1. What Questions Should I Be Asking Before Engaging a Coach- #1
So one of the questions you need to be asking yourself about your business is: Is your business giving you the life that you want? Are you having fun? How about the freedom? Is it creating the fame and fortune that you’re looking for? Is it creating fulfillment? You need to be asking difficult and tough questions to move forward.
A coach can help shed light on those areas that are dark—that maybe you don’t pay a lot of attention to. For instance, take a look at the 3 things that may be needing special attention because they’re areas in your business that you’re poorly performing. List them. How about 3 things that you’re doing really well that you want to do even better? What are the things that you need to stop doing, or what are the things that you start doing? What are the things that you need to do more, or what are the things that you need to do less of? A coach will help you shine light in those dark areas so you can create the life that you want and have the business that you want, so that ultimately its significant and fulfilling to you.
2. What Questions Should I Be Asking Before Engaging a Coach- #2
So one of the questions you should be asking yourself is: Where are you going with your business? Where are you taking it and where do you want it to be? Your business should support your life not the other way around. If you’re feeling like a prisoner of your business then you need to make some changes. There are questions that you deserved to ask yourself today. Such as: What do you need to stop doing? What do you need to start doing? What do you need to do more of, and what do you need to do less of? What are the top 3 strengths that if we could make stronger would make your business phenomenal? And what are the top 3 weaknesses that if we could fix or improve or repair would shore up gaping holes in your company? What are those top 3 actions in your business that you’ve been avoiding paying attention to? And if you hire a great coach that could shine light in those areas so we can improve them and make your business truly a strong business.
3. What Kind of Coaches are There?
What the different kinds of coaches that are out there? There’s life coaches, there’s executive coaches and there’s business coaches, and we blend all 3 into one. Let’s differentiate between the terms. So a life coach typically focuses on a person’s family, finances, personal relationships, personal performance and their goals. Unlike a therapist who looks back, a life coach only looks forward—what’s the future you want to create for your life.
An executive coach focuses on leadership, team development, specific skill set, strategic planning and thinking, problem solving, time management, delegation and helps the executive in the context of their career, elevating their performance to meet company expectations.
A business coach combines the best of both those and adds also the elements of the practical functions that go on within the business—operations, sales, marketing, managing finances, building teams, firing and recruiting the right people. So really, business coaching is a blend of executive and life coaching with specific skill in the context of the entrepreneur’s life. So, whether you’re a family business, a small business, or an entrepreneur business coaching ties these elements with specific focus on the things that are going to drive success in your business.
4. What is the Common Mistake Made When Hiring a Business Coach- #1
What are some of the common mistakes people make when hiring a business coach? Well, one of them is they hire a good friend, a buddy or a peer and think they’re going to make the job done. In fact, a good friend is great when you need a shoulder to cry on, someone to gripe about, or you want to talk about interpersonal relationship problems that you’re having at work.
But, if you really want to work through some of these issues you need to work with a coach with experience in building high performance team, and teaching you how to have difficult conversations in communications and leaderships. You’re not going to get this with a good buddy or a friend. A coach is someone who is going to hold you accountable to the results you want to create and teach you the skills that you need to learn that you’re not going to get from a good friend.
5. What is the Common Mistake Made When Hiring a Business Coach- #2
So what’s another common mistake people make when hiring a business coach? They go out and find a successful entrepreneur, a retired executive or someone who is a CEO in their business and they think this guy is going to really help me in my business. The fact is, there’s an art and science to coaching, they may know something about their business and their industry but have they worked in many business and have they know many industries?
I’ve worked with over a thousand businesses delivering over ten thousand hours of coaching in over 275 different industries and done this for over 20 years. I think you need someone who is experienced, knows different businesses; different business models and can help you no matter what business or business situation you are in.
6. What Do You Know About My Industry?
Often most people asked me: What do you know about my industry and how can you help me with my business if you don’t know about it. The truth is, in over 25 years in working with companies in over 275 different industries, we have found out that there are 21 challenges that most small business owners faced. We’re experts in sales, marketing, and teaching you how to build a better team to unlock hidden profits in your business.
So let me ask you this question: What would it mean to you to have an expert in business growth on your team?
