Business Coaching FAQs:
FAQ#1: 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 business owners turn to spouses or family members for the majority of their business advice - and we also 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.
Most of all, they help business owners look at their business from the "outside" so they can find ways to improve the way the business functions, rather than always work "inside" the business doing the activities of the business.
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FAQ#2: What do we do in our coaching meetings?
It is preferred that you meet with your coach on a weekly basis - definitely during the initial "get-to-know" period. Sometimes, for smaller businesses, on a twice-a-month basis thereafter.
Initially (the first 4-6 weeks) the focus is on systematically getting to know you and your business, as well as you becoming comfortable with the process and the coach. The coach will learn your business strengths and weaknesses, as well as your personal vision for your future and for your business.
Then, once we have identified the areas of greatest potential for improvement and have identified some untapped opportunities, we together develop 90-day, 1-year and three year action plans for moving forward.
This is followed by helping you select specific actions for you to take before each week’s meeting.
Every meeting we discuss your prior week, i.e. what you specifically did to move your business forward, exchange ideas about upcoming and ongoing projects or challenges, and develop another action plan for the upcoming week.
The secret to coaching is in the focused and unstoppable progress - straight towards your goals!
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FAQ#3: What should I look for in a business coach?
People often ask me, “What should I look for in a business coach?” It’s a great question, and in a world filled with people jumping on to the “coaching” bandwagon, finding a credible and capable coach is becoming more and more challenging. Here are a few areas to look into when considering hiring a coach:
Ask about their TRACK RECORD! What have they accomplished? Have they ever led a successful business of their own? Do they have significant leadership experience? Do they have the scars and the successes that can greatly benefit you and your business?
Inquire about their TRAINING! Is the individual you are considering certified? Do they belong to a credible coaching organization? Remember: just because someone has been in business, it doesn’t mean that they are capable of coaching someone else to do the same!
Ask about their TOOLKIT! What resources, tools, etc. do they have at their disposal to help you play your “A-game"? Coaching should help you DO better (get better results), not just FEEL better! What do they have in their coaching arsenal? What process/system do they use to improve the performance of a business/individual that they coach?
Look for TRUST! This is more of a subjective issue, and I understand that trust is built over time. But when you meet them for the first time, do you feel this is the kind of person you could trust? Remember that the chemistry and rapport you feel with your coach is an important element to the success of the coaching relationship.
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FAQ#4: "Coaching" - Isn't that another name for consulting?
A consultant is like a designated hitter in baseball - he hits the ball for you (=solves your problem), but in the end, you are no better at hitting balls than you were before. The consultant usually gives you a report (that will probably rest forever on your shelf - unread and unacted upon) and a very significant bill - and then leaves.
A business coach is like the baseball coach who works with the player on 1) batting, 2) strategy, 3) mindset, 4) physical conditioning, etc..... In the end the player is a better baseball player.
A coach doesn’t concentrate on just a single area of your business, he doesn’t concentrate on ONLY the business but also on YOU, and he doesn’t leave once a specific project is completed. The coach works with you for an extended period of time, helps you formulate YOUR definition of success, and helps make sure you get there - one step at a time!
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FAQ#5: When you say "Improve me and my business" what does that mean?
As the owner, it is up to you to lead your company to where you want it to be. However, you may not be conscious of all of the areas of your business that, if addressed, can have massive results.
Very often, business owners like you are too busy doing the everyday tasks to have time for improving the business.
We will help your maximize your strengths. You will be trained on leadership, 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 life is too short to be miserable.
The line between your business and personal life is too closely connected to ignore the effects on each other.
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FAQ#6: What kind of benefits can I expect from Business Coaching?
Here are some interesting statistics to consider if you own your business. Did you know research shows that applying the skills of a business coach is a great way to keep your business ahead during a recession?
When the competition among companies is exhaustingly fierce, it becomes crucial to start looking for assistance to give you that competitive edge.
Business coaches give you an outside perspective on how your business is running. Because this is something most businesses do not bother to find out, this in itself gives you a lead over your competition.
A practice development study revealed that 42% of businesses don’t use a business coach. This same study though, found you can increase your profit margin by an average of 46% by using a business coach.
Thus 42% of businesses are missing out on a 46% profit increase. If you among that group you may want to carefully consider if you can afford to not use a business coach.
A study conducted by the International Coach Federation surveyed 210 coaching clients for demographic data and feedback /opinions about the value and use of coaching. The study revealed that those who were coached had a positive change in personal work habits. This is instrumental to changing your business during a recession.
Below is some of the business coaching statistics gathered by this study.
62.4% smarter goal-setting
60.5% more balanced life
57.1% lower stress levels
52.4% more self-confidence
43.3% improvement in quality of life
25.7% more income
Those are just a few of the outcomes found through the study.
Some more interesting business coaching statics were those that we don’t immediately link with business for example, 33.8% saw their health or fitness improve, 33.3% had improved family relationships and 25.7% stopped a bad habit.
Although we don’t immediately associate something like stopping a bad habit to having an effect on our business, the fact is something like being lethargic can affect your work habits. To find out what may be keeping them from advancing their business clients can turn to business coaching.
Sometimes it’s a simple as learning how to organize the office in a more effective and efficient manner.
The business coaching statistics found in this study prove that even during a recession businesses that use coaches can still thrive when they take advantage of the skills offered by a business coach.
