Recent studies have proven that business coaching is an up-and-coming industry – the second-fastest growing industry in the world. Business coaching is just like sports coaching – like a sports coach coaching an athlete and trains them to get better, business coaching not only helps businesses establish organized plans for every challenge they come across, it helps set those plans in motion.
Business coaching is just like sports coaching – like a sports coach coaching an athlete and trains them to get better, business coaching not only helps businesses establish organized plans for every challenge they come across, it helps set those plans in motion. Companies that have business coaching tackle challenges with a plan and business strategy from the business owner’s view and an outside view: the business coach. This way, the business owner can achieve all he wants.
Here are some general statistics about business coaching today: strategy
“Annual spending on executive coaching in the United States is estimated at $1 billion.” – Harvard Business Review, November 2004.
“Use of coaching is widespread in UK organisations, with almost nine in ten respondents reporting that they now use coaching in their organization (88%).” – University of Bristol Newsletter, 2005.
“The Australian Institute of Management says 70% of its member companies hire coaches.” – Inside Business Channel 2, July 2006.
“A recent study estimates that 40,000 people in the U.S. work as coaches (work or life) and the $2.4 billion market is growing at a fast-paced 18% per year.” – MarketData Report, 2007.
“Coaching is the second-fastest growing profession in the world, rivaled only by information technology.” – National Post, April 2007.
What Do These Statistics Mean?
The statistics and reports don’t lie – business coaching is not only a fast-expanding industry, it’s expanding because it’s a successful industry. Just like sports athletes have to keep ahead of their competitors with a coach, business industries, especially in this recession, are getting extremely competitive.
Think about if a sports athlete didn’t have a coach. He might keep doing the same things that have worked for him many times before, and he might be fine for a while. But eventually, since he’s doing the same things and not necessarily getting better at his sport or his skills, the competition will surpass him.
It’s the same thing with business. With all the industry changes, innovations and management strategies, business owners can’t keep doing the same thing they’ve been doing. Eventually competitors will leave the company in their dust, so to speak.
It’s even true with the big brands – McDonald’s, Starbucks and Coca-Cola are constantly ahead of the game and dealing with challenges. Especially in the recession – how many brands that used to be around (Fannie Mae, Bombay Co., Circuit City) aren’t anymore?