Business coaching is a largely unregulated industry where seemingly anyone can ply their trade with no recourse for dubious or questionable advice! There is no regulatory body, no code of ethics and no formal training, testing, or certification procedure. So how do you know you will get what you are paying for?
Within a number of organisations you will often find an internal audit department, code-named “business coaches”. The definition of internal auditing as approved by the board of the Institute of Internal Auditors is;
“…an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”
The definition gives structure to what can and should be achieved through business coaching where the guiding principles can be applied to a small business as easily as they can be applied to a multi-national corporation.
How does this translate to you and your business? Well, if you are looking for a business coach in a supposedly unregulated industry then you may as well look at a qualified and certified internal auditor.
Follow the link to the Institute of Internal Auditors to find out what an internal auditor does and the minimum requirements to qualify as a Certified Internal Auditor (CIA)!
You will rest assured in the knowledge that you have a knowledgeable and experienced “coach” who has practical experience across all of the business functions from sales to receivables.
Some of the functions a business coach should be able to perform for you.
- Compile effective and well researched business plans.
- Analyse and draw conclusions from your financial statements which will lead to effective and realistic budgets and forecasts.
- Give you peace of mind that you are fully compliant in your industry segment and adhere to all legislative requirements.
- Streamline and document business processes specific to your business.
Let an internal auditor help your business achieve its maximum potential by working smarter, not harder!
Call it what you want! Business Coaching, Internal Audit, Management Consulting, Business Advisory.
I make it my business to know your business, better than you know your business!