14 May Business Coach: A Waste of Money?
In the recent years, there has been an increase in the demand for Business Coaches. A lot of business owners faced with tough decisions, stagnation and no sense of direction, often result to hiring a Business Coach, in hopes to get their business back on track.
In a business environment where performance is key, a business coach can help you improve, motivate your employees and suggest new strategies. They are confident in their ability to help you find the motivation you may have lost along the way, and provide you with direction towards one ultimate goal.
However, here’s some things you should consider before hiring one:
1. Cost VS ROI
Several factors go into determining the cost of a business coach, such as they types of services you may require from them, or the areas you would like to focus on. The average hourly fee is between £50–200, although most coaches offer fixed package prices, which start upwards of £500 per month.
Before deciding to pay for a business coach, small businesses should evaluate if the cost is actually worth the outcome. If you are paying them thousands of pounds, you need to determine if by the end of all your coaching sessions, you will have a larger Return on Investment than the Business Coach costs.
2. Coaching Style
When it comes to Business Coaching, there are two types: One-to-one coaching, or Group Coaching.
Group coaching is the most common type as it is more affordable. This may be the cheaper option, but when deciding to sign up, be aware that not all focus will be around your business, and you will receive a more generic template to fit all members of the group. This will mean lack of knowledge around your specific industry, generic advice, generic feedback etc.
Yes, your goals will be specific, as the coach will ask what you would like to achieve from the sessions, however the content will be generalised, and focus mostly on key elements of improving a basic business model. This happens because the group is present in all the sessions, which usually last no longer than 2hrs. In those 2hrs, the coach has to ensure that everyone gets some feedback, everyone receives some value, and everyone has an action to complete before the next session.
Therefore, it comes down to this: Can your company afford to pay for the 1-to-1 sessions, to ensure you get the most out of your coach, or are you happy to pay less, and receive textbook advice that may or may not be beneficial to your business?
3. The power of internet
There are hundreds of focus groups, accountability groups, business networking or support groups, all for FREE! All it takes to find them, is a simple internet search. Even if you take a day out of every month to go to a meeting, you have a chance to think about your business, discuss it with other like-minded business leaders and take someone else’s perspective. The advice you will get will be genuine, honest and constructive.
Another way to benefit from the ‘power of the internet’ is to use social media (DUH!). Networking sites such as Facebook and LinkedIn are a gateway to accessing cheap or sometimes even free, one-off online courses that could give you the boost your business needs to move forward.
And if all else fails, try YOUTUBE! You will be surprised by how many videos and channels there are specifically dedicated to improving a business. Sure, you don’t get the 1-to-1 attention a business coach could give you, but who cares? IT’S FREE!
4. All you have to do is ASK.
Have you ever considered that your peers, employees, or even your accountant, could have valuable advice of how to get ‘unstuck’? These are all people that have a front row seat on the insights of your business and the industry you work in! They know your business’ ins and outs like the back of their hand, have the knowledge and means to steer you towards the right direction, and you can be absolutely certain that they have your best interests at heart. After all, they can only benefit from your success.
If you are struggling in your business, or simply want to give it that extra push towards growth, and you have tried everything (and I mean EVERYTHING), then by all means, hire a business coach.
If you believe that there are still some options you haven’t explored, then what are you waiting for? As long as you can ensure that any decision you make is the best for your business, then it’s probably the right one.
In the meantime, here are 3 ways that Pentins can help you get closer to your business goals.
1. Read the book
‘Achieve Your Business Vision’ is Alan Davidson’s Amazon Best Seller; a must-read for any entrepreneur or business owner that wants to accelerate their journey to success. It details the ACHIEVE methodology, which has been developed over 25 years of helping business owners achieve success, and it is the core of this assessment!
Find out more here
2. Learn how to win in business with ‘The Numbers Game’
Business success is all about the numbers. Through his experience, Pentins founder and director Alan Davidson, has found that there is a measurable and quantifiable difference between the businesses that succeed and the ones that stagnate, or worse, fail. Join Alan for this 60 minute webinar and learn which numbers you need to focus on, measure and maximise to build a business that is stress-free.
Welcome to The Numbers Game.
3. Talk to us
Talk to one of our expert advisers and find out how we can help you accelerate your journey to success.
Book a Discovery Call
Alan Davidson is a Chartered Accountant, director and founder of Pentins Business Advisers, entrepreneur and author of the Amazon best-seller “Achieve Your Business Vision”. With over 25 years of helping businesses succeed, Alan knows how to build a business with real value, while avoiding costly mistakes.