By Valrie Grant
Managing Director, GeoTechVision
Athletes have long relied on their coaches. Good coaches help their athletes improve their skills – particularly in the weaker areas, exploit their strengths, develop strong characters, and build confidence in their ability perform optimally.
Like a good sports team, businesses need a seasoned coach to help focus business goals and develop the drive to be steadfast in navigating and overcoming the inevitable challenges of running and growing a business.
Coaching helps entrepreneurs identify and overcome challenges, plan strategically, create jobs, contribute to national development and overall improve the economics of entrepreneurship. I have personally experienced the benefits of having a business coach.
Even a highly self-motivated entrepreneur sometimes gets stuck – entrepreneurship can be a very lonely road at times – and in those situations will need an outside push to get going again. A coach provides that additional drive, even if it is just a confirmation that what you are thinking of doing makes sense. Coaches also provide the needed support and encouragement and usually at just the right time. A business coach will always challenge you to try new things and to increase not only your creativity but the returns on your efforts.
A good coach is able to identify and exploit your strengths while bolstering your weaknesses. A seasoned coach knows how to get you to think bigger, run faster, jump higher and set audacious goals to which you are held accountable. It is always good to have someone who holds you accountable. Often, a person may decide that he or she is going to stick to an exercise programme. But, even with the best intentions can still fail at doing so. Add a personal trainer or a coach who focuses the person on his/her goals, and more than likely the person will meet his/her targets by sticking to the plan.
This is simply because we have someone to cheer us on and to hold us accountable. Similar to how that personal trainer inspires us to push ourselves to do more and to be physically stronger, a business coach can encourage and hold us accountable to a higher standard of business growth and performance.
Running a business alone is a probably your best way to embark on a path of failure. As the old adage says: ‘No man is an island’ and so you generally need the support of friends, family and colleagues. But in my experience a coach is an important addition that can provide you with a competitive edge. It’s like having a friend who understands entrepreneurship and business and can share trade secrets with you. Coaches are usually an invaluable resource you can rely on when you need guidance or even just a listening ear.
That said, buyer beware as not all coaches are created equal. Put simply there are many bad business coaches and having a certification does not in itself guarantee a high level of training or experience. There are many persons parading as coaches who may have read many books or have sat in many classes but they have never even started a business. That would make it very difficult for them to empathize with you as you explain the challenges being faced as an entrepreneur. How can they understand your disquieting thoughts or fears when they have never lost sleep worrying about the possible outcome of a business decision? I therefore believe that the person’s best qualified to be business coaches are those who have run successful businesses themselves. The ones that can draw on their own experiences. That said, that is not the only qualification needed as coaching is a unique skillset. Remember, your coach is not there to do it for you but rather to help you find your own answers.
Finding the right coach for you and your business is like finding a good lawyer or accountant. You have to do the necessary research. Having a trusted colleague who has benefited from the services of a good coach refer you is usual a good start. Do not, however, depend solely on the credentials presented by the coach but rather consider their holistic experience. Is the coach a thought leader? Is the coach willing to have you test drive the services/ experience they bring to the table before you enter into a contract? The best coaches usually are. Another consideration is does the coach belong to a recognized accredited organization? Usually when you find the right coach for you, you will know it, so after doing the research trust your instincts.
A critical role for athletic coaches is team building – that is, making all the moving parts and variable skill levels of a group of athletes work together. This is also the case in business. Coaches who have been business owners have participated in similar activities with their teams and are better equipped to get positive results from their teams and the clients they serve. They are better able to communicate in the language entrepreneurs understand and also have better motivational skills. The entrepreneur thus benefits more from a coach who has a wealth of practical knowledge.
There really is not a single top athlete in the world who does not have a coach. Why shouldn’t successful entrepreneurs value having a good coach? Coaching is an investment and while the concept may still be relatively new to Guyana it has been having resounding success elsewhere. My first time working with a business coach my business grew over 400% the very next year. Since then I have worked with several business coaches over the years and each time focused on different things in my different businesses. This has really broadened my view of coaching as they all had different strengths, methods and perspectives.
The International Coach Federation (ICF) in a report said that individual clients reported an average Return on Investment (ROI) of 3.4 times their investment. Meryl Moritz of the ICF, an accrediting organization for professional coaches, says that a qualified business coach can make all the difference for an entrepreneur—if he or she is the right fit for the business owner and if that owner has the right expectations.
If you are an entrepreneur who is ready to supercharge your growth and to win at this game of business then consider the value that a business coach will bring to you and your business. Coaching is not a luxury but a necessity in helping you to win. It is an investment well worth it. If you are serious about growing a business that is in alignment with the life you want and that complements your strengths and personal mission thus being truly meaningful then having a business coach who can assist you in defining your formula for success can bring powerful results. Remember, like a sports coach, a business coach is there to help you in developing the skills and resources you need in order to be truly successful.
