Tips in picking the right Business Coach
Business Coaching seems to be the latest watchword for Malaysian SMEs - and, judging from the number of ads in the Star, it appears to be a flourishing industry.What is a business coach you ask? Well, it is the SME equivalent of a professional consultant except you don't pay them as much and because of the lack of standards, you may get some duds.
In my line of work, I come across coaches quite often and I feel that I have seen enough of them to be able to give some useful advice. Here are 6 tips for you:
No. 1: Decide whether you need one in the first place.
Some of these coaches pay exorbitant franchise fees to operate under an international brand or use 'proven' management systems. It is in their interest to secure as many accounts as possible to cover these costs. They will be eager to identify so-called gaps in your business which may actually just be short-term challenges (e.g. cashflow, supply disruptions etc.) that over time would solve themselves anyway.
No. 2: Check the Coach's background.
I have seen a number of so-called business coaches who have very little working experience or are new graduates. I can't foresee getting much useful advice from people who have not been exposed to the 'real world' as much as I have.
No. 3: Get someone who will listen.
There are coaches who believe they are Malaysia's answer to Anthony Robbins. If they like the sound of their own voices more than hearing out your problems, drop them.
No. 4: Get a Coach who complements you.
If you are weak in numbers, get a coach with a Financial or Accounting background. If marketing is not your forte, then get someone who has demonstrated skill in that area.
No.5: Chat with their other clients.
Insist on a list of clients from the coach and then call them to discuss their experience. Be careful to screen those who may be friends or family members of the coach - which should be easy enough to spot - they usually go overboard with their praise.
No.6: Negotiate a performance-based element in the fees.
With the number of coaches in this country growing, you will be in a good position to negotiate a fair deal for yourself. Most will want you to pay a monthly retainer or a lump-sum contract fee but you can always try asking for a percentage of that to be pegged to measurable numbers. After all, if their coaching really works, they should be confident of the results anyway!
Technorati tags: business coach, SME, Malaysia,
posted by hew @ 3:03 pm
3 Comments:
A million thanks for sharing on this very nice and useful tips with us.
Small business coach
It's my pleasure to see your post there, I'm really sure your tips is more useful for me to find for the best business coach.
Small business coach
You're most welcome! I'm glad to see that what I blogged about some time back is still relevant :)
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