When to Hire a Business Coach
December 5, 2023
Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is When to Hire a Business Coach
0:00: Hiring a business coach and their role in entrepreneurship. Business coaches provide objective advice and frameworks from an outsider's perspective. Jeff shares his experience with hiring a business coach, explaining that they started by taking courses and reading books before investing in one-on-one coaching. Mercer agrees, noting that there's a hierarchy of coaching options, starting with courses and books, and then moving on to one-on-one coaching.
3:05: Progression from group coaching to one-on-one coaching. Group coaching provides live feedback in a safe space, while one-on-one coaching offers tailored advice for individual business needs. Jeff describes his progression from online courses to one-on-one coaching, noting that the right coach can change your mindset and build you up as a business owner. Mercer relates his own experience with taking courses and reading books but has not yet engaged in one-on-one coaching.
6:00: Entrepreneurship, self-sabotage, and personal development. Mercer realized he was self-sabotaging his business by taking actions that were not aligned with their goals. He joined Strategic Coach, a program led by Dan Sullivan, to gain new insights and perspectives on business functioning. The program helped him reset his approach and motivated them to strive for higher highs and lower lows in his business. Mercer expresses hesitation towards investing in one-on-one coaching due to perceived high cost and lack of trust. Jeff shares his experience with paying $22,500 for coaching that didn't provide a satisfactory return on investment.
11:41: Investing in business coaching for growth. Jeff suggests that investing in coaching with him can increase revenue and profit by 50% in a short amount of time, but only for businesses with existing systems in place. Mercer questions the definition of "comfort level" for businesses, especially those just starting, and wonders how to permit oneself to invest in a coach without betting on a single solution.
15:02: Investing in personal development programs. Jeff discusses investing in a coaching program to improve their writing skills, despite not having an immediate return on investment. Mercer suggests that if you're struggling to make ends meet, it's important to work on your mindset and use free resources to improve your financial situation. Jeff agrees that it's important to do due diligence and get references before investing in a coaching program.
17:50: Hiring a business coach and evaluating their credibility. Dan Sullivan is a great example of a coach who can help entrepreneurs upgrade their mindset and business. A coach can provide a firehose of information to help entrepreneurs solve bigger problems, but it's important to find the right coach for your business. When hiring a coach, look for someone who has done what you want to do and can provide personalized recommendations based on your business and growth goals. Jeff is skeptical of coaches who lack real-world experience and instead rely on generic advice and frameworks. He shares his experience with a coach who claimed to be an integrator but provided little value, highlighting the importance of understanding the coach's experience and implementation abilities. He emphasizes the need for a coach who can provide specific, actionable advice based on their own experience in the industry, rather than simply repeating generic advice.
23:25: Personal and professional growth through coaching. Jeff fell for a trap of someone name-dropping without substance, realizing too late that the person had no credibility. He hired a personal trainer and a business coach (Ben) to help them overcome self-sabotage and hit the next level of growth.
25:38: Business growth strategies and financial analysis. Jeff believes that one-on-one coaching accelerates growth faster than group coaching. Mercer believes that group coaching provides a different perspective, helping to identify blind spots and improve results.
28:04 Investing in coaching for business growth and success. Jeff discusses the challenges of soundbite culture in masterminds, where 10 people provide conflicting advice but offer no accountability or implementation support. Mercer agrees, noting that paying for coaching or masterminds can be an investment in one's mindset, as they are more likely to take action on advice from someone they've paid for. LeBron James spends $2 million annually on coaching to maintain his athletic performance. The hosts recommend spending 5% of net revenue on coaching for businesses.
Topics Covered In This Episode
- The Ladder of Coaching: From self-education to expert guidance, the speakers discuss the spectrum of coaching, validating that starting with books and courses can be a stepping stone to one-on-one coaching for more personalized business strategies.
- Personalized vs. Group Coaching: While group coaching offers a community learning experience, the hosts emphasize the unmatched value of personalized one-on-one coaching in addressing unique business challenges.
- Overcoming Entrepreneurial Roadblocks: A candid exploration of self-sabotage reveals how the right coaching program can realign business actions with goals, featuring insights from Dan Sullivan’s Strategic Coach program.
- The Investment Dilemma: Mercer’s skepticism about the cost and efficacy of coaching is juxtaposed with Jeff's account of a $22,500 coaching letdown, prompting a discussion on when and how much to invest in coaching services.
- Credibility is Key: The conversation turns critical on the subject of selecting a business coach, advising listeners to seek coaches with proven real-world experience and the ability to provide concrete, actionable advice.
- From Masterminds to Mastery: Mercer and Jeff debate the effectiveness of group masterminds versus the personalized growth achieved through dedicated coaching, suggesting an investment of 5% of net revenue to maintain peak business performance, akin to how LeBron James invests in his athletic prowess.