Episode 35: When to get a Business Coach

September 6, 2021

Such a common question in business, is knowing simply when is the right time to get a Business Coach. Today’s episode discussed the when, the who and the why of Business Coaching. What should you be looking for in a coach? What’s the difference between the titles? What are you trying to achieve and how will it bring you a return on investment?

Podcast Transcript Available Here

Duration: 26:33

Trudi Cowan: Hello everybody welcome back. Today we are going to have a chat about business coaches. So, if you spend any time on online forums or Facebook groups related to business. You’ll see lots of people talking about business coaches or business mentors. This is a little bit of chat about exactly what they are, who uses them when you might need one. Sarah Eifermann: How do you know, when is the right time to get one. Trudi Cowan: And since Sarah is a strategist? She doesn't call herself a business coach. I thought maybe she was the person I should talk to and find out a bit more information. Sarah Eifermann: Yeah absolutely. Trudi Cowan: So let’s start with, what is a business coach? Sarah Eifermann: A business coach is somebody that you go to that usually has a decent amount of experience that can help you work through your business's issues or pushing through to the next level so there are lots of different types of business coaches, and their backgrounds and their experiences with that come out of corporate life, or when they've worked in small business and what they offer you in terms of business and business development, and your needs. Trudi Cowan: So really for the business coach we're looking at someone that's already had a past life in some sort of their own business, or some sort of business-related field. So, they got some knowledge. It’s not somebody that got three veterans. Stock and business coach. Ideally, we were talking about someone that has first-hand experience. Sarah Eifermann: Preferably, I mean I wouldn't have a doctor operate on me, that had never operated on someone before. Trudi Cowan: Very true, and preferably you want someone that has some experience. Let’s look at some of the names. you don't call yourself a business coach, what are some of the different names that business coaches might go by? Sarah Eifermann: Well, business advisor. Business strategist, Business Coach, business mentor. Yep, business consultants, all have slightly different connotations with who they are and what they offer you. Trudi Cowan: And are there specific courses that these people might have done to get their knowledge, improved even more so to help out their clients? Sarah Eifermann: Because they're an internationally qualified business coach, one of the members or one of the largest Federation's internationally, yes they would over particular courses, and I have done a set number of hours in the same way that psychologists counselors have to knock out hours to maintain their accreditation. So yes, potentially, yes, there are business coaches that did that whilst they were in corporate lives there may have been in C suite coaching, which is your CFO, CEO until they picked up the skills along the way. Yeah, so they may have been coached specifically for people that have a C in their title of Chief so they say C Suite coaching, and then they come out taking what they've known in corporate life and they come out and they started a business. So they've never worked for themselves before they decided to start the business as a business coach. Trudi Cowan: Okay, but they do have a lot of experience in coaching. Sarah Eifermann: Correct correct Trudi Cowan: Which is I guess the key of the important thing that you would want to look for. So what else would you be looking for or should I be looking for if I said Sarah I need to find a business coach and I'm not gonna talk to you. But what would you tell me after you're offended? What should I look for in a coach? Sarah Eifermann: My first question is for anybody. What is it that you're trying to achieve? we know that I talk in timelines in roadmaps in outcomes, I have been a business owner for a very long time. And if I’m going to invest any money, or time, both hard-earned and well deserved. I want to know that there's going to be a benefit to me at the end that return on investments, Trudi Cowan: I can spend any money, we want to get something back for it. Sarah Eifermann: Now this type of work is not necessarily tangible you don't walk into a shop pick something off the shelf and walk out with it. When you walk into the shop in the first place you know that you're going to buy milk or you're there to buy bread, but you go to a business coach. What do you want, why are you here. Right, so it really depends on what your needs are, first, if you need someone that is dedicated to assisting you in a particular type or area within your business. That could be a business coach or a technical coach. Yeah, for someone that has technical knowledge within that space in that field so they may not necessarily coach you on the holistic model of your business but they may coach you specifically on tax accounting. Trudi Cowan: I've seen one that helps people launch their online courses. Sarah Eifermann: Exactly, exactly. So it's a technical contrast to a holistic business coach, yeah. So it really depends again on what your needs are, what you're trying to