Is a Business Coach a Waste of Time and Money?

Posted on April 18, 2021 by Tyler Martin, One of Thousands of Business Coaches on Noomii.

According to an article in Forbes magazine, most business coaches are a waste of both time and money. Now, I should stress that they did say “most business coaching,” but there’s little doubt that it’s a serious claim to make about the industry.

But is it true?

Well, I have to agree with the article, but with a caveat.

You see, in the article, they stated many business coaching programs are a waste of time due to how they focus on the wrong areas and mostly about mindset, motivation, and emotions. Also, many coaching programs are devoid of the understanding how to implement strategies and best practices, with this latter statement being the most critical guidance business owners need.

If you are considering a business coach that doesn’t have prior experience successfully running companies, there is a good chance they won’t have sufficient expertise to help you.

The Correct Approach Won’t Waste Your Time

I understand you could see something written in such an esteemed publication such as Forbes magazine and be concerned. However, let me put your mind at ease.

A business coach is not a waste of time and money if they have experience building businesses and the ability to transfer that knowledge to others.

An experienced coach will realize and understand that difficulties or problems in a business can come in many forms.

Ultimately, their approach must also come in different forms to help their client move forward.

Being limited in practical experience, no matter if you are a business coach, therapist, or any other type of professional, will not lead to great results.

The Forbes article makes the point of business coaching programs focusing on emotions, mindset, and motivation while ignoring all the important things such as strategies, best practices, systems, etc.

Mindset certainly can play a role in coaching but is only a small part. If you were unfortunate enough to consider a business coach who only looks at things from that one angle, then I’d advise you to keep searching.

A coach can certainly help motivate and encourage his or her client but in the context of moving them forward on strategies and growth for their business.

“If It Is just to be a cheerleader, there will be very little value to the client in the long run.”

Unfortunately, in my experience, Forbes got this right as often; coaches are merely cheerleaders or paid friends.

The great Donald Miller from Storybrand discussed in a webinar how he hired a business coach and told him after a few months — “you know you are a great friend, but you can’t help me with my business problems. I don’t pay to have friends that’s just odd.”

A good coach can help remove that stagnant feeling, but it must be accompanied by action and the coach having the experience and framework to help the client move forward with their business.

The Positive Attributes of a Great Business Coach

If you did go ahead and read the article I mentioned at the outset, you might find yourself struggling to come to terms with the idea of spending money on a coach.

But allow me to once again take you through the positive attributes of hiring the right coach.

The right business coach will not only get your business and where any issues may lie, but they will also get you and where you are coming from.

Once again, this isn’t some therapist/client relationship, but it’s purely from a business perspective.

If you approached me to become your business coach, I would seek to learn not only about your business but also about you.

We would assess the areas of your business that can provide the most significant improvement and devise a plan using my proven framework.

I have worked with over 1,000 business owners in my career and built and sold successful companies. Tapping into my experience and approach to building businesses is certainly not a waste of time or money.

What you get with the right coach is experience and expertise. You have someone who can look at things from another perspective. Experienced eyes with a proven framework can lead to tremendous changes and improvements where you may have never even been aware that there was a problem.

A business coach should offer significantly more than mindset work. A business coach should provide you with steps to take, actions, plans to allow you to move forward.

But it’s about more than that.

A coach such as myself will not only provide you with the way forward but support you along the way. I know events can happen, ideas can change, and things can occur out of your control. My approach is to support and propel you to your goals no matter what may cross your path.

Does that type of help and advice come across as something that represents a waste of time and money?

Value for Money

I’m going to look at the concept of finances because we all want to feel our money is being spent well. If your business coach uses an approach with a proven framework, then your time with him or her should prove to be invaluable for both you as an individual and your business.

As a Certified Business Coach, I am fully aware of how my strategies can influence the mindset of the business owner. But that’s not my primary focus.

I know only too well the need for a business owner to see a way forward from their current position. This applies no matter the recent success of the business, or even the lack of success because clients come to me to help them reach new heights or set new goals, and not only to solve problems.

From building my own successful businesses, I get the rush and positive feelings from achieving in your business. Those days where your motivation is perhaps lacking somewhat due to a myriad of reasons can vanish when you realize you have achieved something or realize where your business is heading.

So mindset plays a role in business coaching. Still, a proven framework and business coach that has developed businesses is the combination that makes your investment in a coach return 10x or more.

So is a Business Coach right for you?

So, should you work with a business coach? It’s perhaps no surprise to hear me tell you that you likely can receive tremendous benefit from using the services of a business coach.

I know the real value attributed to receiving the correct help. A business coach with experience as both a coach and business owner can prove to be invaluable to your future.

Also, I want to stress that a business coach can help even when you feel things are going quite well. This isn’t something you search for only in times of need or in a panic. A coach can look at what you are doing, where you are aiming, and then help you get there as quickly as possible.

Some of my best clients are doing very well with business growth when we meet but a complete mess with repeatable processes and streamlining their business, which, when addressed, takes them to the next level in freedom, profitability, and valuation.

Your coach can help with a multitude of potential issues or concerns, including:

· Create systems, so you work less hours
· Show you how to increase profitability and manage cash flow
· Design proven system for hiring and retaining excellent staff
· Devise no cost or low-cost lead generation systems
· Take the right steps to grow the value of your business

This list can go on and on…

Does that sound like something that would be wasting your money, time, and effort?

Is There a Problem?

Even though I’ve discussed why a business coach is a good investment for your business, is there any problems to be aware of?

The Forbes article notes there are over 53,000 business coaches, which brings up the question of finding one that is suitable. Sadly, there will be a percentage of coaches within that number that don’t come up to the standard you should rightfully expect.

I see that as a problem.

So, what’s my solution? The key is to research and to carry out your due diligence before approaching any potential coach.

I suggest you spend time checking out each page on my website and taking note of my background and successes. Also, I am a Certified Business Coach and CPA.

Lastly, you can grab a free copy of my strategy scorecard — www.GetStrategyScorecard.com and I encourage clients to listen to my podcast as a way to get to know me: www.ThinkBusinesswithTyler.com.

As with buying any product or service, you need to do your research first. As long as you follow that simple idea, finding an excellent business coach should not be a problem.

So, What Next for You?

I hope I’ve managed to prove that a business coach is not a waste of either time or money. However, I do admit it all depends on the coach themselves and how they plan on helping.

That’s why I strongly suggest you spend time looking into the coach.

Personally, I offer a free strategy session to potential clients to allow you to get a feel of what it would be like working together. This session is our opportunity to see how we would work together.

I would advise anybody contemplating using a business coach to make full use of this kind of offer.

So, if that sounds like something you would like to do, then contact me to arrange an appointment for us to meet and see what could be possible in propelling both you and your business forward toward new goals and dreams.