Is a business coach worth the investment?
I think a business coach might be valuable to help me stay focused on my goals and accomplish more to move my business forward. However, with limited funds, I could also use that money to hire someone to help with social media and a few other marketing efforts that I am struggling to manage myself. What do you think is the better use of my resources? Thank you for your thoughts.
I can tell the future...so, yes.
But, if you're already smart & savvy, and only a tad slow on getting engaged in your own "thing" - get an accountability partner.
Business coach is a third party person between you and clients, provide credible things both you and your clients. Budgeting is depends on your sales forecasting and ROI. We have to find best balance or ratio between breakthrough by coaches and sales & ROI.
As a Certifed Life Coach, I can tell you that the great news is that you've already answered your own question.
What is the objective of hiring and working with a business coach? Clarity of vision and guidance on the best way forward for now! You are already clear on your limiations and what your business is lacking, so I would say hiring marketing people is definitely your top priority now, However; A business caoch at this stage will be benecicial in one way.
S/he will help you clearly visualize you blocking barriers and your blind spots.
S/he will guide you to bring the best solutions to your situation from within you.
To minimize your investment ask for a free or discounted session to see if you are comfortable with the person and his methodology.
As a business coach I offer a guarantee that you will make a return on your investment in my services in 90 days (or less or I will continue to work with you at no additional charge until you do). So you can pay for the social media person and your marketing support out of the profits you make from working with me. Simple.
Present your dilemma to a few potential business coach candidates. See who comes up with a solution that works for both of you. A good business coach should be able to make a proposal that will allow you to spend money most productively for the business. Better still, you make the first proposal.
A quality, certified business coach is not inexpensive but is well worth it. The hard part of picking them is you need to know what you want from the relationship and also that they will push you very hard. The introspection of using a coach to overcome what has held you back is tough and emotional and very rewarding unless you do what many people do...quit! Talk to many coaches, check credentials (have they invested in their business on themselves) and references of course they will only supply good ones.
The answer is yes, BUT...Over the years I have worked with a number of business coaches, the main thing you need to look for is how good and engaged are they to your business and requirements...Outsourcing the social media stuff is a great option so you may want to look for a "mentor" who is also in that field right now so they can both guide your immediate requirements and also drive your social media strategy from a point of expertise.
One of the areas I have found as a weakness for a lot of "branded" coaches is they are practising basic business strategies (effectively) but are not knowledgable enough for the media and marketing strategies...Have a look at at howtobuildabrand .org as they have some ideas which may be useful and they may not fit your requirements but they have a lot of connections with people who just may so you can fire off your question to Miles or Sammy...Good luck
Hi Kate. Most business coaches would start with a one hour free consultation so they can understand your goal and allow both of you to work out your "fit" together. You'll be in a much better place to answer your question.
You have got some great ideas and observations here. Take time to really define first what you want to achieve with your business. With a good coach, you can get both. Marketing for small business is not that complicated and a coach can help you. If you don't mind sharing what your business is about, we can guide you better in your thinking. And take some coach on the free diagnostic session. But do remember each small business has its own reality. Your wants are are important to define your business road map in these circumstances.
Best of luck
I do think that a business coach can add value but the time needs to be right.
I had used a business coach at a difficult time in my career. Targets were revised, management had changed, new staff came on board at this time.
I really benefited from using a business coach because the one-to-one set-up suited me.
At first it slowed me down because it was rather tiring and time consuming to share information about my professional background and experience with the coach in order for her to assess the situation and suggest a way forward.
At first it was also tricky to find out what I wanted to get out of the coaching process. Moreover, I had to do some additional preparatory work before and follow-ups after each coaching session.
The coaching energised me and gave me tremendous confidence because it also involved my direct line manager who had to comment on any changes.
Coming back to your question. I really recommend a business coach and perhaps you could save costs by mostly using Skype. Also you could limit the process to a few, say 5-10 sessions over three months.
The coach will also help you to see your business clearer and will help you to refine the solutions you already have in mind for growing it.
I hope this helps.
All the very best
Thorsten (from London)
Hello Kate. If you don't have a "mentor" you can speak to weekly, a business coach is definitely worth the "investment". I can remember a time when I hired a previous boss a business coach. He thought it was a waste of time and therefor we wasted the money. That company ended up losing tens of thousands of dollar due to my boss's lack of skill and experience. Another company I worked for spent great sums on a coach to help them assemble the correct team. I ask you this: Who do you have in "your corner" that is "smarter" than you and is looking out for your best interest?
There are four dimensions on which you could evaluate the value of a business coach:
1. Short-term: do you have burning questions or issues that you could not address on your own?
2. Long-term: how could the business coach help and coach you through to a more viable business?
3. Business: what could be the business coach's value and impact on your top line and bottom line?
4. Personal: how could the business coach help you with thinking process, and strengthen your characters as a leader and a person?
It's basically a trade-off between short-term and long-term. Many people choose to look at coaching options when they are financially affluent enough. Chances are the accrued issues, ego, and inertia make them not easily coach-able at a later point in their business and life.
Mr. Drozda has presented an offer that should not be refused.
But, have you considered a local mentor from www.score.org?
We deal with this topic daily.
Unless they have more success than you in your field I'll say not really a wise investment. Otherwise sure, why not learn whatever you can?
Good question Kate. How about hiring a coach that has expertise with social media/other marketing efforts for a small business owner? I'm sure they're out there for you.
Is seeing a physician worth the investment, even when we are not sick or hurting, for example; getting a physical? Is getting a great massage worth it? Is investing in our growth, well-being worth it?
This is how I look at life coaching and development. Not all life coaches are the same. Know what you are looking for then start shopping for a good life coaching fit.
It all depends on which one you feel you need the most. Weigh your circumstances, your needs and your budget. I'm a marketing/social media consultant, but I don't want to be biased.
Richard Stern- It all depends on the contribution to your company. Furthermore, the Business Coach should have experience in your industry.
Then the information being shared will be more valuable to you.
I would say that in many ways this is very useful. I will not hide that many business coaches are just scammers who will tell you quotes from any business book. But there are many that will help you set the right prices and set priorities, develop the right skills. I have used the business coach several times and with different people. In General, I was very happy, especially with the last consultation with https://smallbusinesscoach.org/
But do not rely on them too much, they will not build a business instead of you and will not tell you what stocks will double tomorrow
The answer is a Yes or a No depending on the market dynamics in which you operate and the scalability you target.
Without knowing the micro details , suggesting something would be akin to coin tossing.
But on a very sketchy level i would suggest - zero in on 2/3 factors and work on those and measure output. Hope you are aware of the 80/20 rule.
Hiring a business consultant is always better subject to the additional cost.