6 Myths About Business Coaching

6 Myths About Business Coaching

Over the last few decades, Business Consulting has gained immense respectability. Unfortunately, the same can’t be said about Business Coaching despite the fact the majority of Fortune 500 companies hire business coaches! One of the reasons for this is that Business Coaching is often seen more as an on off-shoot of Life Coaching, which it is, rather than the independent, successful niche it has turned out to be.

 

Of course, the many myths that people propagate about Business Coaching doesn't help. It’s time to bust some of them and also encourage small businesses, managers and executives to try business coaching. Hundreds of successful small businesses around the world are doing it right now and reaping great benefits. So are companies like Google, Apple, Goldman Sachs, IBM and more.

 

Now for some business coaching myth-busting:

 

Myth 1: Business coaches do the work for you

 

If anything, business coaches make you do the work. They make you work harder, smarter and faster to achieve the results that you want to achieve. The work that a business coach does can be compared to that of a sports coach. A sports coach critiques, motivates and strategies to help a player perform better. Have you ever seen a sports coach play on the field on behalf of a player? Business coaches help teams, executives and business leaders do their work better. The work of the business coach revolves around identifying weaknesses, closing gaps, strengthening strategy etc.

 

Myth 2: Business coaching is overpriced

 

There’s a reason why good, established business coaches charge as much as business consultants and sometimes even more. Recent research by Price Water House Coopers shows that companies that have invested in business coaching get 7 times the return on investment. While over 25% said that their ROI ranged from 10 to 49 times the coaching costs. In addition to the returns it generates for businesses, coaching is priced based on other factors as well. Good business coaches are highly-educated experts. They are experienced professionals, who are business leaders in their own right or were CEOs, Presidents etc. As ROI becomes a yardstick to judge the benefits of Business Coaching, the quality of business coaches remains crucial. The better qualified, experienced and educated the coaches are, the higher the price they command.

 

Myth 3: Business Coaching is regulated

 

Unfortunately, this myth is not a myth! It is true that the Business Coaching industry is not regulated. However, the lack of regulation has also helped the industry, giving Coaching firms more room to innovate, evolve and grow. Despite the lack of regulation, established Business Coaching firms distinguish themselves with their client lists and testimonials. Further, International Business Coaching associations offer accreditation and regular training programs to coaching firms and independent business coaches. This includes the International Coach Federation, the Worldwide Association of Business Coaches, The Professional Business Coach Alliance and more.

 

Myth 4: Business Coaching is new

 

Business Coaching has been around for several decades now. The idea of coaching in fields such as sports and music were applied to the business world way back in the early 70s. American author Timothy Galleway wrote a series of books focusing on developing the ‘inner’ voice for success. He based his model for sports people and musicians but found himself speaking to hundreds of business people across America. In the early 90s, IBM was one of the first multinational corporations to embrace Business Coaching. Over the last few decades, Business Coaching has only grown from strength to strength. It’s a billion dollar industry in the United States and multi-million dollar field in many other countries, including Australia and the U.K.

 

Here is an article we wrote earlier on the History of Business Coaching for those of you who might be interested.

 

Myth 5: Business Coaches have ‘Secret’ Methods

 

Well, no secret is well-kept in the corporate world. A successful strategy that truly works spreads like wildfire. Employees jump from company to company, CEO's writes books about their strategies & methods and business news is increasingly invasive. Business Coaches use coaching methodology rooted in improving efficiency, skills and performance. Some of their program titles may sound catchy and unique but they’re not ‘magic’ formulas.

 

Myth 6: Business Coaching will transform your business overnight

 

If you've read the myth-busters above, you'll know this is not true. It’s all about getting help to sharpen strategy, work better, focus harder and succeed with effort. So success will not come overnight but with each meeting with your business coach and each item and strategy that you implement that little bit closer you will get to reaching your business dreams.

