3 Common Decision Factors to Hiring a Business Coach
You may be in the process of deciding whether to hire a business coach at this time. After speaking to many leaders over the years, I have found that there are three common reasons given for why a business investigates hiring a business coach and then does not hire one. All of them are really excuses rather than good business decisions.
“I don’t have time!” It is common to believe there is a better time in some distant future — once you change a few key people, complete that big transaction, finish a big project, or arrive at some other natural business crossroad. The reality…when was the last time you thought you had plenty of extra time on your hands? The answer is probably never, and if you did, you were in denial. That better time never occurs.
The right business coach works on getting better results from activities that you are already doing. A business coach helps you reallocate how you go about doing those activities. In the long run we help YOU find more time, by helping YOU figure out how you are wasting time, how to work less, and how to get a lot more results from time worked.
You might think cash flow is too tight or that the cost of the program equals that extra headcount you would like to add. The reality is that for every day you do not hire the coach, you lose a lot more money than you realize. The reason is that every business has leaky buckets. “Leaks” are the places where your potential revenue and profits are not fully being captured.
In my blog post, “Are These 8 “Leaks” Undermining your Business Success?“, you can learn about some of the most common leaks that I see in businesses today. These leaks are costing your business far more than a coach will ever charge, so your return on investment can be huge.
In our process, your team’s first retreat is designed to help you identify the “leaks” in your business bucket and determine what those leaks are costing you. Your business coach will help you identify simple ways to practically increase your cash flow so that you can quickly yield an increase in your return on investment. We have many success stories where clients were able to increase cash flow by more than $1 million, and they had not realized the opportunity existed.
You may be thinking “why can’t I do this without you?” This is a fair question. After all, you know your business better than anyone, and the practices we use are commonly known best practices. The fact is, you know you could have gotten better results and did not. You could have implemented those practices and did not. Your situation will not change without a catalyst like a coach. Even if you effected some change, why would you not want to get the best results possible? The right business coach has the 10,000+ hours of practice in helping companies like yours implement programs that work and can accelerate the process. Every week and month is significant in terms of growth, cash, and stress that you can never recover once you have lost it.
Trust The Process
You may be asking “what if this process does not work?” Business coaching is different from consulting. As long as you hire a business coach that is bringing proven business operating processes, concern about it working is the equivalent of saying “what if I inhale and air does not fill my lungs?” In our experience, the process succeeds to the degree that you commit to it and do the work. Not doing the work means you’re willing to allow the “leaky bucket” to continue leaking every day. Everything we offer as a business coach has already been proven in thousands of companies to close your leaks and help you prosper. They are the business fundamentals that everyone knows, but many don’t do.
Call Howard Shore for a FREE consultation at (305) 722-7213 to see how an executive business coach can help you run a more effective business or become a more effective leader.