Got Questions? We have answers!

A good business coach analyzes a business and brings the ownership to action. The coach helps ownership understand who they are and why they have been successful to date. The coach leads their client to understand the action that is required to achieve their desired results. They co-create a plan and the coach provides training, consulting and accountability to the owner(s). The plan includes what to stop doing, what to continue doing and what to start doing.

The short answer: you get what you pay for? If you want someone with proven experience, the coach you hire will focus on a few clients at a time. As such, the coach will require a a retainer of up 10% of your annual revenue for a business with revenues under $300k. Of course, the cost based on a percentage of revenue goes down as the revenues increase. So a business with $3mm in revenue could expect something in the range of 2-4% of revenue

The average business coach earns just north of $60,000 per year. The question that needs to be answered is, do you want an average coach? Or better yet, do you want average results? A really good coach will require a retainer. The retainer could easily reach $10,000 per month depending on the complexity of the organization and the problem(s) to be solved. For example, our founder charges $3,000 - $5,000 per day without a retainer. But we deliver an actionable plan that could double your revenue in the short run. The smaller the company the faster the impact, however, you should expect revenue to double in 3-5 years. The determining factor is the client’s willingness to act. 

A plan that will move your business from where you are to where you want to be quickly. You should expect to have clarity on who you are and what you need to do to reach more clients. You should expect to have tools that are strategic and tactical. You should expect an answer to why your problems exist and what you should do about them

Honestly, a lot of people call themselves a business coach and have never led an organization from inception to success or from turnaround to an industry or market leader. The latter is what you want in a coach. One that is trained in coaching and one with decades of experience in leading teams, managing the ups and downs of a business and a proven track record. Incidentally, you will also want one who has experience failure but learned from their failures

Do you have the experience and unbiased perspective to realize what is really happening in your business? If so, you don’t need a coach. If not, the short answer, if you want to drive revenue and generate more profits and market share, is yes! It is the rare leader who doesn’t benefit from an outside voice. Sometimes all the coach does is verify what the business owner has been thinking. Sometimes, the coach sees problems and identifies truth in a way that revolutionizes the way the owner thinks and how they approach their business 

Coaching is a process of being led to better understand oneself or a problem to be solved. It is not therapy, which focuses on the past. It is not consulting because a consultant prescribes. However, when coaching in a particular niche you should expect your coach to bring business experience and ideas to help solve the problem you are facing. The three core values every coach should exemplify are curiosity, compassion and problem solving

A coach provides an outside unbiased perspective. A coach is not necessarily your friend and the coach should always help a client completely understand their problem to be solved and be brutally honest about what they believe to be the solution. A coach builds self awareness and identifies blind-spots. A coach’s primary job is to aid in the process of self-discovery

Mentoring and coaching are sometimes confused as the same thing. The time one engages either could be limited or long term. A mentor has been where the mentee wants to go but this could also be true about a coach. Probably the single biggest difference is formality. A coach will bring proven tools and self discovery as their primary approach. A mentor will use intuition and experience and simply prescribe alternative actions to take.

A team coach acts more as a facilitator with a team. The keys to successful team coaching are self discovery, identifying best practices and an agreed upon set of action steps to move the team forward. A team coach will involve every member of the team and identify possible obstacles to success as well as team members that may be misaligned or worse, obstacles to growth. Every coaching session should bring about an action plan otherwise it is just a feel good or gripe session

Anyone can become a life coach. All you need to do is hang a shingle a say you’re a life coach. You probably have a network of people you can supply services. There are organizations that offer “free certification” but this certification will only get you so far. You will watch videos and at the end you can print a piece of paper that states “certified” but it isn’t worth much. These organizations view your participation as part of their advertising funnel. They have to make money somewhere so they offer free stuff as a hook

Beauty is in the eyes of the beholder. This is also true with a powerful question. A powerful question is one that offers the greatest amount of successful self discovery as possible. It could be as simple as, what are the three most important things you want to accomplish with your life? It could be as complex as, if money were no object, what would you do with the rest of your life? A coach’s experience and training as well great intuition can bring powerful questions if they are focused on the client’s outcome without the coaches influence in the client’s future

In any engagement with a life coach the outcome should either be to help a client better understand their identity or their mission. The former is about self-awareness and how they impact others and the latter is directed at helping the client understand their desired future. Both their identity and mission will include a plan for improvement.

A business coach’s primary responsibility is to provide their client with exactly what they need. This is discovered in the interview process while at the same time judging if there is a good fit between client and coach. The coach provides an outside voice and leads the client organization through the planning process. This process includes self discovery and formulation of a strategic vision, action plans and accountability. All aspects of the business are addressed such as finance, marketing, operations real estate, legal as well as distribution channel analysis and product and service development.

Five Signs You Need A Personal Coach or Mentor

  1. You see no clear path forward or minimally the path forward is fuzzy
  2. You’re overwhelmed or your organization needs a re-structure
  3. You need accountability because you’re the boss
  4. You want to develop new skills
  5. You’re stuck