Who Is Your Business Coach?

Here are the important aspects  you need to look for in a business coach:

Check Business Coaching Credentials

So what about your potential business coach’s training and credentials?  Is success as a business coach limited to completing different coaching accreditation or training?  The answer is NO.

However, the advantage of having a business coach with credentials is that, it shows they have a longer term of commitment to business coaching (as accreditation can take time and money to achieve).  That may mean that they are more dedicated to higher ethical standards and watching out for your best interests.

Determine Their Commitment

What we mean by commitment here is commitment to be their best.  After all, that is what a good business coach will expect from you.

You need to evaluate the advantages of having a business coach who coaches full time as against part time, but generally speaking, the more time you spend doing something, the more experience you develop and have.  If your business isn’t a hobby, I would suggest you get a business coach that doesn’t have a hobby business.

If your business coach keeps selling how entrepreneurial they are and how many businesses they have apart from business coaching, keep in mind where their focus is.  Is it on developing themselves to be better business coaches and helping you operate at your best or is it just on the next venture they have in mind?

It’s worthwhile probing to find the level of commitment to these businesses as these are often oversold to promote a business coach’s “entrepreneurial” qualifications.

Choose a business coach who is willing and able to help you succeed in the long term.

Know There Is More Than The One Way

If there was only one way to success, then how could you describe the likes of Richard Branson, Warren Buffet, Donald Trump and Bill Gates, all becoming super successful?

Circumstances, personalities, industries, timing can all create variation.  One size doesn’t fit all.

Different business coaching approaches, programs, frameworks and systems (i.e. Steps, Cycles, etc) are useful but not the be all and end all.  You don’t have to buy someone’s model of the world to be successful.  Don’t be oversold on how “the way” is the true way, it’s just a tool and any good business coach will have some form of tool to assist you improve your business.

Make sure what you are offered is suited to your needs and the needs of your business.  Ask them if they have used these tools before or if they have just started using them.  You don’t want to be a guinea pig for a new tool that they are trying out for the first time.

Remember to look beyond the tool at the business coach you are getting.  Although the “system” may be used X amount of times, it is the business coach that is wielding the tool that matters.

Look For Client Churn

What is client churn?  It’s the turnover of clients a business coach has.  It’s worthwhile looking into how long a business coach’s average client has stayed with them.  Now, understand that business coaching is not a marriage for life, but also if the majority of your business coach’s clients have only for a short time (i.e. the past 3 months), that can be an important clue.

I know of two business coaches, both of whom coached 15 business owners at any one time.  The first business coach held 15 of the same repeat clients for greater than 12 months.  The second business coach worked with new 44 clients at the same time.  Both were offering the same coaching system.  I also know of a business coach who took on 8 new clients in 4 weeks, the next month he lost 8 clients, and this isn’t a lone case, last month I spoke with a business coach who said they had lost 5 clients in 3 weeks.  It’s alright, he assured me, I’ve signed up another 5!

A business coach that has difficulties holding clients obviously has problems in working with people, or is still learning his profession or is overselling himself.

A good question to ask is “How long do you work with your clients on average?”  If they are estimating this number that will give you a good idea in itself of how important a focus it is for them.  If they don’t know, chances are, they don’t care.

Business Coach Selection Guide

This is part of our FREE Business Coach Selection guide. To get the full 33-page guide that will help you choose the best business coach to start getting great results in your business, please go here.

You may also fill out the form below to get your FREE copy now.

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What would YOU do if you only had 90 days to make your business work? Either to bring in enough
money or reduce your work hours to a humane level?

I have come across a number of people in business recently who have been in this kind of situation. Whether it is landlords banging on the door, partners in meltdown or just plain physical exhaustion.

I mean this is not an ideal situation, to make decisions under. But whether you are or aren’t in this situation there are some unique advantages to be had from approaching your next 90 days in business like this. They are:

It Stops the Noise – All of a sudden you start to ignore the clamouring of other people because you come to the realisation that it is make or break. They are either on the direct path to your successful outcome or not. Choices become black and white, binary yes or no.
You Stop Doing the Irrelevant – You start asking “Is there really any use in doing what I am doing now?”. You will be surprised how often the answer is “No”
You Find the One Thing – You look for the straightest path from what you need to do and where you need to go. Not many options but it is clear.
Standards Drop - You aren’t interested in stretch goals, or inspirational targets, you are just committed to the outcome 100% because there aren’t any options.