       

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Rated Articles

How your company can adapt to the Digital Revolution

Over the last couple of years, technological innovation has brought about a rapid change in the customer service landsca

LEARN MORE

Will Marketing Automation Help Your Business Grow?

Marketing automation software can benefit your business in a number of ways. It is a great way to increase traffic, enco

LEARN MORE

How CRM Can Maximize Customer Lifetime Value (CLV)

"Keep your customers always on the frontline," this is a key philosophy to running a successful business. Customers are

LEARN MORE

Recently Viewed

How I changed my Facebook Business Page Name

I started a Facebook page for my business many years ago. I had spent thousands of dollars running ad campaigns and gain

LEARN MORE

4 Key Factors that Will Help Improve the Customer Service of your Company

If you are a business owner, your customers are extremely important to you. They are the ones that provide you with inco

LEARN MORE

How Important are Small Businesses to the Economy

There are in excess of 2M small businesses in Australia and the number is billowing with every passing day. These small

LEARN MORE
  • Over the past 6 months the incredible team at MMP have supported us to shift our attitude towards our business & month on month our revenue is increasing to the point we will be able to employ additional staff to support our business goals long into the future. Do not regret our decision one single bit!

    • Emma Reece

  • Working with my coach has enabled me to see the areas where my business is failing. This was pretty confronting to me to be honest. MMP has the tools to improve these areas and the guidance on how to implement them.

    • Sharon Robinson

  • I have been working with Max My Profit for approx 3 years now, and over that time I have learnt a lot of things about not only what it takes to run a business, but I have also learnt things about myself. I don't believe i'd be the person or have the business I have today if it wasn't for Max My Profit and our Business Excelerator. Great team to work with if you want to take your business serious!

    • Ben Choy

  • As a new client for Max My Profit (MMP) it has taken no time at all to realise the benefits of business coaching. Despite many years of senior management experience starting a new business requires best practice systems and processes built on a solid platform of detailed planning. I look forward to the benefits of adopting the formula being shared by MMP.

    • Campbell MacLeod

  • Max My Profit Are truly awesome at what they do. They have helped me over the past 12 months to get off the tools in my business and start working on my business. I am looking forward to 2019 with enthusiasm not concern. Thanks so much.

    • Aaron Kemp

  • If you are committed to Growth the Max My Profit Team has the tools and expertise to excelerate all areas of your life. They Care, They Listen, They Understand You as an Individual first then they focus on Your business. Thank you Max My Profit my rating is a 6/5 - Kindest Regards The Mr Handyfix Team

    • Catherine Kavadas

  • The team at Max My Profit are an absolute pleasure to deal with. I love working with a team who is on top of what they are doing and have a clear view of what they are working on with you and helping ensure you get to the end goal.

    • Lauren Watts

  • I have been working with MaxMyProfit over the years and what they do for SME's in growing their business is fantastic. Also due to there knowledge and their supporting material for companies across the 5 lifestyle stages and assisting them through this process day in day out is extremely comforting as a small business owner and have referred them many businesses over the years.

    • Steve Laingy

  • Working with a business coach from MaxMyProfit has been one of the best things I have done for my business. I had several other coaches before MaxMyProfit but these guys are a step above the others. I have seen a significant increase in sales, now have a business that can run itself and the coaching program has paid for itself many times over.

    • Matthew Kitchin

  • Much more than just business coaches. There is an absolute treasure chest of business knowledge in their members site.

    • Iain Campbell

  • Max My Profit are unique as they really partner with you to develop and implement a plan that will drive success for the business. I was hesitant to proceed as previous business coaches tell you what to do and rely on you to implement.

    • Michael de Haan

  • I attended one of Max My Profits introductory events in Melbourne. Having been an accountant for almost 30 years, I was somewhat sceptical. Boy was I wrong. I not only enjoyed the presentation, but I gleaned so much from just that session.

    • Daniel Odd

  • These guys are an absolute wealth of knowledge for Small Business. The programme and support networks they have set up ensure learn more every day and can take your business from good to great. Thanks so much.

    • John Butler