What can a business coach do for you in a recession and some figures to back it up?
Before I start this blog post I have to admit that I dislike blowing my own trumpet, hence it is only because I found some very interesting statistical data that I have decided to post this information all the same. As a business coach in practice for close to 10 years, I have seen ups and downs in both my business as well as that of my clients and most pertinent of all the change in the economy here in Ireland as well as globally. What I find fascinating that in a time of economic downturn, services like training, coaching, marketing, advertising etc, become some of the first to be cut, usually I hate to say it on advice from the accountants in this world. Now I don’t for one minute want to tell you that you shouldn’t look at your cost base, because when I coach small businesses it is also on the agenda, but often it involves looking at production processes, staff productivity and similar internal issues first before touching lead generating and business development related functions.
One thing a recession does is force businesses to look at themselves critically and they have to become more successful and competitive from the inside out. I remember an interesting conversation I had with a fellow entrepreneur in the boom times in Ireland and he maintained that anybody could run a business in a booming economy, but only competitive and well-structured businesses would survive a recession. I have to say at the rate that small and medium sized businesses are closing down, this statement came up in my mind and I tend to agree that survival of the fittest will once again prevail all the way from the animal world into business.
Research suggests that by using a business coach you can on average increase your profit margin by 46%, but close to 50% of businesses will never look for that external sounding board for their business. Often the business coach will assist the owner in looking at alternative courses of action for increasing the business and navigating through the pitfalls of a falling economy.
The international coach federation (ICF) surveyed 210 coaching clients about the values and use of coaching, below are some of the key findings of the study, which fascinated me and just compelled me to share them. Participants found
62.4% better goal-setting
60.5% more work/life balance
57.1% decrease in stress levels
52.4% increase in self-confidence
43.3% improvement in general quality of life
25.7% more income
33.8% better health and fitness
33.3% improved family relationships
25.7% stopped a bad habit
My clients tell me about their success stories all of the time and we do have a great track record in our business with clients, but when it is confirmed by an independent study I just wonder what will the business owners amongst you have to say the next time your accountant questions business coaching expenditure. I have employed a number of coaches over the course of my business life and continue to do so and I can happily concur with some of these findings from personal experience.
So the real question is, what are you doing to navigate through this recession?
Where is your support team?
What benchmarks and yardsticks do you use to stop the panic decisions?
If someone gave you between a 25% and 46% chance of increasing your income, by having a business coach, would it actually persuade you to have one or would you just muddle on regardless?
I have to say I have had some very interesting conversations with potential clients in the last number of months and the willingness to invest money in development of the owner and their team is often left to the last minute and I will admit I very subjectively with a vested interest question this! Business coahcing is not a quick fix or a panic solution and really works best when implemented sooner rather than later. Ironically all our clients that have continued coaching despite the economic climate change are hitting fantastic results accross the spectrum, but then I would say that I am their coach.
For good health the doctor recommends a minimum of 5-portions a day of fruit and vegetables, well I challenge you to a 5 a day business development actions for your business every single working day and if you work in sales this will work for you too. What 5 things are you doing every day to generate new income, new leads, new clients? What have you done today?
I also very strongly suggest whether you are a business owner, manager or employee in need of more income, better goals, less stress and increased quality of life and work/life balance, to bite the bullet and hire a coach. Oh, and don’t just take my biaised word for it, the ICF found these statistics. In any case, we are open for business and ready to take on more clients, are you?