Complacency breeds contempt. If you are comfortable maybe its time for you to take on a 90 days or bust attitude, and see what you can deliver.

If you only had 90 days to make your business work what is the single thing you would focus on?
Email me to let me know, I might have something that could help you.

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I saw 12 naked people walking along the street and you wouldn’t believe what I did next…
Okay, if you’re reading this first line, it means my headline worked, and hey, I’m going to apologize to you right now, it was a trick.  But, the headline on this fax does something that 90% of people’s marketing doesn’t.  It interrupts the prospect’s stream of thought.

Most people get hung up on looking over their shoulder, what their competitors are doing, how their competitors are advertising and promoting themselves.  When the truth is you should be doing the exact opposite, you should be working out what your competitors aren’t doing. 

Why? Because that way you can stand out.  If your marketing is laced with cliché, like lowest price, or free quote, or quality service, then you’re getting lost in the stream of background noise and your prospects can’t determine the difference between you and anyone else. 

Do this quick little trick now.  Google your top 2 closest competitors’ website, and  then your own.  Look for how much difference there really is between what you say you’re offering compared to them.   And if you’re struggling, well then it’s time to stand out from the pact.

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Was speaking with a client this week. There is a lot in his life turned on its head at the moment. Renovations at home, worry due to illness in his family, and a Keyman down at work. All he wants to do is put the world on hold, grab himself some quiet time so he can depressurize.
I remember another client recently, who had just finished a major project. It had just run full tilt. He said “Man, I’m really stressed out … you know what I need? I need to get out and have lunch with a couple of friends.”
What struck me between the two is how different people handle   re-energizing themselves. One wants dampen down the noise, the other wants to be out there with others.
When you are under the pump, and working hard through your plans, its easy to loose sight of the small but important things that make your week more liveable. You drop the exercise, you drop the calls to friends, you stop keeping some time for yourself or you sleep less hours. And your performance suffers and you quality of life nose dives.
It’s important to remember that even Olympians have a break in training before the big event … and you should too.
How do you re-energise yourself ?  What have you been holding off on that would allow you to “Catch a Breath” this week?

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Too Little, Too Late? – The Dangers of Leaving Your Business Exit To Chance

When is it all going to end?  We are great at planning beginnings in our lives (moving into your first house, getting married, and preparing for your first child) and normally poor at planning the end (wills, health care, retirement).
 

Business is no different.  Very few business owners actually think about how to exit their business for maximum gain.  Often it’s a story of too little too late.
 

Now before you go off and start thinking, “Hey, this doesn’t apply to me! I’m still young”, STOP and read on.  Three months ago, one of my client’s closest friends who ran a very successful business in Melbourne was found by one of his staff members dead at the bottom of the storeroom stairs.  He had no prior health warnings or problems.  He was 51 years of age, with a wife and young kids.
 

It has been said that “delay is the deadliest form of denial”.  After all it’s hard to face the fact that the business that you have worked so hard to build could keep going without you.
 

In planning how to exit from your business, you may be forced to confront a lot of emotional issues.  Unpleasant family problems, fears that you will lose control or that your options are limited.  If you believe that your business is your life, or you feel you haven’t had time to accomplish what you wanted, the emotional drive to keep moving on as if nothing is going to happen can be powerful.
 

When it comes to exiting your business, you have two choices.  One imposed on you or one you have planned for.  Which way it happens is up to you.
To have it imposed on you, means you need a rapid hand over (and that’s even if you’re able to be involved).  Selling a business when a key person is under pressure or even out of the picture means big losses in the sale price.  We all know what it’s like to meet a desperate seller.  Or – you can hope that a family member is ready to pickup the reigns.  I remember meeting a business owner who inherited his father’s business with 20 staff, a week after, his father had died suddenly.  He was only 17 years of age.
At the age of 20, he realized his general manager had been embezzling most of the businesses profits.  Unfortunately, he needed his expertise so desperately to keep the business running that he kept him on the payroll for another 2 years before he was in a position to take full control.
 

Obviously the better way is to plan how you want to exit your business so you can do it on your terms rather than on the terms of others.  What are your alternatives?
 

Outright Sale:

Spend time to find out what would be required to put your business in the most saleable state.  Talk to a business broker.  Get an understanding of what helps command a better place in your industry.  Do you need to put systems in place?  Decentralize decision making?  Get customer agreements in place?
 

