While some prefer to go it alone, small
business owners are increasingly using the services of a coach to help them
streamline their day to day operations.
Efficiency is an essential attribute to
business success but often we forget about the effectiveness
of the entrepreneur themselves.
Being a business owner who has good
planning, organizational skills and consistency from the off is the dream for
anyone starting and running their own business. However, in reality this isn’t
usually the case as the early days can be a very stressful time for business
owners.
The reality is that running a business is
extremely hard work and earlier this year Forbes claimed that 90 per cent of
all start-ups fail, so a business coach can
sometimes seem like the best option for despairing entrepreneurs.
From the sports field to the business
world, the highest performers in any sector tend to have a coach, mentor or
manager – and plenty of business owners employ the services of a business coach
in the early days.
But it’s not always start-ups seeking help; another reason people choose to get outside assistance is if their business growth has become
stagnant.
While some small businesses rely on it to improve
their workplace / expand their business, others would much rather go it alone.
Viewed as the business equivalent of a
therapist, there can be a stigma attached to having a business coach, fueling the common misconception that they are
only for businesses who ‘can’t hold it together’.
Do you
need one?
Firstly, do you know where you want your
business to go? Think about where you are currently and where you want to be. Do you know the action you are going to take?
If the answer is no, then coaching may be a
viable option.
How
can they help you?
Idea
generation - a business coach can help you to
generate ideas and develop the ones you already have. Coaches are often
sounding boards for your ideas and it is their job to listen and advise you
without pre-formed judgement.
Organization
- a coach can help and challenge you to strategize
your goals and develop them into a possibility rather than a dream.
Offer
guidance – the
role of a coach is to guide you: often they will take on a parental role / role
model, talking as someone who has been there already and accomplished.
To
be accountable to –
it’s commonly known that we are far more likely to
break the promises we set for ourselves rather than ones that involve others. A
good coach will help you keep on top of your goals, and help drive you towards
them.
What
attributes should your coach have?
The coaching industry is not a regulated
industry, however many of them do have a coaching certification.
When hiring a coach,
be cautious that they aren’t just calling themselves a coach
and don’t be misled by their other professional qualifications or their high
fees. Make sure you do your research.
A good source for finding a reliable coach
is The International Coach Federation (ICF) who offer recognizable and global coaching qualifications
and a coach referral service.
Remain diligent in asking your coach about
their experience and certifications. According to the ICF Global consumer
Awareness Study ‘84 per cent of adult consumers who had experienced a coaching
relationship reported they thought it was important for coaches to hold a
credential’.
Some
things to think about
What
you want in a business coach - What do you want
from the relationship? Each business will have different needs. For example, if you are a tech start up, ideally you will
want to work with a coach who has worked with other growing technology
companies.
One
to one or group sessions – determine what coaching
style would be best for you and your business. Certain programs tend to focus
on peer group sessions, whilst others specialize in one-
to-one.
How
often you want to meet up - How, when and where you
want to meet up? Do you want a business coach that you can meet face to face
with? Or one you can talk to via skype or the telephone?
Sometimes consulting your business coach by
telephone works more effectively than face-to-face as it minimizes distraction.
However,
some people prefer the more human element of meeting of a cup of coffee - it’s
all a matter of preference.
Weigh
up the costs – business coaches don’t come cheap.
Think about whether you can afford one, or whether you can afford not to have
one. Often the money you spend will result in an uplift business returns once
your business has got back on its feet.
Questions
to ask your prospective coach
If you’ve decided that business coaching
would suit you, it is recommended that you see at least three times before you
make your final decision. Here are just a few of the best questions to ask them:
- What is your previous coaching
experience? (How many years have you been in business, how many clients have
you had?)
- What training have you had?
- What kind of businesses do you
usually work with and what levels are your clients at?
- What type of assessments are
you certified to give?
- What success stories do you
have?
Sometimes an outsider’s
perspective can be a valuable insight. If you chose to hire a coach, make sure that you do your research and know your
objectives before you commit to the relationship.