Business Coaching Process
Business coaching Process
A well defined Business Coaching process helps in achieving the objectives for the entrepreneur being coached.
Business Coaching is done for both startups as well as growth stage entrepreneurs.
Coaching is the universal language of change and learning.
"What makes a great coach? Credibility, creativity in solving problems, effectiveness in communication, as well as “an understanding that the details create success” — that small things usually make the difference between good and great." Atul Gawande - Harvard Gazette
Business Coaching Process - First Step- Identify the Need
Small businesses are, generally, started
by solopreneurs. Running any startup is challenging.The entrepreneurs constantly
face roadblocks in deciding between alternatives or in making presentations to the
customers or investors.
All successful sports persons, both in individual games like tennis, shuttle, golf and team games like football, hockey ,cricket etc have had legendary coaches. Sportspersons attribute their successes to their coaches.
The coaches bring the best out of the individuals.
Business Coaching is no different, in that it helps in discovering hidden potential and nurturing it.
Business Coaching for startups need to have successful integration of consulting and coaching.
Areas for coaching
1. Idea Validation
2. Business Model
3. Risk assessment
4. Support through BC's network
5. Helping entrepreneurs in building network
6. Business Plan preparation
7. Sounding Board for customer / investor presentations
8. Startup team building
9. Developing Operational procedures
Business Coaching Process
1. The entrepreneur approaches the business coach (BC) for support
2. The BC should identify areas of support in the first meeting
3. Request the entrepreneur to send a MOM of the meeting along with a feedback of the first session
4. The BC can send a proposal for the engagement, specifying the coaching terms like time commitment and coaching charges.
5. Call to Action ( CTA)
i. The BC , at the end of each session, should seek MOM from the entrepreneur along with session feedback.
ii. The MOM should have actionable items with time targets.
6. Planning for short term
If the coaching engagement is satisfactory after 3 or 4 coaching sessions, the BC should suggest to the entrepreneur to prepare an annual plan indicating the no. of customers to be acquired and revenue expectations. The plan should have quarterly targets.
7. Duration of coaching
Ideally, the engagement should be for a period of 12-18 months
Coaching Methodology
i. Personal Coaching
ii. Telephonic Coaching
iii. Video ( Skype) Coaching
iv. Group Coaching
It is a common practice to use a combination of the above methodologies.
Conclusion
- Coaching starts by creating awareness about the problems the business is facing
- Next Step is for educating the entrepreneurs to identify solutions
- Entrepreneur’s action plan with a commitment to implement
- Two coaching sessions of one hour duration in a month
