If you look at the two words without any bias, teaching is an academic term, and coaching is associated with sports. That’s why coaching gets easily connected to performance, goals and results. And in the breakneck speed of business today – it’s quite heart-stoppingly similar to sports, and coaching prepares key stakeholders in the arena today to align to their team’s objective and raise the bar of productivity, cohesiveness, leadership and performance.

Coaching has become an absolutely necessary internal booster for business growth. But let’s also look at Counselling, Mentoring and Consulting and understand how they are different. Especially because sometimes these functions overlap or the terms are interchangeably used.

Mentoring is advice and guidance from an experienced person in the same field, who acts like a pilot who navigates a ship out from a river to the sea. This is mostly unpaid. It is not necessary for the Coach to be from the same field.

Consulting is the process of getting solutions from an expert in the field mostly for monetary considerations. While coaching emphasises on the process Consulting is providing solutions the implementation of the same is in the hands of the person seeking the Consultancy.

Counselling and coaching are similar but goals are different. While in counseling the objective is taking help from a counselor to tide over a problem coaching is to achieve a goal

Perhaps, this diagram will help understand the definitions a little better

The biggest outcome of coaching is self-development and transformation. And the  3 main pillars of coaching are Self Awareness, Self-belief, and Responsibility. These are fundamental changes to the belief-system and approach of the individual, and that’s why business coaching has a high impact on the mid and long range goals of the individual as well as the collective goals of a business team. And yes, that’s why Business Coaching is also booming business in itself

According to research the coaching Industry is one of the fastest growing sectors in the world. The India Coaching Federation (ICF) research team expect the market value to reach $25 billion by 2025 with around 7% average annual growth rate from 2022 to 2025. *

*Dr. Dhirendra Gautam- Managing Director India Coaching Federation (ICF) Life & Leadership Coach

Here are the key steps in business coaching for the individual

• Creating a safe space where the individual can speak and be listened to
• Validating the individual
• Asking questions and not providing answers
• Educating the individual on how to find the answers on her own

This transformational process is an interactive and dynamic exercise between the Coach and the Coachee, by probing, understanding perspectives, reflecting and seeking out a desired goal. The designed probing and validation in the journey bolsters self-belief and self-induced transformation for the Coachee, and the Coach ensures that the individual stays on track.

Who needs coaching and why?

To put it simply, everyone does. Coaching builds empowered individuals, who work together as a team, despite individual differences, and enjoys fulfillment through organizational goal achievements and personal contribution towards it. 

 CEOs and CXOs under immense pressure of delivery, shareholders, boards and regulatory requirements gain focus, prioritize and take better decisions under customised coaching.

Structured businesses can rejuvenate and increase productivity among Senior and Mid level managers who lead large to medium sized teams.

High intensity start-ups with idea-driven founders juggling many roles and borderless technology need a safe-haven coaching program and a pause to wrap their minds around the problems.

Next generation of family-owned businesses facing growth hurdles, people management issues, tech transformation friction, benefit from a professional coaching that democratises their organization and helps embrace a new set of culture that fosters professionalism.

Individuals on a career pause or a growth plateau can work with individual Coaches to reorient themselves, awaken self-belief, embrace change, hone survival skills to combat ongoing challenges.

Simply put, business coaching is an essential growth technique that is as vital as Marketing, Sales and Delivery for any business today.