achieve, and what your longer-term goals are for why you're doing it in the first place. Business is really isolating. We know that so sometimes it can just be to have a relationship with someone and read, and get some feedback. What I will say to you is based on the international definition of what is a business coach also the reason I do not call myself a business coach is because business coaches are not supposed to provide you any advice, they can. Their role is to provide you with a space to flush out your issues, and for you to problem-solve with them as a mirror. Trudi Cowan: Right so they're a guide, they're just guiding me in the right direction and helping me along and helping me maybe answer some questions but not actually giving me the answer. Sarah Eifermann: Yes, you have to find the answer now as personally as a small business owner and a business owner. Now, if I'm going to pay for advice, Trudi Cowan: I want the answer. Sarah Eifermann: Exactly. Trudi Cowan: So I'm a very direct person. Sarah Eifermann: Just tell me what the answer is. But sometimes yes people need to be led to the answer like you know lead a horse to water. Drink right, it's a very different thing. Trudi Cowan: I guess this also comes down to different types of coaches that are going to suit different types of people. Some people probably don’t want to be given the direct answer and you just want that guide. Sarah Eifermann: 100% Yeah 100% So, I mean, so for me when I went into the decision as to where I was at the crossroads of business, you know, four or five years ago I'd already been coaching for some of my clients, probably more advising as to the title though, quite a few years and I just decided to formalize what I was already doing. And from then I decided on the spot that I was not going to call myself a business coach. I know how frustrating it is to be in business and parting with your money, it's going to be a solution that actually provides you with results and you need to feel supported. Yeah so, I talk about myself the title space of business strategist or advisor, leadership, and accountability coach I want you to help change your behaviors to make you a better person, which makes you a better business owner, which then helps your business flourish with a set agenda or a roadmap of where you're going and why you're doing it, it's that adage, we've talked about before you don't drive from Melbourne to Sydney via Adelaide, unless its by design. so really I need to do a bit of research into the particular person, and his, the way they coach, what I'm looking for, and the outcomes that I'm wanting to achieve something that they Yeah, so let's deal with. Trudi Cowan: Now look, is there, business coaches that would deal in specific industries so for example if I was someone who just knew the accounting industry inside out, and their business coaches? Sarah Eifermann: Of course, there are. Yeah, of course, there are. And there are pros and cons to that. Yep, somebody that is a technical specialist in that field can be brilliant for you. If you want to grow the technical specialty of your business. Yeah. So if you're an accountant which you are and you only want to know about accounting, that's great. But what you can potentially get and this is a flip side of two coins, it's the same coin and it works in the same direction, is that you will then lose the perspective of people that don't work in the industry and other accountants are not your target market, no. Right, and so on the flip side of that, if you get a holistic business coach that's not necessarily technical specialists, yeah. Is it specialized enough advice for the industry that you're in? So I always say to people, you can always outsource for the technical specialty. Yep. But if you find the right person to come on board. That for me is much more valuable like the coaches advisors and mentors that I've had in my life and still have, because I certainly don't know everything I need people to get feedback from and get perspective from, they have some of them have been very specialized to their own industry which is not my industry but their business now is solid. Yeah, my perspective is solid, so I can still what their advice would be, it still crosses into what I needed. Trudi Cowan: It feels like the type of area as well whereas you really want to have that personality connection with the person that's advising you. Sarah Eifermann: If you're spending that much time you're building a trust relationship now both the industries that I work in a trust-based industry, and I say straight up to your face. If you don't like me, it will not work. Similarly, if I don't like you, it will not work. I am quite openly saying these days where I don't think that there is a nice enough fit that vibe, isn't there yet, I don't think I can help you but I can recommend that you go and speak to these three people, I highly recommend them in this field, Trudi Cowan: So I guess if you are looking for a coach, maybe speak to a couple of different people and don't just assume that the go-to is gonna be that right fit, you might need to speak to a couple of different coaches to find the right one for you even just from a personality naturally anything else. Absolutely. Now, what's the difference between a business coach and a business mentor. Sarah Eifermann: Yeah, so you often say this is a question this is on Facebook I think