The bottom line is that mentorship/coaching/consulting isn’t just about providing advice, guidance and counsel: It’s a process of unlocking everyone’s potential, enabling employees the opportunity to let them become their ‘highest selves’ and making a positive, value-add difference to all stakeholders involved. Individuals who have been through the trials and tribulations of business are qualified to give advice as they have been through it before and can potentially save you thousands of hours of wasted time. What do you think this can do for your business? Are there problems you are currently facing that are eating away at you? Do you wish you can return to profitability or extend it further? Is there scope for a more productive and engaging team? According to MicroMentor, 83% of small businesses with mentor and coaching programs survive longer than 5 years. With 9/10 businesses failing within the first 5 years, is there any wonder why having a mentor or a leadership development program is an essential component for success?
Step 1- Lay The Foundation
The mindset required to extract positive outcomes from coaching should always be centered around relationship building, emotional intelligence, and delivery to bottom line. Coaching without considerate intention, intuition and understanding will not make the process effective but a simple training exercise. This is why it’s incredibly important to have a ‘diagnostic’ meeting with business owners to truly understand their pain points. These individuals problems may not be directly associated with the business but can have a direct impact on bottom line. A lot of smaller enterprises are managed by families, so it is of utmost importance that both ‘business’ and ‘relationship’ acumen is kept a premium. With a good relationship development and sustenance, supported by a wealth of experience to support new initiatives and drive bottom dollar results, business owners will start seeing material and substantial improvements.
Step 2 – Position The Experience As Creative, Innovative & Challenging
Everyone wants to feel like they are continually growing and innovating. Coaches should utilize their own resources to position the business owners they are coaching for ongoing growth and success. One of the key parts of achieving growth and success is through helpful change. This will mean asking challenging questions, pushing people beyond their comfort zones, even making them face their ‘demons’. Mentor’s should conduct a SWOT Analysis of the business owner to identify what they do well and what opportunities await them moving forward. Analysis and self-reflection are critical in business. Too often, it is an understated move that is not practiced enough. Critical lessons are being missed. This isn’t just about developing a business: This is about the full development of a person in a human capital perspective. Leadership programs don’t just provide an opportunity for growth and performance, rather it focuses on bringing out the best in people and having a direct influence on success.
A relevant leadership program will position business owners to capitalize and maximize previously unseen opportunities and grow their people in the ‘right way’. Sometimes all these people need is a fresh, unbiased perspective awareness on where to push/not push the envelope. This is also important from the coaches perspective too. This is an equal chance to learn, grow, develop and prosper. With this mindset, it’s not difficult to understand that 93% of business owners benefit from relevant, leadership development programs. In effect, coaching is an investment opportunity that holds significant upside, with very little downside attached to it.
Are you next?
Let’s have an open, frank and honest discussion about your business. Is it time to step up the game? Is there ‘one’ thing that is holding you back?
