Coach your business to success
Business coaches aren't just there for motivation. They can offer sound advice that can add to your bottom line. Rachel Sullivan reports.
An increasing number of business owners are looking beyond the traditional scope of advice offered by lawyers and accountants, and are seeking a more holistic approach to business evolution encouraged by business coaches.
According to Dr Judith MacCallum, convenor of Perth-based Mentoring Australia, there has been a dramatic increase in the number of businesses turning to business coaches for advice on growing their business over the past 10 years.
"More businesses in the SME sector are using coaches to help them focus on their core strengths," she says. "They are also using them in developing particular short-term goals such as increasing sales and building management competence, or more complex issues like restructuring the core business."
One size does not fit all
Business coaches come in almost as many flavours as the businesses they serve. Kammi Rapsey, owner of Media On Mars, a design firm based in Fremantle, WA, recently engaged a business coach. She says it's essential to ask for recommendations or search the internet to find a coach who understands the challenges of your business, is supportive and flexible and can customise their services to meet your expectations.
"Our business had grown to a point where its demands had exceeded my skill level," says Rapsey. "Making decisions can also be a very lonely place, and I really needed a sounding board to know that the decisions I was making were right for long-term business growth."
After reviewing many coaches' programs, she went with local firm Business Balance, and couldn't be happier with the result. "Our turnover has more than doubled to more than $500,000 since we have been working together," says Rapsey, who has now worked with her business coach for two years.
Initially, they met or spoke on the phone weekly, now they contact each other fortnightly. "Our coach also worked with individual staff members to implement new systems and strategies, so that we have been able to reach this goal without putting ourselves under huge pressure in the process."
Using a coach to go global
CEO of Sydney-based Global 1 Training, Amir Amirzoghi, followed a recommendation from a colleague in engaging his business coach. He wanted help to streamline his personal development and training business and to create an international licensing model.
Amirzoghi has been working with his business coach for a year now. "Not only have we sold a licence to open a London based agency, we have also increased our turnover by more than 30% in a year to $2.5 million, with several profitable ventures in development.
"Working with a coach allowed us to avoid financial, marketing and strategic potholes and helped take the emotion out of business decisions, while allowing me to focus on other issues relevant to the business, such as my own personal development."
Like Rapsey, he stresses the importance of working with an individual or organisation with solid business experience and an understanding of the realities of small business – limited budgets, unmotivated staff and the consequences of unforeseen events.
The price of coaching services varies widely, and is often related to the extent of the problem and the size of the business. Prices range from a few hundred dollars a month for group coaching, to upwards of $1000 a month for more intensive one-on-one coaching, with the coaching relationship expected to last at least a year. Some organisations may also
take between 2% to 20% of profit growth.
Rapsey says that while it initially seemed a lot to spend on an intangible, the benefits were many. "By paying a professional to get the job done, we were able to focus on doing what we do best ... as our bottom line now shows."
For help on finding a business coach, the best place to start is to ask those in your network for a recommendation. An internet search also produces a wealth of information and advertisements for companies offering coaching services.
Rachel Sullivan is a features writer based in Sydney.