Coaching Process
The Business Coaching Process Q and A
Is this another name for consulting?
“Improve me and my business”. What does this mean?
I’m already doing pretty well. Why do I need a coach?
Why does this process take a minimum of a year?
What about the rest of my team?
How can business coaching benefit my organization?
What is Business Coaching?
Business coaching is a relatively new profession that helps business owners to plan better, take better actions and improve their bottom line results.
A recent study by the National Federation of Independent Businesses found that 70% of small business owners turn to spouses or family members for the majority of their business advice – and we know that most small businesses eventually fail! This is where a business coach comes in. Business coaches meet with the owner on a regular basis for an extended period of time to set goals, create strategy, ensure actions are being taken, provide tools, train the owner and staff, measure results, and refine strategies.
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What do we do when we meet?
Initially, you meet with your coach on a weekly basis, and the focus is getting to know each other so that the coach learns your business strengths and weaknesses. We will do an analysis of your individual style and interpersonal preferences using the DISC assessment tool. You will be asked to fill out a Business Effectiveness Evaluation, to help us understand how your business is running currently. We will also look at your financial reporting systems and data, and provide two different analyses on your business. The first will focus on internal operations, using some common business ratios to identify areas of strength and weakness. We will also run an analysis using Fintel, a sophisticated database of financial intelligence that allows you to compare your business to others in your industry in key financial performance measurements. This assessment will give us some good hard data to prioritize where we can most quickly make changes that have the biggest impact on improving your bottom line. All tools and assessments are included in the monthly coaching fee.
Then together, once we have identified the areas of greatest need and have identified some untapped opportunities, we develop an action plan for moving forward. Together we will identify specific actions for you to take before the next week’s meeting. You already have a business to run, so the additional work involved in these assignments will not exceed two hours a week, unless you feel comfortable committing to do more.
Every meeting we discuss your prior week. We will review what you did to move your business forward, exchange ideas about upcoming projects or challenges, and develop another action plan for the upcoming week. You will be amazed at what can be accomplished in just a few months by focusing only a couple of hours a week on these very high value tasks!
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Is this another name for consulting?
No. While a business coach definitely does some consulting, a consultant does not coach.
A pure consultant is a specialist dealing with a certain area of a business. For example, a consultant might be able to tell you how to eliminate waste in a manufacturing process. Typically, a consultant is project/problem specific, and details his findings in a report.
A coach doesn’t concentrate on a single area, doesn’t necessarily prepare formal reports, doesn’t concentrate on ONLY the business, and doesn’t leave once a specific project is completed. A coach is there for you – 24 hours a day – to help you, guide you, motivate you, improve you, and improve your entire business.
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“Improve me and my business”. What does this mean?
As the owner, it is up to you to lead your company to where you want it to go. However, you may not be conscious of all of the areas of your business that, if addressed, can have high impact results. Very often, business owners like you are too busy doing the everyday tasks.
We will help you maximize your strengths. You will be trained on leadership skills, interpersonal relationships, strategy, motivation, productivity, and organizational skills.
Your coach also focuses on your personal life. The business world has seen thousands of great leaders that are miserable with their personal lives, and the effects are disastrous. The line between your business and personal life is too closely connected to ignore the effects they have on each other.
Think back to the dreams that you had when you started your business. Do you have the same passion now that you did before?
The coaching process – by combining your pursuit for personal excellence with excellent business strategies – is the best of both worlds. Once you know what you want in your life, develop a plan that will provide it, and take congruent actions on a daily basis, your enthusiasm returns. It becomes fun again, and your profits climb! There’s NOTHING like it.
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I’m already doing pretty well. Why do I need a coach?
You may not need a coach. You may not even be “coachable,” that is you may already know everything you think you need to know and not be open to making changes. However, every top performer in the world – from athletes like Tiger Woods, to the President of the United States – has mentors, coaches and advisors.
In studies of successful individuals, certain characteristics are always found: They are always goal oriented, they are always very persistent, and finally, they always have a person or group of persons that they meet with regularly to brainstorm and learn!
Simply ask yourself: On a scale of 1-10, “How do I perform right now?” If your honest answer is less than 10 – a coach can help you. Period.
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Why does this process take a minimum of a year?
Because it is a process, not a magic wand.
Certainly, you have been to a seminar and left recharged and planning wonderful changes. Almost as certain is that you probably forgot everything from the seminar within ninety days. We all do it.
Creating lasting change is a process of acquiring skills and developing positive habits. As Aristotle said, “We are what we repeatedly do. Excellence then is not an act, but a habit.” Coaching is a process to get you to develop positive habits that maximize your life and drive your business forward. The process is important in creating real change that lasts.
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What about the rest of my team?
You can not really develop a self-sustaining business without developing your people. We have seminars and workshops to improve every area of your business depending on your needs. In addition, we have assessments to ensure that you are building the best team possible.
For our seminars, we offer topics such as team and morale building, developing the mission , vision and values, marketing more effectively, sales effectiveness, customer service excellence, personal effectiveness, leadership, goal setting, and many more. We can custom design them for your particular business and budget.
Getting input from your employees in each area of your business goes a long way toward having them taking a level of “ownership” in the success of the business. They feel more engaged and empowered. Since they will have ownership in the ideas they develop, they will have a personal interest in the success of the business. The results can be incredible.
In addition, we are available to work one-on-one with some of your key people in areas that challenge them!
I’m not sure it applies to my industry or my market.
Coaching only applies to your business if you want:
- More prospects inquiring about your service or product
- To sell a higher percentage of these leads
- To serve your customers so that they buy more often
- To have better control of your profit margins
- To be a better leader
- To develop better systems to run your business
- To develop more effective, engaged employees
- To make more and work less.
If these don’t apply to your industry, then perhaps coaching doesn’t apply to your industry or market.
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How much does coaching cost?
In most cases – nothing! In fact, a study done by Forbes Magazine found that the average return on investment for coaching was 600%! You should be able to make more than enough in the growth of your company to pay for the coaching. The results you get and the new skills you learn last for years after the coaching process has ended. It’s the greatest investment that you will ever make!
But if that’s not a good enough answer, we’ll tell you this: It would cost you more to hire a receptionist to answer your phones for a year than it will cost you to hire a coach. Think about that.
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How can business coaching benefit my organization?
Here’s how working with us helps you and your company grow …
We work with you, the owner, on a regular basis (weekly, semi-monthly, monthly, or quarterly as needed) to set goals, plan with you, develop strategy with you, prepare action plans, and hold you accountable, to get you and your business performing at the highest levels.
We are not magicians. We will not promise that by simply hiring us or attending one of our workshops that you will achieve instant prosperity. But we do promise that the application of the basic tenets of successful businesses that we implement will do FAR more to move you toward your goals than any consultant, seminar, or discussion with a relative can!
In working with us over the next year, we will help you: drive more people to your business; sell to them more effectively; service them better so they buy more often; and manage your finances better than you ever have previously. In addition, you will have more money and free time to do the things outside of work that you enjoy.
Interested? Call us at (781) 652-0326 or send us an email.
Can you think of a better use of your time?
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