The business coaching industry is booming in the USA, with an expected market size of $11.6bn in 2020! According to recent stats, over 40% of companies recognize the value of such a service and notice a significant improvement in performance due to coaching.
What does a business coach do?
A business coach is an industry expert that offers advice and recommendations to companies that want to increase their growth and productivity. The business coach also helps plan and implement strategies that lay the ground for sustainable development.
However, there is more than one type of business coach. So how can you know for sure which type will work for your small business or startup?
To help you out, we created a quick guide of the most popular types of business coaches with details on how they can be helpful in various scenarios.
Before you can run or build a successful company, you need to know how to put together a business strategy.
Strategic thinking is necessary for all aspects of business, from budgeting to finding patterns, and more. It’s also a skill that can only be polished through experience, which is why it helps to have an expert guiding your first steps.
For instance, an effective marketing coaching program will teach you how to define the right customer persona, how to analyze the market for the right approach, and how to build a strategy focused on the customer and their specific needs.
In short, a strategic coach will not just be helpful in creating an effective plan; they will also help implement that plan and offer tips on how to maintain an ascending trend.
As the business grows, you will have to find new patterns, hire employees, and look for suppliers. That’s why you need to know how to leave the “one-man show” concept behind (very common in startups) and build a solid team that can work under the most difficult conditions.
A coach is extremely helpful in setting up the basis for the type of team you want to grow your business. Among other things, a team coach will:
- help define the goals and purpose,
- set basic rules that encourage collaboration and teamwork,
- draw a schematic of the characteristics every member should have according to their position and responsibilities in the team.
They say the average human being has at least one amazing business idea in their lifetime. However, only some people even acknowledge their ideas as having an impact and even fewer think about applying them in the real world.
In the end, only the bold end up putting the basis of a startup and going through the hurdles of owning a business. This happens because most people don’t hold themselves accountable.
But entrepreneurs also need to practice accountability -which is a valuable skill that needs a lot of work before it becomes a habit. As such, an accountability coach is the one who will help you learn the ropes of becoming a goal-getter without any procrastination issues. They’ll also teach you tips and tricks to improve productivity and get more done, faster.
These are only some of the most popular types of business coaches, but it doesn’t mean you will need them all. While each of these experts may help you get better results and improve faster, it’s best to understand your most basic needs and hire the coach that can help you grow the most.