7 Times When Hiring a Business Coach is Worth the Money
Tuesday, September 15th, 2009If your computer crashes, it’s pretty easy to see that you need help, and fast. When it comes to YOUR performance however, it can be tough to tell when it’s worth it to call in some professional help. Here are 7 Times When Business Coaching is Worth the Money.
- La Brea Syndrome: You’ve Been Stuck for a While
- Repeating Patterns
- Borrow a Brain
- Develop New Skills
- You Have Plenty of $ but No Life
- You’re Working Hard but Have No $ AND No Life
- Crunch Time
1. La Brea Syndrome
You’ve Been Stuck for a While The La Brea Tar pits are a legendary collection of fossils. Animals would wander into the tar, get stuck and eventually die there. La Brea Syndrome is when you’re too stuck to be able to get yourself out. When you’ve spent weeks or months thinking you need to make a change but still haven’t made it…it’s a good idea to get professional help. You may not be able to get unstuck on your own OR it may just take a long, long time to do it. You don’t necessarily have to sign up for a year long package…a really good coach might be able to get you unstuck in a single session. How much work you need, and how long it will take will vary from situation to situation. Don’t kid yourself about whether or not you’ll be able to deal with it on your own. If it’s been going on for a long time you’re wasting money, energy and time spinning your wheels. Get help. It will definitely be worth it.
2. Repeating Patterns
Over the course of your professional life, you’ll find some patterns repeating over and over. When you have one that is particularly damaging, it’s usually worth the investment to work with someone who can help you create new processes and paradigms so you don’t keep doing the same thing over and over. One example, you overbook yourself, work really, really hard for a while and then retreat into a work coma where almost nothing gets done. This type of cycle can kill a business if it’s not properly managed. The worse the impact of the pattern is on you and those around you, the more important it is to get help dismantling it. If you’re not sure it’s all that bad, check in with the people around you. They can usually provide clear feedback about the true impact.
3. Borrow a Brain
We can’t all be experts at everything. A good reason to hire a coach or consultant is that you want to borrow their brain. An expert, or someone with a lot of experience in a particular area or industry can add enormous value to your business for the cost of just a few hours time. If a project’s success hinges on a factor or area where you don’t have expertise, consider hiring one and borrowing their brain. Technology upgrades, major changes to your sales process, even hiring decisions are all events that often justify an investment in coaching to produce the desired result or avoid costly mistakes.
4. Develop New Skills
Professionals should be consistently and strategically growing their skill sets. If you’ve identified a set of skills you want to develop, executive coaching can be a very cost effective way to get the results you want. Unlike classes which are generally designed for a general audience, a professional coach can design a program specifically for you. You’ll avoid reviewing lessons you’ve already learned and can often learn your new skills inside of a real project you’re currently working on. That way you’re producing great results as you build your skills. This is a great way to improve the R.O.I. on a coaching investment. Great examples would be leadership skills, confrontation, marketing, time management, etc.
5. You Have $, But No Life
It’s not unusual for life to get wildly out of balance. We tend to focus our energy on the places where we feel good and confident, places where it’s likely we can produce results. For many of us, that’s our work. If you find you have plenty of $, but not much of a life, a coach is a good investment. Look for one who won’t just tell you how you should live your life, but who can help you understand your true priorities and motivations and design a good life to fulfill those needs and desires. Plan to work with this person for several weeks to help you design a life you want and develop the strategies for putting in the new priorities and breaking old habits.
6. You Don’t Have Much $ OR Much of a Life
If this describes you, it’s likely you’re missing a critical component of a successful business. You may not be charging enough, you may be giving away too many freebies, you might just be working with the wrong people. You might be in an unworkable business altogether. It’s more likely however that your approach is off. A good coach with experience analyzing and diagnosing business processes can help you isolate where you’re going so wrong and get things back on track. Remember that not all of what’s true is true everywhere…meaning a solution for a corporation may not work for your small one-man-show and vice versa. Make sure you’re working with someone who has experience with either your symptoms or your specific size business, industry, etc.
7. It’s Crunch Time
When you’re buried in an avalanche of projects, when you’re getting ready to go public, when you’re growing really fast, all of these are good times to get help. When it’s crunch time, every minute matters. A coach can help you pause to do the big picture, strategic thinking and short-term planning that can make the difference between success and failure. If you don’t feel like you have time to meet with a coach, that’s probably a good sign that you need one. Just like a hiring a trainer helps get you into the gym, a coach helps get you to do the pausing and planning that often produces your best thinking and best results. They can also provide an emotional outlet to help you deal effectively with a high pressure situation.