Do you need a business coach?

“People seek coaching for a variety of reasons,” says Rosemary Smyth, president of Rosemary Smyth & Associates, a Victoria firm that specializes in business coaching for advisors and managers. “Some are rookies who want to learn how to work as productively as possible. Others want to know what questions to ask before buying a book of business. Still others want help in achieving a goal, such as focusing on high-net-worth clients.

“There’s no one at home or work with whom they can discuss these things. That’s where we come in.”

Unlike mentors, coaches don’t show you what to do, says Smyth. “We ask you to describe your vision and help you formulate a plan to get there.”

The value in coaching, she says, is that you get time to focus on the big picture, away from the daily minutiae of the office. “This is about the advisor’s agenda, their biggest problem or challenge; they control the conversation.”

Here are some points to consider before engaging a coach:

> What is business coaching?
This type of coaching is a business-focused collaborative relationship in which the advisor and coach discuss desired changes in the advisor’s mindset, behaviour, etc., and then work together to leverage the advisor’s strengths to achieve their goals. A coach also holds you accountable for following through on your commitments.

Coaching isn’t therapy, which is about resolving inner issues, says Joanne Ferguson, coaching consultant and president of Toronto-based Advisor Pathways. “Coaching is about moving forward, not dwelling on the past. Where are you and where do you want to be?”

The relationship is most effective when both parties are honest and straightforward, adds Ferguson. “A client should tell the coach immediately if something isn’t working.”

> What does it cost?
The cost varies. Some firms charge a flat monthly fee, others charge by the hour. Smyth’s rate is $275 an hour; she meets clients via phone, Skype or, occasionally, in person once monthly for a minimum of six months.

Advisors often hesitate to pay for coaching but the results are well worth it, says Smyth. “Some changes are intangible so they’re hard to measure, but compared to the cost of your wardrobe or car, it’s relatively low.”

> Finding a coach
Word of mouth is the most common way: talk to friends and colleagues who have had positive coaching experiences and get recommendations. You can also check with the International Coach Federation, as well as dealers and wholesalers, who should have lists of good coaches.

Interview at least three coaches to assess the fit. Ask about their experience to ensure it’s relevant. You should also consider the environment that works for you since coaching can take place in a group or one-to-one, in person or by phone.

> What to expect
A coach should ask you powerful questions and keep you on track, Ferguson says. “A good coach listens without judgment, challenges you, celebrates your successes and helps you regroup from disappointments.”

Ultimately, however, it’s up to the advisor to move forward. “Change is hard work,” says Ferguson, “and the results are up to you.”