Some of your coaching clients will come to you ready to do something great. You’ll take a look at their current strategies, systems, and business in general and wonder what you’re supposed to help them with. They seem to have it all together. Your role might be to help them take risks.
Why is it important to take risks in business? Without risks, we don’t get nearly as many rewards. Your client may have come to you because they are ready for those great rewards. They can’t seem to get over the hump and go after it themselves, though.
What Does it Mean to Take Risks?
We take risks with everything we do— in life and business. It’s often our perception of a risk that makes it “scary” or not. Some risks have a much greater likelihood of ending badly than others, of course.
As business people, we have to make an honest assessment of whether a risk is worth taking or not. This means paying attention to competition, customers, the world and local economy, personal skill level, and a variety of factors that come into play depending on what’s being assessed.
Your client may be fearful of taking a risk and losing money or something else. These are real risks that can have real consequences.
Often, though, the risks aren’t that bad after all. It’s just that your client has built it up so much in their mind that they’ve lost perspective. It can be really scary if they’ve come up with a new idea or are trying something new.
Stepping Away From “Real” Risks
As a coach, you don’t want to get yourself caught up in risk that can have financial consequences or otherwise. That’s outside of your scope of practice as a business coach. This is a case where you’d want to refer your client to a professional in that particular area of risk to protect yourself.
Encouraging your Client to Take Risks
It is, however, completely within your scope of practice to encourage your client through risks that push their boundaries. People often step back when they feel psychological discomfort. They hesitate or pull back altogether.
As a coach, it’s your job to point out that the greatest inventions and movements forward in our world came at great risk to the innovators. If they want to do great things, they have to try new things.
They are interested in taking this new risk because they don’t like where they are. They aren’t satisfied with something about their life or business. Help them come up with a solid game plan to move forward with their idea or to implement whatever it is they want to try.
Dealing with Failure
Sometimes, those great risks won’t pan out. As their coach, it’s your job to help them see the glass as half full. They haven’t failed… they just have more data to work with next time. They will learn from this and grow from this and go on to do great things.
Use failure or setbacks as a way to illustrate how important it is to assess, adjust, and try again. It’s so important not to wallow in mistakes or failure. Once your clients understand that they’ll accept risks a lot more readily.
Dealing with Success
Sometimes, success can have surprising consequences. For instance, maybe they didn’t realize they’d have so much customer service to handle after a particularly successful offer.
It’s exhilarating when something is risky but really pays off. As much planning as you do, you never know exactly what’s going to happen when the dream comes true.
Help your client analyze their success in a way that will help them rinse and repeat. Help them investigate ways they can do even better next time. Also, help them strategize to deal with anything unexpected that happens as a result of their success.
The Power of Taking Risks
Your client has you as a coach, which makes them exceptionally lucky. Very few people are willing to take risks in this world. You are willing to take risks. You are coaching your client on the importance of taking the right kind of risks. This gives you and your client a lot of power because you are part of a select group. This is something that can help take your client’s business to the next level.
Podcast: Play in new window | Download