BUSINESS COACHING FOR OWNER-MANAGED COMPANIES
Owning, leading and managing a privately held business is a lonely endeavor! Owners wear many hats, and if truth be told, they don’t wear all of them well! The image of the driven entrepreneur succeeding against the odds through single-minded determination is iconic, but not entirely realistic.
Despite this popular misconception, the most effective business owners admit their group of advisors – legal, accounting, marketing, sales, human resources – have played a significant role in helping them become successful. Acknowledging they can’t undertake and manage every aspect of the business is a critical step in growing a viable and sustainable company. “Knowing what they don’t know” and surrounding themselves with the support and counsel of others to contemplate and address strategic and tactical issues pays great dividends.Enhanced Accountability
While the advisors listed above provide support in their focus areas they are generally only involved when an issue arises within their field of expertise. They might not have the time, inclination, or ability to serve the owner and the company in a global capacity. An ongoing relationship with a business coach fills this gap!
The purpose of coaching is to provide an external viewpoint that allows for a more thorough evaluation of big-picture issues facing the owner. It provides an independent sounding board and safe haven to confidentially discuss options for decisions that must be made. Business coaching is an accountability trap. Scheduled two-hour monthly sessions focus on the “important” things critical to the long-term success of the business while also addressing the “urgent” short-term crises that arise in all businesses. In addition to scheduled meetings a CEO Partners’ coach is available for in-person meetings or phone calls between sessions for any surprises that might arise. The quarterly fee covers scheduled and emergency meetings at no additional cost.
Typical Monthly Meeting Agenda Topics
- Focusing the owner on highest impact activities
- Review of financial statements and financial performance
- Setting and revising goals
- Reviewing progress in achieving stated objectives
- Developing strategies and tactics
- Reviewing new challenges
- Business transitions
- Providing support and an outlet for the owner’s frustrations
- Making the owner uncomfortable to generate action