eBusiness Weekly
Studies have shown that coaches and mentors positively impact Small to Medium Enterprises growth. A study conducted by Kabbage, a US-based online financial technology company providing direct loans to SMEs, revealed that 92 percent of the businesses that had used a mentor and coach had recorded significant growth in their businesses especially during the start-up phase.
The UK’s Chartered Institute of Personnel Management reports that 51 percent out of 500 companies sampled “consider coaching as a key part of learning development” and “crucial to their strategy” though “The Executive Coach” estimates that there are 29 000 coaches globally. This field is still growing in Zimbabwe. We cannot, therefore, underestimate its importance in transforming lives and businesses. A leading internationally recognised and certified coach, Master Coach Blessing Duri (Founder for the International Coaching and Mentoring Foundation), emphasises the need for good coaching and mentorship programmes. He says that “coaching is a huge responsibility as lives can be transformed”.
For most times, the terms coaching and mentorship are used interchangeably, though there are understated and subtle differences. A mentor can conduct coaching services and the reverse is true for coaches.
Mentors offer their expertise and knowledge to those who are starting out in businesses or those with less experience.
According to Master Coach Duri “A mentor guides the mentee on how to get to where the mentor has been”.
On the other hand, the World Association of Business Coaches, defines a business coach as “one who focuses on specific skills and development goals of a company, by breaking them into concrete tasks to be completed within a specified period of time.” A business coach thus assists businesses in clarifying their own growth trajectory.
Two organisations in Zimbabwe have been at the forefront of elevating this field. The International Coaching and Mentoring Foundation and The Zimbabwe Institute of Diplomacy are offering an array of courses and trainings in this area. A wide variety of coaching products exist.
These range from life coaching to relationship and health coaching to name just a few. To be a coach one needs to be certified and to sit for an examination. (Don’t worry I have been assured that no adult ever needs to fail an examination. If you do what do you tell your children?) The duration of the course is 360 hours. Mentorship does not need particular qualifications as it is mainly experiential.
So why do SMEs need coaching and mentorship SMEs, need assistance from others who have an intimate knowledge of how business works. Though SMEs can acquire business knowledge from a plethora of sources; such as the internet, books, and through their studies, this knowledge is more effective when complimented with coaching and mentoring.
Coaches and mentors have the advantage of giving SMEs a different perspective of their products, markets and strategy. In addition, this type of help also enables businesses to carry out calculated risks.
There is also marked increase in the skills repertoire of the SME which is being mentored. Skills such as communication, market research and customer care, to name just a few skills, can easily be strengthened during this process.
To this end, coaches and mentors thus need to possess a certain array of both technical and interpersonal skills to successfully steer SMEs towards growth.
In the absence of personal coaches and mentors one might also need to try internet business coaching services. Some notable favourites EMyth and Jay Abraham all of which are geared for business growth.
Melinda Emerson is an internet coaching service that leans towards empowering women entrepreneurs.
However, one needs to pay for these services. Several books are also useful and my favourite of all time is “the Richest Man in Babylon” and that Documentary “The Men who Built America”.
A good mentor and coach should be willing to share skills knowledge and expertise in a certain area and takes a personal interest in their clients. It is important that coaches and mentors also exhibit these skills themselves.
Coaches and mentors should also have a motivational flair. In a business environment such as Zimbabwe, there is need to constantly communicate hope and optimism. Overall, coaches and mentors should be committed to ensure that their clients grow.
However, they should be prepared to sacrifice a lot of time and monitor progress of clients.
Though being a coach and mentor requires a lot of sacrifice and can be potentially time consuming, it can be financially rewarding. Robin Sharma, a Canadian celebrity coach is worth about US$ 10 million. Some of his revenues come from his best seller books. (Read the Monk who sold his Ferrari)? Tim Robins another celebrity life coach has a net worth of US$ 500 million.
In Zimbabwe an hourly rate of coaching, ranges from US$4,10 to US$5,00 an hour. (That’s not too bad for an hourly job).
It is quite clear that Zimbabwe needs more coaches and mentors. According to James Nyamajiwa (Coach James) a leading business and life coach who is based in Harare, SMEs are now taking business coaching seriously and it is particularly pleasing to note that women led SMEs have been particularly forthcoming in taking up business coaching. Master Coach Duri points out “Coach training is amust”.
If you are a retired CEO and has run successful companies or if you have an eye for motivating others to grow perhaps you have found your “mojo”. Try your hand at Coaching and Mentorship.
Joseline Sithole is founder and managing consultant -Southern Africa Development Consultants-an SME Consultancy Company.
