Business Coach: Do They Help Small Businesses?
Business coaching is an industry that has blown up in the past decade and shows no signs of slowing down. Business owners see the value in business coaching and staying current in their industry practices. It can often feel lonely as a small business owner and entrepreneur, so having someone in your corner helping you strategize and grow your business is invaluable.
One of the great benefits of our online world is that you no longer have to work with geographically close coaches. You can find many business coaches online, and many business coaches are available, so choose wisely.
What is a business coach?
A business coach is someone you hire to support you as you navigate the trials and tribulations of being a business owner. A business coach supports and mentors you as you implement strategies in your business. When you have a problem in your business, you can seek advice from your business coach, and they offer recommendations on how to handle your specific problems.
Benefits of business coaching
There are massive benefits to using a business coach to help you grow your business. Business coaches help you with the challenges of being a business owner. They will help you with mindset, overcoming obstacles, increasing sales, increasing visibility, and so much more.
You have a vision for your business, and a business coach will help you reach that vision with their expertise and experience.
Most importantly, a business coach will share their expertise on getting you where you need to be. Ideally, you will hire an expert who will help you achieve the goals you have for your business. They will have “walked the talk” because they have a proven track record of helping business owners like you create a massive impact in their businesses.
One of the top benefits of business coaching is the accountability factor. When you hire a business coach, your work and progress towards your goals are held accountable to your business coach. You have someone you need to report to about the work you’ve done to implement strategies you’ve discussed and monitor results.
Coaching would not be right for you if you are not prepared to do the work. Business coaches don’t do the work for you. Rather, they guide you and show you the way.
One-on-one coaching
One-on-one coaching will give you the best bang for your buck. Although one-on-one coaching is more expensive than group programs and courses, you get direct coaching for your specific problem in a setting dedicated to your business.
Many popular business coaches do not offer one-on-one services once they reach certain milestones in their business, so shop around and see who is the right fit for you.
Types of coaching
There are many types of coaching that are offered by business coaches. Because business coaching is rather vague and covers all types of businesses, many business coaches choose to niche down and develop expertise in their field to attract the right clients.
You will want to know your needs when looking for a business coach. Are you looking for help with a specific problem?
Then research which business coach specializes in your problem. For example, if you are starting up a new business and need help on steps to achieve that, you need to work with a coach who works with start-ups. Or, if you need help designing a marketing plan, you need to work with a business coach specializing in marketing.
Working with a business finance coach is vital to help you manage your money and grow the wealth in your business. A business finance coach will help you create a vision for your business and a roadmap that outlines the steps you need to take to reach your goals. There is nothing in business that does not impact your bottom line, so using a business finance coach will increase your wealth and grow your business.
Some examples of business coaches are:
- Business finance coach
- Executive business coaches
- Leadership coaches
- Marketing coaches
- Thought leadership coaches
- Growth strategy coaches
- Mindset coaches
- Speaker coaches
- Book coaches
- Sales coaches
These are just some examples of the many business coaches you will find.
Strategic coaching
Strategic coaching is important for businesses that are more established. You have been in business for some time, bringing in steady revenue, and now you are ready to bring your business to the next level. I recommend using a business finance coach at this stage because they are experts in strategic financial growth for your business.
You may be looking for strategies around becoming a thought leader, writing a business book, getting your ideas out in the world, business growth strategies, or anything that requires a thoughtful plan that includes strategies to get your business to the next level.
You may have heard the expression “what got you here won’t get you there.” Having a fresh set of eyes on your business with a new perspective can bring in the strategy you are searching for.
Why business coaching is important
It’s lonely at the top and having a trusted confidante to confide in makes a huge difference. You need to be able to bounce ideas off someone who can give you honest feedback, and you need someone outside your organization to do so.
When you have someone who can be objective, doesn’t have a stake in your business, and gives you honest feedback, that can exponentially help you as a business owner. Good business coaches like that are gems, and you when you find one, you may not want to let them go.
Business coaching offers a second set of eyes for a small business owner. A business coach can point out issues and problems that the business owner may not see and show them what is going well for them with their business.
Having someone in your corner who can cheer you on when you are having a tough time, keep you going after failures, and help you achieve goals will give you the added motivation and insight you need to continue your journey as a business owner.
What to look for in your business coach
When you are searching for your business coach, I recommend that you keep these criteria in mind:
1. Credentials
How educated is the business coach you are about to hire? Do they have their MBA, CPA, or some other noteworthy credential to their name? This is a sign that the coach you are about to hire is a professional who has done the work. They have been trained to recognize and solve problems and understand business deeper. The credentials show that they have put the work into their profession and have proven themselves.
2. Experience
Work experience brings a new level and dimension to a business coach’s resume. They need work experience to truly understand what it’s like to run a business. You want to be sure that the guidance and advice they offer will work. It needs to be proven.
