Entrepreneurs Take Note

A survey conducted by The Alternative Board (TAB) polled hundreds of entrepreneurs, asking them whose advice they trust most when faced with critical issues affecting their business. The survey revealed that entrepreneurs put the most faith in the advice of fellow business owners (31%) — more than business coaches (24%) or consultants (4%). Additionally, when entrepreneurs do hire a business coach, 73% seek out someone who has owned their own business.

“75% of business owners face the same challenges, regardless of size or industry,” says TAB (UK) Managing Director, Paul Dickinson. “With fellow business owners ranking as the single-most trusted advisor, it’s clear entrepreneurs are seeking advice from someone who is current, in-the-field, and whose motivation for giving advice isn’t personal or professional gain.”

Business owners that do seek out a business coach report being satisfied with their advisor, with the majority (81%) seeing a positive impact on their business. Of the business owners that had met with an advisor, 71% ranked the impact on their business as a 7 or higher (out of a scale of 10, with 10 being the strongest impact). Entrepreneurs who had not met with a business advisor in the past had lower expectations, with only 18% seeing an advisor as having a potentially significant impact on their business.

Entrepreneurs seeking out a business coach see accountability and growth as being the two largest potential benefits in hiring an advisor.

The Alternative Board provides an approach that is unique, allowing business owners seeking advice to meet with other entrepreneurs who are also working in the trenches. Business owners can benefit from the acumen of their peers, who can then hold them accountable, making sure they are acting on the advice they’re given.

“Accountability is not a one-time task, but a consistent effort. A business coach who asks the right questions and focuses on measurable change is an invaluable asset worth holding on to,” says Dickinson.