02/ 19/ 2007
by Marcia Passos Duffy
If you're a small-business owner, you no doubt have felt you could benefit from some solid advice about running your company.
You may have wanted advice about your management style, hiring employees or realistic feedback about a new direction you want your business to take. You may have considered a consultant, or even a business coach, to help you. But should you shell out your money to hire a business or executive coach to help you solve your problems?
While critics may dismiss the coaching industry as a fad and unregulated, recent objective studies have proven that business or executive coaching is here to stay and could be one of the most effective ways to sharpen your professional edge. One survey by Fast Company Magazine found that up to 40 percent of Fortune 500 companies hire coaches to improve their businesses--and they wouldn't be hiring them if there wasn't a good return on investment.
But under what circumstances should you hire a coach? Here are five good reasons to hire one:
- When you need a sounding board--someone outside your company who is entirely objective--regarding new ideas or pressing concerns.
- If you would like someone to give you a realistic assessment of your strengths and weaknesses and steps on how to improve your management or working style.
- If you need guidance on improving soft skills such as time management, organizational skills, communications, etc.
- When you need to make a change in your career or business direction and need someone to guide you through the process.
- When you need a "reality check" about issues happening in your business--and even personal--life.
If you decide a business coach is a good fit for what you need, here are pointers on how to select the best one for you:
- Make sure you pick the "right" kind of coach. There are all kinds of coaches, ranging from personal coaches to communications coaches, to family coaches to business and executive coaches. If it's a business coach you want, make sure you hire the latter two.
- Keep your expectations in line with what the coach can provide. The coach is not a therapist. The coach is not like a doctor who will "fix" your problem. The coach is like an athletic coach--hence the name--whose role is to guide you and move you in the direction you want to go.
- Make sure the coach has the right credentials. Business coaches should have some kind of formal training and should be part of a coaching organization or association. While it is not critical, it also helps if the coach has some experience or knowledge in your field.
- Ask for at least three references of clients and call them. Ask the clients what it was like to be coached by this person. Was the coach successful in helping them achieve their goals? Would they hire the coach again? Have they referred friends or business colleagues to the coach? What was the best thing about being coached by this person? What didn't they like?
- Make sure you and your coach are a good fit. This is much like selecting any other type of professional or service provider. You need to like and respect the coach. Many coaches offer a free consultory session--take advantage of this and ask pointed questions about how the coach will help you with your challenges. Also do some soul-searching about the style of coaching that you want and what motivates you to make changes. Do you want a step-by-step direction to help you achieve your goals? Would you rather be given options? Do you like a no-nonsense approach or a gentler style? Whatever the coach's style, what you want is a professional who will guide you in a non-judgmental way and with whom you have a good rapport.
