Business coaching has become a very common and important practice for managers and companies that want to evolve grow and achieve their goals. However there are still professionals who are not aware of its full potential.
Below we explain what it is, what it is for and what its benefits are.
Definition of Business Coaching
A business coach is a type of consultant specializing in business growth. His work focuses on helping business owners set and achieve their business goals.
He typically focuses on sharing ideas, advising, and helping design growth plans for his clients to increase their income and advance their careers.
He also participates in establishing a clear direction and provides feedback tools and his perspective to follow the marked path. A good ‘coach’ is not dedicated to saying what we have to do he is a trustworthy person who helps the entrepreneur to find the way for himself.
Hiring a business coach is like having a highly experienced partner to navigate you through running a business with.
What is business coaching for?
Along the road to business growth it is easy to get lost and forget the reasons that brought us to this point. The coach ‘s job is to accompany and guide towards the right decisions.
It must also challenge entrepreneurs to develop their strengths identify and reduce weaknesses and grow as individuals. The coach places special emphasis on leadership to work on the vision of the organization and create a team related to those ideas.
Therefore, a business coach can be expected to:
Ask lots of questions to get answers that contain valuable information.
Provide valuable advice for company growth.
Of the necessary tools to the businessman to become a good leader.
Create a space of trust to work on the real needs of the business.
How much does a business coaching service cost?
The services of a business coach can cost between €100 and €500 per hour. The cost varies depending on the experience the area of specialization the assigned objectives etc. Although the average price is around €250 per session, since this is one of the services that is usually outsourced.
It is also true that many coaches with frequent clients can negotiate a monthly fee. This allows for regular communication scheduling sessions in advance and receiving more personalized advice.
Benefits of business coaching
Business strategy coach in New Jersey, Is it worth investing time, energy and money in business coaching? The truth is that this process can bring great benefits to both the employer and the company:
Increases confidence: The support of a good coach, who encourages and gives space to solve challenges autonomously increases the entrepreneur’s confidence.
Brings Perspective – A fresh pair of eyes and extensive experience, the coach helps reduce blind spots. They will do this through questions and encouraging critical thinking.
It helps to get out of the comfort zone: it is very easy to use the excuse of “we have always done it that way”. However a coach will always seek to provide new solutions to old problems.
Improves leadership: a coaching process allows the entrepreneur to get to know himself better, assess his strengths and weaknesses and evolve as a professional.
Boosts Productivity – Focusing on what you do best greatly improves efficiency and motivation. A coach will encourage the employer and the entire company to apply this standard.
Helps to make more money: a coach will make the company clear its objectives, design a solid strategy and identify the key actions to be carried out. This will lead to increased profits and therefore money in the bank.
Types of business coaching
It is important to note that business coaching is divided into three categories depending on the objectives it pursues:
Executive Coaching: focuses on developing the potential and leadership skills of the owner of the company or its senior managers. The goal is, according to the Stanford Graduate School of Business, to create awareness, generate action and facilitate learning to achieve growth.
Team coaching: in this case, coaching tries to enhance the talent of the team as a whole so that it improves its performance. For this, it is necessary to strengthen the relationship between the members and ensure that all people work in a coordinated manner. If the work environment improves, productivity improves.
Organizational coaching: finally, organizational coaching works from a broader vision to ensure that the organization develops a culture aligned with the company’s values and thus achieve the strategic objectives. In this case, the customer is the company perceived as a whole.
6 business coaching techniques
Coaching is a work methodology, therefore certain different tools and techniques are applied to achieve the set objectives. Here are a few:
Previous questionnaire: the coach sends a questionnaire that is answered before the first session. Each question is related to a topic to be discussed and the answers help to establish a starting point.
Reflection questions: the coach must know what to ask in order to find the best decisions and conclusions in the answers.
Active listening: pay attention to what the other says in order to maintain a fluid conversation and extract valuable information.
SMART Goals – Creating Specific, Measurable, Achievable, Relevant and Time-Based Goals is a technique that helps create clear goals and outline the actions needed to achieve them.
The line of life: helps self-knowledge and reflection on oneself. It is done by graphically representing all the events that have influenced the lives of the members of the company. Helps to understand certain emotions.
Group motivation: increases the involvement among team members, which improves productivity and the work environment. It is achieved by promoting professional growth, implementing flexible hours, etc.
6 tips when hiring a business coaching service
Are you going to hire a business coach? Keep these tips in mind for the selection process:
Define and put your goals in writing: spend some time thinking about what you want to get out of the coaching process and put it in writing. If possible, quantify the results to later measure the return on investment.
Candidate interview: try to obtain information about their experience, who they have previously worked with, what methodology they use, the results obtained, etc. Find someone you feel you can trust and are comfortable with.
Choose a coach from your city: working with an internationally famous coach can be very interesting; however, the daily dynamics will be more fluid if you hire someone close to you. In addition, at a legal level it will be much simpler.
Value years of experience – The longer the coach has been in the business, the more likely they are to work with a clear system that delivers results.
Find someone who shares your medium-term vision: it is important to share ideas with the coach. It helps decisions to be made according to the final objective.
Avoid hiring a clone of yourself: It is important not to hire a coach who looks too much like you. Find someone to trust, respect and listen to. It is important that you think differently to bring new perspectives and challenge yourself.