It's important to have business mentors you can trust and turn to for advice. But is investing in a business coach worth the cost? To find out, we asked nine entrepreneurs from Young Entrepreneur Council (YEC) the following question:
Q. "What is one benefit to business coaching that's well worth the price tag?"
1. Building Confidence
Confidence in business is invaluable. Being supported by a great coach and giving yourself the space to work out challenges enhances your confidence when going into major situations, dealing with crises, or handling conflict. A professional bounce board keeps you sharp and playing your best game. As a founder your time is incredibly valuable. A coach can help you make the best of it. – Corey Blake, Round Table Companies
2. Understanding How to Work With Many Different Types of People
Business coaching typically includes exercises around personality and leadership style, and empowers you to better understand yourself. Along the way though, you'll be introduced to many different personality types and leadership characteristics, so business coaching is a great way to better hone how to work with diverse types of people, too. – Doreen Bloch, Poshly Inc.
3. Helping You See the Forest for the Trees
Sometimes, when you are too close to something, you can develop blind spots. A good business coach will have an objective point of view, and the ability to quickly identify problem areas that maybe you could not see. They may also be able to offer solutions or strategies you might not have considered, or push you out of your comfort zone so you can take your business to the next level. – Nicole Munoz, Start Ranking Now
4. Combating Unconscious Incompetence
Donald Rumsfeld wisely summed this up when he said, "There are things we don't know we don't know." A coach provides another set of eyes that can draw on experiences with other clients in order to reveal and mitigate blind spots in your business. – Dan Pickett, Launch Academy
5. Asking the Right Questions
A business coach asks great questions that challenge you to think critically about your business. When you have a coach from a different industry, they bring a new perspective and ask higher level questions. This is especially helpful after you have been working on your startup for a couple of years and get caught up in the daily grind. – Randy Rayess, VenturePact
6. Prioritizing Risks
Feel like you're constantly stressing about a million different problems? Coaches are great at helping you triage these issues and decide which challenges are worth fighting today and which ones are not worth worrying about until later. –Neil Thanedar, LabDoor
7. Employee Retention
Often more important than money, employees want to feel progress towards a goal and growth within an organization. By making business coaching available to all of our employees, we sent the message that we want to empower them to grow their leadership skills, and that there is no ceiling within the organization. Employee retention has made the coaching well worth the price tag. – Joel Holland, Video Blocks
8. Experienced Financial Planning
It is extremely difficult to plan out a budget when your head is wrapped around your business plan, marketing plan, potential growth, and so much more. A business coach is experienced in working with companies large and small to help them plan their finances in a smart and beneficial manner. They have seen the good and the bad and can help to make the best financial decisions for your company. – Miles Jennings, Recruiter.com
9. Building a Great Team
As an entrepreneur, there's a strong temptation at the beginning to do everything yourself. A business coach can help you target your weaknesses and help you make sure the hires you make are the right solution to compensate. Then, they'll encourage you to focus on your strengths so that your business operates efficiently. A business coach is a huge asset in building a great business team. – Dave Nevogt, Hubstaff.com
