This is one of the more common questions I get asked in my social circles and one that I thought I would address in today’s blog as many people used to believe that Coaches are only needed when a business is going badly! My brother thinks that I just get paid for telling people what to do!
It is interesting that in the sports arena, it is only when you perform to a really high level or when you show enormous potential, that you require or “take on” a coach. This coach will then seek to improve your already elite performance and provide you with the edge over your opposition.
Thankfully the sporting attitude is now gaining momentum in the business world. This was started in the US where up to 40% of the Fortune 500 companies are now using some form of Business or Executive Coaching to improve the performance of their organisation. Australia has been a little slow to catch on but now Business Coaching is one of our fastest growing industries.
So what is Business Coaching?
Business coaching is the practice of providing support and advice to an individual or group in order to help them recognize ways in which they can improve the effectiveness of their business. Business coaches work to improve profitability, leadership, employee accountability, teamwork, sales, communication, goal setting, team culture, strategic planning and more. It can be provided in a number of ways, including one-on-one tuition, group coaching sessions and large scale seminars.
Business coaches can often specialize in different practice areas such as executive coaching, corporate coaching and leadership coaching.
Why do you need a Business Coach?
Most business owners are masters of their own market with intimate knowledge of their product, their competitors and what happens in their market. However, very few owners have the time to research new trends and to keep up to date on all of the technological and structural changes that are affecting business today.
We live in an age where technology advances are moving at a rate never before seen. If you do nothing different in your business you are effectively going backward. The role of a Business owner is so much more than what it was 30 years ago. Back then they just needed to understand their customers, their products and their industry. Today marketing via social media, updated IT platforms, Legal requirements, OH & S regulations, and HR policies and procedures are now fundamental requirements of the business owner. It is virtually impossible for a small to medium business owner to stay on top of all of these changes and to ensure that the day to day business continues to run without working ridiculous amounts of hours.
Most Business owners go into business for themselves to control their own destiny, create financial independence and create a better life work balance. Unfortunately, most business owners end up working longer hours and 42% of business owners make less money than they would than if they were working in their field of expertise as an employee.
It is not the role of the Business Coach to add knowledge to your product, your market or your competitors. They are there to bring cutting edge information and strategies to your business to improve culture, efficiency, productivity and provide innovative business ideas to elevate your thinking and your business to best practice. Above all they are there to support and nurture you and your business so that your business achieves its full potential and you have the lifestyle that you desire
What are the requirements of a Great Business coach?
Unfortunately, it is quite easy to register a business name, call yourself a coach and start charging for Business advice. There is not a lot of regulation of the industry at this point so navigating through the good and bad coaches can be a little difficult.
It is important that you choose a coach who has the same values and ethics as you do. While you can have different business ideas it is important that you share the same personal values.
Previous business experience and results are what really counts. Words are easy, documented results are what you are looking for. If a prospective coach cannot back up his claims with any results, keep looking.
I would also encourage you to seek out a coach who has Human Behaviour experience, training or both. Our mindsets and personalities are a key driver to our business success and a good coach will also be educating participants in these areas.
I would recommend using the following questions to determine whether your prospective Business Coach is right for you.
Essential Business Services is an innovative Coaching Practice that is determined to change the results of all business owners we work with. If you require any information on our products, workshops or programs please do not hesitate to contact us on 1300 549 022 or firstname.lastname@example.org or www.essentialbusinessservices.com.au
If you need guidance to grow your business or if you are planning to Buy or Sell your business