Jun
23
Statistics On Business Coaching: Is it Worthwhile?
Recent studies have shown that to be able to successfully work alone, in isolation, will become more difficult. As the market becomes more competitive and evolving, the need for an external perspective becomes more necessary to help you through the challenging journey.
According to a practice development company, statistics on business coaching have proved that using a business coach can increase your profit margin by an average of 46 percent. However, further statistics reveals that 42 percent of businesses of don’t use a business coach.
The pros of using business coaching often outweigh the financial con. They give guidance and a structured plan.
They also give you an outside view of how your business is running. This is something many business owners never learn and it causes them to fall behind their competition.
To get a sense of how valuable coaching is for businesses, the International Coach Federation surveyed 210 coaching clients for demographic data and feedback /opinions about the value and use of coaching. Some of the statistics on business coaching they gathered are as follows.
70% believed business coaching is “very valuable.”
50% confide in their coach as much as their best friend, spouse or therapist, 12% confide in their coach more than anyone else.
Some of the outcomes were:
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
It’s important to note with this study that of the respondents, 197 were employed professionals. All had a formal, on-going relationship with a coach with an average duration of 9 months. Over 80% of the respondents had undergraduate degrees and over a third had Master’s degrees or higher.
Business coaching isn’t just for people who have no grasp on what they are doing. It’s effective for anyone who wants to better manage their professional and personal life. Even those who think they have everything under control can learn something.
As the statistics on business coaching show, people don’t just use business coaching to make more money. They use it to improve the overall quality of their life.
They learn time management skills, stress reduction techniques, acquire financial education and more. All of which help them to improve their business.
The 42 percent who are not using the guidance of a business coach are at risk of being left behind, regardless of how proficient they are in running a business. Their competition will increase their skill level by building on their strengths and improving on their weaknesses.
Thus, while those who are without coaches may feel as though they are operating at an acceptable level, it is only a matter of time before their competition outshines them.
A 46% profit increase is nothing to sneeze at. If your business is struggling it helps you to survive and if you are already doing well then you simply thrive.
The statistics on business coaching reveal that those who do use coaches do improve their chances of success in one way or another. By allowing an external perceptive in you gain the opportunity to receive guidance and advice you may not have conceived to look for.
In this every changing, increasingly challenging market, having a business coach is a worthwhile investment.
Lyn Troyer and his Niche Power Group teach beginners how to make money online in niche markets with affiliate marketing. Please visit their online business mentoring website here to learn how you can go from making nothing to a full time internet income in 12 months or less. http://nichepowergroup.com
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