Put a plan in action to get your business ready so you can list it (whether you need to or not).
 

Management Buyout:
 

Is there anyone in your business that is young enough, keen enough and seems to have the potential to keep the business running successfully?  If so, this may be an option that you both have and plan a path forward.
Don’t leave it too late or they may look for greener pastures.

Family Handover:
 

If you run a family business, now is the time to start planning to hand over those key functions.  Create a step by step plan to expose them to more and more responsibility.  At the same time you will need to curb your own natural tendency to want to retain control.  Going on a holiday is always a great way to keep this in check.
And remember, it’s always better to sell the business rather that let someone who is incompetent run it into the ground.
 

Spare a thought for a business owner I spoke with last month.  We were to meet to discuss succession planning.  I called to confirm a meeting only to find out he had been in the hospital for the last 3 days and they had no idea of when he would be out.  He was 70 years of age. Too little, to late.

Get Moving: Who do you need to have a conversation with to get the ball rolling?  Mark it down and do it today.
You will eventually exit your business.  It’s your choice as to how it will happen.

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[This is for “you”, I kept your name off it, but didn’t want others to make the same mistake]
Hi xxxxx, thanks for getting back to me. Just wanted to let you know I don’t believe there is anything wrong with trying to better your situation, except when your efforts are half hearted and filled with constant direction shifting. It’s been 10 years. The question is, if you aren’t getting a result, you’ve got to look at what is really going on. As I mentioned to you, what is missing is your commitment. You are leaving the back door open on all your ambitions. Will another proposal, another stalled decision, another marketing strategy, another hopeful search for “the one” to get you out of your situation really matter for you?
How many more years are you willing to wait for what you want? Who are you waiting for permission from? And most importantly when will you stop holding other people responsible for the obvious … that it’s your business and you are responsible solely for its success or failure, and nobody, I do mean nobody else is to blame for where this thing is at today.
The pride of a reasonable turnover versus the hidden shame of years of low or no profit. The long ineffective hours wrapped in the martyrdom of “hard work”. The surprise from the Tax department due to your lack of financial controls. The bad staff that you employed and now tolerate. The unmotivated staff who you just manage instead of lead. The unprofitable customers that you sold to. The wasteful advertising costs that you let run away from you due to lack of planning and clear business objectives.
I wish it could be some other way for you … But there is no substitute.
No substitute for the conquest of discipline over chasing the next bright shiny thing. No substitute for the triumph of executing an organised plan over hoping that you’ll get lucky, or it will payoff somehow in the end. No substitute for sacrifice, hard work and commitment to achievement over the pipe dream that someone else will just give you something or that you can take a pill or turn a key to get what you want. No substitute for the triumph of achievement over erratic flailing.
There is no one, there is no silver bullet. There is you. The choices you make, the will and drive that you use to make things different. And finally the actions you take. Nothing else.

Choose your path. And do something. (you may not have another 10 years to “try”).

Note: If this also applies to you and you are going to make a change, just email me.
I might be able to help you.

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They say that bad news always comes in three’s, and I’ve just had one of those weeks.
I heard about two businesses that aren’t going to make it and one severely downsizing and suffering badly.
Out of them, one was the local small business award winner in our area about 4 months, before they imploded & disappeared off the retail landscape. It just goes to show that even having a better customer service, still won’t pay the bills.

Business as you know isn’t necessarily a walk in the park. Even profitable businesses going well can have events turn against them. The big question though is how you choose to handle it.
When times get tough it’s easier to just trying batten down the hatches, ignore the problems, talk it up like it will be okay and try to save face in front of everyone else. But there is only so long you can keep a lid on a very bad situation.

So what to do… well, it all comes down to you. First of all, if you don’t get control of what you’re doing, you’ll lose the rest. Think of it in this way:

1. Seek to control what only YOU can: your emotions, your approach, your mindset, your language. These you do have 100% control of.
2. Then put your efforts into trying to influence what you can. Give it your all to change your circumstance for the better.
3. Finally, don’t worry about those things that you cannot control. Ruminating on the actions of others that are outside of your control will not help you in the slightest. You must free yourself from these, and refocus on what you can control and influence.
It might just be the kind of mindset that gets you through a turnaround.

P.S. If you are in a bind, and would like
to talk, feel free to contact me.

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