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5 Areas of Your Life Where You Need a Coach (And Where to Find Them)

5 Areas of Your Life Where You Need a Coach (And Where to Find Them)

The world’s top performers today push themselves harder to achieve results that are unimaginable to the average individual.

How do they do it?

They have a coach to support them.

Think about Michael Jordan, Bill Clinton, Marc Benioff. These are the leaders in their respective fields of sports, politics, and business, with advisors or coaches to support their every move.

But it’s not just the top-performers who need coaches in their lives, it’s all of us who want to become a top-performer in anything we want to succeed in.

What is coaching

Coaching is simply a relationship between two people, where one (coachee) is learning and guided by the other (coach) who has a specific expertise in an industry or topic.

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The difference between the mentoring and coaching, is that the latter is a relationship built on equal status and a highly targeted focus on achieving a specific goal for the coachee. This is in contrast to most mentoring relationships, where the mentee is often referred to as lower status, and the relationship is around receiving general advice without an attached goal nor much accountability to support it.

Think back to your days of working with a soccer, basketball, or football coach. Not only was there an accountable relationship between the two of you, but there was a goal that you were both incentivized on — to win.

Why you need one

Coaching is often focused on psychology and developing the mindset to achieve your goals, as well as practical frameworks to increase your success.

It varies from sports, business, health, relationships, career, languages and so on, but the benefits are clear. Coaching helps you achieve what you want faster, whether it’s to win a championship, become fluent in a language, or grow your business.

According to a research done on the ROI of coaching, 84% of recipients reported that it generated improvements in their performance, targets, and goals. While 79% claimed that it allowed a fuller use of their individual talents and potential.

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    There are coaches that charge over $1 million a year to work with them, but unless you’re the President, a professional athlete, or a high executive, you won’t pay even close to that.

    In fact, here are 5 areas of your life where you should have a coach without breaking the bank (and where to find them)

    5 areas you need a coach

    1. Business

    Business coaching is definitely one of the fastest growing industries in coaching, as there is a clear positive financial ROI attached to it.
    In a world where 1/10 businesses are failing, any advantage you can have to become the top 10% is well worth the investment.

    Cost Range: $500/month to $50,000/month

    Where to find them: The best place to look for business coaches is to find leaders or experts in your industry that you respect (offline or online).
    Most will be titled under “Consultants” not coaches under their “Work With Me” pages and you can reach out to them for one-on-one coaching.
    The other is personal references from friends or colleagues that have achieved a level of success you want to achieve, and asking them for introductions. A few other places to look online are: E-myth coaching or WABC (Worldwide Association of Business Coaching).

    2. Career & Life

    Whether we’re going through a career transition or just beginning our journey, we all need guidance from someone who has been there.
    Career coaching is about digging deep into not only your goals, but what would create a fulfilling life for you, and creating a sustainable strategy to help you achieve it.

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    Cost Range: $500/month $10,000/month

    Where to find them: Finding a career coach can be the same process as finding a business coach: someone you admire or through a personal reference. If non of those applies to you, then I would personally recommend checking out one of Tony Robbins’ coaches. It starts as little as $500/month, with qualified coaches around the world.

    3. Health & Fitness

    This is an industry that is already popularized for its coaching benefits. We often refer to them as trainers, but the relationship is one between a coach and a coachee. Whether it’s losing weight or simply eating healthier to increase your energy levels throughout the day, having a health coach will create a plan for you to workout smarter and eat healthier.

    Cost Range: $200/month to $1,000/month

    Where to find them: Most gyms have personal fitness coaches that you can work with, where they’ll create personalized workout plans for you. If you’re looking for a health coach to design your nutrition plan, and don’t mind working virtually, check out Precision Nutrition or Rise.

    4. Language learning

    Most of us have learned a second language in one time or another, whether it was in school, for traveling, or for personal reasons. However, most of us never reach fluency, and the biggest reason for that is: lack of accountability. Language learning is no different from succeeding in sports or business —  have a specific goal you want to reach, and work with a coach to guide you through each step and keep you accountable.

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    Cost Range: $35/month to $200/month

    Where to find them: Language learning through a coach is the cheapest option out of the ones we’ve mentioned. Most people that need coaches are those that lack time in their schedules, so working with a coach virtually is the recommended option. This way, you don’t have to worry about commuting back and forth, without limiting yourself to coaches in your local city.

    5. Money & Finance

    Unless you studied Finance or Accounting in college, you’ve probably never learned how to manage or invest your money. This is a huge gap in the education industry, and a topic that even the educated need more coaching on. Instead of a coach, these experts are called financial advisors, planner, or fiduciarys.

    Cost Range: ~1% of managed assets, hourly fee (varies), or retainer (varies)

    Where to find them: A great place to start is to ask your colleague or friend for referrals or head over to NAPFA to find fee-only advisors.

