Business coaching is a particularly great business solution for small and medium sized businesses that have potentials for growth, but are hindered by their lack of knowledge, resources and time. Business coaching is however specifically tailored to suit a specific business, solve a particular problem or achieve a definite goal.
The greatest power of business coaching in this respect is in unveiling the uniqueness of a business and, differentiating it by brand profiling and the introduction of systems. This makes business coaching an almost indispensable business building, growth and development strategy in the developing economies of the world. It also presents the greatest potential of return on investment (ROI), which could be as high as 300 – 500 percent, compared with training that produces 65 – 120 percent.
The major role of a business coach would expectedly be to assist the organization to set better goals, create more opportunities and channel its energies and monetary efforts more realistically. Generally, the business coaching process has the primary goal of increasing management awareness, business momentum and encouraging rapid forward movement. The motivation for coaching in this regard is the tendency today for closer collaboration and the synergies that can bring faster growth, better focus and comparative advantages in competitive environments.
An experienced business coach brings great transformational changes and benefits to a business by helping to avoid costly mistakes and by maximizing its opportunities. Unfortunately, not many small business owners are aware of the concept of coaching and the benefits that coaching can bring to them. As a result, several business owners struggle unnecessarily with decisions and problems that someone else has either experienced or solved.
Coaching specifically helps to uncover hidden wealth and untapped resources within the business. This differentiates the business in the marketplace and positions it to ensure a comparative advantage in a particularly competitive environment. Apart from the above, business coaching provides tools and techniques, which improves business performance and transforms profitability potentials.