This is perhaps one of the most important questions to ask yourself when looking for a business advisor. The good news is that there is a lot of data available to help you get a complete picture of who is looking for a coach.
In mid-2009, the International Coach Federation published a worldwide study on coaching. This study looked at the demographics of who chooses a coach, why they seek to train, and what their overall ROI was. Some of the data is quite surprising as to who chooses a coach and for what reasons.
First, let’s see who chooses a coach. The conventional wisdom is that corporations hire a coach to help their executives. The study found that it is usually the individual who seeks a coach. These people often have college or graduate degrees. Many of them are in leadership positions, if they are not business owners. Regarding gender, 65% of those who select a coach are women. This tends to make sense as more and more women have more managerial responsibilities in corporations and are the main founders of small businesses.
Second, conventional wisdom would tell you that a business coach is hired primarily by corporations. While in the past a corporation hired a coach to curb a particular executive’s misbehavior, now it has become a badge of honor for many executives to hire a business coach. The reasons for hiring this coach are many, but if you come, some will stand out. The number one area to hire a business coach is to improve your executive or team job performance. This was followed by improved conditions for career opportunities and improved management or business relationships.
Looking at the data clearly shows that those individuals and companies looking for a coach have realized that soft skills are important to successfully exploit any business or career opportunity. Business coaching helps transfer the important fundamentals necessary for your clients to achieve these goals. Coaches are seen as delivering action plans that offer value rather than an “on the couch” process. Unlike therapy or other methodologies, business coaching is a contractual relationship. Sessions last one hour and the business coaching relationship is typically less than six months. This appeals to the business owner and busy executive who must juggle multiple responsibilities.
The business coach is no longer seen as a stigma or a stain on a permanent record. Establishing a business coaching relationship is considered more of a badge of honor and pride for many entrepreneurs and executives. As shown above, the use of a business coach is not the exclusive province of large Fortune 500 companies. Instead, it is a tool for the individual who wants to overcome their current position and achieve new goals. You are a small business owner and people looking for a business advisor.