There has, in recent times, been a steady rise in the appetite for coaching and mentoring in the Professional Services sector. Coaching and mentoring, as distinct from training, is a personal approach providing support and guidance to professionals, helping them achieve more in their roles, to develop skills and, crucially, a mental attitude that can give their businesses the best chance of growing. Throughout his long career, Pete Rosenwald, Co-Founder of Chartered Developments has been offering one-to-one coaching and mentoring for clients in the professional sector and was the perfect person to speak with for the latest episodes of the Chartered Voices podcast.
When asked about the distinction between the two terms, Pete notes that:
“Technically there is a distinction between the two: mentoring is focused on career and life development, whereas the aim of coaching is to improve something specifically. However, when I offer help to professionals, I don’t make a distinction between the two.”
Speaking on the Chartered Voices podcast, Pete describes the importance of coaching and mentoring in the professional services sector:
“It all comes down to the ability of professional firms to drive their Profit and Loss (P&L). The landscape that they’re in is creating a need to make these very good people achieve more and achieve better. So if you look at their client base, it’s very savvy and educated, the services they are offering are becoming commoditised, it’s a competitive market. It comes down to the person lifting their brand in front of the prospects and being good at that.“
The challenge is that those senior individuals are now expected to be an expert at business development. Because their target markets are as diverse as the range of services offered by businesses, and because senior professionals have a differing spectrum of skills and strengths, individual and tailored coaching is essential.
What is the process for coaching?
Pete Rosenwald offers a coaching and mentoring service for professionals, helping them unlock and refine talent in business development and sales by building confidence and capability. I asked him if he had a method that he follows when approaching the task of coaching, and he broke down the process into five areas:
The first aim of the process is to find out what motivates the individual. Whether it is money, personal or professional development or simply enhancing their reputation. Once you understand the motivations of the individual you can begin the process of aligning them to the goals of their department or business.
The second aim is to advise and support them to focus on how they can achieve their objectives. A counsellor or mentor can help them avoid dead ends and distractions, guiding them to the correct route towards success.
The third aim is to help the individual execute the plan. A counsellor or mentor will support them as they deliver the plan that has been developed and then will provide ongoing support to help ensure they consistently execute it.
The fourth aim is to offer advice to the individual based on the coach or mentor’s experience. The idea of a coach as just a facilitator is reductive – the best coach is one who has the expertise and knowledge to offer ongoing and informed advice and guidance in the areas the individual is seeking improvement.
Finally, a coach can introduce training or personal development elements to the individual. This might involve getting them out of the office or engaged in activities that might be unrelated to their profession yet enable them to build the skills they require.
In short, you need to ensure that the individuals you coach are helped to become motivated, focused and organised enough to execute the plan you help them develop. By supporting individuals in these five areas, a coach can transform their professional life and place them in the best position to ensure their business thrives.
Employing an expert and experienced coach or mentor such as Pete is a fantastic way to ensure you have the skills and the focus you need to develop both yourself and your business. Freed from the nitty-gritty daily concerns of your operations, and bringing an independent perspective committed to helping you concentrate on the areas you need to improve, an external coach could be the boost you need to help your business grow. Listen to the Chartered Voices podcast for more information about how Pete can help.