What is the reason behind the rise in business coaching?
Most people – no matter what their job is or what level they’re at – often want someone who has the ability to really listen and understand what they are going through; someone who can be a sounding board for ideas; someone who can give honest advice and feedback; someone who can give direction and focus; someone who’s been there before; and someone who can cut through all the crap and drama and get to the real important issues.
I assume that a business coach motivates you to get things done? Is this right?
To an extent yes with a focus on the important things, although I truly believe that long-term motivation comes from within each of us not from external influences. A good coach helps you believe in yourself and your own abilities. A good coach helps you believe that you’re on the right track. A good coach helps you realise your full potential and uncover the key behaviours that will drive your business in the direction that you decide you want it to go.
What does a business coach actually do?
Like a good sporting coach, a business coach mostly works behind the scenes to ensure that the business leader and all the team members are performing when it counts, which for a business is every day, not just game day. This initially involves putting an agreed plan and process together of where the business and the team are trying to get to (vision and objectives), what is the best way to get there (key strategies), who will do what and when (tactics) and finally how you are going and whether you are on track to achieve your objectives (measurement and control).
Is every business coach right for every person?
No, I don’t think so. It is vital that the fit is right. My style and methods are unique and do not suit everybody. I’m big on introducing some key structures and processes to the businesses I work with but am also very keen to help the individuals in their own personal growth and development – especially owners of businesses – and not all are ready for that. I am particularly pedantic about regular future forecasting (sales, profit, costs) and not everyone likes or understands this approach.
Does business coaching actually work?
I can only personally speak for my clients – but for the industry to be growing so rapidly – yes it does. About 40 per cent of my clients didn’t exist as businesses until I started with them. I was with them when they started out as just an idea and we went from there. They are all now operating and growing successfully. Other existing businesses who have taken on a coach have either changed direction or grown with coaching. It all comes down to setting and agreeing on some S.M.A.R.T objectives (Specific, Measurable, Attractive, Realistic, Timed) for your business and team and also measuring your coach against agreed objectives. Success can only be measured if you initially define what it is you want to achieve – many people don’t do this and don’t know how – whether it be daily, weekly, monthly? This is a key ingredient of successful businesses. A good coach knows this and adopts this approach.
How much should you be paying for a business coach?
Like anything, you get what you pay for, and if you are comfortable, pay whatever it costs but keep reviewing the value you are getting. Personally, I am fairly flexible and tailor a solution to suit each client based on time spent with them. Typically coaches will an have an hourly rate, a half day rate, a day rate and weekly and monthly rates based on the number of hours they spend either face to face, on the phone, or via emails. An hourly rate of $90 - $200 would be typical – with day rates between $900 to $2000.
How often should you see a business coach?
Usually the best results would be achieved with a minimum three month contract period. There would be an initial investigative and analysis period of one to two days which would include some detailed brainstorming sessions with the key staff, and out of this would come the agreed direction and key objectives. After this you might agree to meet once or twice per week – depending on the issues and the need, and good coaches are always available by phone or email.
What kind of things can you achieve using a business coach?
Increased sales revenue, increased profit, targeted growth in new markets, clear focus and direction, peace of mind, happiness – whatever you want to achieve really.
Business is Bliss offers business and lifestyle solutions to corporate, staff and individuals. Peter is best contacted on mobile 0417 221 903 or email peter@businessisbliss.com.au
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