{"id":46382,"date":"2022-08-08T02:04:26","date_gmt":"2022-08-08T07:04:26","guid":{"rendered":"https:\/\/michaelhyatt.com\/?p=46382"},"modified":"2022-08-08T02:05:09","modified_gmt":"2022-08-08T07:05:09","slug":"5-reasons-you-need-a-business-coach","status":"publish","type":"post","link":"https:\/\/fullfocus.co\/5-reasons-you-need-a-business-coach\/","title":{"rendered":"5  Reasons You Need a Business Coach"},"content":{"rendered":"<p>In early 2002, I was the general manager of Nelson Books, one of Thomas Nelson Publishers\u2019 fourteen divisions. In eighteen months, we had gone from number 14\u2014dead last\u2014to number one in terms of revenue growth and profit margin. I felt great. I was proud of myself and my team for the results we\u2019d achieved.<\/p>\n<p>That euphoria lasted for about a day.<\/p>\n<p>Then it began to dawn on me that I was out of tricks. I\u2019d harvested all the low-hanging fruit in an effort to turn the business around. I knew that continued growth would be difficult. And, I wasn\u2019t certain I could deliver it. Getting to number one and staying at number one are two different things.<\/p>\n<p>That\u2019s when I first considered hiring a business coach. I asked John Maxwell, a leadership expert and one of my authors, if he could recommend one. He introduced me to Daniel Harkavy, the founder of <a href=\"https:\/\/www.buildingchampions.com\/\">Building Champions<\/a>, an executive-coaching company. We hit it off from the start.<\/p>\n<p>After my initial call with Daniel, I went to my boss to explain why I wanted the company to foot the bill for Daniel's fees. He was surprised by my request. \u201cWhy do you need a coach?\u201d he exclaimed. \u201cYou\u2019ve just transformed our worst division into our best. You\u2019re our most successful publisher!\u201d<\/p>\n<p>I replied, \u201cYes, but the world\u2019s top performers <em>all<\/em> have coaches. That\u2019s how they get there and stay there.\u201d I then went on to point out that even Tom Brady, who had just taken the New England Patriots to their first (but not last) Super Bowl win, had a coach.<\/p>\n<p>I then said, \u201cYou want me to keep winning, right?\u201d<\/p>\n<p>\u201cOf course,\u201d he said.<\/p>\n<p>\u201cThen I need a coach.\u201d<\/p>\n<p>He laughed and then approved my request.<\/p>\n<p>Daniel and I talked every two weeks. I shared my problems and opportunities. He advised me and held me accountable to my commitments. He helped me see what I couldn\u2019t see. He challenged my thinking and expressed his belief in my leadership, even when I felt less than confident.<\/p>\n<p>Coaching had a direct, positive impact on my results.<\/p>\n<p>I led Nelson Books for two more years before I was promoted. It remained the top-performing division in the company for more than a decade. When I left the company in 2011 to found Full Focus (then Michael Hyatt & Company), it was still Thomas Nelson\u2019s most profitable division.<\/p>\n<p>I\u2019ve had a formal business coach since 2002 when I met Daniel, with the exception of very brief transition periods. It\u2019s the single best investment I\u2019ve ever made in my professional success. It\u2019s also why I\u2019m so passionate about coaching and why our <a href=\"https:\/\/businessaccelerator.com\/\">BusinessAccelerator<span style=\"font-weight: 400;\">\u00ae<\/span><\/a> coaching program is the single most important thing we do at Full Focus.<\/p>\n<p>So I\u2019d like to make the case for hiring a business coach. If you already have a coach, this will explain why you\u2019ve made a smart decision. If you don\u2019t have one, this will hopefully convince you why it\u2019s important to get one\u2014and, frankly, the sooner the better.<\/p>\n<p>There are at least five reasons why you should hire a business coach.<\/p>\n<h4>1. Because you recognize the need for a change.<\/h4>\n<p>If you\u2019re happy with the status quo\u2014business as usual\u2014don\u2019t hire a business coach. You don\u2019t need one. But if you\u2019re unhappy with the results you\u2019ve been getting, you need to consider it. For example, perhaps\u2014<\/p>\n<ul>\n<li>You feel overwhelmed with what\u2019s on your plate and don\u2019t know where to focus.<\/li>\n<li>You keep missing your goals\u2014or don\u2019t have any goals.<\/li>\n<li>Your professional and personal life are <a href=\"https:\/\/mh.fullfocus.co\/using-the-double-win-to-beat-back-work-thats-out-of-control\/\">unbalanced<\/a>. You\u2019re spending way too much time at work.<\/li>\n<li>Your sales have stalled or your margins have eroded.<\/li>\n<li>You\u2019re not sure you have the right people. Your hiring process feels risky and unpredictable.<\/li>\n<li>Your competitors are getting more aggressive and you\u2019re fighting harder than ever to acquire and retain customers.<\/li>\n<li>You know you need to grow professionally in order to lead your organization to the next level.