September 22, 2021
To get a clear understanding of why companies would hire a business coach and what type of services are out there, then we first need to break down what business coaching is, what they do and why having a business coach is good for, well…business? Once you understand the nature of business coaching, then it becomes much easier to find a coach that’s right for you.
Business Coach: The basics
“Coaching is unlocking people’s potential to maximize their own performance.”― John Whitmore, Coaching for Performance Fifth Edition: The Principles and Practice of Coaching and Leadership
John Whitmore, arguably one of the best-known business coaching experts, tells us that coaching and in our case, business coaching is helping business owners, leaders and managers reach their full potential.
What is a business coach?
This is the most basic of questions but a good place to start. A business coach is a professional mentor who supports, educates and motivates leaders in the workplace. Think of it as a personal trainer for managers.
What does a business coach do?
A business coach works with business leaders and managers to guide them through their unique set of circumstances. They are knowledgeable business leaders and learning specialists who help them clarify their vision for the workplace and how it fits in with their personal goals.
Why hire a business coach?
If you find you’re working harder not smarter and trying to improve performance and profitability, you may need a business coach. Business coaching is used to take a business leader from where they are now to where they want it to be. There is a lot of evidence that shows that business coaching can increase profitability and performance of a business. See the business coach stats below.
“Coaching helps others to think through, plan, and overcome the barriers and hurdles that often prevent us as humans at achieving what we aspire to do.” (Prof. Jonathan Passmore)
If you need better performance and more profitability you need a business coach.
How can a business coach help?
The right business coach can help you work through blockers to get to where you want to be. According to HBR, coaching can help you achieve higher performance and greater personal satisfaction at work.
A meta analysis by the British Psychological Society, found:
- Coaching had a positive effect on employees
- Coaching was more effective with one consistent source of feedback
- Coaching was effective whether conducted face-to-face or using blended techniques (i.e., blending face-to-face with e-coaching)
According to The Institute of Coaching, coaching in organization and leadership settings is also an invaluable tool for developing people across a wide range of needs. The benefits of coaching are many; 80% of people who receive coaching report increased self-confidence, and over 70% benefit from improved work performance, relationships, and more effective communication skills. 86% of companies report that they recouped their investment in coaching and more.
When do I need a business coach?
If you are researching business coaches, you probably need one. The International Coaching Federation and Harvard Business Review, say that leaders need professional coaching now more than ever. With the uncertainties of the pandemic and the stuttering of back-to-work plans due to the delta variant, the stakes for leaders are at an all-time high. Leaders must constantly reevaluate their strategic direction and vision while managing uncertainty. With employees concerned about the ever-changing workplace, it’s important for leaders to be better equipped to address real concerns.
Professional coaching is a long-term solution to these concerns.
How do I find a business coach?
Finding a business coach that works for you is important. The last thing you want to do is leave it up to a Google search. We know that everyone is different and that means that some coaches are better for you than others. If you did a Google search you would see many, many people offering their services online. But like any new relationship, you need to take time to get to know your potential coach.
What makes a good business coach?
A good business coach is experienced and well-rounded. They have a background in holistic people development. They need to be able to see the whole you and pinpoint your strengths and showcase your weaknesses.
Here are a few things to look for in a coach:
What kind of expertise do they have?
The best thing to do when looking for a coach is to ask questions. What is their background? How did they obtain their knowledge? Are they too much of a good thing? (Some will claim to be experts at everything.)
Does their experience match up with the problem you’re trying to grow into?
Think about the problem you’re trying to solve and the blockers to get there. Find out what experiences have they had? What kind of experience do you want them to have? Find someone who has been in your shoes and gotten out with lessons learned.
What kind of connections do they have?
A good coach has a network of connections they can call on. Find out who they know and who they can connect you to? They should be able to get you answers or connect you to someone who can.
How is their attitude?
A great coach comes with a great attitude. They have been there and done that and have the sense of humor to prove it. They aren’t easily upset and understand it’s a numbers game. The best coach is patient and resolute and will keep you on track.
Do they have radical transparency?
Why radical transparency? You need to be able to trust your coach. A good coach is willing to share the good and the bad of their experiences. You must feel they are being 100% honest.