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FAQ#7: This sounds like a miracle cure. It has to be "too good to be true...."?
That’s up to you. Think back to the dreams that you had when you started your business. Do you have the same passion now that you did before? Probably not! Have you lost momentum? Probably!
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!
Just think - how much further could your business grow if only:
- You could stay focused on what is important?
- You could keep your eye on the prize - the "Big Picture"?
- You had a source for good business ideas to help permanently solve day-to-day problems?
- You had a friendly but critical sounding-board to help you develop your business ideas?
- You had someone to talk you through those inevitable tough periods when you almost lose faith?
That's what coaching is all about - there really is NOTHING like it!
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FAQ#8: I'm already doing well. Why do I need a coach?
You may not need a coach. You may not even be “coachable,” i.e. you may already "know everything" and "do everything".
However, every top performer in the world - from athletes like Tiger Woods, to the President of the United States - has mentors, coaches and advisors. Ask yourself:
"Why does Phil Mickelson have a coach?"
Is it because he doesn't know how to play golf? NO - he has a Coach because:
- He wants to make sure he keeps his “Eye On The Prize” at all times and stay at the top of his game,
- He wants to have an objective and experienced outsider with access to all the tricks of the trade to help him identify and work on his weaknesses and build on his strengths,
- He wants to have a friendly but critical sounding board to help work through his ideas and,
- He wants to have a “Cheerleader” to help him maintain a positive attitude through the inevitable bad cycles.
Isn't that EXACTLY why you need a business coach for your business?
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FAQ#9: Why does the coaching process take a minimum of a year?
The process is 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 have the same experiences.
Creating lasting change is a process of acquiring skills and developing positive habits. As Aristotle said, “We are what we repeatedly do".
As a result, Excellence is not an act, but a habit.” Coaching is a process to get you to develop positive congruent habits that maximize your life and drive your business forward - every day.
The ongoing process is important in creating real change that lasts.
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FAQ#10: Who can benefit from Business Coaching?
- Business owners who have become "owned" by their business.
- Business owners who want to spend time working "on" their business strategies and tactics, but instead fire-fight all day, every day.
- Business owners who can't comfortably take a month off from work and still know their business will thrive without them
- People who have businesses with multiple departments that are all inter-dependent on each other (sales, service, production or manufacturing, administration)
- Business owners who have lost the “fire” they once had.
- Business owners frustrated with a lack of cooperation between their employees; people who want a tighter team.
- Business owners with multiple locations, different divisions (for example, residential and commercial) or who own entirely separate companies.
- Business owners considering expanding into new markets (geographically or through different products/services).
- Companies that have had flat sales or flat profits (or worse).
- Family-owned businesses where goals and roles are not necessarily clear.
- Businesses that are in the process of succession from one generation to the next.
- Business owners who don’t have a succession plan.
- Businesses who don’t have systems in place, causing variation in their products or services.
- Businesses that don’t have effective means of developing their individual team members (including themselves).
- Business owners worried about customer retention.
- Business owners who can’t seem to find enough talented people to hire, and when they do, have trouble retaining them.
- Businesses that have become stale.
- Anyone who looks at his or her business today and doesn’t get the same excitement over the possibilities that used to drive them in their early days of starting the business.
- Business owners with personal goals they never seem to get around to tackling.
- And many, many more....
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FAQ#11:
I'm not sure that it applies to my industry/market...
Coaching only applies to your business if you want:
- More prospects inquiring about your service or product,
- To sell to a higher percentage of these leads,
- To serve your customers so that they buy more often,
- Better control of your profit margins,
- To be a better leader,
- Better systems to run your business - even when you're not there,
- More effective, engaged employees,
- To make more money and work less.
If these don’t apply to your industry – then perhaps coaching won’t apply to your industry/market.
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FAQ#12: How much is coaching going to cost me?
In most cases – nothing! In fact, you should be able to make more than enough in the growth of your company to pay for the coaching.
And, the results 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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FAQ#13: 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, strategize 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 to 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 things outside of work that you enjoy.
Think about it! (and then call us - let's talk)
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FAQ#14: Wouldn't I be better off working with one of those big business coaching franchises? ("Action Coach", "Growth Coach", "The Alternative Board", etc)
Think about it... who buys a franchise? Franchises are either bought because of the value of their Name Recognition, or because buyers are unsure about their understanding of business and insecure about their ability to start one from scratch. Why else pay all that money? Business coaching franchises have almost NO name recognition, so that leaves...?
I know some really good franchised coaches, but still... The only real requirement to become a "franchised business coach" is the ability to pay the upfront franchise fee and the ongoing monthly fees. Training tends to take about 10 days, most of which covers selling their "product".
On the other hand, Calaveras is an independent business coaching firm founded by coach Mark van Stolk. Mark has an MBA from Georgetown University and almost two decades of experience running his own small businesses.
In addition to having the experience of starting and growing his own businesses, coach Mark has a valuable resource in being a member of a highly selective cooperative coaches organization - the Professional Business Coaches Alliance, providing ongoing training and giving it's members access to, and the ability to share, knowledge, tools, and techniques.
Coach Mark van Stolk has made a lot of mistakes growing his small businesses and he has learned from every one of them. Think about it... which alternative gives you more confidence that the coach can help you with your business?
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