Growing your small business can be a challenge when there is so much information available on growing your business. A simple search for “grow my business” on Google yields 1,100,000,100 results!!! Where does one even begin? If you’re stuck or unsure what to focus on first with growing your business – or simply want to grow in a more intelligent and deliberate way, our intention is to facilitate the process with the assistance of a trained professional such as a business coach or a business consultant.
But, what’s the difference between a business coach and a business consultant?
A business coach is someone who listens to your particular situation and provides input (“the coaching”) to direct you to be more effective in your business so that you can produce more with less effort. Coaching, as a field, has multiple levels (there are 7 in our system), and while there are many people in the marketplace who call themselves “business coaches” it is key that you inquire into their credentials, references, and track record if you are committed to growing your business.
A business consultant, in contrast, does specific project work for your company with little of your involvement in the “doing” of the work. A business consultant will assess your needs, do the work, and produce a report detailing the outcomes of his or her work.
The main difference between a business coach and a business consultant is in the price. A trained business coach can be retained for about $1250 to $2500 per month for an initial engagement, whereas business consultants are more project-specific and can charge multiple thousands to tens of thousands of dollars for projects depending upon scope and complexity.
How do you decide which one to go with?
If you’re in the growth stage and are committed to doing the work to produce results, hiring a business coach is definitely the right choice.
If your business is more established, and you’re looking for others to get work done, hiring a business consultant is the way to go.
The trend in the marketplace
The trend we have noticed when it comes to business coaches and consultants is that the truly great ones are a blend of both coach and consultant. In our company we were taught this methodology by the business group we belong to (RSC Business Group), and train both coaches and consultants in our apprenticeship program. In the program, we provide both the relevant information as well as the opportunity for our coaches and consultants to acquire direct field experience for working with clients so they can effectively grow businesses by blending both skill-sets in a complementary way.
What you can expect
Whether you go with a business coach or a business consultant, you can expect the following:
- Having experience of being truly listened to
- Getting initial value – before buying anything
- Receiving new information that is specifically tailored to solve needs that grow your business
- Having the opportunity to ask questions to get to know your coach better
- Getting clear about where you are and where you want to go – this is especially used in coaching situations and includes a more detailed look at many aspects of your business including your finances so that a clear path can be set for your future
- Complete confidentiality
When working with a business coach to grow your business that relationship can last many years. Our most senior client has been with us for well over 13 years. A more typical coaching relationship can last anywhere from 1 to 7 years depending on the goals of the Owner. Our average client retains us for 4 years.
Business consulting relationships, on the other hand, are typically shorter as they are project-specific. You can expect 3-month to 6-month engagements – although these can repeat especially as your business grows and the needs of your business evolve.
Performance reviews based on intended results are completed on a quarterly basis. The review process is about reflecting on what worked, what did not work, and creating new structures to fix the things that did not work for the next quarter.
If you’re intrigued by the prospect of working with a Business Coach or Consultant to grow your business and are still curious as to the work that would occur we highly recommend taking the BTP Business Executive Training™ (BTP BET). The BET is a weekend program that covers what you need to know to grow and scale your business – regardless of its current size, structure, and form. Our clients say it’s an MBA in a weekend. Whether you have done an MBA or not, the information contained in it will enhance what you know and give you the knowledge to accelerate the growth of your business.
Best of all, you can experience our coaches and consultants in real-time and get to know them better, and ask all of your questions.
You can apply for the program here and we will get in touch with you.