Is performance coaching for entrepreneur really necessary?

Whether you are running a small business or intend to build a worldwide company – the importance of business coaching cannot be overstated. Having an experienced mentor that you can rely on is one of the most valuable resources for business owners.

Sure, you can read countless articles and books on how to grow your company, but each business is unique and at the end of the day, generic advice can hardly substitute personalized guidance. Performance coaching should be viewed as a new management technique to take leadership and employee performance to the next level.

Before we discuss what performance coaching entails and what to look for when seeking to hire an expert, let’s look at some statistics that illustrate why this method is so popular and how it can benefit you.

• A study conducted by Manchester Inc. showed that businesses who employ a business coach saw a 5.7-time return on their investment for the coaching services.
• The Personnel Management Association found out that executives who received both coaching and training increased their productivity by 86% compared to 22% by executives who only received training.
• 7 in 10 leaders and managers see developing engagement and performance among employees as their primary tasks.
• 23% of companies report that business coaching helped them to reduce their business operational cost significantly.
• Only about 2 out of 10 managers can engage well with employees, develop their strengths, set clear goals and expectations, and coach them in everyday conversations.
• 65% of employees are “highly engaged” in strong coaching culture organizations.

So what exactly is performance coaching?

It’s a leader’s job to coach their employees, but most managers lack the knowledge to make it happen. Performance coaching is the process in which professionals equip company leaders with the skills to become effective coaches for their employees. These experts will work directly with a company’s managers to teach them how to coach their employees to get the best results out of them. The managers then coach the supervisors, and the supervisors coach their direct reports. Executive coaches are typically expert entrepreneurs who know what it takes to make a business more successful. They can turn the most under-performing organizations to all-around high-performing organizations.

A performance coach can equip managers and employees with the resources they need to excel by doing the following:

• Identifying and addressing performance-related problems
• Identifying goals and objectives for better performance
• Understanding and maximizing employees strengths
• Addressing people’s self-defeating behaviors and mindsets
• Giving feedback on areas of improvement
• Monitoring progress in achieving those goals
• Suggesting relevant skills that might be needed
• Offering resources and outlets to improve those skills

What should I look for in a performance coach?

You already understand the benefits of performance coaching and are eager to hire one to collaborate with your organization in order to reach your full potential. The best place to start is within the organization and determine whether to work with someone from your organization or hire an external coaching professional.

If you decide to go with an external coach, there are two main things you can evaluate including:

Experience

The performance coach should have experience coaching in a similar company as yours at a similar role. You could also enquire whether they have worked with someone with similar experience and goals. Most importantly, you should look for additional experience such as experience as a psychologist or therapist – if that is something that is important to you.

Strategy

In addition to having a transparent coaching methodology, the coach should also have processes for measuring performance and success. Look at their past clients, or whether they had any previously. Reach out and ask them about their experience. Most coaches also give free consultations so you could use this opportunity to ask questions. Finally, organizations that hire external performance coaches should insist on getting regular formal progress reports and reviews with as much data as possible.

The best managers know what to say to their employees

Your company is probably struggling to identify your strengths and proper career goals, or maybe you know exactly what you want to achieve. Regardless of which camp you fall into, having a performance coach can help you level up.

Performance coaching will help employees by boosting their self-esteem, becoming more honest, improving their listening skills, recognizing a need for help, and supporting team goals. You can use this training to help them become the best version of their professional selves.

Do you now think your business can benefit from having a performance coach? Let us know your feedback.