Small business coaching might be a relatively new field, but its popularity is on the rise. Coaching involves one-on-one sessions between an experienced coach and a small business owner, aimed at improving skills and setting and achieving goals.
Coaching for businesses began in the United States in the 1980s. By the early 2000s, business coaching was widespread. A report by the International Coaching Federation (ICF) found that in 2011 there were an estimated 53,300 business coaches worldwide. By 2019, the number had increased to more than 71,000.
In Australia, small business coaching is becoming increasingly mainstream. A 2016 survey by the Australian Small Business and Family Enterprise Ombudsman found that 12% of small businesses had used coaching services, and that 25% had considered it. The report also found that businesses that had used coaching services had higher revenue growth than those that had not.
Business coaching benefits
Small business coaching can provide many benefits for business owners and managers.
1. Improved business skills
Coaching can help small business owners develop better leadership skills. An ICF study found that, after coaching, 65% of business owners reported improved leadership skills, while 70% of businesses reported improved their work performance.
2. Improved financial performance
Coaching has been found to help businesses improve their financial performance. A 2019 ICF study found that coaching can lead to a return on investment (ROI) of up to 7 times the initial investment. Another study by the ICF (2009) found that businesses that received coaching had an average revenue increase of 46%, compared to 22% for businesses that did not receive coaching. The same report found that 86% of businesses reported a positive return on investment from coaching.
3. Improved work-life balance
Achieving work-life balance is a constant battle for small business owners. The 2019 ICF study found that 80% of business owners who received coaching reported improved work-life balance.
4. Long-term business success
A study by the Australian Small Business and Family Enterprise Ombudsman found that businesses that received coaching were more likely to survive and have higher revenues than those that did not.
5. Support for migrant business owners
For migrant business owners, a small business coach or mentor can provide support in understanding the Australian business setting, which may be unfamiliar or challenging.
In a recent study looking at an Australian microbusiness and coaching program, the migrant and refugee women participants reported powerful results. These included improved skills in business management, marketing, and financial planning. The women also reported feeling more confident, and more connected to their local community.
Finding business coaching and support
For migrant women seeking coaching and support, various programs exist. Business Victoria offers a host of programs, courses and face-to-face advice services that can give a new businesses a boost.
A range of coaches also offer services on Made by Many Minds, some of whom are migrant women entrepreneurs themselves. These coaches can offer culturally sensitive and relevant support, taking into account the unique challenges faced by women from migrant backgrounds.
Conclusion
Small business coaching is a good investment for any entrepreneur, but it can have powerful benefits for migrant women in business. A coach can offer tailored guidance and support to help migrant women achieve their business goals. Effective small business coaching can overcome barriers to women’s social and economic participation – and change lives!
Words at Work offers coaching services to creative business owners. Find us on Made by Many Minds: see our service listing for more information.