Business Coaching with Dominic Monkhouse
As a business coach, Dominic Monkhouse has worked with humble, curious CEOs and their leadership teams to scale up their organisations. He knows there is a connection between the professional development of the CEO, their leadership team and business performance. Dominic brings his own experience, expertise and a proven process.
He’s Not Just a Business Coach…
It’s been 4 years since Dominic came on the show. Since then, he’s been up to a lot of new things. One of which is his new book with a very courageous title. The name of the book it “F**k Plan B”. Another way of looking at it would be “burning your boats” Dominic says. It forces people onwards when you have nowhere else to go. He finds that often, business owners are trying to hedge their bet, and when they do, people won’t commit to anything.
The book is really on the success he had when running a couple Tech businesses in the UK. It talks about the things that Dominic decided were important for the business and things they doubled down on and wouldn’t compromise on.
When Dom does work with clients as a business coach, he finds that the hardest thing to do is getting his clients to reduce the number of things they are trying to do. Reduce the number of customers they are trying to serve. Reduce the number of products they think there trying to take over the world with.
The book was trying to put together some of the things that Dominic had found from his own experience that had worked and hopefully people find it helpful in some way.
Being a Business Coach
Usually if a CEO comes to Dominic for help, the first thing he will ask them is “what’s on your mind?”. They usually give him 3 things, all of which are completely irrelevant. Dom will usually get some sort of sense of what the client needs help with, often a sales and marketing challenge, particularly around generating new business. Many times, it’s that they haven’t got the culture they want or they’re growing too fast and afraid the culture they do have will fall apart.
Other issues people come to Dominic for are that they are running the biggest company they’ve ever run and they have an executive team which isn’t really a team. Or, it has the potential to be a high-performing team but they don’t know what to do to turn it into a high performing team. Some of the challenges can be getting more growth or challenges from a result of growth and that’s where the focus comes in.
What Clients Use a Business Coach for.
So often, people come to a business coach wondering where they should focus their time on. What should they be doing in the Next 100 days (no pun intended). You’ve got a problem, lets think about what you can do in The Next 100 Days to sort it out. It’s a core period of time. Long enough to make a change and do something different, but short enough to achieve a result a replan with the next big thing.
One thing Dominic thinks about is that everybody has a business plan. Everybody has an Excel spreadsheet all ready in their head. This will grow like this and that will grow like that. We get here earn billions, sell the company and move to the Bahamas. What they don’t have is a business model. So what Dominic does is unpick their business pan and create a business model.
8 Essential elements of trust in Business
One of the essential things is clarity. To be able to describe what you do in a way that makes absolute sense for your client or your core customer. Dominic thinks the reason businesses in niches do so well is because they learn the language of their customers. When your selling something or buying something, you want somebody who knows what you know. Speaks the say you speak, and knows your challenges, and if they do, you trust them. So thats where clarity comes into place.
Another one of Dominics essential elements of trust is Character. That ca be hard. Sometimes you have people on leadership teams that don’t like each other. The other elements are compassion, competency, commitment, connection, contribution and consistency. All very important in a business.
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