Business Coaching, Mentoring & Advice – What’s The Difference?

Business Coaching, Mentoring & Advice are frequently advertised together as one package, so, if you are a business owner, it is important that you understand the difference between each of them, to enable you to decide which is most relevant to your business. We will consider what each of these three services involve below, so that you know what you’re paying for.

Coaching

Coaching involves training on personal and business development. If you hire a coach, they should teach you how to achieve a variety of business goals. You should think of coaching as a more convenient way of learning than having to go to evening classes, dedicating hours to a digital e-learning course or an MBA. If you listen to and implement your coach’s guidance, you should achieve each one of your objectives over an agreed timescale while working with them.

For example, imagine that Gill has spent a few years running a successful business which creates apps and websites for discerning clients, working with a very small team. Now that the business has grown, she is at the stage where she needs expand this team. Business coaching would help Gill to delegate responsibilities across this larger team and ensure that each member of his staff achieved what was expected of them. Without the guidance of an experienced business coach, Gill may struggle to manage her new team, and her company’s performance may decline as a result.

Mentoring

Let’s say a business prospect has asked for a meeting at 7 am. You didn’t fancy working at that time so didn’t attend the meeting. Now you’ve lost the sale and feel downcast. An excellent response to this situation would be to engage the services of a mentor, who will help you to remain motivated, set realistic goals and disciplines for yourself and adopt behaviours which will lead you to business success.

Mentors can often provide useful support for start-up entrepreneurs who are embarking on their journey into the business world. For example, a mentor can help start-ups to reflect on the expectations that potential customers will have of them and the demands their new role will make on their personal lives.

Advice

If you need direct guidance and opinions on issues affecting your business, you should seek the advice of recommended business advisors. This advice could cover a range of areas, including property, production, planning, forecasting, marketing, or accounting. Remember to check out advisors’ backgrounds and any testimonials too. Have they got real industry experience ‘at the sharp end’, backed by recognised qualifications, and can they provide case studies in success which are relevant to your needs?

This kind of support doesn’t come free, and, as a business owner, you might be tempted try to save money by seeking guidance from the internet or completing tasks yourself. Although this may seem like an excellent solution, it ignores the added value of this support which usually far outweighs the cost. In addition, acting without advice can often expose your business to a broad range of risks, which would have been spotted and eliminated by an experienced consultant. These risks can cause your business serious difficulties and may often end up costing you more to rectify than the fees of a consultant. Good advice is rarely cheap. Mistakes are always expensive.

If you want to grow your business, this support could be transformational, so choose wisely, and select the service (or range of services) that works for you. If you would like to discuss your needs further, contact me on 07774 548822 or email me at ralph@drs-business-solutions.co.uk.

 

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