You may think that as an entrepreneur, no one has mastered the angles of your business as well as you and can help you in its advancement. This is even though technical and scientific mastery over the field of commercial activity is different from management and planning for it. That is why, in recent decades, a specialty has emerged as business coaching or business coaching.
A business coaching specialist is called a business coach. He helps various business managers in planning, management, budgeting, goal setting, target market identification, etc., and monitors their performance with logical and mathematical analyses. Taking advantage of a professional and expert business coach, in addition to maintaining the company in critical situations and increasing profits, will make you outrank in competition with similar businesses.
But what is the scientific definition of business coaching? What exactly does an expert in this field do, and in what situations might we need such a person? This article will examine other essential details of this specialized field while answering these questions. If you own a business or are planning to start one, and even if you are thinking about business coaching as your future career, we recommend you to read this article.
What is business coaching, and who is a business coach?
Business Coaching is a process in which a consultant and coach specializing in business science, management, soft and hard skills, etc., guides the owner of a business activity on the way to achieving his business goals. Not just big businesses; Startups can also use the knowledge of these experts.
According to the definition of Brian Tracy, one of the most famous authors in the field of business, who is also considered a top entrepreneur, A business coach is an experienced and successful entrepreneur who has decided to use his teaching talent and experience to help other entrepreneurs.
What we as a seeker receive from a business coach will vary depending on our expectations, goals, current strengths and weaknesses, and other details about ourselves and our business. But if you ask, what is the purpose of business coaching? The answer can be summed up in one word, And that word is “growth”.
In addition to having up-to-date knowledge of business trends in today’s rapidly changing world, a good business coach must be a good listener and problem-solver and have a spirit of empathy and compassion.
What does Business Coach do?
Getting advice and services from a business consultant is similar to having a business partner. The expertise of these people can be summarized in the following five items.
Discover values and perspectives.
Before starting a business or in its early stages, you should be able to know your differentiating values compared to your competitors. In other words, you should know what new value you will bring to your field of activity. This is even though many businesses, even if they have brought value with them, do not know about it until years after their activity. Using business coaching services in this field will help you in one of the following ways:
- Identifying the non-covered points in the market by competitors
- Identify the value you can bring to the market
- Aligning expectations and visions with values
- Developing values and improving them
- Aligning personal management, soft skills, and organizational culture with company goals and values
Drawing the path of business growth
If you ask, what is the most important task of business coaching? We must say, drawing the path a business should take between where it is today and where it wants to be in the future! This path should be done realistically and according to the potential of the business and its strengths and weaknesses. A coach will help you consider all the necessary aspects and facilities and imagine a suitable and logical schedule for this route.
The critical advantage of business coaching is that someone looks at your business from the outside without your preconceptions and mental judgments. This person knows well the successful companies in the field of activity along with business models, problem-solving methods, and the path they have taken and can analyze them. He also maps the course of your business with his logical and mathematical data.
Feeding business with up-to-date and scientific information
Setting up and managing an organization and even a two-person startup is difficult and time-consuming. After starting a business, we usually get involved in various administrative, logistical, managerial, financial, etc., matters that are not necessarily related to our knowledge and field of expertise.
For the reasons mentioned and similar, many business managers are no longer up-to-date in their field after a while. Because they don’t have the opportunity to study or maybe even think about the technical aspects of their business. An issue that results in customer dissatisfaction and losing the field of competition to more robust competitors. For this reason, after a while, they think of participating in seminars and workshops or buying various books and CDs. None of the methods will be as effective as using business coaching services.
A business coach who is an expert and knowledgeable in our field of activity can cover this weakness for any organization. His great advantage is that, like us, he is familiar with the real challenges of business, production, and management, and the laws and issues of the day.
Development of individual skills
Business coaching includes training yourself as a manager or owner. Maybe by studying at the university in your specialized field or by reading enough books and scientific resources, you can get the necessary technical competence to start a business in the same area. Still, maybe your habits, moods, mental assumptions, and lifestyle will blow all your efforts. Self-confidence, discipline, receptivity to criticism, and the correct method of criticizing and making decisions are the most important individual skills considered essential in any organization’s management and development.
A business coach knows well that he should be patient in identifying and strengthening your weak points. If he is professional and expert enough, he will provide a safe space for these weaknesses to come up and work on them. In this context, he acts just like a consultant. However, if deficiency in individual skills causes severe problems in your life or work environment, it is also necessary to take advantage of more specialized counseling from psychoanalysts.
Cultivating essential qualities for a manager
In addition to covering weaknesses, you must instill and strengthen certain morals to lead a business powerfully and intelligently. Risk-taking and its management is one of the most important of these attitudes. In addition, you must be able to generate and nurture creative ideas. The ability to analyze issues, away from prejudices, is another spirit a manager should have.
Business coaching helps you strengthen these spirits much more than an average person. Your coach will design exercises and evaluate your progress in these indicators. He also enables you to define these characteristics in an organizational culture so your colleagues and employees can acquire and develop them.
When do we need business coaching?
Unprofessional businesses do not consider getting outside scientific and practical help until they have a problem. This is even though in advanced countries, starting or at least developing any commercial and financial activity after the initial domestic and personal stages without receiving advice is not impossible. Still, it is considered almost pointless and unprofessional. However, in general, we will need business coaching in the following cases:
- Starting a new business
- Need to increase income
- Development of products and services
- Need for market development
- Evaluating decisions made or being made
- Coordinating different aspects of the company, such as budget, human resources, goals, organizational culture, etc
- The need to determine the purpose and identity of the brand
- The need to create a structure in the organization
- Pathology of the organization’s performance after a period of activity
- Evaluation of organizational leadership performance
- Improving the weak points of individual skills of managers and employees, such as discipline and intra-organizational communication
- Determining the appropriate management method according to corporate culture, budget, etc
- The need to develop business intelligence in managers and employees
How do you choose a business coach?
