5 Keys to a Great Business Coach

By July 25, 2018Uncategorized

Everyone Needs Someone to Talk With

A few weeks ago I was asked to speak to a group of business owners about my experience of owning Monkey Bizness.  The group was a leads group so it was mostly full of consulting types that were either sole proprietors or might have 1-2 employees.  I was invited to the group by a former marketing consultant that we had used.

I told my story about the journey from being a CPA to now owning Monkey Bizness.  After the story, I took several questions from the group.  One question I was asked was to describe the value that I got out of my relationship with the marketing consultant that had invited me.  I think my answer somewhat surprised the group.

At the time we had used this particular consultant, I did not have a management infrastructure built in Monkey Bizness.  This consultant, on the other hand, had been at an executive level within the marketing profession for a number of years.  While her marketing experience and ideas were great, what I valued most was having someone at the same level as me that I could discuss business ideas and strategy with.  I told the group that being an entrepreneur can be lonely.  You are responsible for making a lot of high-level decisions and early on, you don’t have a lot of people to talk about those with.

One thing I always recommend to new business owners is to find a coach or a mentor.  You might have a couple, but you need at least one.  I have 2 or 3 coaches that I talk with somewhat regularly.  Regularly with one might be weekly and with another one may be quarterly. That is OK.

What do you want to look for in a good coach?  Here are my top 5 qualities I look for –

  1. This person should be a good listener. It should be someone you can discuss issues you are having, big decisions you need to make, and the ideas you have to grow.  This person can help you run through different options or bring up different paths you maybe haven’t thought of.
  2. This person should hold you accountable. You now have someone you will have to explain to why you didn’t get something done you previously discussed.  Having an accountability partner can be of great value to you.
  3. This person should be honest. Third parties that are not financially vested in your business will often give you straight answers.  If your coach or mentor sugar coats things, then I would look for a new one.
  4. To me, experience is vital when I am looking for a coach. You want someone that has walked the path you are about to walk. Anyone can give you advice.  But you want good advice.  In my experience, the best advice comes from someone who has already been down the path you have gone and can share ideas based on that experience.
  5. Confidentiality is a must in a good business coach. The only way this relationship works is if you feel like you can share things with little judgment being passed and the information staying between the two of you.  You will most likely discuss sensitive issues about employees, customers, and probably even your personal life.  You must have the trust that these items will be kept confidential.

So who makes a good coach?  Where do you find this business coach?

I am lucky to have a couple good coaches.  I have a coach I talk with weekly that I used to work with.  In public accounting you rarely have a direct boss, however, this individual was the closest thing to that I had.  He knows my strengths and weaknesses.  He also has worked with business owners for 15+ years and has started his own business.  My second coach is someone I was introduced to (ironically by the marketing consultant above).  She helped build a franchise system from 1 to over 120 units.  I value her experience and candidness when we talk.  We talk much less frequent, probably quarterly, but the talks are invaluable. As my organization has grown, I now have people within that I can have a lot more of these conversations with.  However, it took me a while to get there.

My advice to you would be look at who is around you.  Do you have a neighbor that has done this same thing?  Maybe you have a former employer that you are close with?  There are professional business coaches out there that might be a good fit for you.  The key is finding a person that meets the 5 characteristics above.