Selecting a Business Coach

The following question was posed last month: “What should I be looking for when selecting a business coach?” (paraphrased)

A very good question as getting the right person will help you realise your goals and help you achieve success much quicker. So here are a few tips:

  • Ask what experience the coach has in assisting businesses like yours. You want to know if they have experience in your industry or a similar industry.
  • Ask about their coaching processes. Does this approach suit your needs in regard to frequency, duration and contact.
  • A coach should provide resources, support and motivation. Ensure you will be getting all three!
  • Is there a free consultation so you can experience the coaches style, knowledge, get an impression as to their abilities and what they can do for you and whether or not you can work with them.
  • Very importantly, seek references. Is there a trail of happy or disgruntled clients in their wake!
  • Does the coach understand the local market and is available to you when you need them? Some coaches spread themselves thin and are hard to see while some charge travel expenses—do your homework!
  • Are they happy to work with your existing valued advisors – accountants, insurance broker, financial planner & bank manager? Or will they try to persuade you to take your business elsewhere.
  • Does the coach offer other programs such as workshops, seminars, in-house training as well as products like Business Plans, KPI scorecards, cash flow budgets, policy statements etc.
  • Do they provide a free newsletter or articles to assist you between face to face meetings?
  • What will it cost? Get an understanding up front on what will be delivered and the cost for that service. Remember you are not purchasing a commodity like a paper clip you need to know in detail what you are getting to make a comparison.
  • What support does the coach have? An individual can fall ill or pack up and move on at a drop of a hat, leaving you stranded. Are they part of a coaching network or organisation?
  • Do they guarantee their work? Look for a money back or satisfaction guarantee for peace of mind.
  • Remember coaching is not a quick fix, it will require commitment from both you and the coach so it is important that you find someone you feel comfortable working with and that has your best interest at heart.

Above all don’t be rushed into a hasty decision you will later regret. Formulate the questions you want to ask and interview the coaches you are considering. Make an informed decision based on the information you have collected and who you believe you can work with.

Good Luck!

 

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.