Battle tested coaching strategies for tough economic times.
I’ve participated and observed a lot of coaching programs over the years and I’ve broken down results into four segments;
Macroeconomic – you get results because the market is growing so you almost win by default
Confirmation bias – where your energy goes, your results show. When you pay to focus on an area, you often see results
Ideology expansion – you learn new ideas, new strategies, new tactics that compliment and build on your existing actions which drives results
Increased action – you’re pushed to work harder, do more and make tough decisions you potentially wouldn’t have made on your own
The true measure of a coach or a program is how well it helps you get out of tough situations and avoid them reoccurring in the future.
This is where I see coaches shy away from out of the ordinary clients and focus on trying to serve an audience of those already doing well, playing it safe and optimising an existing solid foundation.
Sure, it’s easy to work with affluent clients with great businesses, free-flowing cash flow and a long track history of results. However, this is the minority of small business owners globally.
Who is helping those who are battling, struggling to keep their head above water and requiring the support to make make or break decisions that will determine the future of their business and future wealth?
This is the space I love to play. It is incredibly tough, takes a lot of effort but the gratification when you can take a business owner from the brink of insolvency to amazing profits and clawing their way back to financial freedom is hard to explain.
My parents were battlers in business for decades. Always struggling to make ends meet, keep one step ahead of their impending doom and constantly operating in street fighter mode to keep the business alive and put food on the table.
Their stress was endless, the pressure was crippling and the financial rewards were dismal.
This is the harsh reality for many small business owners.
You only need to look at the number of distressed or insolvent business listings to see that the tides are changing and both business owners and coaches need to adjust accordingly.
As a client you need to stop expecting that your time tested strategy is always going to work, holding tight to your ‘she’ll be right’ attitude and thinking you’re immune to running out of working capital and hard work will get you through.
We’ve seen some huge businesses topple because the owners failed to let go of this mindset and it was the punch they didn’t see coming that knocked them out.
Stop chasing shiny objects, focus on the real metrics that help you measure your true performance and use this as your guide to make strategic decisions that keep your business alive.
As a coach, you need to stop being kind, giving your clients lip service and telling them everything will be ok and give them the real advice that will guide them through tough times.
Get clear on what the common issues are, what are the risks that are most catastrophic and build frameworks, systems and playbooks that provide your clients with peace of mind and certainty for the future.
This also includes being ready and willing to tell those clients who are operating in ignorant bliss when their business needs to be put out of its misery.
It is ruthless, but necessary as business can be cold and the repercussions need to be taken seriously.
We also need to balance the fact that we cannot want success more than our clients do. This is a 50/50 partnership and having the will and desire to persevere through tough times is what ultimately determines your long term success as both a client and a coach.
Do you feel like you have the tools you need to navigate the tough times to come?
