Are Business Coaches Worth It?

Tips for making your investment in business coaching worth both your time and money.

Business coaching can be a game-changer for founders who are hungry for success, but people still wonder: are business coaches worth it?

You’ve likely seen the rise of coaching services promising growth, better leadership, and increased profits. But here’s the real deal: hiring a coach is just the first step. The magic happens when you’re fully dialed into the process.

Just like in any partnership, what you get out of business coaching depends on what you put into it. So if you’re going to invest time and money into coaching, let’s make sure you’re set up to get the most bang for your buck.

Why Hire a Business Coach?

Business coaching isn’t just some luxury you treat yourself to when times are good. It’s an essential tool that can seriously ramp up both your career and your business.

We’re talking about personalized advice and strategies that are tailored to your specific challenges and goals. A coach isn’t just an advisor. They’re like a co-pilot who helps you navigate the often turbulent skies of the business world.

Why is this a big deal? First off, accountability. It’s easy to put things on the back burner when you’re the one running the show. A business coach holds your feet to the fire, pushing you to achieve the goals you’ve set.

Next, we have expertise. They’re professionals who’ve either been in your shoes or have helped others in similar positions. That’s like having a cheat sheet for every problem you’ll face.

And don’t forget perspective. When you’re in the thick of it, it’s tough to see the forest for the trees. A business coach can provide that valuable outside viewpoint, helping you see the obstacles and opportunities you might be blind to.

Mentally Preparing to be Coached

Before you jump into a coaching agreement, there’s some groundwork to be done — right between your ears.

• Let’s start with being open. You’re hiring someone to poke holes in your strategies, question your habits, and push you out of your comfort zone. If you’re not open to feedback, you might as well throw your money down the drain. It’s like going to the gym but not wanting to sweat.
• Commitment is the next box to check. Your coach is going to invest in you, and you need to invest right back. That means time, attention, and yes, homework. If you’re looking for a magic pill for instant success, this isn’t it.
• Finally, be ready for change. No coach in the world can help you if you’re stuck in your ways. Your business isn’t going to evolve unless you do. Expect your assumptions and methods to be challenged. And more importantly, be willing to act on those challenges. That’s how growth happens.

Get Ready to Set Goals

Alright, let’s get practical for a moment. You’re in this coaching relationship to get results, right? So, how do you measure those results?

Enter SMART Goals.

You probably have heard of this before, and for good reason: it works. These are Specific, Measurable, Achievable, Relevant, and Time-bound goals — the formula proven for success when making promises to yourself.

Why “Specific”? Because “I want to grow my business” is a wish, not a goal. How do you plan to grow? Do you want more customers, higher sales, better margins? Be specific.

“Measurable” means you can track it. If you can’t measure it, you can’t manage it. So instead of saying, “I want more sales,” aim for a 20% increase in sales over the next quarter. Numbers don’t lie.

“Achievable” and “Relevant” go hand-in-hand. Your goals should be realistic but also in line with your business objectives. There’s no point in aiming for something just because it sounds good. It has to align with your overall plan.

Finally, “Time-bound.” Deadlines keep us accountable. Without a timeframe, a goal is just a dream. Pin down exactly when you want to achieve your goals.

Having SMART goals is a cornerstone for a successful coaching relationship. When you and your coach know precisely what you’re working towards, you can strategize, prioritize, and track your progress like pros.

Active Participation vs. Passive Listening

Coaching isn’t a spectator sport. You can’t just clock in, nod along, and expect magic to happen. You have to be an active participant in this journey. Yeah, you’re paying for your coach’s expertise, but what you put in determines what you get out.

So what does “active participation” look like? First, it’s about engagement. If your coach suggests a strategy or points out an area for improvement, dig deeper. Ask, “Why?” Understand the reasoning behind the advice. And if you disagree, say so. It’s a dialogue, not a one-way street.

Next, challenge yourself. Your coach is going to push you out of your comfort zone, but they can’t do the work for you. When you’re given tasks or objectives, tackle them head-on. If you encounter obstacles, don’t just wait for your next session to bring them up. Be proactive. Seek solutions and be ready to discuss what worked and what didn’t.

