Coaching

LET’S BEGIN BY LOOKING at how one gains knowledge. We gain knowledge by either:

• taking action based on what we feel should be done (i.e. firsthand experience),
• learning from others directly through observation or instruction, or
• learning from others through written material.
• some combination of the above

As we go through life, we generally find it much more efficient to move forward standing on the shoulders of experience gained by others rather than starting each time with a blank sheet of paper.

Exposure to new thinking

Building and sustaining a growing business is not for the faint of heart. It taxes a person’s abilities beyond what a single individual can bring to the task. It’s when a business owner begins to share knowledge and experiences with other owners that the result is several multiples of what each would be capable of individually.

Conceptual thinking

One of the crucial things that we as business owners must have is the ability to think conceptually about our businesses. We must develop the ability to step back from the day-to-day operations and view the overall business from a conceptual standpoint.

What is the value we provide and how is it received in the marketplace? We have to periodically be challenged to conduct a complete physical of both our focus and our organizations to assess our vulnerabilities and what corrections are required to assure we remain on a successful path.

Help in navigating the blind spots

When we look at what we most struggle with in running our business and where our biggest worries and concerns are, they tend to be in the areas where we have blind spots, lack of background, and no one with whom we can bounce ideas off of and then be held accountable by for the decisions we’ve made.

The Concept of Peer Groups

In getting to know some of the best business owners, one finds that they have learned to reach out to other owners, not necessarily in the same type of business, as an important way to enhance their own abilities. Developing these networks broadens and extends their experience, allowing them to avoid setbacks that would otherwise occur.

In order for these networks to be effective, there needs to be some regular contact where issues are identified and discussed. With a casual network relationship, the issues tend not to be addressed in a timely fashion, plus accountability is lacking.

This is where the concept of a Peer Group enters the picture. A peer group provides the structure of regular monthly meetings, a consistent group of members and an outside professional facilitator with a strong business background to keep the sessions organized and on target.

The facilitator plays the important role of conducting meetings with individual members between monthly meetings to identify issues and prioritize them for discussion. These issues then become the basis in developing the agenda for the next monthly peer group meeting.

Unbiased critique and accountability

Members must have a high level of trust to allow them to participate in crucial conversations, delve deep into questioning the underlying basis for proposed decisions, and hold each other accountable for their subsequent actions and responsibilities without becoming defensive.

These elements form the foundation of the group and the very chemistry that must exist between members in order for the time invested to prove worthwhile.

Building on the experience of others

By participating in such a group, one gains a much wider bandwidth of knowledge and experience through exposure to other leaders of great businesses and how they have addressed similar issues to the ones you are facing.

It provides you with the processing power of an experienced advisory group to dissect and identify solutions to problems you are addressing. Likewise, in working with one another’s problems and challenges, one begins to see the different situations and how they may apply to their company.

Support in your personal life

We all deal with not just business issues, but personal issues as well. It becomes very reassuring to be part of a group that is also balancing their personal and business lives and responsibilities with whom you can share your thoughts and see things from different perspectives.

What to look for in a Peer Group

In looking for a group, it is important that you find one where:

• All the participants, including yourself, are coachable. That is, they are able to listen with an open mind to input from others.
• The group is relatively small, around six to 10 members, to assure there will be sufficient time for everyone to periodically get their issues addressed.
• Members understand that regular and punctual attendance is key to getting the full impact from the combined knowledge of the group.
• Members are willing to approach issues with an open mind, setting their biases aside, and participating in the discussion at hand.
• The group maintains a strict policy of confidentiality. As the group gets to know one another, the superficial discussions will turn to deep confidential discussions, both from a business and personal standpoint. This is crucial for the group to be extremely valuable. But, obviously, this can only happen with the trust and confidentiality of its members.

The tough issues that reach the desk of a business owner aren’t easy to solve with regard to the impact they may have on the business down the road.

There are numerous options to consider that involve both financial and legal considerations. It is at these times that it becomes crucial to have a peer group that is able to assess the situation and understand the impact various solutions may have on the company downstream.

It is at times like this that the return on investment of one’s time and dollars yield benefits far out of proportion to the investment made.