6 Facts about Business Coaching
What to expect, and what are the benefits?
There are many resources for business owners, books, articles, blogs, newsletters etc. They all tell you how to run a business profitably, what to change and what to improve to get the most out of it. However, they ignore a critical matter: Every business is unique, and everybody has their own strengths and areas of support. So, generic advice probably won’t support you as an entrepreneur, solopreneur, business leader or SME. It can’t be a substitute for personal guidance. That’s why business coaching is so useful and considerable. You get the necessary attention and the customised support you need to clear the woods from the trees, co-create a game plan, identify the pressure points within the business, understand what’s stopping you from moving forward and how to overcome and take your next step to mention a few.
In this article, we explain the benefits of business coaching and how you can profit in the highest degree. Let’s start with a short definition.
1. What is business coaching?
The collective thinking is business coaching services exist only to help struggling or faltering businesses. Partially true. Assisting companies to get back on track is certainly one area, plus a wide variety of other situations where business coaches can support owners and leaders to facilitate the change they want to see and be. Business coaching is the process of supporting a business to accomplish greater focus and success in identified areas by the ‘coachee’, plus others discovered throughout the process allowing them to prioritise needs. It’s all about achieving business milestones, one step at a time to ensure your business succeeds using a variety of tools and techniques.
2. How does a business coach support you?
A business coach is likened to a sport’s personal trainer, every successful athlete has an outstanding coach, right? It’s the same for businesses. A business coach can support you with specific challenges, align your goals, co-create action plans with accountability to achieve greater business performance personally and for your people, versus service or product input and output versus business process/tools.
A business coach can support you in many ways; here are a few…
- helps to articulate and vision the big picture for your business.
- supports you set goals and develops action and business plans.
- works with you to determine in detail how to approach a business goal.
- listens to the challenges you are facing.
- unearths reasons behind challenges.
- encourages and motivates you.
- challenges your thinking.
- evaluates your performance by giving feedback.
- supports your learning to enhance business skills and development.
- supports identifying business opportunities.
- keeps you accountable.
3. What are the main areas of support?
Keeping you focused on the objective and remind you of its importance – this established at the beginning of the process. It’s essential to revisit the ‘why’ to ensure actions taken serve the purpose. They will not do the work for you as a consultant might do, but partner with you step by step to achieve objectives to deliver results in the name of a successful business.
- Developing and planning of strategical business goals
- Co-create the designing of processes to achieve business goals
- Improving leadership and management skills
- Implementation of control mechanisms
- Identifying where another specialist support is required – your coach is not the holy grail.
4. How does the business coaching process look like?
A business coach assesses strengths and areas of support and finds ways to overcome deficits through conversations whereby the key ingredients come from the coachee. Leveraging strengths, the coach guides and provides support in helping you acquire new habits that will lead you to the desired outcome.
A business coach is a coach, trainer and mentor, all in one.
At first, the business coach will research everything about your company, your brand, your whole organisation. They want to be familiar with current challenges, processes, products, and clients. Afterwards, they turn their attention to your business goals and your vision for the company. Your business coach must know about your journey and your objectives so that together you can define beneficial and achievable goals for your business. Once the goals are set, your business coach is there to help you meet them. From implementing a set of strategies and action plans to support you in any challenges that show up along the way. Your business coach is always on your side – as a partner in a relationship, you can count on valuable individualised observations and feedback.
5. What are the advantages of business coaching?
- A business coach co-creates plans and prioritises goals and strategies to support the business’ objectives.
- A business coach creates owner accountability: Keeping you focused on the task in hand and the ultimate goals to avoid derailment.
- A business coach tracks goals by creating key performance metrics (KPIs). This makes everything transparent and easier to measure progress. If you are on your own, you might avoid recording development and growth.
- A business coach ensures transparency. When the journey is transparent, it makes the person in charge ‘the coachee’ very accountable. People bear more responsibility.
- The coach will also motivate you to keep your commitments.
6. What is most important in an effective coaching relationship?
- Confidentiality is essential.
- The key to an effective and productive coaching relationship is transparent, honest open communication.
- Commitment to the process and a willingness to learn from each other
- Mutual respect for each party’s skill set and what they bring to the relationship as each is integral to the development of capabilities and the execution of actions to achieve the objectives.
- You and your coach should build a strong partnership to avoid natural barriers such as miscommunication or uncertainty of each other’s expectations. Communicate openly and honestly.
- Feasible and achievable goals. Do not exaggerate it, do small, but significant steps and define objectives you can really manage.
- Fun and laughter.
Connect the dots to unleash your potential.
MATCHFiT provides a full complement of coaching services.