Your life is ever-evolving and multi-faceted, and so are your goals. Wiegers Financial & Benefits offers a holistic approach to financial planning to ensure that no matter how your circumstances and goals change, and no matter how complex they become, we cover all the bases. In our latest article, Cliff Wiegers shares some of the lessons he’s learned in almost 35 years of business coaching. If you are a business owner, these are lessons we predict would benefit you too.
The Why of Business Coaching
My wife Deb Wiegers and I founded Wiegers Financial & Benefits almost 35 years ago as a small, private financial services firm in Saskatoon, Saskatchewan. While the firm remains local and family-owned, it has grown to be competitive on a national scale with group and individual clients across Canada. Deb and I (and the most dedicated support team we could have hoped for) worked tirelessly to grow this success at the same time we were growing a family, and the hard work and rewards continue. But I’d be remiss if I didn’t also speak about the positive impact that business coaching had on my life then, and continues to have on my life today.
Business coaching has empowered me in profound ways to get the most of life both professionally and personally. It has also inspired me to share what I’ve learned with others so they too can reap the many benefits. I’ve had great opportunities to spread my knowledge. One being able to present at the Raj Manek Mentorship Program. I spoke on Entrepreneurship and the Need for Coaching. I have been working with a coach for 30 years to learn how to get more out of life professionally and personally. If you’re an entrepreneur who wants more out of life too, I recommend you look into business coaching.
The Ceiling of Complexity
Business owners eventually hit what is is known in business coaching as the ceiling of complexity. This is the point at which they can no longer make further gains personally and/or professionally. Usually they have run out of their most important resource – time – so they are forced to delegate and/or outsource work to someone else. But how can you know what to delegate or outsource?
Focus on Your Unique Ability
This brings us to the subject of unique ability. Unique ability is defined in business coaching as what gives the business owner energy when they are doing that task or part of the business. It also usually gives the biggest bang for the buck or greatest financial return. This means that the owner has to empower someone else to do the tasks the owner can do but that do not represent the best use of their time.
So the owner has to reach into the till and take money out to invest in a new or existing employee or outsource to someone else to carry out those tasks. The employee or outsourced person must understand what they are tasked with and have the resources and/or training to do it. Assuming these two points are in order, then the owner has to circle back to the individual in order to ensure the person is succeeding. If the person is doing as good or better a job than the owner would, then the owner has just freed up time to focus more on their unique abilities. This should have a positive impact on the financial returns of the business or enable the owner to take more personal time off. Therefore the business owner has made a good decision. Not only is he or she operating more efficiently but the business owner is more excited about the work they are doing and/or achieving better balance in their personal life. This is true business coaching success.
This seems pretty simple but it is very hard for owners who want to always be in control or micromanage every part of their business. This is why some companies never grow. Business coaching can help turn this around.
Hiring or outsourcing sounds easy but you don’t always get the right person the first time around; you might have to go through one or more hires to get it right. Successful business owners understand this and recognize it as part of the cost and risk of being a business person.
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to go through one or more hires to get it right. Successful business owners understand this and recognize it as part of the cost and risk of being a business person.