The critical question arises: What are the criteria for choosing a good coach for business coaching? In this section, we answer this question by examining four essential criteria.
Credit and successful work experience
First, when choosing a business coach, you should check his credibility and success in leading other businesses. Of course, the success or failure of an individual or an organization cannot be entirely attributed to its coach; However, the most essential proof of the success of the business coach is his work record. To evaluate the credibility of business coaches, the following criteria can be helpful:
- The degree of recognition among colleagues and competitors
- Other people’s opinions about him
- Academic degrees and degrees obtained by him
- The amount of work experience
- Having a registered company with a physical address
- Compilations and translations
- The level of communication with domestic and foreign businesses
Communication skills and professional approach
One cannot consider a person or a company successful in business coaching While he is not paying attention to the most basic principles of this profession. Before signing a contract and starting work with a business coach, meet him for familiarization and consultation. If a coach does not provide such a service, It should be considered a red flag. Then it would help if you answered the following and similar questions:
- Is the behavior of the Business Coach and its employees respectful towards you before the meeting?
- Are they polite and stick to the meeting time?
- Does the trainer have good communication skills during the session? Does he listen to you enough?
- Is the coach clear in his answers, or is he limited to mentioning general principles and defining himself?
Providing a specialized program according to your needs
Business coaching is a specialized field with many branches. Specialists in this field guide companies in financial affairs, marketing and sales, organization development and human resources, individual development, etc. But the critical point is that a professional coach must first identify your weaknesses and needs and shape his services customized for you.
Due to the emerging nature of this profession in our country, many people prescribe the same prescription for all businesses, relying only on the information they have acquired during their studies or from seminars or books. Finally, depending on the fact that these principles are scientific and proven, they blame the lack of success of companies on themselves and their lack of work.
Maybe your business is doing well in some areas and only needs guidance in others. A professional coach should determine with your help why you need business coaching. Then, he should provide you with a documented, budgeted, and timed plan and commit to doing them with legal guarantees.
How do you become a successful business coach?
In addition to production and trading, the world of trade and business has also created other work and career opportunities. One of the most lucrative of these opportunities is business coaching. It is interesting to know that many successful people in business, such as Bill Gates, Steve Jobs, Warren Buffett, Mark Zuckerberg, and Eric Smith (former CEO of Google), have had a business coach in their career.
The way to enter the business coaching job briefly includes the following steps:
- University degree in Business Coaching or related fields, such as MBA
- Free study as much as possible in this field
- Gaining experience in business and trade in different ways, such as working in a company, advising small businesses of friends and acquaintances, starting a personal startup, investing, etc.
- I am setting up a business coaching company, developing communication channels such as websites and social networks, advertising, and seriously entering this field.
- Developing relationships with managers and different industries
- Participation in free and reliable seminars and courses
- Authoring or translating a book
- Conducting seminars and workshops
But what are the conditions for success in business coaching? We will answer this question by examining two soft and hard skills types in the following.
Soft skills necessary for success in business coaching
A business coach must have soft skills to create or strengthen them in his client. These skills are innate, and if you don’t see them in yourself, you should at least have the motivation to create and strengthen them:
- Ability to control emotions
- Self Confidence
- Ability to make decisions
- Emotional intelligence and the ability to emotionally influence others
- Ability to assess trends without biases
- Criticism of
- Ability to think strategically and make logical judgments based on facts and figures
- Ability to listen and communicate actively and empathetically
- Ability to communicate effectively
- Make a personal daily schedule and stick to it
Hard skills needed to succeed in business coaching
Hard skills are learnable abilities that will vary from job to job. They are usually specialized and can be evaluated through specific tests. What are the hard skills needed to succeed in business coaching? Our answer is the following:
- Computer skills and mastery of the most up-to-date analytical, accounting, financial, marketing, etc. software.
- Online and offline marketing, branding, and advertising skills
- Workplace management
- Strategic planning ability
- Analytical and mathematical abilities
- Speech, presentation, and expression skills
- English proficiency
Six successful business coaches in the world
Getting to know the top business coaching leaders worldwide and reading their works, listening to their lectures, or attending their courses is essential for both recipients and providers of these services. The following six people can be mentioned among the most important of these people:
- Tony Robbins (Tony Robbins)); Former adviser to Bill Clinton and Hugh Jackman. The most famous business coach in the world, with dozens of companies and personal businesses, and the author of several New York Times best-selling books, including “The Levers of Getting Rich.”
- Vince Del Monte owns several bodybuilding brands and authorizes the famous book “Living Large.”
- Saurabh Kaushik is one of the most successful Indian business coaches and was selected by Forbes magazine in the top 500 entrepreneurs worldwide list.
With high automotive and real estate expertise, Grant Cardone is Forbes magazine’s 2017 marketer and author of the bestselling books “The 10X Rule” and “If You’re Not First, You’re Last.”
- Andrew Aziz (Andrew Aziz) is a skilled Canadian financial market trader, the author of the famous book “Daily Trades for Life,” and the best business coach of 2021 and 2022 according to Investopedia and Benzinga magazines, respectively.
- Ali Brown (Ali Brown): One of the most successful businesswomen in the world, the owner of the women’s business empowerment organization We Lead, and one of the selected entrepreneurs of Forbes magazine.
Business coaching: An undeniable necessity
Even though business coaching services have been around for years, many managers still don’t know why business coaching is essential. The question we tried to answer in this article. A professional business coach, like a strong arm, can facilitate the growth of your business. He will rationalize your expectations and prevent you from wasting your money and energy. Therefore, arranging a plan to use these services in your company today is necessary.