Should I Hire a Coach When Business is Down?

In slow times, it might seem inappropriate to consider increasing expenditures by hiring a coach.

When business is down and revenue is shrinking, many business owners instinctively look to cut expenses. (This is often a wise decision – I’ve often advised my clients to do exactly that!)

But is coaching truly an expense, or is it an investment?

There’s a fundamental difference between expenses and investments.

Expenses are things like office supplies, software subscriptions, or catered lunches. They might be necessary but don’t generate direct financial returns.

Investments, on the other hand, are meant to create value beyond their initial cost.

Business coaching falls firmly into the investment category.

If a $25,000 coaching engagement helps you restructure your business, improve decision-making, and increase profits by $250,000, wouldn’t that be worth it?

But let’s flip the question: How much is it costing you NOT to have a coach right now?

When business slows down, uncertainty and stress skyrocket.

And when do you need advice and counsel most? When things are the hardest!

A coach provides the structure, accountability, and clarity needed to face these challenges effectively.

Here’s how:

1. Creating a Clear Plan

Most business owners react to downturns emotionally rather than strategically.

Instead of making thoughtful, proactive decisions, they panic in the face of declining revenue and make reactive decisions.

Or they wait too long – hoping for a turnaround that may never come.

A business coach helps you create a plan with multiple scenarios:

• A conservative plan to sustain operations
• A disaster plan for worst-case scenarios
• Decision points tied to specific revenue and expense milestones

With these plans in place, you won’t be scrambling to react under stress. You’ll know exactly when and how to adjust your strategy, whether that means cutting costs, pivoting marketing efforts, or reallocating resources.

2. Providing Accountability and Emotional Resilience

Business downturns don’t just impact your company – they take a toll on your confidence, judgment, and resilience. Stress clouds decision-making, making it harder to see opportunities and act decisively.

A coach serves as a sober second opinion, helping you stay accountable to your plan rather than making emotional choices.

Sometimes, just articulating your concerns out loud can bring clarity.

One of my clients recently spent 25 minutes venting about his challenges without me saying a word. At the end, he felt clear-headed and ready to take action.

3. Gaining Perspective and Avoiding Isolation

Running a business can be lonely, especially in tough times. It helps to have a trusted advisor who can offer an outside perspective and challenge your thinking in productive ways.

Challenging times in business remind me of the time I spent many years ago learning white-water rafting.

When I first started, I had a guide in my boat, helping me navigate the rapids. As I gained skill, they paddled alongside me, ready to assist when needed.

When business is down, it can feel like being in rough waters. You don’t have to go through it alone.

4. Making Smarter Financial and Operational Decisions

During downturns, business owners often default to cost-cutting mode.

While some reductions may be necessary, slashing expenses without a strategy can do more harm than good. A coach helps you identify which cuts are smart and which could cripple your ability to rebound.

• Are there redundant processes slowing you down?
• Are you measuring profitability correctly?
• Do you have the right people in the right roles?

A coach brings an objective viewpoint to help you streamline operations and maximize profitability.

5. Identifying Revenue Opportunities

A downturn doesn’t mean revenue growth is impossible, it just means you need to think differently. A coach helps you evaluate:

• New markets or customer segments
• Adjustments to your pricing strategy
• Creative marketing and sales tactics
• Ways to retain and upsell existing clients

I’ve worked with many business owners who, with the right strategic shifts, have not just survived downturns but come out stronger than before.

If you’re experiencing high levels of stress, uncertainty, and pressure, this is exactly when you need a coach the most.

A business coach provides clarity, strategy, and accountability – helping you navigate tough times with confidence.

So, instead of asking, Can I afford to hire a coach right now? ask yourself: Can I afford not to?

Could you use some support right now? Click here to book a complimentary 15-minute call to talk about coaching: Book Time with John