Business owners remain the heart of the American economy, and their ability to navigate new waters is being tested as never before. AI’s arrival, regulatory shifts, inventory and pricing unknowns are leaving small business owners feeling untethered. A decade ago, small businesses were largely isolated from the ripples of domestic and foreign government policies. Today, change comes in hours, not years. Owners must pivot not only to chart their futures, but to survive today’s realities.
Now more than ever, the investment in business coaching proves its worth. According to a 2024 ICF study, the median ROI for an executive business coach is 7 times the investment. The Institute of Coaching reports the 70% of all clients report improved work performance and enhanced relationships.
Coaching speeds the process of change in business, like using a personal trainer at the gym. It is a relationship-based process where the coach helps owners find focus and clarity. Coaches provide honest evaluations that are much-needed and often overlooked. They spur forward thinking, create space for problem-solving, and hold individuals accountable to timelines.
Coaching facilitates smoother, faster change. This is why, according to a Forbes 2023 study, one in six entrepreneurs turns to coaching to improve their performance.
In our own firm, coaching saved us from becoming obsolete. Eight years ago, we struggled with staffing, technology, and change. Maybe many of you can relate. We believed we were a technology-based firm, but we had staffers, sweet, a bit older, always kind but unwilling to integrate the technology. Always forgetting to track timesheets with the CRM or asking the intern to “log in” for them.
We needed a pivot, a big one. But reality is hard. It is a heartbreaker to accept that your firm needs more than kindness to grow. Even in 2017 it was unaffordable to pay someone to answer the phones and get the mail. Coaching helped us face the realities and build a new team that aligned with our firm’s values and our goals as owners. Did we pivot quickly? Yes. Was it easy? No. Did we commit to the plan and use a coach? Yes, we did.
Stepping back and taking time for reflection allowed us to create a vision for the firm that aligned with our personal lives. This was a critical first step. We layered on the next step: creating culture, articulating values, and setting goals with deadlines. We learned to celebrate the wins and evaluate the missed goals. We found our voices, strengthened our abilities to hold uncomfortable conversations, and move forward with pride.
Enamored with the coaching philosophy, we added it to our business advisory offerings, earned certifications, and developed our own coaching tools.
For many small business owners, the time has come to face reality. Change is here, and the time to navigate it with grace is quickly passing. Investing in a coach is a critical first step, but not as important as an owner ready to lead the change. For so many owners, the business coach is the impetus for change.