7. What Value Will Coaching Add?
Hey there, Jonathan Goldhill of the Goldhill Group here and I’d like to answer a frequently asked question which is: So you have this other adviser, why do you need a business coach? A business coach is completely different than financial planners, than insurance people, than lawyers, than tax accountants. They’re involved in completely different things in your business.
Here’s what they’re involved in and here’s what they’re with. A business coach in involved in creating value in your business for involving sales, and marketing , in leadership, in team building. We’re about coaching your to build processes and systems that are going to grow your business so if you want to sell it someday, you’ll be able to. Lawyers, they’re about protecting your assets, about protecting your risks and minimizing your risk. Your CPA, they’re about protecting your cash flow, minimizing your expenses, minimizing your taxes, and your financial planners, your insurance people, and your wealth managers, they’re about accumulating assets, diversifying them and also about protecting your risks.
So, who in your business is involved in creating the value that’s going to drive your business to the next level? That’s where a business coach is different and we worked with all of these advisers together to build one powerful team—that’s the difference.
8. I Don’t Have the Money
Frequently people tell me that they don’t have the money to hire and work with a coach, I say that’s ridiculous. I tell you what, I now have two programs that you can get started with as little as $1 for the first month, so let put that argument to rest. Secondly, I guarantee you that I can probably find in areas in cash and or profits that are waiting to be discovered and unlocked in your business. Third, coaching has a clear return on investment. What if we can increase your lead generation by 10% or your lead conversion by 10%? What if we can improve your gross margin by 10%? What if we can increase and improve all of these things by 10% each? Would that have a clear return on investment? Would you then have profits to pay for coaching? Absolutely!
The fact is coaching should never be looked at as an expense. Coaching is an investment in your business; it’s an investment in you, your business and in a long term value of the asset that you’re building.
9. How Long for Results?
Hey there, Jonathan Goldhill of the Goldhill Group here and I’d like to answer the question: So how long does it take to get results in coaching? Typically, you should look for a window between 3 and 6 months to create some significant increase and results. Remember, I have a guarantee that if we don’t double your profits in 12 months that I’ll refund you your money. But I’ve seen client with significant changes after the first meeting. The real question that you need to be asking yourself is: Are you ready to make changes? Changes in the way you’re showing up in your business to get the kind of results that we want to make together.
10. How Does Coaching Work?
Hey there! Jonathan Goldhill here from the Goldhill Group here and I’d like to talk to you today on how does coaching work. When we work together, typically we start with a business goal setting and breakthrough session. This is a complimentary coaching session that we offer to focus you on the goals that you have—where would you like to take your business in one year, three years or five years? What’s specific financial goal do you have? What marketing goals, sales goal, what team building goal? We’ll talk about all these. When we get clear about what goals you have, we will then meet on a weekly basis to focus you on driving to reach those goals. That means holding you accountable each week to reaching those goals—that’s how coaching works.
Great coaching has a measurable return on investment; in fact we have a guarantee associated with it. If we can’t double your profits in 2 months, we’ll refund you your money.
11. I Have No Time for Coaching
Hi, Jonathan Goldhill of the Goldhill Group here. Frequently people tell me “I don’t have the time to get coached in my business”. Let me answer that, if your business is not properly structured then of course you don’t have the time. You can’t get even get a vacation probably form your business. Let me ask you this: Can you take an 8-week vacation from your business? How about a four-week? Can you take a two-week? Can you even take a one week vacation from your business and know that when you come back your business have been making money in your absence?
If your business is not making money in your absence then you don’t have a business, you have a job and we need to change it. According to the SPA, 76% of all businesses failed because the owners failed to seek out professional help to help them grow their business. Your business should support your life; your life shouldn’t support your business. A good coach can help you gain control over your time and over your business so that your business doesn’t imprison you but it frees you, it gives you the fun, the freedom and the fortune that sent you in to small business ownership in the first place. Get a coach and get started, and get on the track to building a successful business.
12. What is the Difference Between Consulting and Coaching?
Hey! How are you doing? Jonathan Goldhill of the Goldhill Group here and I’d like to talk to you today about the difference between coaching and consulting. This is something that I know about because I’ve been a consultant for many years. And let me tell you, for many years of doing things for my clients I got tired of doing it for them—I wanted to teach them how to do it for themselves. Being a coach is teaching people how to do it for themselves. It is about teaching them to focus on their goals and it’s about holding them accountable for reaching those goals. A good coach takes people from where they are to where they would like to be by focusing them on their goals and holding them accountable for reaching those goals.