<\/li>\n<\/ul>\n<p>If this sounds like you\u2014if you want something to change\u2014you need a coach.<\/p>\n<h4>2. Because you want an edge against the odds.<\/h4>\n<p>Let me state it bluntly: the odds are stacked against you. According to the Department of Commerce, entrepreneurs start 4 million new businesses a year in the U.S. Eighty percent of those will fail within the first five years. Of those that survive, 80% of those will fail in the next five years.<\/p>\n<p>This means you have a 96% chance of failure in the first ten years of starting a business. Or to flip it around, you only have a 4% chance of surviving your first 10 years in business.<\/p>\n<p>Those aren\u2019t great odds, are they?<\/p>\n<p>Let\u2019s switch contexts. Imagine you\u2019re facing a daunting challenge in some area other than business. Let\u2019s say you wanted to climb Mt. Everest. You know the journey will be difficult and dangerous. You read that in 2019 alone, 11 people died in the attempt. It\u2019s a risky venture, but you\u2019re excited about the possibility of achieving your goal.<\/p>\n<p>Do you think it would be smart to go it alone? I don\u2019t think so. I\u2019ll bet you\u2019d hire a guide, right? That would be the smart thing to do. You want someone who has made it to the top and back, preferably multiple times under a variety of weather conditions.<\/p>\n<p>The truth is that there is only one way to learn: trial and error. But it doesn\u2019t have to come from <em>your<\/em> trials or errors. By hiring a coach, you outsource your mistakes and dramatically improve your odds for success.<\/p>\n<h4>3. Because you want to fill in gaps in your knowledge or skills.<\/h4>\n<p>In business, you will eventually reach the limits of your own knowledge and skills. If you don\u2019t continue to grow professionally, <a href=\"https:\/\/mh.fullfocus.co\/podcast-avoid-stagnation\/\">you limit your company\u2019s ability to grow<\/a>. As John Maxwell says, \u201ceverything rises and falls on leadership.\u201d<\/p>\n<p>Sadly, even if you have a business degree or even an MBA, you probably didn\u2019t learn:<\/p>\n<ul>\n<li>How to set and achieve clear business goals<\/li>\n<li>How to translate your annual and quarterly goals into daily actions that drive growth<\/li>\n<li>How to align your team around those same goals so everyone is \u201crowing in the same direction\u201d<\/li>\n<li>How to stay focused on your most important priorities so you aren\u2019t distracted by the deluge of requests, demands, and even opportunities<\/li>\n<li>How to find, hire, and develop world-class teammates<\/li>\n<li>How to build a culture that drives operating results<\/li>\n<li>How to delegate in such a way that the work meets or exceeds your standards<\/li>\n<li>How to find new customers or retain the ones you have<\/li>\n<li>How to do real-world strategic planning that creates a filter for what opportunities you pursue and what opportunities you don\u2019t<\/li>\n<li>How to identify the key metrics you need to monitor to ensure the health of your business<\/li>\n<li>How to use financial reports, not only to tell you what happened but what\u2019s about to happen<\/li>\n<li>How to transform setbacks and failure into the jet fuel you need for rapid iteration and improvement<\/li>\n<\/ul>\n<p>Good coaching is based on sound theory, but it doesn\u2019t stop there as it often does in a university setting. Instead, it includes practical frameworks and step-by-step processes for delivering real-world results.<\/p>\n<h4>4. Because you know you need to work <em>on<\/em> your business not just <em>in<\/em> it.<\/h4>\n<p>If there\u2019s one thing I hear from business owners and senior executives the most, it\u2019s that they are so busy working <em>in<\/em> the business, they don\u2019t have time to work <em>on<\/em> the business. This is crucial. If you are going to scale your business and do it in a sustainable way, you need time to <em>think.<\/em><\/p>\n<p>Specifically, you need time to think about what you really want. For example:<\/p>\n<ul>\n<li>How do you want your business to look in three to five years?<\/li>\n<li>How can you engineer your role so you are doing more in your Desire Zone and less in each of the other three zones?<\/li>\n<li>Are you happy with your company\u2019s culture? What could you change to make it better?<\/li>\n<li>Are your compensation and benefits sufficient to attract and retain top talent?<\/li>\n<li>Do you have the right organizational structure for this stage of your business?<\/li>\n<li>How could you sell more of your existing products or services to your existing customers? Are there new products you could create to better serve your existing customers? Are their new customers in markets you don\u2019t currently serve who could benefit from your existing products?<\/li>\n<li>What processes need to be reimagined or reengineered, so you can produce results faster, cheaper, or better?<\/li>\n<li>Where in your business do you need a breakthrough?