3. Personality
You need to get along with your business coach. You are building a relationship with this person, and you need to trust them and share your feelings, struggles, hopes, and dreams. If you dread meeting with them, the dynamic will just not work. Your decision should be based on shared values and gut feelings. If you have a gut feeling that this person is not for you despite how good they look on paper, follow your gut.
Coaching is a large investment in your business that can offer a large ROI. Be sure you do your due diligence when hiring a business coach to make a profitable decision.
How to hire a business coach
When you decide that you are ready to hire a business coach, there are important steps that you need to take to ensure you make the right hire.
- Consider the problem you want to be solved
Know the type of coach that you are looking for and what expertise they need to have. For example, if you are wanting to increase the profitability in your business and implement a reliable business financial system, hiring a CPA such as a business finance coach would be a strategic move.
2. Consider your budget
Business coaches can offer packages ranging from $500 a month to over $125,000 to work with them. The higher the “celebrity status” of the coach (think Tony Robbins), the higher the investment. But beware, the business coach that charges $50,000 for their program may be no better than the one who charges $20,000.
3. What results are you looking for?
When you know the results that you are wanting to achieve, it will help you narrow down your choices for coaches and help you with asking the right questions when interviewing the coach.
4. Get referrals
Referrals are great. When you get referrals from trusted colleagues, you know that the coach has been vetted by others. This is a good sign that if others are happy with their service you may be as well. But beware of those referrals who receive a referral bonus for sending business their way. The person referring you may just be motivated by the payment they will receive.
5. Do your research
Don’t just go by referrals, regardless of how great they are. Do your own research and make your own informed decisions. Knowing what you need and researching coaches out there who offer what you need will help you get the help you need. Most business coaches offer content such as podcasts, webinars, websites, and such to help you get a feel of what it would be like working with them before you even meet them.
6. Interview at least three coaches
Don’t jump on the first business coach that you interview and get a good vibe from. By interviewing at least three coaches you will get a better feel of what types of coaches are out there and who you feel good about working with.
7. Make your investment
Once you have done your due diligence, you are ready to decide and hire your new coach! Be prepared for a rewarding and lasting relationship with this professional.
What to expect from business coaching
Coaching packages vary from coach to coach, but there are standard packaging practices that many coaches have in place.
For example, when you sign up for a coaching package, you get one-on-one services. This is usually one hour of coaching per week or bi-weekly, depending on your coaching agreement. The coach may have courses or groups you can join and be in a community with like-minded business owners.
When you sign up with your business coach, you will be signing a contract that clearly outlines the offer and expectations of the contract. Be sure the contract includes a confidentiality clause.
Business coaches typically do not guarantee your results. You must commit to a coaching relationship where you put the work in to get results. Typically, the harder you work, the better the results.
Business coaches are not a done-for-you service, so be prepared to work.
You’ll also want to be sure that the business coach you choose has a smaller group of one-on-one clients to get the attention you deserve. The last thing you want is to pay big bucks for a business coach who is burnt out and can’t focus on their time with you because they’re too busy trying to serve everyone.
Who are the best business coaches?
There are many lists of the best business coaches out there. Some should be listed as the most popular business coaches; some should be transparent and say, “those who paid to get on the list of best business coaches.” The reality is everyone will have a different experience and opinion of who the best coaches are.
The best business coach for you is the one you feel comfortable with and with whom you get results. That’s the bottom line.
The cons of the business coaching industry
You must remember that the business coaching industry is not regulated. This is the largest downside of the coaching industry, so it’s important for you to do your own research and due diligence. You are responsible for your choices in hiring your business coach. There is no association or group to complain to if the business coach acts out of integrity.
A tip for you when hiring a business coach is that when you hire a professional such as a CPA, they have a governing body where their behavior is regulated. They must meet the ethical regulations and code of conduct of their governing body.
The bottom line is that investing in a business coach can be the best investment you can make for your business. The right business coach will inspire you to not only grow your business but to grow yourself.
Remember that not all business coaches will give you everything that you need. You will likely have more than one coach throughout your business career as the expert business coaches stick to what they know well. For example, if you are working with a business coach who is helping you maximize profit in your business, but you’ve also decided that you want to branch out into a speaking career, you may keep your current business coach and also work with a speaker coach.
Beware of coaches who say they are experts in everything in business. That is unlikely and a recipe for disaster. If you claim to be an expert in everything, you dilute the meaning of the word.
Making an investment in yourself to help you be the best business owner you can be is smart. Your business and bank account will thank you for it.
My name is Melissa Houston, and I am a business coach. I am a CPA and the founder of She Means Profit, the blog and podcast. I help business owners create a profitable business by managing their money. I am also a contributor at Forbes, a speaker, and the author of Cash Confident: An Entrepreneur’s Guide to a Profitable Business (due out May 2023).
If you are looking to uplevel your business and make more money in your business, grab your free copy of the 5-Step Roadmap to a Profitable Biz today!
