Business coaching thrives in bad economy.

According to the Spokane (WA) Journal of Business, business coaches are seeing increased demand for their services, especially from small-business owners who want to become more efficient so they can weather the difficult business climate.

Kevin Weir, a Spokane Valley franchisee of Australia-based ActionCOACH, says in a recently published profile that the tough economy has boosted his client load significantly, spurring revenue growth of 54 percent over the past year.

Rick Thorpe, a business adviser at the Small-Business Development Center (SBDC) in Spokane, which offers similar services for free to small businesses here, says he also has seen more clients in recent months.

“Because of the economy, more businesses are struggling,” Thorpe says. The SBDC offers what it calls business advising, including teaching business owners how to read their financial statements and doing other one-on-one consulting with them.

Personnel problems are among the top three problems local business coaches say business owners typically identify, along with time management and a desire to increase their business’s customer base.

Business consultants are also seeing the positive impact of a bad economy on the demand for their services.

The use of the term ”business coaches” instead of “consultants” is one side of the same coin, at least according to some consultants. Calling coaching a “buzzword,” Spokane consultant Bob Petet says “coaching differs from consulting simply in that coaching typically is tailored to smaller companies, while consulting generally is a term used to describe providing such services to larger companies.”

Although some might disagree with Petet’s definition, one fact is clear: more small business owners are reaching out for help and business coaches and consultants can benefit.

Weir says the cost for services from his ActionCOACH office range from $300 for a planning workshop to $4,000 a month for intense coaching. He says clients usually work with him for an average of a year and a half. Petet says that the cost of coaching services can vary widely depending on client needs. For example, setting up a health program for a client’s employees might cost between $1,000 and $3,000, he says.

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One Response to “Business coaching thrives in bad economy.”

1. Ari Novick, Ph.D. says:

   December 5, 2008 at 7:35 pm

   While I do not offer business coaching, I do offer coaching for anger and stress, which are often a byproduct of dealing with running a business. Stress and anger are often overlooked and should also be part of any good referral network when offering coaching services.