Business coaching is conducted primarily to have a competitive advantage in the market. Most companies that opt for business coaching already have high revenues. Most established businesses find it a worthwhile investment for increasing productivity, management efficiency, and income. It can be very effective in proprietary businesses, especially when the management is planning to expand, achieve yearly objectives, or sort out day-to-day problems.
Business coaching is meant for businesses that are growing at a very rapid rate. Fast growing businesses need to constantly recruit new employees and arrange for the required amount of capital for expansion. This can very often create problems related to workforce management, resource allocation, and delegation of authority and responsibility. Although these problems have very little effect on the bottom line, in time, these problems can manifold and can seriously start affecting productivity and profits along with the competitive advantage that the business had in the first place. Owners of fast growing businesses have little time to manage day-to-day problems, as most of their time goes into planning and managing expansion plans. Business coaching enables businesses to prioritize their objectives and allocate time and resources to each component of productivity in proportion to their relative contribution.
Businesses that have failed in the past and are starting out fresh can also benefit from professional business coaches as they help in identifying mistakes made in the past, break free from inefficient management practices, and create positive new ones. Business coaching is for businesses that want to benefit from a fresh point of view provided by professional coaches who offer an unbiased opinion about the business, and give the right kind of advice without any ulterior motives. Business coaching plays an advisory role and does not directly affect the decisions of the management related to recruitment, salary hikes, bonuses, and cost cutting. It is a mutual partnership wherein the business coach identifies business goals and resources, and suggests the most suitable path for achieving the planned objectives.
The duration of business coaching depends on how much time the management is willing to commit to working with a business coach. If the aim is to learn goal-setting skills or create marketing plans, then a coaching session of four to eight weeks is sufficient to cover the subject. However, if the objective is to receive advice on a regular basis, then business coaching can continue for months or even years, depending on what your goals are, the manner in which you want to work with your coach, and how often you intend to meet with your coach. If the business has identified long-term goals over a period of several years, then it is imperative to continue business coaching as it enables and ensures that the company stays on track until the completion of the goals. By making an investment in business coaching, businesses have and will continue to receive motivation, training, guidance, and mentoring that will insure growth and increased profitability. The investment is small considering the ROI achieved through the business coaching relationship.