Coaching by its nature is a truly personalized process tailored to the requirements of both the individual and the organization. As such the benefits of business coaching are wide-ranging and vary depending on what you are looking to get out of the relationship.
Business owners may be focused on clarifying their business plans and developing growth strategies to sustain business growth while maintaining alignment with organizational and personal values. While senior executives may wish to improve employee retention by focusing on company culture.
Despite the personalized and individual nature of business coaching, and regardless of whether you have a home-based business or a multinational online business, coaching provides business benefits. There are several irrefutable reasons why you should hire an executive coach.
1. The World’s Most Successful Business Leaders Use Coaches
Coaching culture has changed dramatically over the years. Gone are the days when a company would hire a coach as a last-ditch attempt to deal with toxic behavior. Business coaching has helped some of the world’s most successful business leaders and entrepreneurs.
Eric Schmidt, the former CEO of Google, stated in an interview with Fortune Magazine that the best advice he ever got was to hire a coach, even though he was skeptical at first. Bill Gates believes everyone should have a coach, regardless of their level, and Steve Jobs has also worked with several coaches throughout his career.
Coaches aren’t there to act as teachers; instead, they support growth and offer feedback and an outside perspective. Coaching skills can be invaluable in promoting personal development, which leads to business benefits and greater organizational success.
2. Clarify Vision and Create Action Plans
One of the key outcomes of executive coaching is to clarify your vision and goals. Whether your organization focuses on content marketing and social media, search engine optimization, real estate or venture capital, getting clear on your company’s vision and the business strategy you are using to get there is the most effective way to achieve your goals.
You can have an organization comprised of the world’s greatest minds. Without a clear and communicable company vision and actionable plans, you may never get to where you want to go. And that is what coaching is all about—taking you from where you are to where you want to be.
One of the most effective tools a coach and mentor uses is that of accountability. Once the goals have been set, and you have identified that you are capable of achieving those goals, your coach will be there to keep you accountable for your actions and commitments.
Coaching can take you out of your comfort zone, but whether you are undertaking team coaching or one to one coaching, having someone hold you accountable and work through any challenges that may arise can lead to considerable increases in productivity and effectiveness.
4. Building Better Relationships
One of the proven benefits of hiring a coach is that they can help you see yourself and your actions from an outside perspective. They can hold up a mirror and ask the difficult questions that may uncover styles or beliefs that hold you back professionally.
Coaching will usually start with a 360-degree assessment, and a coach will assess your leadership and communication styles as well as how others perceive you within the organization. This can provide invaluable feedback that may not have been forthcoming without a coach and a safe space to learn about yourself and work on new skills.
5. Increase Revenue and Profits
If you are hiring a business coach then, looking at team coaching, or considering internal coach training then you want to be sure you will get a financial return on your investment.
Coaching is seen as an investment in your organization’s most valuable asset, it’s people, and has been shown to be an effective form of management training, change management and personal development.
Coaching also improves focus and motivation, allowing goals to be achieved more quickly and focusing energy on the areas that will yield the biggest results. So if increased revenue and profits are your goal coaching will get you there faster.