Career as a business coach is known as an amazingly rewarding profession which enables you to be a teacher and give back to the community which can immensely benefit from your knowledge and experience. However, you need a deep understanding of the nature and role of business coaching to be a successful business coach. You need to know the standard business coaching process and who uses it.
- No formal degree required; however graduation is desirable. Certification program requires a basic 100 hours of coaching experience as a professional
- Experience level varies according to the profile of the client
- One can get voluntary certification through professional associations while licensing is not required in this career
What Is Business Coaching?
Business coaching or business consulting is helping entrepreneurs or businessmen in the development, growth, and progression of their business. Business coaches are often employed as counsellors by their clients. Business coaches are responsible to take their knowledge of the business world to guide others and their businesses towards advance and growth. Just like sports coaches these coaches work to help other entrepreneurs develop their skills and get better at what they do.
Key things to keep in mind
To listen, ask questions, empower clients
Push clients towards achieving their goals.
Goal is to get them from point A to point B as efficiently as possible.
Methods you use will largely be based on the coach’s abilities and the client’s needs.
Each client will be different and what works with one will not work with another.
Adapt well to your client’s needs and objectives.
Things change and new things and trends emerge, so keep learning.
Efficient communication and problem solving skills are a must for a business coaching career
To learn more take an online course in Business Coaching
The standard format for the business coaching process
The process will begin with planning for the eventual time period when the actual counselling will take place and also with collecting information about the client and the business. The data collated during this time will help the coach mould the coaching process effectively for the client. Immense care has to be taken in carrying out the research, as the information found will be of critical significance.
Once the initial interaction is done it is the time to sign a contract when the coach and the client will finalize the details of the service and the financials after which they will start the coaching sessions. The coach generally presents a plan to the client and after the client assesses the document some necessary amendments are made to further customise the process. At this stage the coach reiterates the finer details of the arrangement face-to-face with the client.
This session is known to be the longest one of the entire coaching process. During this time, the coaches weigh up the clients at their present situation in conducting business. This session creates and decides the style and tone of future counselling sessions. It is during this session that the coach ensures that everyone involved in the coaching-process – the client and the employees are all in sync in terms of the goals and objectives of the coaching sessions.
Next comes the regular sessions. The nature and number of the sessions are always determined in advance. However, the sessions should always bring newer elements in it instead of being replications of prior sessions; each should be exclusive enough to keep the client’s attention and interest. Including assignments for the client to complete during the session is a good idea to keep the session lively. Also offering previews of upcoming sessions perks up the interest.
Final Session or Wrap-Up Session
Finally, towards the end of the coaching process the coach holds a final session to wrap-up the whole process. The objective of this session is to tighten up loose ends if any from the sessions that were held. Coaches also make use of this session as a final assessment for their clients’ improvement and performance and proffer recommendations and suggestions for future moves in their business.
Format of coaching varies from one business coach to another and there is no stringent rule of operation. What is important is for the process to be adapted according to the need of clients. Drafting a fundamental coaching process – as is listed above – will be useful universally for all the clients, while amendments and additions can always be incorporated according to requirement.
The content, duration and usage of services are different from client to client, depending on the clients’ need, the needs of their businesses and the goals they wish to accomplish with the help of the coaching. The style of functioning of the coach, the methods implemented and the knowledge and experience of the coach will play important role in the success of business coaching.
Who Uses Business Coaching?
Clientele of business coaching include owners of businesses of any size and also industries, operators and employees. Corporates often look for business coaches for definite divisions of their company which include the departments that require help and could benefit from a business coach having knowledge and expertise applicable to the employees. They also make use of business coaches for their retail locations to improve performance at that store.
Corporations also hire a business coach as a retainer or as an employee to have access to their services as and when needed. However to be associated with a corporation as a business coach one need to have a large operation, better and updated skills and be in the profession for quite some time.
Small and medium sized businesses also hire business coaches while struggling. Small businesses typically opt for someone local, one who has experience in helping small businesses. They may also seek out someone familiar with their domain of work to ensure tangible impact in their business.
Small businesses generally take time before they look for business coaches as a fund is a constant issue with them. Also once availed the small business might not seek out the services of a business coach again, but they can always refer the coach to other such business players.
Big Business Owners
These individuals seek out coaches to become better leaders by doing better in their business, in their individual market, or in their industry as a whole. Like corporations, these business owners often look out for repeated service if they are happy and have greatly benefitted from the help of the coach. They may also hire the coach for their own employees or as they grow in their venture. These business owners also share information at forums like trade fairs and business conferences, and thereby help expand the customer base of the coach.
Individuals hire business coach for individual career development, and is independent his/her place of employment or industry. These clients generally aspire to reach specific goals including – promotion in the organisation they are associated with or qualifying for their dream job – with the help of a coach. These goals may be things such as a promotion at their current company or qualifying for their dream job.
Some individuals including CEOs, Executives, and other such positions, who have already reached the position of leadership but want to upskill them also hire business coaches. They often seek the services of a business coach to stay ahead of their competitors. These clients may also decide to work constantly with a business coach to keep their skills and abilities in the best form.
Impact on Your Business
The following aspects of a business coaching career can be impacted by the demand and driving forces of the industry –
Structuring of your coaching modules according to industry demand and forces is very critical. Way of operation, interaction with clients and peers, offering and the method of the offer are all parts of business structure.
Demand for coaching services comes from a definite demographic, hence the audience of a business coach is always limited. Changes in demand in the business world will alter audience requirement and coaches need to be aware of this. The changes may be in getting new demographics, a shift in audience size and the nature of service required.
The ways in which coaches reach out to their clients also play an important role in the success of their career and the approach is often dictated by the demographics and needs of the audience. Paying attention to the driving forces of the industry and the demand for business coaching is important.
Use of Technology
Technology must be used in business coaching service, especially in marketing, finances, planning and customer interactions. The way you use technology and make use of new-age tech innovation greatly impacts your success.