Strategy normally relates to Strategic Planning in my service area. Having a strategic plan and thinking strategically is not in every business owner’s DNA. Most of us know a small business owner that started as a technician in their industry. What makes them different than the other technicians is they had the guts to own the business and normally it puts them out on their own, and alone. In most cases no one has taught them how to be a business owner, yet their entrepreneurial spirt tells them they need to think further and further ahead and stop working in their business but instead start working on their business. Working with Vesta on a strategic plan and key action plans and goals is important and is normally the first step to an action Strategy engagement. The Strategic Planning meeting starts with completing a SWOT analysis, an exercise to identify the company’s Strengths, Weaknesses, Opportunities and Threats. I normally add another T to SWOT for Trends. Once a SWOT analysis is complete, we help business owners determine the long term and short-term goals for the company. Some are financial goals but others may be about scaling, hiring, use of money or the owner’s retirement. The biggest advantage of strategic planning for the business owner is the vision and clarity and a list of action steps to get to their goals.
Coaching on the other hand is about teaching, facilitating, and holding one accountable. Helping people identify the action steps that need to be achieved to help reach the goals? This is normally a series of one-on-one meetings with the business owner asking key questions to help them realize what they need to do. Business coaches help them over their hurdles and identify blind spots. Where consulting can be described as a client paying for the answers, coaching is helping the client find the answers and challenging their thinking on what their answers mean. The main thing business coaching does is it hold a business owner accountable for getting done what they said they would do or completing the action steps. When asked, coaching clients will say this is the biggest value a business coach brings them. Sometimes coaching meetings are nothing but therapy. Talking through an expansion plan or considering taking on financial partners or debt and understanding the pros and cons of those decisions.
Strategy and coaching are helping through teaching. Helping business owners make good decisions to maximize their efforts and see more profits in their business.
If you would like to learn more about how Vesta can help with Strategy and Coaching, please call us to discuss setting up a complementary one hour coaching session to talk about your business and goals.
