Here are some interesting statistics to consider if you own or run a small business, are an entrepreneur or service provider. Did you know business coaching statistics show that applying the skills of a business coach is a great way to keep your business ahead during a recession?
It is predicted that for a small business owner to be able to work competitively on their own will become more challenging. During this recession and recovery especially, when the competition among companies is exhaustingly fierce, it becomes crucial to look for assistance to give you that competitive edge.
Business coaches give you an outside perspective on how your business is running. Because this is something most businesses do not bother to find out, this in itself gives you a lead over your competition.
A practice development research study revealed that 42% of businesses don't use a business coach. This same study found you can increase your profit margin by an average of 46% by using a business coach.
Thus 42% of businesses are missing out on a 46% profit increase.
If you're among that group, you may want to carefully consider if you can afford to not use a business coach. Compare the cost of a great coach against a 46% profit increase. For such a truly reasonable investment, your profits will literally soar. If your monthly revenue is $25,000, a 46% increase would be an additional $11,500. That's a 600% return on your investment (that is, if I'm your coach).
An article posted on http://www.affiliatedragon.com stated that having your own internet business was the last weapon against a recession. However, as we've seen more businesses both off and online negatively affected by this slow economy, having your own business isn't a fool-proof plan. However, hiring a business coach can be the difference between those that struggle and those that survive and thrive.
To help them develop plans to build profit-growing businesses even during a slow economy, many business coaches show their clients how to navigate their way through changing economies, giving them yet another competitive advantage.
A study conducted by the International Coach Federation surveyed 210 coaching clients for demographic data, feedback, and opinions about the value and use of coaching. The study revealed that those who were coached had a positive change in personal work habits. This is instrumental to changing your business during a recession.
Below are some of the business coaching statistics gathered by this study.
62.4% smarter goal-setting
60.5% more balanced life
57.1% lower stress levels
52.4% more self-confidence
43.3% improvement in quality of life
25.7% more income
Those are just a few of the outcomes found through the study.
What we see is the number of people who are experiencing positive personal development skills to apply to their business. It's not just about dollars and cents, and most of the time companies who are struggling have a personal reason linked to their financial struggle.
Some more interesting business coaching statics were those that we don't immediately link with business. For example, 33.8% saw their health or fitness improve, 33.3% had improved family relationships, and 25.7% stopped a bad habit.
Although we don't immediately associate something like stopping a bad habit to having an effect on our business, the fact is that being lethargic, angry, frustrated or stressed can affect your work habits. To find out what may be keeping them from advancing, business professionals can turn to business coaching. Sometimes it's a simple as learning how to organize their office in a more effective and efficient manner.
The business coaching statistics found in this study prove that even during a recession, businesses that use coaches can still thrive when they take advantage of the skills offered by a business coach.
Here's what one of my coaching clients had to say:
"Honoree changed my personal and professional life. I hired Coach Honoree to assist me in transitioning to a new firm and the results were amazing. She helped me focus on growing my business with massive action and she held me accountable with a professional touch...never allowing me to settle for mediocre results. My business grew 63% in 100 days. I recommend Coach Honoree to any business professional looking to better their best...I consider her a partner and friend." ~Tim McElroy, Senior Wealth Management Consultant, Merrill Lynch, Las Vegas
Perhaps it's time you engaged a coach to increase your success?
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