10 Common Misconceptions About Business Coaching

Engaging a coach to support, guide and bring their expertise to your business can be invaluable, saving you time, money and taking your business to the next level. But like any industry, business coaching has its fair share of myths. Here are 10 common misconceptions that stop business owners getting the help they deserve.

It’s an admission of failure

Using the services of a business coach or mentor is no more an admission of failure than engaging an accountant to look after your financial affairs. Sometimes a fresh set of eyes or specific expertise can help reveal factors in your business that a proprietor cannot see, or provide a skill set that takes years to acquire. And many a successful entrepreneur will tell you it’s the quality of the team around them that helped them get where they are.

It’s time consuming

The time you spend with a coach is an investment in getting something right the first time and honing your systems and procedures. All coaches are business people themselves so know that time equals money and they’re not there to waste it. Instead they will be brief, to the point and provide you strategies, measuring tools and plans that will ultimately save you a whole lot of time in the future.

It’s expensive

Depending on the coach and the type of services you require, the cost will vary but is not designed to be beyond reach of the average business. Like all business expenses, coaching services can be factored into your tax and there are even grants that apply. Again, it’s an investment that may ultimately earn you a great deal more when it comes to time and profit in the long run.

It’s for poor performers

Business coaching and mentoring is about taking an enterprise up a notch, expanding its future of attaining the next goal. The most successful businesses are always on the lookout for ways to streamline and improve. A coach can help you get there via the most direct route.

They’ll critique my business

A business coach is not there to pick apart a business but to see what’s working and what can be done to improve the bottom line or performance. If you liken the game of business to sport, then even the top teams and sporting legends have a coach on side to tell them where their game could be improved and what strategies may be to their benefit.

I can just talk to friends

Friends and family can be a valuable sounding board, allowing you to pose ideas and ponder paths of action, but are they experts in business, marketing or finance? Discussing your business’ future with an expert coach provides a level of insight and expertise that saves valuable time and money.

It’s too personal

It’s understandable that opening your books, revealing your dreams and sharing your ideas may make you feel vulnerable, but the ends definitely justify the means. And it’s no more personal than writing a business plan, applying for finance or dealing with a bookkeeper.

They’ll just sit around and listen

Part of a coach’s role is to listen to the business owner to see where they want to go, but the most valuable component of their job is providing the strategies, tools and business acumen to get there.

I’m too busy

Arguably if you’re so busy you don’t have time for a coach then you most definitely need one. Not only can coaches get you where you want to go faster, they can give you systems, procedures and strategies that will give you the lifestyle and work/life balance you dream of.

They can’t possibly understand my type of business

The type of coach you choose depends on the outcome you hope to achieve. Coaches can be specialists in fields you hope to handle better such as marketing or finances, or they can be general experts in business. If the latter is the case their expertise in business structure and systems is invaluable. Regardless of the business type, a good business coach will seek to understand your business and its market as they work with you to achieve your goals.