Independent research firm WorkBuzz recently completed its annual survey of entrepreneurs using a business coach. The results from budding business owner respondents from across British industry sectors show the statistics are even more impressive than last year – a staggering 98% of business owners now say that business coaching makes a positive difference to their lives.
During the 2021-2022 tax year, 753,168 new businesses were formed, yet research suggests 20% of these businesses will no longer exist due to them failing within the first year1. While some businesses were starting to recover from the damaging aftereffects of the pandemic, current pressures, such as the cost-of-living crisis, mean business owners are struggling once more to help their vision become a reality. With research suggesting that companies with a business plan grow 30% faster than those without2, a smart business partnership may just be the difference between business failure and success.
Focusing on ActionCOACH, a business coaching franchise with a presence in over 80 countries worldwide, the survey introduces the Client Advocacy Score (CAS) index – a reliable predictor of client satisfaction, client retention and the likelihood of referrals. Comparable to the Net Promoter Score (NPS), this key measurement is used to gauge the client’s overall satisfaction with the service, indicating whether ActionCOACH’s current coaching standard will convert into new leads and a higher revenue for the company. With universally renowned tech company Apple receiving an NPS score of 72 this year, ActionCOACH is proving the importance of business coaching exceeds any materialistic value. This year, the business received a CAS score of 79.
The survey results also demonstrate the benefits of business coaching aren’t limited to high-revenue clients, with clients of multi-million and less than £25,000 business revenues both awarding ActionCOACH the highest CAS score of 100. The success that comes as a result of the coaching sessions isn’t short-lived either, with 100% of clients stating their Action Coach makes a positive difference to their business and is worth the investment five years on.
Action Coach Kath Cleary has found business coaching to be transformative for her clients. And her results speak for themselves – with a CAS score of 100 and 100% of her clients surveyed claiming she has helped them to achieve a better work-life balance. “Since being coached by Kath, my team is more efficient and open-minded which makes growth an essential requirement rather than a tentative step in the right direction,” says Emma Anderson, Managing Director of Shebang Marketing, who began one-to-one sessions with Kath in November 2020. “In the past year, we have seen a 100% profit margin growth by working smarter, not harder – holidays are more regular and restful as I know my business is under control.”
The survey also suggests business coaching helps in struggling sectors like hospitality and childcare with 100% of respondents saying their coach made a positive difference. Between 1 April 2021 and 31 March 2022, there was a net overall decrease of around 4,000 childcare providers3, but Jenna Whitcomb, Company Manager of The Day Nursery, has been supported by her coach, Lucas Vigilante, to buck the trend. “Lucas always knows what to do, no matter what's going on. I know I can call on him and he will help me figure it out. I'm excited to share our wins and I feel so supported through the tougher challenges. He truly is the best – I even won BizX CEO of the Year in 2022 due to the difference his coaching has made.”
Ian Christelow, ActionCOACH’s UK Co-founder, adds, “When we can say 93% of business owners consider their business coach worth the investment then we know we are doing something right.
With the continued stresses of our economy, businesses will need to keep focused – business coaching is a way of accessing the expertise you may not already have at your fingertips or within your company to find your path in 2023.”
Sources:
1 Business4Beginners, 2022, 81 UK Small Business Statistics
2 Business4Beginners, 2022, 81 UK Small Business Statistics
3 Ofsted, 2022, Main findings: childcare providers and inspections as [of] 31 March 2022