Executive Coach vs. Business CoachTue 27 Dec 2016
Iâ€™m writing this article for anyone considering a Business Coach or an Executive Coach in Japan/Korea/China as there appears to be a lack of credible information in these parts of Asia.
For the actual "Coaching" location is generally irrelevant now days.
Letâ€™s draw some distinctions and look at some of the differences in emphasis, focus, and training between these two types of coaching:
â€œBusiness Coachingâ€ is a generally an alternative term derived from the field of consulting. Research shows: â€œMany Business Coaches refer to themselves as consultants, a broader business relationship than one which exclusively involves coaching.â€
I regularly work with an amazing woman. She is very business savvy, and she has sold her previous businesses for millions. She is more of a business developer and consultant than coach however she calls herself a â€˜Business Coachâ€™.
Would I want her coaching me on my business?
Several friends of mine have hired Business Coaches & I'll be happy to recommend you to their coaches as they are having successful relationships. Not all business coaches are and you don't simply 'get what you pay for'. This is due to many well marketed, well presented coaches that have no experience backing up their promises. There are also some business coaches which undercharge as they are in their first years of 'coaching'.
Executive Coaching on the other hand is vastly different. As the diagram above illustrates, Executive Coaching focuses more on the behaviours and skills used by the individual rather than the business. Some people say it is more like 'Advanced Life Skills' or 'business soft skills'. This Coaching can be used to help someone with all kinds of things from developing more appropriate and a variety of leadership styles, to interviews. Common things targeted include procrastination, time management, public speaking, voice coaching, conflict resolution, and the list goes on.
Adrian Cahill is a generalist who has coached many small business owners and executives in China, Singapore, Korea, Thailand, Malaysia, UK, Australia, Canada and USA. Although he may or may not be right for you, as a Regional Development Officer for the International Coaching Federation, you can count on him to offer you friendly, accurate and timely advice to coaches available in your area or for your situation.
Measureing the ROI in CoachingThu 08 Sep 2016
Measuring the impact of coaching is a necessary element of any coaching assignment, and crucial in gathering data to demonstrate its value and impact as the profession matures.
It doesn't matter if you are hiring an executive coach or hiring a business coach. Measuring ROI is critical. This article will focus on Executive Coaching for small to medium sized business. (Most large businesses already have coaching awarness).
You wouldn't buy an investment without looking at the return on investment (ROI). Yet the ROI on coaching is often subjective or hard to measure.
With persistence and collaboration models have been developed. The topic has been explored and we like to share one model with understandng how we can measure ROI on Coaching.
Coaching can have a huge ROI and here are 5 separate levels or area's which may measured.
1. Reaction. Measures participant satisfaction and captures planned actions.
2. Learning. Measures changes in knowledge, skills and attitudes.
3. Implementation. Measures changes in on-the-job behaviour or actions.
4. Business Impact. Measures changes in business impact variables.
5. ROI. Return On Investment. Compares benefits to cost.
Another way to think about these 5 levels is:
1. â€œDid you like the session?â€ e.g. satisfaction survey, feedback.
2. â€œDid you learn anything?â€ e.g. test of objectives.
3. â€œYouâ€™ve learnt the concept, but what are you doing differently back on the job as a result?â€ e.g. mini-survey, 360 assessment.
4. â€œWas there any change in business impact resulting from the coaching?â€ e.g. changes in variables such as quicker/faster/better delivery.
5. â€œHow do the benefits/(or saved costs) of the coaching compare with the cost?â€ e.g. sales targets hit and exceeded by 15%, executives retained, cost of replacing an executive. Possible ways to present could be confirmed ROI to date, ROI between xxx% to xxx% for year 1, expect to grow to xxx% to xxx% over the next 2 years.
Tip for those engaging coaches:
Itâ€™s a good idea to deploy some kind of feedback form or survey after the first or second month of coaching rather than at end of the engagement. Especially if the Coachee is not completely confident or compatible with the coach, new to coaching or any potential issues as it is at this early point that things can easily be adjusted. A good Executive Coach will have but may not necessarily use feedback and assessment forms.
Remember ROI is paramount for continued engagements and coaching success.
Tip for coaches:
Start ALL coaching engagements with specific questions, check list, survery or something to take a measurement from before starting your coaching. If possible, ask to involve other parties around the Coachee to assist in some basic measurements. Secondly, ensure in this process clear goals/agendas/direction is set out. Itâ€™s great if your Coachee sayâ€™s your great. The clearer the results, the easier for all involved to validate their investments in hiring you.
Wouldn't it be great to have your Executive Coaching contracts to end with your clients expressing something like:
The Coaching engagement resulted in achieving 4 of 4 targets during the engagement. Plus we experienced a measured ROI of 300-500% by the end of the engagement. Next year we predict that ROI to grow to 500-800%. We look forward to more success.
Wealth Beliefs & ParentingTue 19 Jul 2016
Reading a very interesting book on wealth and love to share an overview about families and wealth.
They believe the more dollars you give to adult children, the fewer dollars these children accumulate (a statistically proved relationship).
Here are the rules they more or less live by in dealing with their offspring:
-Never tell your kids you are wealthy. -Teach your children discipline and frugality. -Minimize discussion on what your kids will inherit.
-Never give cash or significant gifts as part of a negotiation.
-Stay out of your adult children's' family matters.
-Emphasize their achievements.. .not your success.
-Assure them many things are more valuable than money.
Millionaires also encourage their children to become self-employed professionals such as doctors, attorneys, engineers, architects, accountants and dentists. They believe only a small number of professional people fail to make a profit any given year and they earn more than the average for small businesses. "You can lose your business, but not your intellect," they say. Most own their own business because they believe self-employment is less risky than working for another.
Very Interesting points. What are your thoughts?More
Get motivationThu 21 Apr 2016
There is no question that we are all motivated, we are breathing...
The question is what are we motivated to do?More