Merits and Demerits of Business Coaching |
Posted: November 22, 2021 |
As a small business owner, workforce management is one of the most important things in the world. This is because you have a limited number of people that you can afford to hold on a retainer, which is a setting that causes you to be extra resourceful. The best way to increase your potential is to either start hiring temporary help (whenever you face a workload increase) or to find a way to improve the efficiency of your existing staff. The latter can be achieved through business coaching. Now, while this is usually a good idea, some people have concerns about just how cost-effective would such a decision be. Here are three pros and cons of business coaching that might just help you make up your mind. Pro: Concrete advice and tailor-made approachIf you hire a professional coach for your small business, chances are that they will make a custom strategy to fit your needs. Remember that different people advance and learn at a different pace. You need a coach with enough empathy and social intelligence to recognize the traits, personalities, and temperaments of employees that they’re coaching. You see, mental health breaks and mental health, in general, are not optional. Some inexperienced coaches tend to push employees too hard, which gives an adverse effect. You need someone who knows what they’re doing. Con: It will not be cheapThe services of a professional business coach are never cheap. People who do offer these services at a lower value might have unclear qualifications. Being a business coach is something concrete but the term itself is often abused by those who lack the skill and knowledge to deliver promised results. While this is not always the case, the general rule is that if they’re offering their services significantly under the price, it might not be a good idea to hire them. After all, you wouldn’t choose the cheapest surgeon to operate on you or pick the cheapest lawyer to defend you. You need to use the same logic here, as well. Pro: Lowering employee turnoverEmployee turnover or talent abandonment rates are serious problems for businesses all over the globe. By hiring a business coach, you will drastically lower it. How? Well, by showing your team that you’re investing in their personal development. Once they see that they have room to grow as professionals, they won’t abandon their posts as easily. Moreover, the right coach might explain to them their role within your own organization. According to some surveys, one of the main reasons why millennials skip jobs is because they’re not feeling like they’re making a difference at their current post. Con: The skill of the coach makes all the differenceThe biggest difference here comes from the capacity and capability of the coach in question. In other words, when it comes to your business and business coaching, you can have completely different experiences depending on who you hire as a coach. According to veteran property solicitors, coaching services are not necessarily provided by people who brand themselves as professional coaches or coaching specialists. Instead, you need to look to experts in the field; those with enough experience to make a difference. Pro: Increased productivityThe main reason why enterprises decide to go with coaching, to begin with, is in order to get the necessary productivity boost. Sometimes, this productivity boost comes from a direct knowledge transfer between the mentor and the mentee. In some scenarios, it’s due to an increase in confidence or motivation inspired by the business coach. Then, there’s also the likelihood that the coach made some adjustments or improvements to the active business model, which already changed things for the better. Either way, productivity will be boosted quite drastically. Con: It needs to be a priorityWhile this doesn’t necessarily sound like a con, the truth is that proper coaching requires a lot of effort on everyone’s part. In some scenarios, it even means neglecting some other tasks in order to dedicate more time and attention to active coaching. In some scenarios, in order to get the most out of this coaching, you need to set aside time and space for face-to-face and one-on-one interactions. Needless to say, this can put an extra strain on your already thin workforce. While the end result is always worth it, a lot of entrepreneurs are timid to make this initial investment. In conclusionIn the end, business coaching is merely a tool and before you decide whether it’s the right tool for you, there are a couple of questions that you should answer first.
Once you have the answers to these three vital questions, it will be a lot easier to put everything into perspective.
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