Myths vs Facts

MYTHS ABOUT BUSINESS COACH OR BUSINESS ADVISOR CLEARED
“Good advice is something a man gives when he’s too old to set a bad example.”
"Ten years ago, most companies engaged an advisor or a coach to help fix toxic behavior at the top. Today, most advisory services or coaching is about developing the capabilities of high-potential performers."

Business Advisor or Business Coaching is still relatively new, especially for small-to mid-sized businesses and there are certainly some myths that warrant clearing up:

Myth: Business advisor services is only for large companies.

Truth: Even small companies and solo-preneurs can benefit from advisory. You'll just have to find a advisor who works with companies of your size. Most of my clients are SMEs or MSMEs.

Myth: "Business Advisor is only for failing companies" or "Hiring a business advisor equals admitting defeat."

Truth: Many successful executives and business owners know the benefits of business advisory services from getting an outside perspective to having an accountability partner. Even Bill Gates of Microsoft fame and Eric Schmidt of Google share their views of the advantages of working with a business advisor or a business coach.

Myth: "A business advisor must be local."

Truth: With today's technology from land lines to cell phones, Skype to GoToMeeting and more, an advisor and client can be separated by towns, states, countries or even continents. Some advisors only work with local clients, others only with long distance clients, and yet others with a mix. Ultimately it comes down to the comfort level of both. I have worked with people locally, out of state and country.

Myth: "It costs an arm and a leg." or "Business Advisory is an extravagance I can't afford."

Truth: Does advisory cost money? Yes. Is it a good investment in your and your company's future? Usually that's also a resounding yes. Ultimately the success of the advisor engagement has a lot to do with the involvement and follow through of the client. Usual work has to be undertaken by all those who are advised in utmost disciplined way. People don't lose weight from buying diet books. They actually have to go on a diet. And clients don’t get better because they listen to a advisor or read a book. They have to work. If they want to do the work, they’ll get better. If they don’t want to do the work, advising is a waste of time."

Myth: "Hiring a business advisor means I don't know my own business."

Truth: You ARE the expert in your business. However, like most people, even business owners sometimes focus on things that may not represent the best use of their time or miss a piece of the puzzle. They may feel stuck with a certain problem or simply procrastinate. An advisor is there to help you stick to your own priorities so you spend your energy and time working ON your business, not just IN it. Think of your time with a advisor as time set aside to grow your business.

Myth: "A business advisor is the same as a consultant."

Truth: Some business advisors also offer consulting services and vice versa. However, most are one or the other. To me, a business consultant is an outside expert who will analyze your business, create a plan and turn it over to you for implementation. Some may also help with or even provide the implementation. Their work is mostly project based and is often tied to a specific industry or skill set expertise (e.g. marketing or distribution). A business advisor on the other hand is a partner in growing your business. He or she will help the business owner clarify their goals, develop specific action steps to accomplish these goals and be the accountability partner and advisor along the way to implementation. This relationship is based on trust and can be more beneficial for the long-term growth of the client and his/her business.

Myth: Business Advisors take too much time.

Truth: Professional Advice is a high-leverage activity. Clients can achieve remarkable progress toward their desired future in just a few hours per month. There is a wide spectrum of how Business Advisor deliver. Some advisors prefer to meet one-on-one with clients, but most recommend telephone sessions for the ease of use, minimization of distractions, better privacy, greater efficiency, and for better connection to the client. Best practices is for between two and four sessions per month that last at least 30 minutes and up to 90 minutes. Suffice it to say, it’s a miniscule investment of time for the results achieved. Once a strong relationship is formed, it’s not unusual for a Business Advisor to “be on call” when needed and take on the form of an Agent, much like for professional athlete.

Myth: Our data, business confidential matters and business methodology are at risk, since it’s easier for any business advisor to get into it.

Truth: Your advisor is coming to advice and grow your business, not to harm your business. Secondly all these fears are more vulnerable with your own team than professional advisors. Thirdly it his/her business to be in the business of Business Coaching and not poaching. Next, any business model even the Business Coaching is as vulnerable as the smartest guy[s] who intend to start by copying your business model. Fifth, your data and confidential matters are most simple to be hacked when the government confidential data is unsafe with all the latest security systems. Best will be to hire a coach or an advisor from reference and whose organization has aged. Seek max references to avoid any fear.

Myth: Advisors are like having a good friend to bounce ideas off and to keep you motivated.

Truth: Your Advisor may be friendly, but they are not your friend. Your Advisor is your advocate. They want the best from you. They will work with you to help you reach your goals and to succeed. Your Advisor will hold you accountable and challenge you to grow and do more than you think you can do. They may push, pull, and stretch you in ways that feel uncomfortable. And unlike a friendship, the Advisor relationship is unilateral - it is exclusively focused on you and your goals, not on the Advisor. A good Advisor focuses on an individual's strengths and aims to help the client achieve what they want more of in life and in business. They help the client identify and achieve greater goals and to help them live a better life. A good Advisor isn't there to "fix" anyone or anything, but to help the client and their business to navigate toward a more engaged and compelling future.

Myth: Advisors are magicians or super-being and the client or his/her team have to do NO WORK, JUST WATCH and the results will show.

Truth: Advisors are idea generators/system oriented/. Client has to agree on the idea and EXECUTE in its utmost sincerity to get results. In effect Advisor does only 2% work. Rest 98% of the work client and his/her team has to do it.

Myth: Advisors are only good for upper management.

Truth: Good Advisors are good for anyone who is motivated to create a better business. Initially, professional business advisors were for owners or CEO’s. But business advisors aren’t just for the executive suite, or just for corporations. Studies show just under 5% of Business Advisors are restricted to senior executives. Now, more and more companies, big and small, are recognizing the powerful benefits of providing advice to their rank and file employees.

Myth: Professional Advisors tell their clients what to do and how to do it.

Truth: Bad or inexperienced advisors tell their clients what to do and are constantly giving direction. Good Advisors do not. Most clients realize they don't need another parent, sibling, friend, or co-worker telling you what you should be doing. Instead, Advisors help their clients explore and come up with the best choices for them based on the client's strengths and vision for their future. Advisors are experts at the process of changing behavior, which is much more valuable than giving instructions. Bottom line: A Good Business Advisor or a coach is not interested in impressing you with reports or surveys, or with cliché therapy and hot trends. They are interested in working on developing you and your business to impress your customers. There is no mystery in good advice. It keeps things simple and keeps things real. It allows you to be the captain of your boat while allowing your business Advisor to be your navigator.

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