Challenges, issues, situations, problems – they can all be overcome with a little bit of coaching. Talking problems and issues out, figuring out how to approach and get past challenges are just some of the things business coaching achieves.
Business coaching is very similar to sports coaching – a business coach helps businesses establish plans for challenges and to achieve goals they set, just like sports coaches do for their athletes. Companies that have business coaching tackle challenges with a plan and business strategy from the business owner’s view and an outside view: the business coach. This way, the business owner can achieve all he wants.
Here are some general statistics about business coaching today:
Annual spending on executive coaching in the United States is estimated at $1 billion.” Harvard Business Review, November 2004.
Use of coaching is widespread in UK organisations, with almost nine in ten respondents reporting that they now use coaching in their organization (88%).” University of Bristol Newsletter, 2005.
The Australian Institute of Management says 70% of its member companies hire coaches.” Inside Business Channel 2, July 2006.
A recent study estimates that 40,000 people in the U.S. work as coaches (work or life) and the $2.4 billion market is growing at a fast-paced 18% per year.” MarketData Report, 2007.
Coaching is the second-fastest growing profession in the world, rivaled only by information technology.” National Post, April 2007.
What Do These Statistics Mean?
The statistics and reports don’t lie business coaching is not only a fast-expanding industry, it’s expanding because it’s a successful industry. Just like sports athletes have to keep ahead of their competitors with a coach, business industries, especially in this recession, are getting extremely competitive.
Think about if a sports athlete didn’t have a coach. He might keep doing the same things that have worked for him many times before, and he might be fine for a while. But eventually, since he’s doing the same things and not necessarily getting better at his sport or his skills, the competition will surpass him.
It’s the same thing with business. With all the industry changes, innovations and management strategies, business owners can’t keep doing the same thing they’ve been doing. Eventually competitors will leave the company in their dust, so to speak.
It’s even true with the big brands McDonald’s, Starbucks and Coca-Cola are constantly ahead of the game and dealing with challenges. Especially in the recession how many brands that used to be around (Fannie Mae, Bombay Co., Circuit City) aren’t anymore?
When it comes to a company’s competitors, business coaching is a sound investment in your company’s future because it keeps you ahead of them.
It’s still a relatively new business industry, but the statistics don’t lie: business coaching is becoming a popular way for companies to edge out competitors.
Business coaching is the second fastest growing industry for several of the following reasons:
– Business coaching helps increase staff and business performance. Coaching develops the best qualities of people and teams, making the most of everyone’s qualities and significantly increasing productivity, making the most of everyone’s talents and skills for the company.
– Business coaching enables owners to motivate their staff. Coaching helps people to work to their utmost potential, increase their self-esteem and thus raise the quality of their work and increase productivity at the same time.
– Business coaching improves employees’ development. Staff development means not only educational seminars and trainings, but also unlocking the inner potential of the company’s employees. Whether the employees are going to develop themselves or not depends mainly on the company’s management style. Initially, all of us have a great potential which can be revealed through coaching. Coaching allows the employees to develop themselves directly in the workplace, thus increasing their efficiency.
If you’re convinced, you’re one step closer to bettering your business.