    Over to you

    Which of these coaches will you be using to improve your life and reach your full potential?

    More by this author

    Sean Kim

    Sean is the founder and CEO of Rype, a language learning app. He's an entrepreneur and blogger.

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    Last Updated on January 6, 2021

    14 Ideas on How to Measure Productivity to Make Progress

    14 Ideas on How to Measure Productivity to Make Progress

    Everyone has heard the term productivity, and people talk about it in terms of how high it is and how to improve it. But fewer know how to measure productivity, or even what exactly we are talking about when using the term “productivity.”

    In its simplest form, the productivity formula looks like this: Output ÷ Input = Productivity.

    For example, you have two salespeople each making 10 calls to customers per week. The first one averages 2 sales per week and the second one averages 3 sales per week. By plugging in the numbers we get the following productivity levels for each sales person.

    For salesperson one, the output is 2 sales and the input is 10 sales: 2 ÷ 10 = .2 or 20% productivity. For salesperson two, the output is 3 sales and the input is 10 sales: 3 ÷ 10 = .3 or 30% productivity.

    Knowing how to measure and interpret productivity is an invaluable asset for any manager or business owner in today’s world. As an example, in the above scenario, salesperson #1 is clearly not doing as well as salesperson #2.

    Knowing this information we can now better determine what course of action to take with salesperson #1.

    Some possible outcomes might be to require more in-house training for that salesperson, or to have them accompany the more productive salesperson to learn a better technique. It might be that salesperson #1 just isn’t suited for sales and would do a better job in a different position.

    How to Measure Productivity With Management Techniques

    Knowing how to measure productivity allows you to fine tune your business by minimizing costs and maximizing profits:

    1. Identify Long and Short-Term Goals

    Having a good understanding of what you (or your company’s) goals are is key to measuring productivity.

    For example, if your company’s goal is to maximize market share, you’ll want to measure your team’s productivity by their ability to acquire new customers, not necessarily on actual sales made.

    2. Break Down Goals Into Smaller Weekly Objectives

    Your long-term goal might be to get 1,000 new customers in a year. That’s going to be 20 new customers per week. If you have 5 people on your team, then each one needs to bring in 4 new customers per week.

    Now that you’ve broken it down, you can track each person’s productivity week-by-week just by plugging in the numbers:

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    Productivity = number of new customers ÷ number of sales calls made

    3. Create a System

    Have you ever noticed that whenever you walk into a McDonald’s, the French fry machine is always to your left? 

    This is because McDonald’s created a system. They have determined that the most efficient way to set up a kitchen is to always have the French fry machine on the left when you walk in.

    You can do the same thing and just adapt it to your business.

    Let’s say that you know that your most productive salespeople are making the most sales between the hours of 3 and 7 pm. If the other salespeople are working from 9 am to 4 pm, you can potentially increase productivity through something as simple as adjusting the workday.

    Knowing how to measure productivity allows you to set up, monitor, and fine tune systems to maximize output.

    4. Evaluate, Evaluate, Evaluate!

    We’ve already touched on using these productivity numbers to evaluate and monitor your employees, but don’t forget to evaluate yourself using these same measurements.

    If you have set up a system to track and measure employees’ performance, but you’re still not meeting goals, it may be time to look at your management style. After all, your management is a big part of the input side of our equation.

    Are you more of a carrot or a stick type of manager? Maybe you can try being more of the opposite type to see if that changes productivity. Are you managing your employees as a group? Perhaps taking a more one-on-one approach would be a better way to utilize each individual’s strengths and weaknesses.

    Just remember that you and your management style contribute directly to your employees’ productivity.

    5. Use a Ratings Scale

    Having clear and concise objectives for individual employees is a crucial part of any attempt to increase workplace productivity. Once you have set the goals or objectives, it’s important that your employees are given regular feedback regarding their progress.

    Using a ratings scale is a good way to provide a standardized visual representation of progress. Using a scale of 1-5 or 1-10 is a good way to give clear and concise feedback on an individual basis.

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    It’s also a good way to track long-term progress and growth in areas that need improvement.

    6. Hire “Mystery Shoppers”

    This is especially helpful in retail operations where customer service is critical. A mystery shopper can give feedback based on what a typical customer is likely to experience.

    You can hire your own shopper, or there are firms that will provide them for you. No matter which route you choose, it’s important that the mystery shoppers have a standardized checklist for their evaluation.

    You can request evaluations for your employees friendliness, how long it took to greet the shopper, employees’ knowledge of the products or services, and just about anything else that’s important to a retail operation.

    7. Offer Feedback Forms

    Using a feedback form is a great way to get direct input from existing customers. There are just a couple of things to keep in mind when using feedback forms.

    First, keep the form short, 2-3 questions max with a space for any additional comments. Asking people to fill out a long form with lots of questions will significantly reduce the amount of information you receive.

