The modern business world has become more competitive. Businesses have to cope with industry changes, management strategies and innovations, among other things. This means that business coaching is a vital investment that is carefully planned to achieve greater success. Some few years ago, very few businesses were familiar with business coaching/consulting or exactly what it entails. Over the last few years, businesses have increasingly embraced business coaching. In 2004, the Harvard Business Review indicated that businesses in the US spent about $1 billion to hire business coaches. In a more recent report released by MarketData in 2007, approximately 40,000 people in the US were employed as business or life coaches in the over $2.4 billion coaching industry. The report also indicated that the coaching market was increasing at a rate of 18% per year.