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Who Needs a Business Coach? with Karen Greenstreet
Who Needs a Business Coach?
SUMMARY:
In this week’s episode of the Sailing to Success Podcast Show, Lyndsay Phillips interviews Karyn Greenstreet. Karyn is an internationally known small business consultant and self employment expert. She helps seasoned business owners expand their reach and has helped over 270,000 people worldwide.
MAIN QUESTIONS ASKED:
- What is the difference between a business coach and a business consultant?
- Do you find that people second guess themselves?
- How do you know you need a coach when you’re an entrepreneur?
- What should we look for in a good coach?
- What should your expectations be with a business coach?
- How does a mastermind group work and how do they help?
KEY LESSONS LEARNED:
Coaching vs. Consulting
- A business coach is certified by the International Coaching Federation.
- Business coaches don’t offer advice, they help you with your inner game like setting goals and managing time.
- Coaches don’t direct the conversation.
- Consultants offer advice or help walk you through a solution.
- Consultants can also offer training.
- The best option is someone who can be both a consultant and a coach depending on the situation.
- Entrepreneurs can become bogged down with the operation of their businesses. Coaches can help them find the clarity to make higher level decisions.
Confidence
- Everyone second guesses themselves sometimes, usually due to lack of confidence.
- A coach can offer a different perspective which can reveal the true motivation that drives you and your decisions.
Finding a Good Coach
- If you feel stuck or that your business has reached a plateau, you may need a business coach.
- Occasionally, it makes sense to hire a business coach at the beginning of a new venture to keep you on track.
- Ask your prospective coach certain questions, how long have they been doing it? Are they trained? What industries have they been in?
- Testimonials are a good sign that the coach has done good work before.
- Perhaps the most important aspect of the relationship with a coach is their personality and how you both work together.
- Having access to the coach is important, are they going to be responsive if you need them?
- What is the price they charge for their services, it should make sense for you and them.
- There are no guarantees because the result relies on you doing the work.
- A good consultant should be able to give you reasonable estimates depending on your industry.
- Your coach will assign you homework and will challenge you if you don’t get it done. If they don’t hold you accountable, they aren’t helping you.
Mastermind Groups
- Masterminds are groups of peers that meet on a regular basis to share best practices and help each other grow.
- The best masterminds are lead by a facilitator that keeps the group on direction.
- You can bring your situations and issues to the group and have multiple people working to help you solve your problem.
- Masterminds can be a shortcut, they offer support and solutions that can take your business further.
- Usually one person has the hot seat and they share what is going on in their business at the moment and the group discusses what is happening.
- Mastermind groups are a source of knowledge and the motivation to implement what you just learned.
- The structure of a mastermind can vary, the minimum is around 4 and can scale up to almost any size as long as everyone gets a chance in the hot seat.
- Meeting face to face can be great, but virtual masterminds work well too with a good facilitator keeping the meetings on track.
Final Tips
- If you need help finding your vision, find a business coach. If you need specific advice, look for a consultant.
- Find a mastermind you can be a part of or create one, they are too valuable to not take advantage of.
- Entrepreneurs tend to work alone, become a part of a community and take your business further than you could on your own.
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