Coaches are hearing more about the challenges many are facing in today’s economy, and thinking ahead as a coach to potential concerns and considerations enhances ability to provide perspective. In this blog series several increasingly common situations are explored.
Start with considering the impact the economy has on housing. Foreclosures are at an all-time high, and coaching clients that are out of work or underemployed may be dealing with the financial struggles that lead to facing the loss of their home.
As a coach, how are you preparing to provide perspective?
Before the question comes up, read the news. Seek out information on the challenges your coaching clients might face. Learn about creative approaches people are taking to manage the challenges.
1. What steps does a client want to take now to budget for changed income levels? Because clients may anticipate finding a job quickly or receiving a raise soon and simply continue spending at the same level.
* Given your change in income, how do you want to plan for managing the differences?
* What process do you want to develop for managing your money?
2. What are the resources to learn about the process for foreclosure in the state where your client lives? Go online and Google “foreclosure”. Multiple sites with information and options are available. Read the articles and gain understanding so that as a coach, you understand your client. Consider questions you might ask them:
* What is your approach to educate yourself?
* What are your legal and financial considerations?
3. What are the alternatives to a foreclosure? When you read about foreclosures, look for information on short sales. Find out about renegotiating with the bank. Explore some of the programs created to help people keep their homes.
* What is your approach to exploring the alternatives?
* What are your pros and cons to alternatives to a foreclosure?
After anticipating the potential concern and exploring both resources and alternatives, prepare for coaching clients that will lose their homes.
As a coach, are you providing quality service in the face of losing a client that cannot afford a coach now? What are alternatives for providing ongoing service?
