By Karel Vermeulen
Business Coaching includes all coaching within a business context. Often the client is not able to specify what kind of coaching they require, or they may need a culmination of coaching categories. It is a partnership wherein the Coach works with the client to:
- understand the client's current reality,
- explore alternatives and opportunities,
- target clients' energy,
- define priorities,
- help the coaching client create a strategy,
- clarify objectives,
- develop action plans,
- move past challenges, and
- progress toward the outcomes the client chooses.
Which category is most important to you at this point in your career? Or are you likely to say, “All of the above”? In either case, Coaching would be a good idea for you to maximize your success strategies.
The Business Coach serves the client by focusing on trust active listening, powerful questioning, direct communication, creating awareness, defining and co-designing action plans, setting priorities, and serving as an accountability partner.
SA Business Coaches identifies 43 categories, but not limited to that a business coach can assist a client with. Some of these categories are accountability, business growth, strategy development, confidence building, goal setting, increasing sales revenue, identifying those limiting beliefs that are jeopardizing business and personal growth, confidence building, conflict resolution, marketing, vision, mission, and objective setting and managing, and team building, etc.
It is important to point out that business coaching is different from consulting, mentoring, therapy, counseling, and/ or advising. It is a process and not a one-stop solution. That is not to say that a business coach who is qualified and registered with governing bodies such as COMENSA, ICF, SA Business Coaches, may not from time to time take on these roles if need be for the sake of the client. However, a good coach will then turn back to the principles of business coaching.
Did you know that the following famous people all had a business coach:
- Eric Schmidt – formerly CEO of Google
- Bill Gates
- Steve Jobs
- Barak Obama
- Oprah Winfrey
- Leonardo DiCaprio
- Serena Williams
- Hugh Jackman
A major difference is that in business coaching, the client does most of the talking while the coach uses certain powerful questions to guide clients to awareness as to find the answers within themselves. The client may bring any topic, mood, or outcome to the coaching session to be discussed. Then goals and an action plan will be set into place for the client to implement and give feedback in their next coaching session.
When one looks at all successful athletes, they all have one or even more than one coach. They have a performance coach, a mind coach, and even a nutrition coach and the list go on and on. Why then, if successful athletes know the value of hiring a coach, do entrepreneurs and business owners not see the value of a coach?
In a very informative article on coaching by Louisa Zhou,:
“According to iPEC, 1.5 million searches are made every month by people and companies looking for life coaches, business coaches, and executive coaches.”
“In 2019, the estimated global revenue from coaching was 2.849 billion USD.”
“And while face-to-face coaching decreased sharply after COVID-19 (by 74%), online coaching has become wildly more popular, as it’s increased by 57%”.
Coaching clients are happy with their results:
- 99% of individuals and companies who hire a coach are “satisfied or very satisfied” and 96% say they would repeat the process.
- 95% of clients rate their coaches as “good” or “excellent.”
- 68% of individuals who hired coaches were able to make back their investment. Those who make a financial gain on their coaching can on average expect 3.44 times the amount spent
- 86% of companies that could calculate their return on investment said that they at least made back their initial investment. 19% indicated an ROI of 50x the investment. 28% saw an ROI of 10-49x the investment. The median ROI is 7x the investment.
- According to a study, coaching has a 221% ROI.
- 51% of companies with a strong coaching culture report higher revenue than their industry peer group.
Most clients find their coaches through referrals and word of mouth (46%). The majority (73%) of coaching programs last one year or lessIn the US, the average annual income from coaching is $62,500) However, that is dependent on the coach and running 6- and multiple 6-figure businesses (or even 7-
figure businesses) is something a lot of coaches do (including many of my students). In South Africa, the annual base income from coaching is about R195,072.
The Way Coaching Is Regulated
Coaching and mentoring are generally considered to be 'self-regulated'. However, increasingly more members of the professional community believe that coaching and mentoring should be formally regulated. I consider business coaching to be a profession that requires skill, intellectual insight, and the ability to question clients to have them become self-directed. This can take years of intense study to maximize positive impact on the client it is important for me to be an accredited and licensed business coach that is registered with an official governing body such (COMENSA, ICF, SA Business Coaches, or SEATA). Such registration and certification requirements not only hold me accountable to be professional but also to adhere to the strict policies, regulations, frameworks, and methodologies of these governing bodies to provide my clients with the best professional quality service.