13. How to Engage Your Employees in Building Your Business
Today, I want to talk to you about engaging your employees in your business and the importance of that. I’d like to start with a book that I read called the “Great game of Business” by Jack Stack, this is a must read book if you don’t know about it if you want to engage your employees in your business. Let me share about a few key concepts that he talked about in the book. The first one is you have to create some financial literacy with your people, they need to be able to understand how to read a profit and law statement and a balance sheet so that they can understand what making money means in a business like yours. Most employees think that owners are making 50 or 70 percent of the total revenues that are coming to the business—they are sadly mistaken that we make a much smaller percentage and they need to have some literacy around this to end that confusion or misunderstanding.
Secondly, once they understand about financial statements, they need to have incentives so that they are paid according to their performance. The more their performance is incentivised and the more they know that their compensation is aligned accordingly, the better your firm is going to be.
The third thing is they need to be developed as managers. Too many mangers in small businesses were promoted into management because they were good technically at what they did, but how many of them know the 7 key results there is of management? Things like planning, staffing, organizing, measuring, recording—these are things that managers do and if they don’t know about it, they will never be that effective in that role.
The fourth thing is you need to develop your employees as leaders. If your people don’t think and act like leaders then they can’t assume the owner mentality that you’d like them to have. You want them to share some of the headaches that you have so it lessens your burden and everything is shared. This is important if you’re going to get engagement and buying. So the question that I have for you: How engage are your employees? On the scale of 1 – 10, are they totally engage or they’re not engage. These are the things that they need to know about, look at your numbers today and start to create a plan where do you want to see that number a year from today.
14. How to Set Up and Get Great Results at a Strategic Retreat for Your Business
If you’re thinking of setting up a strategic retreat for your business, there are some things that you want to think about in advance before you do it. The first thing is, you want to think about doing some situations assessments, that means getting information from the different people that would be participating in the retreat on how they see they business, the strengths, the weaknesses of the business, opportunities and threats external. You might want to do some employee survey or several other things that we recommend that you can ask me about offline.
The second thing is, think about what kind of an outcome that you want from your retreat and you set your agenda based on that outcome. We drive on agendas specifically designed to get to the kind of outcome that you want. The third thing and not completely as important is the location for this. Location can mean a lot, you want to do this indoors or outdoors, you want it to in a place where you can do some team building in nature, or do you need this to be in a more productive an conducive environment such a hotel or a conference center. Location can mean a lot, getting people away from your business is probably the key thing. The fourth thing you probably want to think about is how you’re going to get some kind of an outcome document, a plan document that’s going to be easy to follow and it will be something that everyone will utilize after the retreat.
We’re keen on this and we use a specific format that helps everyone tracks the outcomes and goals. Lastly, you want to think about why you use a facilitator on such an event like this. We have a small document that addresses seven reasons why you want to use an outside facilitator to plan your retreat. If you like some information about that, please send us an email or jut us a little note in the blog.
15. Taking Time Out to Work “ON” Your Business
I’m standing in front of one of my favourite art pieces that I brought more than 25 years ago, and let me ask you a question, do you feel like a man under pressure in your business? Well, you don’t have to be that way. You can take a time out from your business and strategically plan the future of your business—take a strategic retreat and plan what you want your business to look like a year from now. Let’s talk about some reasons why you want to take a strategic retreat as a regular part of your business process. Here’s a few more thoughts for you to consider—the first reason is because this is a great opportunity to get your team together and start planning some goals, start getting clear on what you want to create a year from now, 5 years from now or even longer. Strategic planning is a great opportunity to form alignment amongst the member of your team around a common vision, set of goals, mission, what your purpose is, what your core values are—these are some good reasons to get together and plan these things.
A third reason is to do a SWOT analysis or review, that’s stands for strengths, weaknesses, opportunities and threats. What’s going on inside your company that needs to improve, what’s really great that you need to maximize, what’s going outside of the company that’s an opportunity that you need to think about capitalizing on, and what’s a threat to your business. A fourth reason to get together and strategically plan your business on a regular basis to build trust among the people on your team. Building trust facilitates communication which facilitates cooperation in your business. These are all important elements to building a successful, sustainable business. My question for you is do you have a strategic plan? Do you take time out regularly to work on your plan and if not, why not? Isn’t it time to do that today? Call us and we’ll help you facilitate, run and lead a strategic plan for you, your key people, and your team.
