Engaging the support of an executive coach has historically been a privilege reserved for only the corporate elite and managers on a fast-track growth path. The increased adoption rate of business coaching over the past twenty five years has made mentorship â€" whether for business education or for an accountability partner, now far more accessible to the owners of SMME-sized operations.

Many progressive corporations have coaching and mentorship as a key component within their human resource budgets. For most small and medium-sized businesses, coaching is seen as an expensive luxury â€" initially at least. Once team and individual performance improvements are observed, and most definitely
when bottom-line profit and cash flow improvements are tracked as a direct consequence of the coaching intervention, mentorship fast becomes recognised an absolute necessity for long-term success.

Having said that, budget is still a key area to be addressed as sophisticated businesses have to account for every Rand spent. For smaller businesses, the coaching investment has to be cash-flowed until such time
as the coaching starts yielding bottom-line results.

The first question we are asked when entrepreneurs reach out to us is typically, “What does coaching cost?”

One-to-one or private coaching retainers can range into the tens of thousands of Rands per month, depending on the number of people being coached, style of interventions and desired outcomes. The advantage of one-to-one coaching is that your entire team can be included in the process, results are faster, and the process is tailored to your current needs and adapted at any stage as your business evolves (or as new challenges/realities arise).

While one-to-one coaching is where clients see the greatest results, many business people struggle to justify the investment when deciding whether or not to be coached. It is always a tragedy to see a business decline the opportunity of coaching for budgetary reasons, and as a result not reach its full potential.

Enter Group Coaching

Peer-to-Peer mentorship has increasingly become a musthave for the business that cannot yet afford (or motivate) a higher-level, one-to-one coaching engagement. While group coaching is charged on a per person/delegate rate, it is substantially cheaper than individual coaching and we regularly see smaller businesses starting off in a one-year, group mentorship programme, and then scaling up to more intensive programmes as their businesses and profits grow.

Pros of Group Coaching:

• Affordability â€" rates vary, but typically a third of the cost of one-to-one coaching
• Networking â€" members regularly do business together, and share sales leads/opportunities
• Energy â€" so important to surround yourself with a group of positive, like-minded business people to motivate one another when needed
• Variety of backgrounds and skill sets â€" making the mentorship groups a ‘brains trust’ on which members can draw
• Structure and Expertise â€" most follow a set agenda, or curriculum, designed by a professional coaching team.

Cons of Group Coaching:

• Per member rates â€" usually the owner only, but more partners and team members are being enrolled to the groups of late
• Pace â€" can be too slow (or fast) for your liking, depending on the group
• Fixed schedule / calendar â€" tough to shift sessions
• Results typically slower (than one-to-one coaching) â€" although we have witnessed several businesses double, and triple, revenues. We no longer refer to this as an entry-level approach.

Would I enjoy group coaching?

Regular access to a professional coach with worldclass experience, plus a group of other successful business people can be instrumental in your future success.

Be sure you are comfortable working in a team â€" peer-topeer mentorship means an environment in which business owners support one another to learn new ways of doing business, and holding one another accountable to implement any necessary improvements to their individual operations.

Learning your personal behavioural style (there are various tests your coach can arrange for you) will help you get a handle on how reserved or outgoing you may be, how you relate to others, and how to find an approach that will suit you best. Free-flowing, ‘Mastermind’-type groups focus on accountability, while a more structured / syllabus-based approach will place the focus more on education/skills.

If the above has piqued your interest, do your research and approach a couple of coaches that have a background that looks right to you. Most professional coaches have a take-on process (usually at no charge) that will help you answer the above questions and many more, with a view to determining fit (between you and the coach), as well as the coaching approach that will suit you best. 

Get in touch to see if you qualify for a free business assessment with one of our coaches:
Tel: 031 266 2258
E-mail: durban@actioncoach.com
Website: www.mastery.co.za