How a business coach can help your business now

As small business owners we often think the business revolves around us. We started the business, grew it to the level it is currently at and through our tireless effort have gotten it to the point that it is today.  We are driven, work countless hours, often 7 days a week, if necessary.  If you can see the next level but don’t know how you are going to get there without breaking what you’ve built and destroying whatever work/life balance you have left, it may be time to bring in a business advisor or coach.  Make no mistake, business coaching is big business for the coaches but also for the universities and associations that are running certification programs.  In fact, the International Coaching Federation (“ICF”) estimates the global industry to be $1.5 billion. 

I sat down with John Seiffer, past President of ICF and President of Better CEO to discuss why now may be the right time to talk to a business coach. 

Rob Goldberg – What is a business coach?

John Seiffer - First of all I prefer to call myself Business Advisor rather than a coach. Some people have some baggage around the word coach because of life coaches and I do probably more consulting than coaching. The difference is a consultant brings expertise into your organization and a coach helps you make the best use of the expertise you already have.  The expertise I typically bring as a consultant is about how to be a better CEO.

RG – When is it time for the business owner to call in a business advisor?

JS - It’s time to hire someone like me when an owner is frustrated and believes there is more potential in their company than they are seeing.

RG – What does a typical client look like?

JS- Most of my clients are business owners who have built their companies by being good at making and selling their product or service. Where they lack experience is in the skills of scaling up a growing company. They usually have not given much thought to strategic planning, their business model or their organizational structure. On a personal level, I help with the skills of delegating and monitoring the performance of others, better use of their time and developing the organization to play to their personal strengths.

RG – So you often deal with more than the goals of the business. You work with the owner and help them achieve their personal goals as well.

JS - I first start with the owner’s goals and then see how each of the systems is working to support those goals. Any company that’s still in business is actually performing many of the right functions or systems even if they aren’t aware of it. By making management more aware of how the systems work, it’s possible to improve the efficiency of them and the profitability of the company. There are always financial goals – immediate and long term. But the more closely held a company is, the more personal the goals are. Some involve leaving a legacy for the family, some involve travel, more time with the family or using the company to launch a new career (perhaps in politics or philanthropy) or a new company. Almost all involve the kinds of work and challenges a client wants to focus on.  It’s possible to grow the company in ways that achieve these goals if the systems are taken into account properly.

RG – Do you have a guiding philosophy in how you view a company?

JS- I look at a company as a collection of functions – systems is a better word. There are a limited number of systems that each company needs to perform. The trick is that they all must operate in sync with each other and as the company grows many of the systems need to change. It’s important to realize that a “function” is not the same as a job. Every company needs functions like financial analysis – even if they don’t need a full time CFO. Ignoring the function until you’re big enough to hire someone is a sure way to limit growth and profit. The expertise I bring to the table is to help determine which functions are missing or not optimal and come up with ways a company can get the functionality it needs in every system.

RG – How long does a typical engagement run?

JS - It depends, but it should always be the client’s decision – beware of any advisor who tells you that you need them when you don’t think so. You should always feel you’re getting value from an advisor’s involvement in your company.  Although, I must say when fixing some problems it gets worse before it gets better.  It’s always my “job” to help a client become a better CEO themselves. I don’t want to run their company over the long haul.

RG – How do you find a business advisor and are there any credentials to look for?

JS - First of all ask about their experience and check references. You want someone who has worked with companies of your size or a bit bigger – but not too much bigger. Experience in your industry is not so important - you want someone who is expert in the kinds of things all companies share. A good advisor will expect you to be the expert in your industry (which is what makes your company different from the others).  Also, you want to make sure the chemistry is right between you and the advisor. Beware of someone who says they can work magic without you changing how you operate – that’s like expecting to lose weight without changing what you eat. And beware of someone who is not leaving the final decisions in your hands. If you wanted someone to run the company for you, you’d sell it to them.  I’m not a big fan of credentials even though when I was president of the ICF we rolled out a credentialing program. The credential just establishes a level of education and experience but not quality.

Owners work with business advisors because it works.  It helps improve business performance and helps owners grow as a leader. My thanks to John Seiffer for allowing this look into the world of business advisors.  For more information on Better CEO visit their web site at www.betterceo.com.