    Secondly, be aware that customers are much more likely to submit feedback forms when they are unhappy or have a complaint than when they are satisfied.

    You can offset this tendency by asking everyone to take the survey at the end of their interaction. This will increase compliance and give you a broader range of customer experiences, which will help as you’re learning how to measure productivity.

    8. Track Cost Effectiveness

    This is a great metric to have, especially if your employees have some discretion over their budgets. You can track how much each person spends and how they spend it against their productivity.

    Again, this one is easy to plug into the equation: Productivity = amount of money brought in ÷ amount of money spent.

    Having this information is very useful in forecasting expenses and estimating budgets.

    9. Use Self-Evaluations

    Asking your staff to do self evaluations can be a win-win for everyone. Studies have shown that when employees feel that they are involved and their input is taken seriously, morale improves. And as we all know, high employee morale translates into higher productivity.

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    Using self-evaluations is also a good way to make sure that the employees and employers goals are in alignment.

    10. Monitor Time Management

    This is the number one killer of productivity in the workplace. Time spent browsing the internet, playing games, checking email, and making personal calls all contribute to lower productivity[1].

    Time Management Tips to Improve Productivity

      The trick is to limit these activities without becoming overbearing and affecting morale. Studies have shown that most people will adhere to rules that they feel are fair and applied to everyone equally.

      While ideally, we may think that none of these activities should be done on company time, employees will almost certainly have a different opinion. From a productivity standpoint, it is best to have policies and rules that are seen as fair to both sides as you’re learning how to measure productivity.

      11. Analyze New Customer Acquisition

      We’ve all heard the phrase that “It’s more expensive to get a new customer than it is to keep an existing one.” And while that is very true, in order for your business to keep growing, you will need to continually add new customers.

      Knowing how to measure productivity via new customer acquisition will make sure that your marketing dollars are being spent in the most efficient way possible. This is another metric that’s easy to plug into the formula: Productivity = number of new customers ÷ amount of money spent to acquire those customers.

      For example, if you run any kind of advertising campaign, you can compare results and base your future spending accordingly.

      Let’s say that your total advertising budget is $3,000. You put $2,000 into television ads, $700 into radio ads, and $300 into print ads. When you track the results, you find that your television ad produced 50 new customers, your radio ad produced 15 new customers, and your print ad produced 9 new customers.

      Let’s plug those numbers into our equation. Television produced 50 new customers at a cost of $2,000 (50 ÷ 2000 = .025, or a productivity rate of 2.5%). The radio ads produced 15 new customers and cost $700 (15 ÷ 700 = .022, or a 2.2% productivity rate). Print ads brought in 9 new customers and cost $300 (9 ÷ 300 = .03, or a 3% return on productivity).

      From this analysis, it is clear that you would be getting the biggest bang for your advertising dollar using print ads.

      12. Utilize Peer Feedback

      This is especially useful when people who work in teams or groups. While self-assessments can be very useful, the average person is notoriously bad at assessing their own abilities.

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      Just ask a room full of people how many consider themselves to be an above average driver and you’ll see 70% of the hands go up[2]! Now we clearly know that in reality about 25% of drivers are below average, 25% are above average, and 50% are average.

      Are all these people lying? No, they just don’t have an accurate assessment of their own abilities.

      It’s the same in the workplace. Using peer feedback will often provide a more accurate assessment of a person’s ability than a self-assessment would.

      13. Encourage Innovation and Don’t Penalize Failure

      When it comes to productivity, encouraging employee input and adopting their ideas can be a great way to boost productivity. Just make sure that any changes you adopt translate into higher productivity.

      Let’s say that someone comes to you requesting an entertainment budget so that they can take potential customers golfing or out to dinner. By utilizing simple productivity metrics, you can easily produce a cost benefit analysis and either expand the program to the rest of the sales team, or terminate it completely.

      Either way, you have gained valuable knowledge and boosted morale by including employees in the decision-making process.

      14. Use an External Evaluator

      Using an external evaluator is the pinnacle of objective evaluations. Firms that provide professional evaluations use highly trained personnel that even specialize in specific industries.

      They will design a complete analysis of your business’ productivity level. In their final report, they will offer suggestions and recommendations on how to improve productivity.

      While the benefits of a professional evaluation are many, their costs make them prohibitive for most businesses.

      Final Thoughts

      These are just a few of the things you can do when learning how to measure productivity. Some may work for your particular situation, and some may not.

      The most important thing to remember when deciding how to track productivity is to choose a method consistent with your goals. Once you’ve decided on that, it’s just a matter of continuously monitoring your progress, making minor adjustments, and analyzing the results of those adjustments.

      The business world is changing fast, and having the right tools to track and monitor your productivity can give you the edge over your competition.

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      Featured photo credit: William Iven via unsplash.com

      Reference

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