Updated October 6, 2022, at 4:28 PM
Picture this: Your firm is having the best year ever. You’re fully staffed. Referral business is good. You walk into your office and the team greets you with smiles and an enthusiastic “Good morning, boss!”
Everything seems to be running smoothly.
You start digging into your email and find one with this subject line: “What is the delay?” Then another email a few lines down reads: “Cancel our agreement.” The sad news is that you see these subject lines all too often.
You know your firm isn’t delivering the timely, quality service that clients demand today. No matter what you do (work more hours, revise systems, or change bonus plans), the problem continues to get worse and it’s starting to reflect in your online reviews. You realize you must get in front of this issue sooner rather than later.
You Know You Need Help, but Where Do You Begin?
Do you contract with a business coach or hire a business consultant? And what’s the difference between them? Many small business owners have spent a great deal of time and money by choosing incorrectly.
To save you time, frustration, and expenses, we’ll help determine the differences between a consulting relationship and a coaching relationship.
- A coach is individual-focused and teaches their clients how to solve specific problems, concerns, or issues.
- A consultant is problem-focused and solves problems for their clients with recommendations.
- In a coaching relationship, the financial professional is regarded as the expert. The coach guides the financial professional to help solve their problems or obtain a specific outcome.
- In a consulting relationship, the consultant is regarded as the expert who will provide the recommendations to solve the problem or obtain a specific outcome.
- However, both provide accountability, which is key to successful implementation.
The following list and table provide a more comprehensive comparison of coaches versus consultants.
Regardless of which path is correct for you, before choosing an option, you need to:
- Have a general idea of the problem or problems you’re trying to solve to improve your business.
- Be self-aware and understand which type of relationship fits your style better.
- Contact Surge Business Consulting online (or email info@surgebc.com), and we can assist you in making these critical decisions. We have access to a full suite of coaching and consulting options for our financial professionals affiliated with Financial Independence Group.
Related: What Performance Reviews & Gutters Have in Common
Do You Need a Business Consultant or a Business Coach?
Final Thought
Not all consulting and coaching relationships are as clearly defined as this chart. In some cases, you may find relationships that overlap each other.
Reach out to us today to learn more about the processes and which solution fits you best.
Keep Reading: How to Get Your Business in Order Before Buying or Selling
The content is for information purposes only and not intended to be investment, tax, or legal advice. The views and opinions expressed herein belong solely to the author—Surge Business Consulting© 2021.