Plot the path for your professional growth. A good business advisor helps clients discover the gap between where they are today and where they want to be. With the help of their coach, the businessman or corporate leader can also create a solid and strategic business plan that will drive the company's growth. A business advisor will allow you to see your potential so that you can take advantage of your talents and abilities, but will also hold you accountable.
We all do better when we have to answer to someone for our actions. If you start to get distracted, a good coach will make sure you stick to what you said you would do. They'll motivate you while keeping you accountable and monitoring your progress. Coaches and mentors help improve their management and leadership skills.
As your company grows, your role will evolve into increasing manageability. Coaches will help you solve difficult business problems and decisions and lay the groundwork right from the start to be able to weather some of the big and inevitable management storms ahead. In early 2002, I was CEO of Nelson Books, one of the fourteen divisions of Thomas Nelson Publishers. In eighteen months, we had gone from 14th place to number one in terms of revenue growth and profit margin.
I was proud of myself and my team for the results we had achieved. This means that you have a 96% chance of failing in the first ten years of starting a business. Or to change it, you only have a 4% chance of surviving your first 10 years in business. A big part of a business coach's job is to learn everything they can about each company and owner they work with and develop a strategy that is uniquely adapted to the specific characteristics of each situation.
Business advisors act as trainers and mentors, training you in the skills you need to succeed in your business and serve as a source of information if you ever have any questions about what you should do. A study by Hay Group showed that 40% of Fortune 500 companies use business coaching to train and develop their executives. These advisors also work to help you be more productive, make your work easier and manage your business and help you achieve all aspects of your vision for your company, including, but not limited to, your growth. Not to give him advice or a shoulder to lean on, but to put on my coaching cap and use the training I had received to work with him as I did with my clients.
Their first function is to listen to the goals, dreams and challenges of running the company, and to provide wisdom and advice that will shape both the individual owner of the company and the way he runs the company. For the past 25 years, the Coaches Training Institute (CTI) has been offering the gold standard in coach training and leadership development for individuals and organizations. A coach can act as a responsible partner and help you overcome challenges to achieve your goal. Good training is based on solid theory, but it doesn't stop there, as is often the case in a university environment.
Then I pointed out that even Tom Brady, who had just led the New England Patriots to their first (but not last) Super Bowl win, had a coach. My clients often tell me that one of the most valuable aspects of having a business coach instead of hiring a consultant is that coaching focuses on them, not on their myriad problems. I loved using my training as trainers to help entrepreneurs face the challenges that were holding them back in their business, so that they could overcome them and create a livelihood that they loved. It's a simple title that most people seem to understand and that helps bridge the gap between ignorance about what coaching is and informing the public about the benefits of coaching.
Whether you're just starting out or looking to expand your business, investing in a coach is one of the best decisions you can make. After that, he went on to work with another coach, but he often referred to that training session as a pivotal moment for him in leading his business. But don't worry about not being able to afford to hire a business coach, because the truth is, you can't afford not to hire a business coach. .