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Experience is just not sufficient. Tips on how to turn out to be a profitable enterprise coach.

Critical success factors for executives and entrepreneurs in order to gain trust and reliability as a consultant and strategic partner.

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March
5, 2021

5 min read

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I will never advise anyone on anything that I have never experienced or done myself.

This is one of the first things I share with a prospect. In a world full of self-proclaimed experts, thought leaders, and executive coaches, it is through disappointment that we begin to understand that it is really difficult to find someone you can trust and rely on.

These self-proclaimed experts may have a lot of knowledge, but they lack wisdom. Let's face it, we're living in a new world. A world that is transitioning from a knowledge-based to a wisdom-based economy. It's no longer just what you know, it's what you do with what you know.

Related: 9 Qualities You Must Look For In A Business Coach

We often feel that wisdom comes with age. It's a myth. We are now living in the age of personalization where the individual defines business. The individual has expectations and is unwilling to adapt to old, outdated standards defined by the institution. Regardless of whether you are an employee or a consumer, the person is now responsible.

Against this background, 4 critical success factors for executive coaches are listed here. With entrepreneurs, be especially careful that circumstances do not force your hand:

1. Experience is not enough

The days with 15 to 20 years of experience in a certain function are no longer enough. In fact, it can be harmful. The business playbook is changing fast, and if you haven't developed your thinking in the last 15 to 20 years, you are irrelevant. It is also no longer advisable to use your previous connections with large corporations in the hopes that this will give you credibility. Those days are over too. Regardless of what success story you've been part of in the past, today's personalized world doesn't matter much.

The big question for you is what lessons have you learned from your experiences, how many times have you failed, what could you have done differently, etc. Humble yourself and extract the wisdom and let this practice guide you as a leader. Stop allowing perception to get in the way of your reality.

2. Get your hands dirty

I have said many times that you need to touch the business the way you run it. Now that you know the limits of your experience (unless you convert them to wisdom), the best executive coaches need to get their hands dirty. Here are a few examples: A) Don't just share your own perspectives and research. Read carefully what others say and what they research. Always offer broader perspectives than your own. B) Share your network. My goal is to strengthen my network for my customers, not me. The collective wisdom of your networks shows that you can over-deliver, care about you, and rely on to open new connections to improve your customer.

3. Do you see me Do you know me?

The best executive coaches invest in getting to know their clients as individuals. Common sense tells you that you cannot advise someone you do not know. However, knowing your customers well will make the roadmap to achieving their goals and helping them find the success they want easier. That way, you can increase your engagement by leading your customers to find meaning (something that is more sustainable and self-determined). That should be your ultimate responsibility as an executive coach.

When you see and know your customers as individuals, you've started that process by making sure they know about you: your journey, your weaknesses, your mistakes, your family, etc. When your customer sees and knows you, opens up not only does this open the door for your client to do the same, but it takes you to the most important part of the relationship where you are both mentoring and mentoring each other. Wisdom accelerates from either side of this equation. Opportunities multiply.

4. Know how to build a strong network

Since I mentioned the importance of sharing your network, it is important to know how to coach your clients as they build their network. Last year I designed and directed a three day summit. I've brought 46 executives on board and coached them to support the content strategy, delivery goals, and prerequisites for the summit to be a success. After the summit ended, I received the following feedback from the speakers: “Glenn, this process has taught me that my personal and professional network is inadequate to help me achieve my goals for the next 5 to 10 years. "When I asked why, they replied," I was taught to build networks of like-minded people. I was taught to network with people who had the same job / position as me. I never saw the power to network with others whose wisdom I want to learn from and which I can reciprocate in the process. "

Related: Some people have a therapist. I have a business coach.

Building a strong network is difficult when you need to get out of your comfort zone. But in today's age of personalization, that's what it takes. We are all students and teachers. Nobody knows all the answers. Your network must also be viewed as your ecosystem of wisdom.

Opportunities are everywhere, but few have eyes to see them. Why? Managing opportunities takes a lot of work. More than that, it takes wisdom to see what is right in front of you.

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