I'm a business coach but I don't know if it's a business mentor. So, you know, a business coach in this instance is the person that they're often more of a performance personality. They provide you with the support and the feedback that you're looking for they maintain your discipline and help you create a mindset. It's a really structured relationship. It supports self-discovery which is that feedback that mirroring business growth planning, and that's where you get your effectiveness. This type of coaching encourages you to make your own decisions and come to your own conclusions. Whereas a business mentor is a formal and professional relationship, but where the person experienced is in the support position is someone that's usually been there and done it themselves but may not professionally promote themselves as a coach. Right, so they may have started a tech startup and taking it to IPO. They could be your mentor. That's what you wanted to do. Yep, so they've walked that path before but they don't necessarily have a professional business that offers coaching services, but they also they're in a mentoring relationship, the feedback goes both ways where they may pick up new technological disruptive things that are happening that they may not be aware of because they're not looking at them from that point of view as well. Trudi Cowan: And I think for a mentor as well. There can be paid mentors and they can also be unpaid mentors because I know for example a lot of my former bosses, I still speak to and catch up with, and I had an interesting relationship, we think, as you say, it does go both ways because I am younger, so sometimes they just want a different perspective on their team. Yes, and someone that's been in the team and often I'm asking for their advice from someone that has managed to attain and manage clients. Sarah Eifermann: I'd probably look at it more as like a professional friendship. Within the bounds of mentorship that's designed to help both of you grow with whatever those needs are for you personally. Trudi Cowan: Okay, so if a client Rinji Yeah So Sarah, Trudi said I should come and have a chat with you about some coaching, what should they expect of that first phone call? Sarah Eifermann: Genuine, authentic discovery. Cool, what is it that you're looking for? How do you think I would be able to assist you. What is the real key thing that you're wanting to achieve by this process? Do you vibe with me, because if you don't vibe with me we're really set out what's the point, yeah? I usually ask a couple of financial-based questions, what do they do they know what their profit and losses are. Can I answer those weekends in basic business positions, but a lot of the times clients hearing me they can't tell me what their profit on or their turnover was, Trudi Cowan: I completely agree with that, I get that as well often, Sarah Eifermann: Often once they've worked out that they do want to work with me they still don't know why they need support and assistance but they don't actually know what that's supposed to look like. Yeah. And to be fair, It's so bespoke and unique to your own circumstances that each client needs something different. If I had two trainees come at me, both in startup phases to electricians. Their personalities would dictate, they needed different things. Yeah. So, and this is I suppose that holistic approach is that I build your program around your needs. Yes, I have a framework that is my IP that I go with. And usually, we start with a business audit to set fees so that you get to get an understanding and appreciation of how I work, and what the perceived values for you will be. And then, did we reach those metrics, you know that then if you want to go on and decide to work with him moving forward, that's your choice so I personally don't knock anybody into any contracts or, you know that six-month minimum coaching. Trudi Cowan: That was actually going to be my next question, so it says no minimum period? Sarah Eifermann: You know why I've been a business owner and I wouldn't want to commit to that. Yeah. Not if I had no guarantee that I was gonna get a value out of it. Trudi Cowan: Yeah, and I guess for some clients, all they need is maybe that initial conversation to give them a bit of a boost after this. Sarah Eifermann: My, my business model is not designed around bringing you onboard correctable and continually doing routine maintenance every two weeks. Yeah, my business model is around bringing you onboard let's sort out what the key issues are, let's build your roadmap for the future, and then let's wave you On Goodbye and see how you go. And then in three months, let's do a check-in, and then in six months after that, let's do a check-in, because you've developed the skills yourself, but you don't need me anymore. Yeah, that's the point. Trudi Cowan: Yeah, and it might take some longer than others to get to that point, they don't need you anymore. Sarah Eifermann: Exactly right. So, I am always, always here for you after that initial period, do we need to so if I was to say, as a framework. I do a business audit, it's usually six to 10 hours depending on the depth of discovery that needs to happen for that particular business. And then, I would say, depending on the personalities, we need to catch up for an hour once a fortnight, yep, for four nights. And then, once a month for three months. Yep. And then, once