7 Reasons Why Business Coaching Won’t Work For You
There is much evidence to prove that having a good business coach can have a significant positive impact on your business.
An industry study in the UK found that CEOs who consent to business coaching are able to improve their working relations by 77 percent, leading to a 53 percent boost in productivity and increased profits of 22 percent. The International Coach Federation in another study note that PricewaterhouseCooper have established the average return on investment from coaching to be 787%. Whilst the evidence is strong, business coaching is not appropriate for every business.
If you are reading this, you might be wondering if you are right or ready to hire a business coach help you to grow and develop your business. However, before you invest in finding a good business coach check out 7 reasons below why having a business coach won’t work for you:
- You are happy with where your business is today. If you satisfied with your current level of organisation growth and performance, there is no need to look at ways to grow the business further or faster.
- You are reluctant to change. Whilst you may want to grow your business or feel frustrated at certain areas within your business, if you are not willing to accept that changes are required, and that most importantly you may have to change your thinking and behaviours, then there is no point engaging a coach in your business.
- You would prefer to stay in your comfort zone. It is quite natural to feel uncertainty and doubts at times, however these fears can keep us stuck doing the same things. To get different results it is necessary to do different things and this can sometimes feel challenging and stretch us out of our comfort zone.
- You don’t feel the desire to learn new things. If you run your own company, you may feel that the last thing you have right now is the capacity for learning new ideas and ways of doing things.
- You are not particularly interested in feedback on your performance. If you are confident that you are doing a reasonable job, then you may not feel the need or desire to get feedback on how you are doing from either a coach or your employees.
- You don’t feel you can afford to make the investment. As you are running your business and you will have many demands on your money and time. Hiring a coach will cost money and require you to make the time for meetings. Maybe you don’t feel that you can commit the time or money required to make a lasting difference to your business.
- You aren’t committed to taking the actions required to move forward. There is a world of difference between knowing that you need to do verses actually applying this in real life. Implementation is the key and without the commitment to take the right actions on a regular basis nothing will change.
So whilst you may want to improve and grow your business if you can recognise or identify with one of the reasons in the list above then this is a pretty good indicator that business coaching won’t work for you right now. There may be other approaches that will work better for you to achieve your aims but it would be better not to waste your time or money investing on business coaching.
For business coaching to work well the desire for change in your current business must be strong enough, or the frustrations you are facing intolerable enough.
Business coaching is based on the principle that what got you here is unlikely to get you where you want to get to. A good business coach will challenge your thinking, encourage you step out of your comfort zone and create a tracking structure that to hold you accountable for your actions.
To have a successful coaching relationship you will need to be open, willing to listen to and learn new ideas, concepts and principles and be able to hear feedback on your performance – the good, the bad and the ugly. It is facing this honest truth that you will help you to grow in self-awareness, develop your leadership skills and give you the confidence to lead your company to its full potential.
“I absolutely believe that people, unless coached, never reach their full potential.” Bob Nardelli, CEO Home Depot
If you think that your company is right and ready for business coaching, then please contact me to find out more about how business coaching could help your company to reach new levels of growth and success.