Why consider a business coach?
Starting a business is hard work. Having a business coach will help.
The right team, tools, and techniques are critical to succeed. Fortunately there are a lot of resources out there. Unfortunately, it is hard to be able to know which ones are right for you.
On this episode Arlene Moss joins me to share her insights as an executive business coach. She recently teamed up with the XY Planning Network to share her insights as a part of the XYPN Academy.
Learn more about Arlene’s work with XYPN on the XY Planning Network blog for Financial Advisors.
They cover a variety of topics such as Why get a executive business coach, what do you need to get started? What tools should you use? (e.g. mindmapping, roleplaying, inner conversation exercises)
The place to start is to learn about what kind of coaching do you need. Arlene, for example, always brings caring, humor and considering the big picture as a few of her principal tools. When she her work right, it’s good for your heart as well as your bottom line.
What’s the big issue? Whats the goal??
You’re not alone or the first person with this problem. Everybody has problems, coaches are a place to find solutions.
How will an advisor benefit from coaching?
It is easy to become overworked, have your fees too low, or feel like the whole process is “nebulous.” Maybe the problems is that you want to sleep better at night or feel more organized. Similar to your work with clients, a business coach helps you chart your path and know how to track success (aka, what should this look like 6 months from now?).
Then there are the “nebulous” issues, where the advisor needs to rely on their coach’s intuition and wisdom to address those more vague issues. Arlene uses the metaphor of dumping the kitchen drawer on the counter to discover her client’s next steps. This helps her and her clients discover the contributing issues that are blocking what seems like the main obstacle.
A good business coach helps you put the soft skills together and be better able to serve your clients. They are there for the celebrations and the bad times. Personally, I love literally patting myself or a client on the back to celebrate accomplishments. Whether it’s a business coach, digital marketer or a financial planner, we are here to help our clients celebrate the wins!
Imposter syndrome
One of the most common problems to any budding business owner is that they don’t sound confident even though they know their stuff. This becomes apparent in the closing ratio or even the fees you charge. It could also be that when you get “the meeting” with a Center of Influence that you are not able to communicate the story of your firm.
Not only does this inhibit your closing ratio but can also inhibit you from putting your best foot forward when asking for referrals from an active client. The other way this can manifest is that the client-advisor relationship is good for the first year or so, but then in year 2 the advisor feels like there isn’t more work to do and doesn’t know how to communicate their long term potential value. This makes it that much harder to keep clients for decades, especially if the RIA is a subscription/retention based model.
“If you aren’t confident, they won’t be confident in you”
Solutions: mindmapping, well set goals & good pricing. You’re worth a lot. You have to charge what you’re worth. If you undercharge you won’t have the freedom or bandwidth to serve the client’s deeper needs, because you don’t have what you need.
Getting through this hump will enable you to have clients for a long long time.
How long do I need to use a business coach?
Often people ask, how long is the engagement? Sometimes folks like a continuous relationship, same as you want with your clients but some people just need it for a few months or a few years. Arlene shares that she feels successful when a client graduates from her coaching process.
So,if you wondering, “How do I get it all put together?” Get a good business coach. (A good Digital Marketer is also critical with 21st Century marketing) A good advisor needs other good advisors. We each have our expertise. It helps us maintain our professional focus and keep our eye on the real prize.
If you DIY what you need in regards to either business coaching of digital marketing that means you didn’t spend that time learning how to become a better financial planner. It is important to be aware of and improve these critical aspects of running your firm, but it is often better to outsource these skills. When you have someone else be your guide, same as how you support your client’s financial goals, your advisor’s expertise fosters your success.