Coaching your Small Business to Success No matter how large or small a business you operate, hiring an executive coach is no longer a luxury – it’s a necessity in today’s highly competitive business environment. No matter what your management and personality style, there’s an executive or business coach for you.Let’s face it, most business owners' stick to
tried-and-true methods. We’ve all discovered, by trial and often costly error, what works best for our companies. However, a business owner stuck in that mentality may be missing out on great opportunities just by keeping status quo.
That’s where a coach comes in. A business coach is a trained third-party professional who helps clarify a business owner’s goals and helps chart a path to meet them. A coach will offer a fresh perspective to your daily challenges and hopes for future.
Coaching may seem like a frivolous expense, but at least one study has shown otherwise. A study of 100 executives, primarily from Fortune 1000 firms, who employed coaches from Florida-based firm Manchester, Inc., found that return on their investment was nearly six times what each firm spent on coaching. Companies retained executives, had fewer customer complaints and saw more productivity from their coached employees. What business owner doesn’t want that?
So how do you choose right coach? The key is to find one you trust and who challenges you without having unrealistic expectations. Some business owners see stereotypical coach as a slick, motivational manipulator who will seek to turn them into a business mixer schmoozer. The truth is there are as many styles of coaches as there are people. Here are some tips to help you find yours:
•Know yourself and what you want. Before you even begin process of looking for a coach, ask yourself some honest questions. What do I want? What do I expect? Are there some things about my management style that probably need to change? Am I willing to consider making these changes? What am I willing to do? What am I not willing to do? Where do I want to be in five years? In 10 years?
•Call several coaching firms and individuals. Talk to others in your field to get referrals.
•Meet with at least five possible coaching candidates. Find out how they work.
•Don’t’ be too concerned if your coach candidates don’t “get” your business immediately. Sometimes it’s best to have a coach that knows absolutely nothing about your field so that you can get some fresh approaches and ideas.
•Be sure your coach is willing to be honest with you. In fact, if a coach candidate isn’t willing to tell you things you don’t want to hear, you probably haven’t found right coach.
