Michael Trencher of Impact Consulting says that experiential coaching is a game changer for the financial services industry into the future. So exactly what does an experiential coach do?
This is a type of coaching which draws on the coach’s own knowledge and background in an industry as a basis for services to that specific industry. As an experiential business coach, Michael offers his own unique financial industry experience, vision and insights to the next generation of business owners in this industry. This type of coaching uses Michael’s own exposure to real-life business challenges and opportunities to assist business owners with their core priorities and future successes. Michael brings structure, efficiency and profitability to any business he works with by focusing on mindset, vision, values and best business practice. His customised approach provides doable solutions, holds business owners accountable to changes and actively closes the gap between reality and future goals. Michael says that a secret to any business’ success is having an experienced coach on hand to collaborate with, to foster motivation to adapt to industry changes, as well as give guidance which is linked directly to achieving new heights of success. This is true of every business, whether you are starting out as a new broker or have many years of experience in the industry. Michael has been a broker and franchise owner. He also has many years of experience in senior industry jobs with major banks and with Australia’s largest mutual bank. He is a qualified organisational coach and has many years of successful coaching expertise under his belt. This wealth of experience is a key factor in the rapid success of his own business – Impact Consulting.
Michael is in a great position to share what he calls his 3 R’s of business performance coaching – Reset, Rebalance, Recreate – to future-proof your business for success.
Reset Your Business Goals
Don’t forget that as a broker you are also a business owner, and as such you face many challenges in today’s market-place. One proven strategy to face into these challenges is to adopt a best practice approach to running and managing your business. When best practice is applied to key areas of your business, the impact could be significant and will allow your business to operate at a greater level of efficiency and productivity and give greater clarity across all facets of your business. Mission, Vision and Values; it doesn’t matter what stage your business is at, whether it is new or mature, these are crucial for any business to be truly successful in the long term. Clearly articulating your Mission, Vision and Values allows your clients and referral partners to know your unique purpose, who you are and what you stand for.
Rebalance Your Priorities
We have all heard the expression that business owners never have enough time to work ‘on the business’ and instead work ‘in the business’. Owning a business is not easy but it doesn’t need to be hard. Having a robust business and action plan will help you: .
Whilst you’re working hard on your business and financial future, don’t forget about yourself. Personal wellbeing is now recognised as crucial to the success of any business.
Recreate Your Business for Success
Remember – if things aren’t working, it’s either a good plan not being executed well or it’s the wrong plan! Make sure your plans are future-proofed to embrace opportunity and growth. Going forward in this industry, profitability will be the key measure of business value.
Michael's Top 5 Tips
Mission, Vision, Values – so important
“This can sound like a low priority, but it is so important because it sets the tone and culture of your business. It feeds into the customer experience, so your customers know exactly who you are and what you stand for.”
Business, Sales and Marketing plans – do the work
“Planning is crucial and ongoing. It’s not a matter of planning just once but rather continually, updating and reviewing.”
Review your processes – continuously
“Efficient processes lead to more profitable businesses. As part of this, I suggest that brokers look to outsource as much as they can and not just for loan processing.”
Don’t be afraid to ask
“Running a business can be all consuming. Asking for help from external sources is beneficial as a fresh set of eyes can often provide excellent insights.”
Create an environment of accountability
“Keeping yourself accountable to your actions and goals is paramount, not only for yourself but also for your team and your business culture.”
Disclaimer: The opinions and views expressed are those of individual contributors and not of NFC Aggregation. Any reference to third party goods or services are not endorsements or recommendations by NFC Aggregation.