Not a lot of entrepreneurs know the significance of business coaching. Some of them even believe that coaching is a waste of time and money. Truth is, an effective business coach doesn’t only allow growth to entrepreneurs and businesses, it can also be the channel for acquiring more opportunities.
“Business coaching is management training for entrepreneurs specifically tailored for their unique situation,” says BDC’s Business Consultant Nyron Drepaul. “It helps you make better decisions and become a better leader.”
Myths about business coaching can be one of the reasons behind its misconceptions. Here, we will crack the myths once and for all, and reveal the counter truths.
“Coaching is costly and it will not help me save money.”
Business coaching helps you detect both the inefficiencies and strengths of your business. Coaching will help you have a healthy, well-managed business, which results in both cost savings and profit growth.
“Coaching is about learning how to identify inefficiencies in your company and learning how to fix them, so you can save more in the long‑term,” says Drepaul. “Not fixing these problems means profit is leaking away every day.”
“Business coaching is time consuming and I’m too busy for it.”
Most entrepreneurs think they don’t have time for business coaching because they are too busy finding solutions to their problems. However, fighting fires instead of learning how to face the fundamental challenges of your business will just result in repeating problems that will probably get worse over time. Business coaching is the best way to learn how to deal with the challenges that entrepreneurs may face. Thus, it’s never a waste a time when you’re finding the right solutions to your current problems and the possible business-related issues you may face in the future.
“A business coach can help you identify and resolve the root cause to get out of this vicious cycle,” Drepaul says. “I structure my clients’ time, so they make the most progress within a set and manageable period—usually, two to three hours per week.”
“I don’t need coaches to tell the problems of my business, I already know what’s wrong.”
Coaches have specialized on the toss-and-turns of every type of business. They know the root of the problems that need the most attention. Typically, when entrepreneurs detect problems in their business, they only see the symptoms and not the bigger issues. Business coaches are adept in the thorough and careful assessment of business problems, so they don’t only find a cure to superficial symptoms, but to the root of existing issues.
Treating the symptoms of the problems in your business is a waste of time and finances. If the cause of the problems will not be detected, the issues will happen again, and may even get worse in the long run. A business coach does a holistic approach in identifying the problems of a business. They dig deeper to its cause, and suggest the best ways to fix it.
“Coaching will not change anything in my business or company.”
Coaching will be no good for your business if you don’t understand the benefits it can bring, and how you can make them happen. Otherwise, the right business coach will help you enhance your leadership skills, and will enlighten you of all the corners of your business. With their help, you will know how to implement the changes that will bring a positive impact to your company.
“Coaching helps entrepreneurs become more confident,” Drepaul says. “At the end, you have a better understanding of your business’ strengths and weaknesses and know how to make it more successful.”
“I don’t need some who will give me advice. I need someone who will fix my problems.”
Coaching is an essential learning experience for entrepreneurs. It’s where experts in the field hand over their knowledge to you and your management team. Having someone who will fix your problems for you will not allow you to grow as an entrepreneur. Coaching will give you the abilities and the knowledge to face and fix the problems when you’re on your own if ever the situation demands. It will strengthen your leadership skills, and your expertise in entrepreneurship.
“Business coaching is about teaching you how to fish, not fishing for you,” Drepaul says. “It’s about teaching you the knowledge and skills to address problems on your own.”
“I already have an accountant and lawyer who give me advice. Why should I hire another person to do it?”
Though accountants and lawyers provide valuable business-related advice, their knowledge about entrepreneurship is limited. Experienced business coaches, on the other hand, have a broader expertise. They can see your business as a whole, and the causes of your problems. Coaches will not only help you solve the issues of your business, but most importantly, they will teach you how to solve them when you’re on your own. Issues of your business can be strategic, operational or HR‑related, which are all in the expertise scope of business coaches.
“Beyond the advice, the right business coach will provide you with a systematic approach and tools you can use to address fundamental issues with confidence.”