How to Become a Business Coach

How Economic Trends Will Impact Business Coaches in 2018

By on January 1, 2018
business coaching in a bull market

Have you noticed? The economy is growing–which means the way you approach your business coaching practice should shift as well. But in what ways? As we kick off the New Year, here’s how current economic trends will impact business coaches in 2018.

First of all, remember that it’s vital for business coaches to stay current on economic trends and forecasts. This can be difficult in an era of highly politicized and polarized media coverage. As a coach, your job is to get above the fray and be a source of reliable, actionable information as you guide your clients through ever-changing market dynamics–regardless of your particular political persuasion (or theirs!).

The Kiplinger Letter  is an unbiased, well-researched, long-standing source for economic news, insights, and forecasts. They help me navigate around the hype and noise to get to the heart of the matter–so that I can help my clients strategize effectively.

In the latest issue of The Kiplinger Letter, they predict continued economic growth for 2018. This is due to soaring business confidence in light of regulation rollbacks, high consumer spending, a falling unemployment rate, and overall global economic gains.

How This Will Impact Clients and Business Coaches in 2018

Coaching during a recession is different than coaching during a growth economy.

In a recession, businesses are buckling down, tightening their belts, and trying to capture enough market share to stay afloat. This means that business coaches should focus their coaching–and marketing messages–on lead generation and improving sales conversion rates.

In a growth economy, the picture shifts. As businesses have more resources to invest in long-term growth and create new jobs, we must ply our trade as people who can help growing businesses recruit high-quality employees using psychometrics, deselect non-performers before they come in, and build top-performing teams with KPI’s and incentive plans.

We must pivot from generating demand in a contractionary environment to consuming demand in an expansionary environment.

In other words, we must pivot from generating demand in a contractionary environment to consuming demand in an expansionary environment. Strategic planning for 2018 must take into account the current macroeconomic shift–and our marketing messages must shift accordingly as well.

Build Value and Confidence

I already have clients who are beginning to notice these shifts. By putting a name to what they’re experiencing, and providing deeper insights as they look to the future and plan ahead, you cement yourself as an invaluable advisor in all kinds of economic conditions. Clients will see the value you bring to the table and their confidence in you will soar–which, of course, will mean happier clients, more referrals, and improved retention rates.

And you don’t have to reinvent the wheel as you coach your clients through a shifting economy. Our Coaches’ Coach system has all the plans and strategies (we call them “Silver Bullets”) you need to guide clients in an expansionary economic environment. Check out and use all the resources, risk-free, with a FREE 30-day trial.

Wishing you and your clients a happy, successful, and prosperous New Year!

Eric Dombach

About Eric Dombach

Eric Dombach is the Founder of Coaches’ Coach. In 2001, he founded a business coaching firm that, by 2005, was generating more than $1 million USD in revenue, 23% operating profit, and average annual growth rate of 140% per year. In 2005, he sold the firm to 4 of his employees for $1 million U.S. dollars, generating a return on capital of more than 800%. Since then he has trained more than 1,300 independent and franchise business coaches in the United States, Canada, Mexico, Europe, and Australasian markets.

Leave a Reply

Your email address will not be published. Required fields are marked *