Business coaching is an intentional interaction between a coach and an entrepreneur endowed with the capacity to take their business to a higher level. This thought-provoking process assumes the coachee is the domain knowledge expert, the master of their craft, and already applies their expertise in running their organization. The work of the strategic business coach, on the other hand, is to assist the entrepreneur to generate the strategies and solutions needed to grow their enterprise.
A Quick History Lesson on Strategic Coaching
Coaching, as a word, is most associated with sports since it emerged in the early 19th century. The work of the coach was to help athletes achieve the full potential of their talents.
In the 20th century, management training programs were very common. Managers from different businesses would participate in the program. The programs were normally pre-set to cut through all businesses. Little consideration was given to the specific needs of each industry or client. It was one-size-fits-all program which proved to have more disadvantages than advantages.
In the 1990s, the need for custom mentoring for business began to emerge. At first, coaching was aimed at improving the performance of the poor performers to make them more productive. My, how things have changed!
Coaching Trends 2015
As the business world evolves, do does coaching. New approaches replace those no longer yielding intended results.
Some of the top trends in small business coaching today include:
- Balance & energy. With the ever-increasing volume of information filling our day, coaching for balance & energy focuses on reducing stress, improving productivity, and finding new, and better, ways of working. With greater efficiency and effectiveness comes new-found energy to help ease the pressure of demand.
- Strategic planning & thinking. Joining forces with balance and energy, coaching on strategic planning and thinking focuses on better ways to achieve your goals. Together with your coach, you develop workable ideas to improve performance and uncover better, faster ways of getting to the end game.
- Clear line of approach. You are the expert in your field. You have numerous opportunities for business growth. Collaborating on your business potential, your coach helps draw a more direct line to your goals.
- Direct feedback. Its not easy being objective about our own business. A strategic business coach, as an objective point-of-view, can more easily see the pitfalls, and the prospects, that await you. Are you on track or off track? Together with your coach, you won't have to guess.
- Trend watching. With all the demands of running a business, you may not always have time to keep up with the changing tide. A strategic business coach is a trend watcher and keeps you abreast of shifts in consumer behaviors and opportunities available.
- Tools and technology. Technology is rapidly changing the business landscape. New tools are developed daily to improve the efficiency and effectiveness of your business. It's hard to keep up! A strategic business coach can guide you through the maze of "gizmos and gadgets" so that your enterprise remains relevant.
Business Coaching ROI
Each and every action in your small business benefits from a quantifiable return on investment (ROI). What kind of ROI does strategic small business coaching provide?
Statistics obtained from surveys done on businesses show that the ROI on business coaching is very high. One study done on a Fortune 500 company revealed that executive coaching ROI was as high as 529%. Another study showed that for every dollar invested in coaching, the return was $7.90. That's a whopping 690%! These statistics show just how strategic business coaching can help increase your business performance.
In addition to the breakthroughs you'll make, new energy geared to achieving better results returns positive results. You'll be able to grow your business to new heights previously out of reach.
Who could ask for anything better?