Will using a Business Coach increase my profits?
Talking with a business coach can do a lot for you. It can make you more confident, give you a good idea of which of your plans will work and which may not, and more. However, as a business owner, you always have to keep an eye on the bottom line. To that end, you have to know the answer to a very important question: will using a business coach increase your business’s profits?
The answer is almost always yes, but it’s sometimes hard to see. If you and your business coach discuss your business and he or she notices areas where you can improve, then you may tangibly see an increase in profits. Making your business more cost-effective is one thing a business coach can help you with that will obviously result in profits. Your business coach may be able to uncover places in which you can slash a budget or change a business practice so that you can make more money.
However, you may not always be able to see an actual dollar increase from your business coaching sessions. This is because business coaches often work on areas that don’t directly correlate to budgets. For example, they may help you work on your management style or discuss some of your visions for your business. These abstract ideas can’t be measured in profits, obviously, but they can be measured in other ways. The continuing success of your business is often the best measurement.
When I work with my Business Coaching clients, the results are often directly related to their bottom line in terms of increased sales and/or profits. But for every time I can help a client financially, I can help them many times over in less directly-measurable ways such as hiring the right positions and people, leading more effectively, better managing of work load and work flow, or utilization of outside resources to best leverage my client’s time. All business problems have some level of impact to the bottom line and often it has to do with something that my client can’t accomplish because roadblocks are in his/her way. Quickly figuring out how to remove those barriers is often an essential aspect – maybe the most important aspect — to improve business profitability.