Why Getting a Business Coach is a Good Investment

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Recent studies have proven that business coaching is an up-and-coming industry – the second-fastest growing industry in the world. Business coaching is just like sports coaching – like a sports coach coaching an athlete and trains them to get better, business coaching not only helps businesses establish organized plans for every challenge they come across, it helps set those plans in motion.

 

Business coaching is just like sports coaching – like a sports coach coaching an athlete and trains them to get better, business coaching not only helps businesses establish organized plans for every challenge they come across, it helps set those plans in motion. Companies that have business coaching tackle challenges with a plan and business strategy from the business owner’s view and an outside view: the business coach. This way, the business owner can achieve all he wants.

Here are some general statistics about business coaching today:

“Annual spending on executive coaching in the United States is estimated at $1 billion.” – Harvard Business Review, November 2004.

“Use of coaching is widespread in UK organisations, with almost nine in ten respondents reporting that they now use coaching in their organization (88%).” – University of Bristol Newsletter, 2005.

“The Australian Institute of Management says 70% of its member companies hire coaches.” – Inside Business Channel 2, July 2006.

“A recent study estimates that 40,000 people in the U.S. work as coaches (work or life) and the $2.4 billion market is growing at a fast-paced 18% per year.” – MarketData Report, 2007.

“Coaching is the second-fastest growing profession in the world, rivaled only by information technology.” – National Post, April 2007.

Leadership Compass Why Getting a Business Coach is a Good Investment business coaching

What Do These Statistics Mean?

The statistics and reports don’t lie – business coaching is not only a fast-expanding industry, it’s expanding because it’s a successful industry. Just like sports athletes have to keep ahead of their competitors with a coach, business industries, especially in this recession, are getting extremely competitive.

Think about if a sports athlete didn’t have a coach. He might keep doing the same things that have worked for him many times before, and he might be fine for a while. But eventually, since he’s doing the same things and not necessarily getting better at his sport or his skills, the competition will surpass him.

It’s the same thing with business. With all the industry changes, innovations and management strategies, business owners can’t keep doing the same thing they’ve been doing. Eventually competitors will leave the company in their dust, so to speak.

It’s even true with the big brands – McDonald’s, Starbucks and Coca-Cola are constantly ahead of the game and dealing with challenges. Especially in the recession – how many brands that used to be around (Fannie Mae, Bombay Co., Circuit City) aren’t anymore?

When it comes to a company’s competitors, business coaching is a sound investment in your company’s future because it keeps you ahead of them.

It’s still a relatively new business industry, but the statistics don’t lie: business coaching is fast-becoming a great investment because it keeps the company ahead of competitors.
Business coaching is the second fastest growing industry for several of the following reasons:

- Business coaching helps increase staff and business performance. Coaching develops the best qualities of people and teams, making the most of everyone’s qualities and significantly increasing productivity, making the most of everyone’s talents and skills for the company.

- Business coaching enables owners to motivate their staff. Coaching helps people to work to their utmost potential, increase their self-esteem and thus raise the quality of their work and increase productivity at the same time.

- Business coaching improves staff development. Staff development means not only educational seminars and trainings, but also unlocking the inner potential of the company’s employees. Whether the employees are going to develop themselves or not depends mainly on the company’s management style. Initially, all of us have a great potential which can be revealed through coaching. Coaching allows the employees to develop themselves directly in the workplace, thus increasing their efficiency.

If you’re convinced, you’re one step closer to bettering your business.

Author: Brad Sugars
Article Source: EzineArticles.com
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4 comments
Gary Hewett
Gary Hewett

Always good to have an external view and perspective on any business practices. An external view compliments the inner vision of the business owner and brings a wider perspective to the table. Of course the coach in question needs to have excellent vision and a very objective stance so as not to place rose coloured glasses in the way of the external perspective. 

I've often said that if one can tell the difference between good advice and poor advice then one doesn't really need any advice at all. Business coaches do not remove responsibility from the equation. The business owner still remains in the drivers seat and responsible for the successes (and failures) of their business. 

rocky
rocky

I think A business success coach can help you evaluate at your business and come up with new stratagems that will tide you over these tough financial times as well as equip you with the necessary tools and techniques to bring your business to the next level of success. Success coaching also trains you, just like in sports, to become the business athlete that you are.

Business coaching services
Business coaching services

 i agree with you. business coaching is  a best solution for a successful business because a business coach knows very well that what are the business weak points and how to remove them and  how can you get success in your business.