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Hitesh Porwal

Certified Executive Coach

27 March2020

“Business coaching can cost me dear. Plus, I already know what is wrong with my business. Why do I need to hire a coach to tell me the same thing?”

Entrepreneurs can harbor certain misconceptions, like the one above, about business coaching. But if your beliefs are pulling you back from availing the services of an effective business coach, you could just be compromising on your skills and the success of your business.

Business coaching is management-training and management-advice that is specifically targeted at entrepreneurs in keeping with their unique situations and challenges. Over time, valuable insights from a certified coach can help you make more informed decisions and gradually evolve into a better leader.

When it comes to some of the most popular myths about business coaching, it is high time you separate fact from fiction and know the real story. Stated below are the most common misconceptions, debunked:

 

Myth#1: “Coaching is costly, and I need to save up”

Fact: A business coach, through his awareness and expertise, helps you run a seamless business that leads to both robust savings in cost and increase in profit margins. Coaching allows you to identify the steps you need to take to reach your revenue and profit goals. Isn’t that worth it?

Without effective business coaching at the right time, your entrepreneurial venture could be leaking profits every day.

 

Myth#2: “I don’t have time for business coaching”

Fact: Most entrepreneurs are busy addressing both minor and major challenges associated with their business. In essence, they are fire-fighting all the time without a verifiable method to scientifically deal with the stumbling blocks.

Identifying and fixing core issues that will produce results is what business coaching does. Otherwise, you are only resigning to your fate and giving your problems the room to compound.

Saying you don’t have time for business coaching is like saying you don’t have time to fill up your fuel tank before embarking on a long journey.

 

Myth#3: “I know the issues plaguing my business; coaching cannot change anything”

Fact: Apparent problems may not merely be surface-level; instead, they might be indicative of more complicated underlying issues. There is no point leaking cash on fixing the symptoms without getting to the root of it, something that a business coach can help you do through thorough evaluation and assessment.

Business coaching is an end-to-end process that begins with a holistic understanding of how you are operating your business vis-à-vis how it should be operated to produce the results that you had envisaged.

 

Myth#4: “I can always turn to my accountant or lawyer for advice”

Fact: Your lawyer or accountant is indeed a significant source of advice with respect to specific areas. But when it comes to business growth or choosing a new line of business, a business coach helps you shorten the learning curve. They equip you with the skills and know-how required to make the right move.

Remember, a business coach deals with clients, day in and day out; they will be sharing tried and tested tools that can drive you to success. While lawyers and accountants provide one-time advice, a business coach offers principles and tools that you can use to fix the gaps for good.

 

Myth#5: “People have an inherent knowledge of what they need to improve on and how to go about it”

Fact: Business coaching is outside-in; it is asking the right questions at the right time. A business coach will exactly know what and how to probe into, allowing you to open up about the challenges that you have been facing.

This survey reveals that over 70% of the people who use coaching benefit from enhanced work performance, better relationships and improved communication skills. A growing body of research strongly indicates that business coaching undoubtedly facilitates goal achievement.

 

Myth#6: “I should solely focus on my strengths and nothing more”

Fact: A strong argument is that one can achieve professional success only by focusing on areas that he already excels in. While this notion is compelling, it becomes a problem when the idea is used as an excuse to ignore weaknesses and potential opportunities for growth and skill development.

An expert business coach can help you single out areas/domains that you may not inherently consider but are vital for business success and long-term growth. Ignoring these issues is hara-kiri, particularly when a business coach -- through honest dialogue and guidance -- can challenge your problem areas and offer the required skills to overcome them.

After all, building on your strengths and ironing out shortcomings is the key to success.

 

Myth#7: “People want to change”

Fact: Most people are resistant to change for they feel cocooned in a familiar setting. A business coach recognizes this resistance and proposes a direction that involves soliciting inputs from the coachee and working with him in tandem to move forward.

Through unprejudiced interaction and constructive feedback, business coaching allows you to ‘see’ the real need for a change so that it creates an internal desire in you.

 

Conclusion:

Eric Schmidt – formerly the CEO of Google – has said before that hiring a business coach was the best professional decision he ever made. He admits that it took some urging at first, as he was already a successful CEO of a rapidly-growing company. However, after being convinced by a board member at Google, Schmidt decided to work with a business coach and was amazed by the results. In an interview with Fortune Magazine, Schmidt said, “everyone needs a coach”.

 

According to Heather Hansen O'Neill, author of bestselling books Teams on Fire! and Find Your Fire, “Today, driven entrepreneurs possess more potential to excel. Meanwhile, many of them are not coming close to realizing their full potential. Business coaching can help entrepreneurs break through barriers that are holding them back and focus on the actions necessary to achieve their goals.”

 

Business coaching is not about fishing for you. Instead, it is learning the best way to fish on your own.