Choosing between business coaching companies can be hard enough but it can be even more difficult to decide between a company and an independent coach. There are a lot of different options available to you as a business owner, and identifying the most beneficial working relationship can seem like a bit of a minefield. Each route has a variety of benefits and, of course, ultimately you should work with the coach or company you feel most comfortable with; working with a business coach is a long-term investment so it’s vitally important you feel your personalities are aligned. However, today we’ll be exploring the different pros and cons of the two to aid you in your decision along with how you can identify when the right time for you to hire a coach may be.
Who becomes a professional business coach?
So, who exactly can be a coach? Typically, they’ll be seasoned entrepreneurs and company owners who decide to utilise their talents for building and growing a brand to help other organisation owners reach their goals too. Whilst there’s plenty of information online available regarding business, a coach can tailor their advice and guidance to ensure the unique selling point of your brand is not overlooked.
These seasoned professionals may work independently or join one of the business coaching companies around the UK, dependent on the ability to source their own clients.
Let’s take a quick look at how a coach will help you, whether they be working independently or as part of one of the business coaching companies available:
- Define your goals
- Polish your vision
- Refine your skillset
- Formulate and implements a set of strategies to help you achieve your goals and vision
- Navigate issues in the most effective way possible
- Revive a struggling business, or take an organisation to the next level
In essence, a coach will act as an experienced partner – they won’t be involved in the day-to-day running, but they will offer you invaluable advice and guidance to ensure success.
How will a coach work with you?
An independent coach, or using a coach from one of the business coaching companies available, will serve as both a trainer and mentor to you. They’ll train you in the skills you need to be successful and act as a fountain of knowledge should you ever have any questions about what you should be doing.
Before entering into a formal working agreement, a business coach will meet with you to learn more about your business. From its value propositions and target audience to the challenges currently faced and beyond, they’ll learn the ins and outs of your company.
Remember, every business is unique but in addition, every coach’s approach will also be different so it’s important you understand how your relationship with function over the course of your investment.
Once you form a working relationship with a business coach, that doesn’t mean that your business will suddenly transform overnight – it will still take time, effort and dedication. But, think of a coach as a flashlight should you be lost fumbling in the dark, they’ll guide you in the right direction.
An action plan for your organisation may focus on one or more of the following:
- Marketing and sales
- Employee hiring and management structures
- Finances and budgets
- Contingency plans
- Network growth
- Product development
And a variety of additional areas within your company, depending on what your end goal is and how your business actually functions.
Business coaching companies: The pros and cons
A coaching company will be made up of two or more coaches, they will all operate under the same organisation but usually, you will still have one coach specifically dedicated to your business.
- Made up of several coaches so they may have more advice or guidance on offer, and these coaches will all have been professional accredited
- If your coach is away on holiday/sick, you will still have access to professional support from their main office
- A more organised and professional service, they may have dedicated departments so that the coach doesn’t have to spend time focused running the business and instead can concentrate on you
- May be the more expensive option, dependent on the company you choose to work with
- Could not be as tailored an approach, they may have a specific formula in place that they implement on all businesses
- You may feel brushed to the side as you won’t be the only focus (specifically if you are a small, start-up this could be a major issue)
- It may feel difficult to approach your coach when concerned about small issues
Independent coach: The pros and cons
On the other hand, an independent coach will be made up of just one individual. They will handle all aspects of their own business, from the finances to the operations – which you may see as beneficial as they’ll have a working understanding of each of these departments.
- You will always work with the same coach, and they’ll get to know your business inside out (no worry about being passed around a team)
- They have a current and working knowledge of how to run a company and therefore may have new ideas in line with industry developments
- You may feel more comfortable and confident in their ability as you get to know your coach on a more personal level
- They may lack the organisation and professionalism you’d find with a coaching company
- If you have a fallout or bad experience, you may feel stuck with your coach whereas a company will have a number of alternative options
- Likely they will not have a dedicated building you would be able to visit, so meetings may interrupt your business day or be in a public setting
When is the right time to hire a business coach?
Whether you choose to work with an independent business coach or search for business coaching companies, it can be difficult to understand when the right time to actually work with a coach is. And, whilst you can utilise a coach at any point within your business journey here are a few indications that it may be wise to work with an expert:
#1 You are starting a business
Perhaps the most obvious, but when you start a new venture having expertise and experience can be the difference between success and failure. Launching a business can be scary! If you’re new to entrepreneurship, a business coach can share valuable knowledge and help you to put in initial systems.
#2 Scaling and growing your company
You may feel overwhelmed and thinking that surely there must be a way to streamline the processes to develop your business. A business coach will provide an external perspective, ultimately reducing stress and increasing productivity levels.
#3 Securing venture funding for your business
A business coach can help build the communication and negotiation strategies you need to demonstrate the value of your business to investors. They’ll show you how to highlight the potential of your organisation, along with also talking you through alternative forms of funding such as grants.
Company or independent? Conclusion
So, should you work with a company or choose an independent coach? The decision should not be taken lightly as you should consider working with a coach as a long-term investment and, of course, you want to see a return on this investment. But, ultimately, you should work with the people you feel more comfortable in – you are entrusting them to enhance and develop your business so if they portray a passion and dedication to you, it may be an indication of the service you will consistently receive.
There are pros and cons to each route, so be sure to do your research and ask other professionals within your network about their experiences. Additionally, don’t be afraid to ask a potential coach for contact details to speak to other companies that have previously worked with them – ensure you have a balanced and complete understanding before entering into this working relationship.
Perhaps you are ready to take the next step and meet a business mentor that you can trust to provide the right results? If you are looking to unlock the true potential of your organisation, I can help. Dedicated to you, I have over 30 years of experience as a seasoned business owner. With extensive knowledge and expertise, and with a proven track record of success to implement effective methods, I can help you reach your business goals today. Get in contact with me now at email@example.com or complete this contact form, and I’ll be happy to discuss how I can help you transform your organisation.