What are their expectations and availability?
A good coach can tell you what they expect from you. They will outline what they need from you, what happens next, and keep you accountable. Find out how much time they can offer you. Do they have other projects in the works? When are they available?
Will they customize to your needs?
Understand upfront if they see you as an individual and your business as a unique set of problems, and are willing to customize for your needs. They need to care about your problems and hear your concerns.
Are they able to hold you accountable?
A good coach will understand that you are busy and things get in the way, and yet still hold you accountable. They care about how you’re doing and want you to succeed. They will stay on top of your progress.
Ask for testimonials, and references, and check them. Then do an online search for what reviews you can find. Were there complaints? Why? What are former clients saying?
What kind of coaching is right for me?
There are countless scenarios where coaching can help you grow and accomplish your goals. Here are just a few examples of the types and applications of coaching that may be useful throughout your career.
Executive coaching focuses on business growth. They provide leaders with tools and strategies for improvement.
When working with an executive coach, you can learn:
- How to manage your team better
- Generate new ideas
- Boost overall business performance
Leadership and executive coaching are often used reciprocally. But a leadership coach can help managers:
- Resolve conflicts among team members
- Develop leadership skills
- Work on management-level problems
Performance coaching is hyper-focused on continuous improvement toward goals and often with a shorter term focus. A performance coach helps:
- Personal development based on actionable goals
- Overcome mental blocks
- Boost productivity at work
Business coaches help entrepreneurs and business owners by:
- Improving business vision and strategic direction
- Identifying and implementing successful business growth opportunities
High performance or high potential coaching
This type of coaching is generally geared toward individuals focused on a succession track with longer-range goal achievement. It helps you attain high performance in every desired aspect.
They assist in:
- Improving performance
- Challenging and supporting you
- Helping you to achieve your very best
This coach provides coaching on the organizational level. They help businesses:
- Foster systemic and positive transformation
- Focus on coaching leaders and managers to benefit the organization
Strategy coaching is proactive coaching with a goal toward making rapid changes before issues occur.
A success coach helps you succeed in pursuing your goals to get from where you are now to where you want to be.
- Setting and achieving the right goals
- Perfecting time management skills
Skills coaches support you with:
- Identifying strengths and weaknesses
- Master new skills
- Getting through blockers
What kind of business coach is right for me?
Think about where you want to improve — at the organizational level, the leadership level or personal level or all three. Find a coach who can address your concerns, has time to work with you and can work in ways that challenge and support you to meet those goals. They need to work in ways that work in your schedule and at your pace.
Business coaching statistics
Below are a few common statistics on business coaching:
A study conducted by MetrixGlobal LLC showed that businesses who paid for coaching saw a $7.90 return for every $1.00 spent on those services
A Texas government business survey showed that of the 53% of businesses that responded, most (86%) found at least some value in coaching/mentoring, and 47% indicated coaching/mentoring was very or extremely important.
A study on the effects of coaching found executives who received both coaching and training were able to increase their productivity by 86% compared to a 22% increase in productivity by executives who received training alone
The 2020 IFC Global survey showed that Millenials are the largest group using coaches and open to being coached..
A 2011 Hay Group study showed that 40% of Fortune 500 companies make use of business coaching to train and develop their executives.
Another study reported 61% of owners felt an increase in job satisfaction, while 67% felt coaching increased their teamwork skills.
Business coaching can make you a 70% more effective team player.
In this ultimate guide to finding a business coach, we’ve provided you with business coaching basics, what to look for, what to stay away from and how to find the coach that’s right for you. We’ve even added some statistics to help you show that business coaching has a successful ROI.
Coaching with CoachHub
Choosing the right business coach is difficult and sometimes quite frustrating. That’s why leveraging a digital coaching provider like CoachHub helps. Our platform allows clients to:
- Access a network of certified coaches with a proven track record
- Eliminate geographic obstructions, which broadens the choice of potential coaches
- Enables coaching in native languages
We also have some statistics of our own:
- Over 2,500+ certified business coaches
- 96% of coachees report having progressed on their goals
- 4.92/5 average session rating
- Thousands of coaching sessions conducted
- 100+ satisfied customers