<\/li>\n<\/ul>\n<p>These are just a handful of the questions that deserve serious reflection. But you\u2019ll never find the time unless you are intentional. Coaching provides the opportunity\u2014the context\u2014where this can happen on a regular basis. It\u2019s a chance to poke your head above the clouds, evaluate where you\u2019ve been, embrace the reality of where you are, and chart a course to where you want to go.<\/p>\n<p>By the way, I occasionally hear clients complain about the time required to participate in our coaching program. This is especially true for clients who live on the West Coast or in another country. \u201cI\u2019m not sure I can afford two (or three) days out of the office each quarter.\u201d<\/p>\n<p>My response is, \u201cWhat does it make possible?\u201d What if you dedicated this time, including time on the plane, as \u201c<a href=\"https:\/\/fullfocus.co\/how-to-stay-mentally-fit\/\">think time<\/a>\u201d? This is what Megan Hyatt Miller, my daughter and our current CEO, and I enjoyed about getting coaching together.<\/p>\n<p>We would determine in advance a problem we wanted to solve or an opportunity we wanted to exploit. That became the theme of our trip. We would talk about it on the plane, then interact about it over meals. We typically stayed an extra day to use the morning after our coaching sessions to reduce our discoveries to specific action items.<\/p>\n<p>Coaching time has become so valuable to our business that we literally can\u2019t afford <em>not<\/em> to take time for it once a quarter.<\/p>\n<h4>5. Because you want to go <a href=\"https:\/\/fullfocus.co\/3-ways-to-go-further-faster\/\">further, faster<\/a>.<\/h4>\n<p>There are two ways to get ahead in business: the slow way and the fast way. The slow way is to rely on your own knowledge, experience, and skills. The fast way is to rely on someone else\u2019s knowledge, experience, and skills.<\/p>\n<p>For example, I am an avid fly fisherman. I have all my own gear. I know how to set up my fishing rig. I know how to tie the knots. If I decide to fish a particular stream, I can usually find an online fishing report that will tell me exactly what bugs the fish I\u2019m hunting are eating. I know how to cast, how to untangle my line, and how to net a fish and correctly release it unharmed.<\/p>\n<p>So why do I <em>always<\/em> hire a fishing guide when I go fishing? Isn\u2019t that just a waste of money?<\/p>\n<p>No. Here\u2019s why. When I go fishing, I want to catch as many fish as possible. I also want to catch the biggest fish possible. I like fishing, but I <em>love<\/em> catching!<\/p>\n<p>There\u2019s no way my amateur skills can produce the same results as a professional guide. Even if I have fished that particular stream before, I probably haven\u2019t fished it in this season or in exactly this weather. I can\u2019t compete with a guide who fishes that same stream all day every day. Using a guide helps me get bigger, better results faster.<\/p>\n<p>The same is true of a business coach. If they have the right experience, they have dealt with the problem or opportunity you are facing dozens of times\u2014maybe hundreds of times\u2014in a variety of contexts. They can help you get the results you want sooner rather than later.<\/p>\n<p>Coaching is what gives an edge to professional athletes, renowned musicians, and successful business leaders. There\u2019s no question that you need it. Every leader does.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In early 2002, I was the general manager of Nelson Books, one of Thomas Nelson Publishers\u2019 fourteen divisions. In eighteen months, we had gone from number 14\u2014dead last\u2014to number one in terms of revenue growth and profit margin. I felt great. I was proud of myself and my team for the results we\u2019d achieved. That [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":53774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34,16],"tags":[60,45,20,51,131,33,15,39,40],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Reasons You Need a Business Coach | Full Focus<\/title>\n<meta name=\"description\" content=\"Hiring a business coach is the single best investment you can make in your professional success. 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He has scaled multiple companies over the years, including a $250M publishing company with 700+ employees and his own leadership development company that has grown over 60% year over year for the past 4 years. Under his leadership, Full Focus has been featured in the Inc. 5000 list of the fastest-growing companies in America for three years in a row and in 2020 the company was named to Inc.\u2019s Best Work Places list. He is also the author of several New York Times, Wall Street Journal, and USA Today bestselling books, including Platform, Living Forward, Your Best Year Ever, Free to Focus and his newest book The Vision Driven Leader. 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