every six months, and then only once every 12 and it's just a touch, touch base check-in and go from there and look out for clients if I did an audit with two years ago. That's the work that we did for them and the roadmap that we did for them. I haven't touched base with them from the coaching point of view have they've come back to me for finance, but then now finally rolling out the stuff within the timeline that we set them. Yeah, I don't even realize is actually on the document I gave them at the time, Trudi Cowan: Yeah okay so it's become unconscious Sarah Eifermann: Becomes unconscious because it becomes behavior and we've said this all the time a business plan is not a piece of paper on the shelf it's a mindset. It's about helping you get excited about the business and encouraging you to maybe take that leap that you've been thinking about doing for a while I often get asked to do an assessment on purchasing a business or selling a business and helping people make decisions, and then just the standard, the business planning side of stuff I mean that's a lot of the work that I've done with the council grant recipients that have come to me it's about a business audit that goes, with business planning and development. But ultimately, I think you would find that everybody would benefit from having a business coach or advisor in their corner, everybody would. It comes down to whether or not you perceive there to the value in that. Trudi Cowan: I guess I don't need to ask you, then how do you know when you need one. what you just told me that we all need one. Sarah Eifermann: Everybody needs them, I have some. Trudi Cowan: How do you know it's the right time, as you say there's got to be the perceived value but is there a point in time that you find tends to trigger people to when they're looking for a coach? Sarah Eifermann: When they feel really stuck. They don't know what's the right decision. Yeah, get out of their own way. Yeah, to make a decision. Trudi Cowan: They are sort of hitting a wall, so to speak in terms of their business and where to go next. Sarah Eifermann: Sometimes There's an opportunity that comes their way and they just, It's literally it's like grade six, and the 12 Yeah, like it's just so much, a level above their business knowledge and they think most great opportunity to take Trudi Cowan: But I don't know if I can do it. Sarah Eifermann: I don't know if what the offer they're offering me is good. Should I consider this? Is this where I want to be in life. This is where I want to be in business and for me, business and life are intricately linked right. Often the values of who we are feeding assess into our businesses and how we communicate with our customers. And if you don't take that into account, you'll continually be at odds with business, your business won't match what your personal needs are and values are. So there are all sorts of instances like that where people come and they go, they just need a little bit of help or things of like and it's sometimes it's really good to have someone available to bounce feedback off I work with a mortgage broker and. Two years ago we started talking, he wanted to exit the industry, and he didn't know what that would look like, how we would even achieve that. And we started doing monthly coaching with that and he had to think about what he wanted to do and then COVID happened. And so his plans. Yeah, because remember March 2020 We didn't know what was going to happen in terms of financial aid, we didn't know what were we gonna have any money, were businesses going to shut down completely, was the future going to be really dire so it was his silly to sell his main source of income and his client base. so we've done quarterly coaching with him until he went off in the meantime, and designed an app that was like an associate, it's the same industry but it's related. And then he made the decision. Three months ago and I went, work through last month, so he needed somebody to help him Trudi Cowan: To bounce those ideas off, and that's the one thing I have found running my own businesses you don't you need your, your network you need your group, whatever you want to put your business buddies around you, and it can be really useful as a coach as part of that. Yeah, team to help support you. Yeah, Sarah Eifermann: I think if you're going to take on a business coach, be prepared to pay the money. Yeah, the investment, Trudi Cowan: A little bit of a pay what you get, you get what you pay for. Sarah Eifermann: Yeah, like anything in life. But if you're going to do it and pay for it, you need to invest at the same time so you need to be engaged Trudi Cowan: By spending the money and they're not doing the work. Oh, I would not be surprised at all, I would totally believe it, but I definitely agree with the sentiment that you've got to be willing to put that work in to get the outcomes. Sarah Eifermann: To be fair, like, and I will openly say I am not for everybody, but I think knowing what you want to achieve from the process makes the process much easier but it also means that your expectations of what the outcomes will be are more easily defined. This is how long is a piece of string kind of stuff. You know you want to achieve something. Trudi Cowan: Yeah. Now, maybe two last questions. One, what's the difference between a business coach and a life coach. Sarah Eifermann: Oh, God. Never, ever