Choosing to use business coaching or mentoring can be difficult if you don’t understand the differences between them, as well as their benefits and drawbacks. Fortunately, by understanding what each option has to offer, and how they differ, you can decide which of them will be more beneficial in your business situation. That way, you won’t feel like you’ve made the wrong choice later down the line. In this article, we discuss how to know if business coaching or mentoring is right for you.
Assess your needs
Do you often feel like you’re drowning in your day-to-day activities? Do your colleagues and employees need help understanding the company’s goals? Are you looking for a new way to approach an issue with a client, but don’t know where to start? Is your business stagnant and need some fresh ideas about how to take it in a new direction? If any of these sound like something that might be happening in your life, then it may be time for business coaching. The benefits of working with someone who has experience in business consulting can help guide you through both large issues as well as smaller day-to-day tasks.
Do you often find yourself feeling stressed, overworked, and unable to keep up with both work and life outside of work?
Do your research
Many people considering business coaching or mentoring are not sure which would be the best fit. There are some differences between the two that should be considered before making a decision. Both help provide guidance, but they do so in different ways. One way that they differ is who they work with. Coaches typically work with individuals while mentors generally work with teams and other organizations. The other key difference is the outcome of their work, where coaches focus on developing a person’s skillsets, mentors help people build a business plan and create an action plan for executing it.
Consider your budget
The most economical way of finding an experienced business coach is through your local Small Business Development Center (SBDC). The SBDCs are funded by the US Department of Commerce and staffed by experienced business advisors who can help answer questions about the operations of your business. Be sure to ask the SBDC staff if they have any recommendations.
In some cases, you may find that it’s more cost-effective to hire a one-on-one mentor or coach who charges hourly rates. But be careful in selecting someone for this type of arrangement as a bad fit can be costly and time consuming. A mentor should also have experience in a similar industry as yours, ideally with several years of experience running their own successful business that has been profitable for at least 2-3 years.
Make a commitment
Some people have it all figured out from the get-go. They’re great communicators, they have a knack for marketing, and they’re super organized. But that’s not the case for everyone. It can be hard to know where you should start when it comes to building a business–and while no two businesses are alike, there are some key steps involved in getting started with any new venture. The first step? Figuring out what kind of business coach or mentor will work best for your needs–or if one of them will work at all. If you don’t yet know what type of business coach or mentor might suit you best, here are a few things to think about: Do you want someone who will help create goals and milestones for your project? Do you need support with basic skills like social media strategy? Do you need support with organization, networking or even financials? Figure out what kind of help (or skills) might be lacking in your skill set and ask yourself how committed you are to this endeavor.