It's hard to decide when to hire a business coach because there is no objective way to assess when it is time to hire one. The other part of the equation is more often than not when it is time to hire one; you are too busy to do your homework to determine if it is a going to be a good fit.
This is a big decision. Do not take it lightly.
This is because business coaches will help you: focus, make more money, experience less stress, have better relationships with employees and loved ones, help you keep your sanity while your business expands, give you peace of mind and help you learn to trust yourself to make the right decisions at every turn.
Who doesn't want to experience all of that?
Key #1: Find a business coach who is the right fit for you personally and professionally.
When you hire a business coach, it has been proven in case studies that you will get the best results when you like & respect your coach (Manchester, 2001). In addition, it will help tremendously if they have the expertise in the area of development that you need or want to address. In other words, you must be both objective and subjective when choosing who you want to hire as your business coach.
Key #2: Timing is everything.
If you are experiencing any of the following, it is time to consider the bottom-line impact that hiring a coach will have on the following:
Overcoming burn-out for you and/or your employees
Overcoming the lack of growth (or worse decrease in revenue)
Learning how to effectively deal with rapid growth
Taking the time to effectively prepare and plan to intentionally grow your business.
Overcoming and ultimately avoiding low performance from staff members
Creating hierarchy and/or structure
Creating clear job descriptions
Creating a culture on purpose vs. by default
Creating a more effective sales process: branding, marketing, pitch, onboarding customers, management of customer relationship, etc.
With that being said, it is equally important (if not more important) to assess whether you are coachable and willing to invest the necessary time in your development to get the results you seek.If not, do not throw money at your problem.It will be a waste.
Key #3: Give it time!
The results you want to experience are going to come if you hired the right professional. With that being said, they don't have a magic wand. If you expect magic, hire a magician NOT a coach.
Key #4: Spending more money on coaching doesn't equate to better or faster results.
This doesn't mean that you are going to get to hire someone who is cheap either. In order to make this make sense financially, you need to assess the financial impact that your developmental gaps will have on the bottom-line. After you do this, logically decide how much you are willing to spend and then commit to spending it.
This is important because if you hire a coach, you need to commit to the relationship for at least 6 months. If you are financially strapped due to hiring a coach, it can create the opposite of what you want to achieve. This is not what you want!
Tiffany Tokarz, CPBA, CPMA, & MS in Leadership Development Psychology, is a the CEO of Modern Muse Consulting and one of their Intentional Growth Strategist. She has been working with leaders and teams to create intentional results for nearly a decade. Her company Modern Muse Consulting offers one-on-one consulting, group work, conferences, retreats and workshops. Her belief is that researchers have only begun to understand the scope of human potential; and that leaders who create company cultures to better leverage their human capital will position their companies to thrive in the new economy.
She prides herself on being result-driven and yet having some fun along the way. She believes that balance in both work & play is an integral part of performance management and she takes her own advice. When she is not working, you will find her jogging at Gray’s Lake; teaching yoga; spending quality time with loved ones; enjoying a glass of wine or attempting to cook something new in the kitchen.