16. How to Make an Exit Strategy For Your Small Business
Today I want to talk about the Exit Strategy. Most of you who have built your business are probably starting to think about how am I going to exit this business and get the maximum amount of money possible so that I can enjoy and to the beach that we talk about in the other video. Let me talk about the four key people that you need to have in your business to be able to help you to do that. First one is your business coach, a business coach is someone who is going to go about working with you to increase the value of your business. A business coach created value by helping you to put systems in place in the area of sales, marketing, client fulfilment, financial management—all the systems that you’re going to need to have in place to have a successful business that could run in your absence.
Then, you need several key advisors. You need a CPA or an accountant who is going to help you protect the value at the time that you go to sell the business. This is someone that you’re going to plan to work with in advance to make sure that you’re getting the most for the sale of your business. A third and key person on your team is to have an attorney. An attorney is someone who is going to minimize the risks during the time of a sale. It’s really important to have all your risks minimize because a sale can go south if they’re not done well. And then lastly, you need a wealth adviser, someone who can manage your money and invest it so that the compounded value of that money grows over time, so that it is liquid and can provide you with the kind of return that you want coming from your business. It will be helpful by the way at the time that you go to sell is to have a business intermediary who can conduct all this.
17. What Do You Need to Do Differently in Your Business and Life to Get the Vacation Time You Want
The first step is really simple—the first step is you need to schedule it. If you don’t schedule a vacation in your business and in to your life then you’ll never get around to taking it. Some people miss this all together important step in the first place and they don’t get to enjoy and have the kind of vacation they want on a regular basis. The second step is once you schedule it, go about planning it, get excited on what you’re going to do on this vacation—where you’re going to go, what you are going to see, what kind of things you’re going to do. As soon as you out that kind of energy in your vacation, all of the sudden you’ll be standing more attentive focused on the priorities that you need to focus on in your business, and watch your business do better as a result of it.
The third step is managing it. When you’re putting your vacation plans together all of the sudden managing your business becomes that much more important. Managing the most important, most measurable things in your business will allow you to take a step away from it and be free from it. The fourth and last step is to enjoy your vacation. Once you’ve enjoyed your vacation, something you recently had, coming back from some kind of a summer vacation, you can know look back and say “how to I rinse and repeat this entire cycle?”, where do I want to go, what do I need to do differently, what do I need to set up in my business to do differently so that I can be completely relax and enjoy myself.
18. How To Get Continuing Education as an Entrepenuer
Today I want to talk to you about place to get continuing education as an entrepreneur. There are really so many ways and so important to continuously educate yourself and improve as a business owner. Let’s talk about the first and simplest way—books. Books, ebooks, white papers, magazine articles, you can subscribe to inc.mgazine, you can read Harper business review, or you can read the business strategy tip that we send out every week. There is valuable information out there if you’re willing to apply yourself and take the time.
E-Learning, we offer two distance learning programs but there are other distant learning programs out there as well that you can avail yourself up. E-programs allow you to take your own time, do it on your own time and do it on your own pace. They’re usually more affordably priced than one-on-one or small group business coaching. Let’s talk about peer groups. For four and a half years I ran peer groups of CEOs, professionals that got together every month, in some cases every week when they are small groups, to talk about the issues that they faced in growing their business. When you surround yourself with like-minded professionals, business owners and talk about the challenging issues that you face in growing your company, in finding the kind of time that you want to enjoy the life that you want to have is really valuable when you can listen to the solutions they’ve come up with and suggest solutions to their problems. Getting advice from peers is a great way to learn.
Another way is through coaching. We offer one-on-one and small group coaching. Like the peer group, this offers a kind of customized education that will help you solve your problems. Imagine getting a customized MBA program that geared to specifically your business and your needs, and that’s the equivalent of increasing your cash flow, the leads that you’re generating, the profits that you’re making, that’s like getting a customized MBA program. There are really so many ways that you can go about getting a continuing education.