of business seems to be tougher than ever.
Companies are dealing with a great deal of uncertainty, trying to keep afloat and succeed in the over-competitive and overcrowded market.
As only those with excellent business skills can find their way around and figure out how to make crucial decisions, it’s no wonder business coaching is booming.
Accomplished business owners and entrepreneurs are growing in their demand to learn how to make best their businesses thrive and be more successful in such challenging circumstances.
Let’s take a closer look at what business coaching is, as well as learn more about the reasons behind its boom.
What is Business Coaching?
Business coaching is an educational process that can help a business get from where it is now to the place its owner wants it to be.
During the process, the unique and meaningful relationship between a coach and their client is formed – based on trust, creativity, expertise, and experience.
A business coach helps their clients clarify the vision of their business. They help them set future goals, recognize the core underlying issues that undermine growth, and help them focus and build upon their strengths.
Who Can Benefit From Coaching?
The common misconception that business coaching is reserved only for companies that struggle to survive has become a matter of the past.
The truth is far on the other side. Business coaching is beneficial for everyone who wants to have better control over their professional and private life and excel in achieving their goals.
It goes far beyond giving business advice. By asking the right questions, tackling the problematic issues, and focusing on individual behavioral change, a coach can help business owners, managers, team leaders, and executives realize their full potential and put it into action.
However, If you want to tackle a specific issue or you need help finding a business coach, there are some excellent guides you can find online so that you can check out the narrower fields of business coaching too.
What Are the Main Benefits?
According to an International Coaching Federation Survey, 70% of clients who worked with business coaches highly value this process, while half of them confide in their coach as much as they would their best friend.
Furthermore, the clients report smarter goal-setting (62.4%), more balance in their life (60,5%), lower stress levels (57,1%), and more self-confidence (52,4%).
To put things into a better perspective, here is a list of some of the top benefits you can expect.
- Make better decisions
Business decision-makers often have to deal with hundreds of decisions each day. This can often lead to decision-fatigue, a condition where they are tired of all the choices they’ve made during the day, so it’s hard to make another one.
Working with a business coach can help clients improve their decision-making skills so that they can focus on decisions that have the highest priority and long-term impact on their business.
- Challenge Your Thinking
Even the people at top positions in a company feel pressured by their own opinions and judgment, which often determines their plans and actions.
Usually, they don’t have anyone ready to question their ideas, decisions, and offer a fresh perspective. A skilled and well-versed business coach can be the counterbalance they need to keep them grounded, helping them evaluate the viability of their plans, as well as pointing out both the flaws and the opportunities the client wasn’t even aware of.
- Recognize Problems
How businesses use their resources is one of the crucial factors for their success. If there are any inefficiencies and flaws in your company, they can undermine the whole business process.
However, those who are deeply internally involved in the current affairs of the company often lack the ability to identify the crucial problems. They recognize and deal only with the issues on the surface, while the underlying cause of such problems remains unaddressed.
An unbiased, well-experienced expert will help their clients understand the core problems in the organization, and together, they can find the most efficient ways to solve them.
4. Set Your Goals
Excelling at business depends on planning – having a vision, setting goals, and planning the actions to achieve them. Still, many business owners, managers, team leaders, and executives skip the planning phase and act on their impulses when they’re making crucial decisions.
Not setting goals and planning how to put their business ideas into action can often have devastating consequences for the future of the organization.
With a business coach around, there will be no acting on impulses. They will help you set realistic goals and plan the actions needed to achieve them.
Furthermore, they will also hold you accountable for taking the proposed activities and achieving the predefined goals. If you’re not following the plan through, they will point out your responsibility.
5. Set Your Priorities
A business coach can also help you with setting priorities. This soft skill enables you to manage and organize the tasks that are in front of you and is essential for achieving your business goals.
Statistics show that an average entrepreneur spends 68,1% of their time on tasks that don’t generate profit. Most of them are not even aware that there are efficient ways that can help them improve this skill and learn how to distinguish which tasks are worth their time and energy and which ones are the ones they should delegate.
6. Help With Networking
Any business has much better chances to succeed if those at the top positions are well connected with stakeholders in their industry.
A good business coach knows just how important networking is and will assist their clients in establishing such connections. Furthermore, they will use any opportunity they have to advocate for their clients’ interests, opening the doors for a whole new world of possibilities.
With all said above, it’s clear why business coaching is on the rise. The main goal of any business is to grow. Working with a business coach is a sure way to induce growth, both of the leaders and their businesses.