asked me to be a life coach. Ever. Trudi Cowan: So it's two completely different things, isn't it is there a point I'm trying to get it. Sarah Eifermann: Okay, and so this is really really important, a life coach or a counselor or a psychologist, should never be giving you business advice ever, and have had an experience of like where we had a psychologist, giving the client business advice which completely contradicted the business advice that they had, and where they were hitting with their business, because like anything it's up, it's a whole perspective, and I would never give someone life advice. Yeah, that relates, from that point of view, one because it's not in my business, but two it’s not my specialty. Yeah, I can be human, and I can genuinely ask how you are. And I can give you some kind words and some compassion and empathy for a complicated situation. Yeah, that's not advice Trudi Cowan: You would send them to some other support services, Sarah Eifermann: Consider doing that was what was looking at this, this works for you, consider speaking to these people, and I do really believe that personal shit impacts business shit definitely does right so if I notice that I will say to you and I said to a client on Friday, the personal stuff here that you need to go off and deal with because we can't complete your business planning, because you then they're not aligned. Yes, and there's no point spending the time on business planning if you don't know what you want personally in life and business. Yeah, so I sent him off to go get some third party advice, and I have no interest in doing that. Trudi Cowan: It's not your specialty as you say, it’s not your area and we'd like to stick within. Sarah Eifermann: I have no interest in it. Trudi Cowan: So if any of our listeners have gotten to the end of this episode and gone. I really think that it's probably time for me to get a business coach. Yeah, and Sarah kind of sounds like someone I might be able to talk to, how do they get in touch with you, how do they start what happens Sarah Eifermann: 400 billion ways these days. Honestly just pick up the phone, call me. Yeah. Honestly, that's the easiest, simplest way sure you can leave me an inquiry on my website and contact us with those socials, but I like to speak to you. I want you to know that I'm a real person. I'm not here to flog you a service and rip you off, I'm not interested. Honestly, I'm not very selective with the type of clients that I do take on board these days, and I'm not the cheapest that's out there for a reason, and you get what you pay for, and my service speaks for itself in what comes, and the returns and the personal rewards of business development. And to be fair, we talk about it in this podcast so by now if you think, I'm the person you've probably gotten a fairly good understanding of pushing this idea by now. Yeah, I’m straight to the point Yeah, I think I'm pretty funny too. Both Trudi and I think we're funny. You know like I really, really think that connection and respect for that connection are really important, and if there's no vibe there. If you want a little bit more information you can type my name into YouTube and see the episodes that I've got on business in YouTube as well. So that's the other way, but pick up the phone call. Yeah, the easiest way to suss out whether it's something that will be affiliated with, I am someone that will be of value to you. Trudi Cowan: So I guess my key takeaway from, I guess we just had is that, I mean, every business owner can do with some coaching of some kind, and if you don't have a business coach in your life or your network, then maybe think about whether it's going to be helpful for you to take your business to the next level or to make a particular decision struggling with. Sarah Eifermann: And everybody wants to grow their business Trudi Cowan: And have a look, and have a look at it because there are lots of business coaches available and just because your best mate says this person is awesome doesn't mean they're the right one, yeah. So have a look at a couple of different options. One, to see what's going to fit your situation. Sarah Eifermann: One final thing that I will say is that financially speaking you may need a business coach but is not in a position to pay for it. There are some Business Victoria mentoring, coaching, Trudi Cowan: I know our local counts, I don't think it's called the Business Victorian coaching bus, there's actually like physically like a bus. Okay, that goes around to different areas that you can get some business coaching from as well, normal COVID Normal times but I think this is doing an area I think is probably zooming in or online now so definitely have a business Tutorial website or your local council business pages. If financial it's not an option. There may be some either cheaper or free options available to get you started. Sarah Eifermann: There’s a lot of Like groups available as well on Facebook and things like that but start thinking about whether a coach or an advisor is of value to you and how you would use them because I think that's half the Trudi Cowan: Half the battle. Yeah, yeah, yeah. Sarah Eifermann: Awesome. Trudi Cowan: Thank you for listening everyone you've been listening to Financial FoFu I'm Trudi Cowan, Sarah Eifermann: I'm Sarah Eifermann, Thanks for listening.

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