Succeeding in business gets tougher every day. The increasing pace of technological change, punishing workloads and evermore ferocious global competition are just some of the challenges that require business people to be at the top of their game.

To help develop the necessary leadership and functional skills, more and more owners and executives are turning to business coaching.

While business coaching has been popular with Fortune 1000 executives for years, only recently has there been much interest at small and midsize companies. This trend makes a lot of sense. Midmarket companies often have less of a cushion for mistakes. And they have fewer internal managerial resources. Thus a coach can sometimes make the difference between victory and failure for both the executive and his or her company.

How Business Coaching Can Help

Depending on the needs of the particular executive and business, coaches can help by:

• Encouraging discipline. It’s easy for business people to postpone critical tasks. Sharing your goals with your coach means that if you don’t complete them, he or she will require an explanation and commitment to buckle down and get them done.
• Developing your ideas. Some of your ideas may need refinement. An experienced coach has acquired a working knowledge of hundreds of marketing, sales, customer service and team-building strategies and knows how to adapt them to your business.
• Sharing a wealth of business growth strategies. When you’ve just “run out of ideas,” a coach can provide fresh ideas from his or her broad experience.
• Providing contacts. When you need contacts or resources for your business, such as expansion capital, investment advice and professional services, your coach has a network of business contacts and knows where to find the information you need.
• Giving you perspective from the outside. Over time, you lose the ability to see your business with the same objective clarity that you once did. Your coach can take a fresh look at you and your business. He or she knows what to look for and, most importantly, sees what your customers or clients see.

How do Business Coaches Work?

The business coaching process typically begins with a meeting between the executive and the prospective coach. The coach must develop a basic understanding of the challenges facing the executive and his or her business. The executive must evaluate the coach in terms of background to learn whether or not the coach has the experience to provide meaningful support and assistance.

Both parties must also gain a level of confidence and mutual respect. The coach-executive relationship is based upon candor, trust and confidentiality so both parties need to feel comfortable before beginning a coaching program.

Once this comfort level is attained, the next step is to assess the executive’s managerial and functional skills. Based upon the results of the assessment, a program is developed that focuses on those areas identified as opportunities for improvement, both personally and professionally. Basic improvement goals are established so that progress can be measured as the coaching program unfolds.

Like any mentoring relationship, success is dependent upon the commitment of the executive to the improvement program. Success can be measured many ways but is always based on the executive’s goals and purpose for seeking coaching.

Some coaches are qualified to act as a sounding board for key issues and decisions. For example, who does a CEO turn to if he or she wants to evaluate a particularly sensitive matter? A business coach, particularly one who has CEO experience, can be an excellent resource for counsel.

Give your business a health check and gain invaluable insights into four major areas of your business. Your answers will be used to qualify you for a FREE Business Diagnostic Meeting.