What Can a Business Coach Help Me With?
Every person, business, and situation is unique. The coach is there to help you understand and determine what factors may be keeping you stuck, causing worry, or preventing you from enjoying your business so you be even more successful. Together, the business coach and the client will determine what the best course of action will be to move the client forward.
A coaching session can be anything from between 45
minutes to 60 minutes depending on the client’s needs in order to create professional agreements between the coach and client to determine the best outcomes.
Business Coaching Can Help You With:
- Cognitive, Emotional and Personality coaching
- Setting achievable Goals
- Identify Habits and limiting beliefs that is holding you back and how to overcome them
- Self-Efficacy, Self Esteem, Self-Evaluation, and Self Perception
- Performance Related
- Human Skills development
- Management Processes
- Management Skills
- Leadership Skills
- Business and personal growth
- Overcoming Overwhelmed Ness
- Vision creation
- Setting Objectives
- Identify Operations needed
- Marketing and Sales
- Finance and Financial management
- Manufacturing processes
- Human Resources
- Internal Politics
You get coaches and then you get great coaches. Business coaches can also be divided into various categories, like a transformation coach, an executive coach, a mind coach, a results coach, etc. It is important to know what type of business coach you are looking for so the coach can ultimately guide you to the outcome that you want. A great business coach regardless of the category will help you to:
- Identify what changes need to be made.
- Get to the heart of the problems as soon as possible.
- Become more effective based on your agenda, not theirs since they are non-biased.
- Relate to the client quickly and develop trust and credibility.
- Learn to understand their clients’ needs both emotionally and intellectually.
- Help their client understand where they can stretch their capabilities.
- Have extensive business knowledge and experience.
The Responsibility Of The Client
Both the coach and the client have a responsibility first to themselves and then to each other. This is a mutual professional agreement between the two parties:
To commit totally to the coaching intervention.
To be honest, truthful, and adaptable to change.
To be involved in the program from start to finish.
To give feedback to the coach if the sessions are not achieving the desired outcomes.
To participate honestly and diligently.
To be constructive and proactive before, during, and after the coaching intervention.
To be cooperative and positive.
To be honest about the success of the program.
To be diligent and complete all assignments and tasks to the best of their ability.
To attend all coaching sessions and be actively involved in the process.
The Responsibility Of The Coach
On the other hand, the coach has an equal and if not more serious professional responsibility towards the client. This can be summed up as follow:
- To co-define and co-create the coaching relationship
- To realistically appraise the client before, during, and after the coaching intervention
- To give honest and constructive feedback where necessary
- To conduct all coaching sessions in a professional and diligent manner
- To utilize all possible technology and resources in achieving success
- To be ethical, moral, and professional in all interactions, teaching, and learning
- To be honest about the success of the program
- To adhere to international best coaching practices
- To provide one on one coaching
- To arrange activities to facilitate the development
- To adhere to the principles of trust, truthfulness, giving credit where due, patience and sensitivity
It is not a shame or a sign of weakness to ask for help. As top experts in the field of development say that 80% of all success is to simply show up.
How will you show up to your success?
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|Karel Vermeulen is the founder and director of Success Growth Academy, The KV Brand and also the founder and developer of the highly successful product brand Lubrimaxxx Personal Lubricant, Cape Town, South Africa. He is also a successful entrepreneur, published author, a registered NLP Practioner with the AUNLP (American Union of NLP), and accredited and licensed Business Coach with COMENSA, SA Business Coaches and the ICF (International Coaching Federation). He also holds a Batchelor Degree in Counseling. He has interviewed the actor John Travolta in Los Angeles, has been interviewed on various radio stations and podcasts. He is the developer of Sales Profit Mastery, an online course, published his first book Do You Really Want to Be An Entrepreneur and co-authored Finding Your Moment Of Clarity and The Game Changers.|