Many Business Owners have heard of Business Coaching. The questions they ask themselves are: “Why do I need a Coach and what value will he or she bring?” I want to outline the answers or at least the structures to answers to these questions today.
If you recall, I posted recently about Change and how it is an important part of Coaching. Change is a big part of what I bring and why the owners need me. Most of the time a successful Business gets to a certain point and then it stops. The level of success becomes a constant until some (probably) external factor upsets the market and thus the Business. The ability to adapt on a constant basis is part of what keeps Businesses successful over the long term. The basis for that adaptation is a sound set of Business Fundamentals.
Now, that same Business stops adapting because the Leadership has reached the end of their understanding of how Businesses grow. I see this in Small Businesses when people consider hiring their first employee or their first middle manager. These are tremendous steps in the development of a Business but are not the only ones. As Businesses grow, they need to operate in a different manner than they used to. If Leadership doesn’t have the knowledge of how to operate in that next stage of growth, then the company stops growing. This is less intentional than practical. The Leadership doesn’t see any economic or life value in getting the Business to that next stage. They become satisfied with where they are. For many people, it is “good enough”.
The Internet has changed all of this dramatically. The way that markets operate, who your competitors are, and what you can charge for certain types of service has or will change dramatically. Think now about 20 years ago and how you would have to do any kind of research. Isn’t your first inclination today to “Google” it? John Oliver was talking about how the Newspapers have dramatically declined over the last 20 years. They are an excellent example of the lack of foresight. I agreed with a lot of his comments about the quality of journalism and how digital has impacted the market. On the other hand, there is more crowdsourced coverage than ever. Content is still king and they have yet to learn how to build and manage their portfolio of content.
So, what is the ROI? It depends on the Business Owner. The Coach is bringing an objective, outside viewpoint that is based on sound principals. Will the Owner adapt to change? Will they grow out of their comfort zone and make the leap to the next path of success? If so, then the ROI can be huge. If the Owner just wants to stay as they are, then don’t expect great results.
Have a great day!
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