5 Myths About Business Coaching
There are many preconceived notions about business coaching, many of which are myths rather than reality. In an effort to debunk the myths and provide a more accurate picture of what coaching can do for a business owner, I have developed a list of five of the most common myths and provided the reality to counter.
Myth #1: Coaching is only for failing companies.
Truth: If your business is failing, it’s likely to fail with or without a business coach. A business coach is there to provide outside perspective and hold business owners accountable for their actions. Business coaching is not about fixing problems; instead it’s about creating new possibilities and improving yourself.
Myth #2: Business coaching is too expensive.
Truth: Running a well-managed business can lead to both increased profits and cost savings. Coaching helps business owners learn how to run their companies more efficiently. By being able to identify – and fix – inefficiencies in your company, you’ll save more money over the long-term. Otherwise, you are leaking potential profit streams.
Myth #3: Hiring a business coach means I don’t know my own business.
Truth: Business owners are the experts in their business. However, like most people, business owners can sometimes lose focus. They get caught up running the business and don’t take time to notice how the company is operating. Certain problems can also make you feel stuck in your business. A business coach is there to keep you accountable and keep you on task so you spend your energy focused on your business growth.
Myth #4: Business coaching is too time consuming.
Truth: Some of the best coaching is done during brief interactions with intense focus. Effective business coaching will increase the probability of getting things right the first time saving you time in the future.
Myth #5: I already know what’s wrong with my business.
Truth: Visible problem are usually mere symptoms of bigger issues with your business that can only be identified through a thorough assessment. Rather than spending time and money treating symptoms that will come back, coaching allows you to use your resources to identify, and fix, the root cause.
Remember that a business coach is a partner in growing your business. Your coach is there to help clarify goals and develop specific steps to help achieve those goals. Coaching is a partnership based on trust and mutual respect.