In a recent article titled Coaching pays off for new managers at BDCNetwork.com, the value of hiring a business coach is revealed, at least as it relates to those who find themselves trying to adjust to a new leadership position. Of course, the value of working with a coach also applies to entrepreneurs and small business owners who may be struggling to lead a team and grow their business – perhaps you and your design business.
The article shares a few quick insights gleaned from a white paper published by the folks at the Fails Management Institute, or FMI, an advisory group “for engineering and construction, infrastructure and the built environment and the industry’s leading organizations”.
In their paper, FMI found that:
Some 91% of participants said that coaching increased their readiness for a new leadership role
Nearly 88% of participants suggested that coaching increased their overall engagement in their roles
About 87% of respondents said that executive coaching has a high return on investment
And 77% of survey respondents stated that their coaching experience exceeded their expectations
Whether you’re busy trying to establish your design business, working on developing a new product or service, or developing a growth strategy for your existing operation, the experience and expertise you can gather from a coach can be invaluable for both the short-term and long-term health of your business.
Benefits of Working with a Business Coach
When you choose to work with a business coach, the benefits are likely to exceed the cost involved.
Experience and Expertise – A business coaches can offer you expert advice and guidance based on actual experiences in the world of business and business start-ups. Most of them have a load of “Been there, done that” experience to offer, with both successes and failures from which they’ve learned the hard lessons you're about to encounter.
Fresh Perspective – Having a sounding board for your ideas, from new products or services to the structure of your business and composition of your team, is a great way to work out any kinks in your thought process. For an emerging entrepreneur for example, it’s to be expected that you’ll get caught up with your ideas to the point of questioning, confusion or second guessing yourself. There may also be areas you’ve never considered that an experienced coach will have top-of-mind.
Existing Business Network – With experience comes a network of industry connections – business connections you may not have yet. Not only will your coach help to open doors so you can meet important people, he or she will know which doors to knock on, and which to avoid. The value of an introduction to the influencers in your niche, not to mention the thought leaders in your target market, is something you simply cannot put a price on.
Different Skill Set – While you have design expertise to offer, there are areas of your business which will present challenges you may not be able to meet, such as: hiring a team, bookkeeping, taxes, contracts, business structure, just to name a few. Business coaches often have areas of advanced skills, so you can further your technical abilities while gathering big-picture insight.
Return on Investment – Selecting a business coach can be tricky in today's world of self-proclaimed on-line “business building experts”. Your goal is to find someone who has done what you want to do, who is willing to show you how they did it, and see a return greater than your investment for their expertise. A truly committed coach has a single goal – to help you succeed in your business.
Working with a business coach offers an opportunity to realize your business vision far more quickly than you might have otherwise.
When you choose to work with a business coach, the wisdom and experience they offer will provide you with an opportunity to streamline and accelerate the business building process. This will enable you to get where you want to go more efficiently and productively, with fewer “Uh oh!” moments and many more “Ah ha!” moments – helping to pave the way to a much smoother path to the success of your design business.
Looking for more tips on designing your design business, new interior design trends, and new product ideas? Get in touch with TD Fall today.