And ask questions. I mean a lot of them. About strategies, about outcomes, about ways to deal with challenges. Even about your coach’s experiences and insights. The more questions you ask, the clearer your path becomes.

The Art of Receiving and Implementing Feedback

Feedback is the currency of coaching, and here’s the kicker: it’s not always going to be praise. But that’s a good thing.

Constructive criticism tells you where there’s room for improvement. It’s like your roadmap to better performance. Now, how you handle that feedback, that’s where the rubber meets the road.

First off, don’t get defensive. Easier said than done, I know. But remember, the feedback is about the work, not you as a person. Separate yourself from the issue at hand, and listen. Truly listen. Once you’ve got your emotions in check, ask for specifics. General feedback is almost as useless as no feedback. You need actionable advice.

Now comes the key part: implementing the feedback. Don’t just nod and move on.

Apply the changes suggested by your coach, measure the outcomes, and report back. This back-and-forth isn’t just to keep tabs. It’s an ongoing dialogue that refines your strategies and methods. It’s how you turn words into action and action into results.

Keep Communication Consistent

Clear, open communication with your coach isn’t just a suggestion, it’s a must. Think of your relationship with your business coach like any important business partnership. You wouldn’t go weeks without talking to a key investor or partner, right? The same rule applies here.

One way to keep that communication flowing is to have regular check-ins outside your scheduled coaching sessions. Maybe it’s a quick phone call to update your coach on progress, or a brief email summarizing what you’ve accomplished since your last session.

The point is to keep your coach in the loop, so they can better guide you. Don’t wait for the next formal meeting to share good news, seek advice or raise concerns.

Frequent updates mean you both have a pulse on what’s going on. That way, you can tweak and adjust your strategies in real-time, rather than waiting for your next session to realize something isn’t working.

Tracking Your Progress

Tracking your progress is for you to clearly see what’s happening. You could be making strides in areas you hadn’t noticed, or maybe you’re stagnating in a segment you thought you were acing. Either way, you won’t know unless you measure it.

Don’t rely solely on your gut feeling to gauge how you’re doing. Get down to the specifics. Maybe it’s a growth chart or a dashboard that measures key performance indicators. Could be a simple spreadsheet that lays out goals versus achievements. The key here is to have something concrete that you can see, analyze, and discuss with your coach.

This isn’t busy work because it’s vital. Regularly tracking and reviewing your progress helps you and your coach know if you’re on the right path or if adjustments are needed.

Let’s be honest, business coaching is an investment — of time, energy, and yes, money. So, naturally, you’d want to know that this investment is paying off. By keeping a detailed track of metrics you care about, you’re more likely to stay focused, and you can better channel your energies into achieving your objectives.

What to Do When You Hit a Wall

Hitting a wall during your coaching journey is more common than you might think. But encountering a roadblock doesn’t mean the end of the road.

The feeling of being stuck can often be traced back to a couple of things. Maybe you’re not seeing immediate results and are getting impatient. Or perhaps the changes you need to make are uncomfortable, and human nature is resisting.

The key is not to brush these moments under the rug but bring them into the light. Discuss them openly with your coach. Their outside perspective might be the exact thing you need to break through that wall.

Strategies to get past the hump could range from reevaluating and setting new goals to tweaking your action steps. Remember, coaching is a dynamic process, not a set-and-forget activity. When you hit a wall, don’t turn around and give up. Smash through it.

Coaching is a Long Term Play

Are business coaches worth it? Yes. But know that if you’re going to invest in business coaching, you need to make the commitment to be all in. A passive approach won’t cut it, nor will a quick one.

From setting SMART goals to engaging actively in each session, the more you put into the coaching process, the more you’ll get out. It’s about implementing, tracking, and even stumbling along the way, then getting back up stronger.

So, if you’re considering coaching or are already in a program, make it count. Engage, question, implement, and watch how it transforms not just your business, but also you as a leader.

Hey, thanks for reading!

I’m Justin — I help founders to get “unstuck” and grow their profits.

Prior to coaching, I was the founder and CEO of an edtech startup, achieving a respectable 32% YoY growth and 76% profit margin over eight years before eventually selling the business.