In this post, we want to alleviate the confusion around business coaching and business mentoring. At first thought, the names seem interchangeable, don’t they? But it turns out they really do differ in terms of how they approach you and your business.
Q: Do these services really differ?
Q: Aren’t the terms interchangeable?
Q: Surely you get the same service out of them?
Your business coach is just like a sporting coach. They will work you hard until you reach what you set out to achieve. It’s like an athlete training for a marathon. Their trainer will be there in the lead up to the event, but once they have successfully completed the big race the coach tapers off. Business coaches are training and conditioning you to reach specific and measurable business goals. They hold you accountable, advise on strategies and techniques, and perfect skills to reach a certain target. They then taper off knowing that their trainee has learned the skills and capabilities to handle that business situation in the future.
Business mentoring is a professional relationship. It takes time, energy, commitment, and loyalty. By creating a supportive environment, they aim to inspire confidence when navigating the complexities of the business world. They are invested in your personal journey. They want to develop you as a whole person. Unlocking your business and personal potential. Business mentoring is about the transference of knowledge, expertise, and experience between mentor and mentee.
How Business Coaching vs Business Mentoring Works
|Business Coaching||Business Mentoring|
|Type of relationship||Action- orientated business relationship.||Professional but personal relationship.|
|Length of relationship||Short-term||Long-term|
|The main objective towards you||Improve your skills, competencies, and abilities. Focusing on your goals, objectives, and performance.||An investment in your personal business journey to ensure you feel safe and confident in yourself and business decisions.|
|Main objectives towards your business||Identify the needs of the business, and the skills and capabilities required. Identify goals and objectives. Plan, set tasks and apply learnings to reach identified goals.||Alignment of personal goals with your business goals. Brainstorm ideas and work through challenges together.|
|The main objective for themselves||To develop the individuals’ skills to meet identified, specific business goals.||Inspire and guide the mentee by transferring their knowledge, experience, and expertise.|
|Keywords associated with||Goal setting, strategise, technique enhancement, skills, action, planning, tasks, objectives, competencies, advancing, efficiency, effectiveness, education, target, improve, develop, identification, short-term, business.||Knowledge, experience, support, encouragement, potential, relationship, inspirational, alignment, transference, sharing, guidance, journey, commitment, loyalty, long-term, personal.|
What do you need? A business coach or business mentor?
If you wish to fully flourish as a business leader, owner and or operator the answer would be both. There are similarities between the two but they have distinct differences. Business mentors are more nurturing than business coaches. They are supportive, encouraging and aim to instill character traits within their mentee, such as confidence, to maximise their business and personal potential. It is a long-term investment that aspires commitment and loyalty.
Business coaching is more tangible. There is a process, a structure, a ‘training’ schedule. Your coach will identify your business needs and the skills and capabilities associated with those needs. Goals and objectives will be identified. You will then be coached in order to improve your skills, competencies, and performance with regards to the identified goals and objectives. It’s a short-lived relationship. Once you have learned that skill and met that goal, you can apply it to future business situations and start to focus on a new business endeavor.
Business coaching + business mentoring = flourishing business + individual
At Fitzpatrick Group it’s more than just business planning. It’s more than learning the skills to enhance your performances. It’s more than applying strategic thinking and innovative business analysis tools to develop action plans unique to your business. It’s about aspiring confidence so you can make educated business decisions. It’s about aligning your business and personal goals. It’s about unleashing your business and personal potential.
No matter what you decide to go with, communication is key!
© Fitzpatrick Group 2018
Rick Fitzpatrick – Director
Rick is a Certified Practicing Accountant (CPA) and Qualified Business Coach. Rick has more than 30 years experience in accounting and business. Click here to view more about Rick