I’ve noticed a growing trend in the number of coaches and coaching companies both in our industry and in the business community as a whole. After doing a little research, I realized that the business coaching industry generates in upwards of $4 billion annually. That seems like a very large number, and I would assume it relates to the cost associated with most coaching programs. From my experience, coaching mainly targets executives and business owners or those with the means to allocate for personal and/or business growth.
I would assume most find value in another person challenging them and holding them accountable during meetings to the goals they mutually set and agree to meet. Many do this through an entrepreneur type group and sharpening each other versus hiring a professional coach, but there are also many that pay for professional coaching. Both can be rewarding and beneficial, but it’s all about the people. You want to surround yourself with sincere people and not those that have a separate agenda or blowing smoke. You need to be clear on your vision and utilize others to help you stay focused on it and hold you accountable to your overall business goals.
So is hiring a coach worth it? If you have it in your budget to consider a coach (which is the first question), than I believe it can be worth the investment if you are seeking wise council and advice. It provides outside perspective on your business, fresh ideas, accountability and more. Even if you start with unpaid or mutual coaching to determine if it is right for you, the actual person coaching you will be the most important consideration in determining value. I believe coaching or a form of it (paid or not) can certainly create value to your business and career.
Iron sharpens iron, and I would just carefully consider who you individually hire or collaborate with as a professional coach if you are considering paying for it. You certainly don’t want any personality conflicts. Make sure this person not only holds your respect for integrity and passion, but it would also be a good idea to consider someone more tenured and experienced than you with a track record of verified success. This could relate to both private sector real world experiences, as well as academic credentials. Don’t fall for any sales pitch, but find a coach that doesn’t need to sell themselves.
Andy W. Harris, CRMS is president and owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and past president of the Oregon Association of Mortgage Professionals. He may be reached by phone at (877) 496-0431, e-mail [email protected] or visit www.vantagemortgagegroup.com.
This article originally appeared in the September 2015 print edition of National Mortgage Professional Magazine.
