At present, there are several different types of services, including coaching for business that are being offered in the market whose primary goal is to support and nurture a business or enterprise to make it more profitable. They are coaching, consultancy, mentoring and therapy.
However, many businessmen don’t have an idea on what each of them does, and how they differ from each other. Hence, I will try to define, so they can ascertain which one their business needs. After all it is their money they are investing, so they should make more out of it.
Coaches
Just like a life or athlete coach, there are experienced business professionals who work with their clients on a specific area. Their task is to further enhance skills, develop the purpose of a business, and share their personal experiences and learning to motivate executives and entrepreneurs, address business issues, and provide support and accountability to guarantee that the goal set will be achieved. They must be passionate and maintain a positive attitude too because they are like business partners. What they radiate, their clients exude. The top reasons business coaches are considered are as follows:
When a company is seeking to improve employees specific abilities
When the company have skilled employees who are not performing
When a company will be switching to a new program or system
Consultants
They are experts of a certain field or industry who provide expert advice or services professionally. They are usually hired to help organizations in improving their performance and efficiency. Typically, they analyze businesses and create solutions or action plan to implement to accomplish objectives. They are more of a counsellor. They get in depth understanding of a business, evaluate it, and identify problems or areas in the company that needs change or improvement, or opportunities to grow, boost efficiency and eventually increase profitability. Most of the time, their services are needed to identify company problems that is delaying income in flow, supplement staff, designing business model or marketing plans and company reorganization or restructuring.
Business Therapists
They are business professionals too and their goal is to help business owners become more strategic, decisive and accountable thereby sustaining or even growing their companies who are having problems upfront. This new innovation of service however, is tailored in addressing business glitches like employee inefficiency or effectively that arise from human behaviour. They are more inclined on the business status.
Mentors
They are successful people too who have earned experiences, but unlike coaches, their relationship with their clientele is broad or general and long term. It doesn’t necessary be a help in skills or specific area, it can be just about anything in running the business. Normally, they handle problems when they arise. A company needs a mentor when:
They seek to develop leaders as part of their succession plan
They seek to develop diverse employees to remove barriers that hinder their success
They seek to balance the professional and personal life of their employees
All four experts are valuable resources, but their hard won experiences being shared to their clients may be wasted if a leader failed to choose appropriately which services their company needs – at the moment. How coaching for business differs from other services, is the leader or employees personal development.
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