My Takeaways From Business Coaching – Part 2
My quarterly Coach meeting is an opportunity to get the 40,000 foot view on my life personally and professionally. I can do this most effectively when I take a time away from my business and workplace so there are no distractions.
Each quarterly session, I start by focusing on the following three questions:
- What are the three biggest challenges that I have personally and/or professionally?
- What are the three biggest opportunities I am trying to reach personally and/or professionally?
- What are my three unique abilities as it relates to my business?
The reason for starting with these questions is to flush out the challenges and opportunities, and to reinforce what I should be doing with my time in the business.
Identifying what my challenges are allows me to think and share with other members of my Coaching group. Many times, one or more members of my group will help come up with a solution to my challenge. This can save me a lot of time, money, and stress since they may have already met and overcome that challenge in their businesses. In addition, I don’t feel alone since I am in a room with other entrepreneurs who are going through similar issues. It is easier to share these thoughts and conversations with other business owners since I can’t necessarily share them with my own employees. It is also comforting to know that I am not alone in these challenges. The power of the collective group is second to none.
Outlining my opportunities is a means of setting large and small goals. Sometimes the same goals appear quarter to quarter since they can be a work in progress. The process is to think it, then ink it, and then share it with another person and/or the group. This process is very powerful since our subconscious can also come into play to help us start to achieve the opportunities automatically. In addition, I might receive feedback from my group that will help me achieve my goals more easily. Often upon review a year or two later, I will find that we achieved our opportunity without giving it intentional thought.
Our unique abilities and staying in the zone help us make large gains in our businesses. Unique abilities are defined by what gives us the most energy while we do them and is usually associated with the biggest bang for the buck in our business. I ask business owners what they love to do and how much of their day is spent doing that and they will usually point out that it is 25% or less. If they could push that amount of time to between 60% and 80%, would that have a positive impact on the financial health of the business? The answer is always yes; it will definitely produce good financial results. The obvious question is why don’t they just do it? If their company is producing good financial results then they have the financial ability to make the investment into a new person or outsourcing (please note I said investment versus cost).
By spending time on each of these areas quarterly, a business person makes progress. Some quarters are more productive than others but this is not a 50 yard dash; it is a long run marathon. Next week I will talk about different types of days in the business and while you disconnect from the business and the importance of those days.
I hope you’ll join me for the next edition of Intentional Success.
Clifford A. Wiegers, CFP, TEP, Ch.F.C., CLU, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Securities Investment Services Inc.
The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.
Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Wiegers Financial & Insurance Planning Services Ltd. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada.