16 Apr 2018

What is Business Coaching?

What is business coaching?

During an interview with Fortune, one of the most successful CEOs in the world, Eric Schmidt, former CEO of Google, was asked, “What advice would you give to other CEOs?”

Today, Google boasts over 57,000 employees around the world with over $90B in revenues. It has been ranked as the #1 best places to work, and is recognized as one of the world’s most valuable and innovative brands.

You would think the Chief Executive Officer of a company with this level of success would know a thing or two when it comes to business.

What did the former CEO of one of the largest and most innovative companies in the world say?

Hire a business coach.

“Every famous athlete- every famous performer has somebody who is a coach. Someone who can watch what they are doing… and give them perspective. The one thing people are never good at is seeing themselves as others see them. A coach really really helps.”

As the world of business moves faster and gets more competitive, it has become more difficult to keep up with both the changes in your industry and the innovations in sales, marketing and management strategies.

If you are looking to be a leader in your industry, having a business coach is no longer a luxury. It has become a necessity.

What is a business coach?

A business coach is similar to a sporting coach. A sporting coach pushes a team to achieve optimum performance, provides support when they are exhausted, develops strategies that help them beat their competition, and adjusts what the team is currently doing to be more effective on the field.

The role of the business coach is to coach business owners and CEOs to improve their business through guidance, support, accountability, and strategy.

A good business coach is an business expert. A coach should have a long track record of success in business as well a client base they have helped achieve extraordinary success they could not have reached by themselves.

But what does a business coach exactly do?

  1. Strategy

    As a business expert, a coach helps a business team develop and execute winning strategies to achieve their goals in business. A coach helps provide solutions to complex business challenges and obstacles. If your revenue is not where you want it to be, examine your overall business strategy.

  1. Accountability

    We all need accountability to be at our best. A coach offers a level of accountability to you and your team to accomplish more than you would on your own.

  1. Outside perspective

    So often in business, leaders get so ingrained in their day to day, that it is very difficult to see the forest for the trees. A business coach offers a fresh, outside perspective.

  2. Mentoring

    On top of being a leading strategist and accountability, a business coach is a valuable mentor.

    Let’s face it. It can be lonely at the top. A business coach is confidant with whom a CEO can trust their deepest fears and challenges. A coach is a sounding board without being judgmental.

In the southwest, oil and gas has been a key driver in the economy. In recent years, oil prices have decreased dramatically resulting in the losses of billions of dollars and the laying off of thousands of employees. Many of the smaller companies declared bankruptcy. 

During the same time, as a business coach, I have been meeting regularly with the CEO and leadership team of a company in the same industry helping develop key strategies, provide accountability, offer outside perspectives, and mentorship.

As companies are shutting down, his business is surviving. Not only are they surviving, they are growing rapidly! Their revenues are actually up by almost 300%!

Since other companies had been laying off their key employees, he has been picking the best performers and bringing them on to his team. As other companies are liquidating their assets, he has been buying his competitors’ equipment at pennies on the dollar and expanding his territory.

Today his business is one of the largest in his industry. Oh- and did I mention he has only been in business for 4 years? This is the result of hard work and a good coach.

Every athlete and every top performer uses a coach to bring out their best.

If you are interested in business coaching, see if it is right for you.

To give back, I offer introductory strategy sessions at no charge. Book a quick introductory phone call and let’s see if a strategy session would make sense for you.

“Everyone needs a coach.”

If you are looking to be a leader in your industry, having a business coach is no longer a luxury. It has become a necessity.

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