Case Study: Empowering CDFI Participants with Strategic Coaching and Accountability

Case Studies | CDFI

These case studies highlight the impactful work we’ve done with our clients, showcasing how our tailored solutions have helped them achieve their goals. They offer a glimpse into the measurable results and positive outcomes we deliver, demonstrating our commitment to driving meaningful change and success.

Empowering CDFI Participants with Strategic Coaching and Accountability

Introduction

Community Development Financial Institutions (CDFIs) play a critical role in fostering economic growth and development within underserved communities. One of our CDFI partners recognized the need to provide ongoing support to their cohort participants after completing a specialized industry program. The cohort had previously undergone a series of workshops designed to help them understand and create a strategic plan for their businesses. However, the CDFI wanted to ensure that these participants had the necessary support to execute their plans effectively. This is where SOAR Community Network (SOAR) stepped in with a comprehensive coaching program tailored to reinforce strategic execution and accountability.

Program Overview

After the initial workshops, SOAR implemented a two-tiered coaching program aimed at providing both group and individualized support to the participants. The program was structured as follows:

  1. Facilitated Group Discussion
    1. Duration: 2 hours
    2. Focus: The group discussion was designed to facilitate peer learning, clarify any remaining questions about the strategic plans, and establish a sense of community among participants. This session allowed participants to share insights, challenges, and strategies, creating a collaborative environment.
  2. Individual Coaching Sessions
    1. Number of Sessions: 2 per participant
    2. Focus: These one-on-one coaching sessions were customized to address each participant’s unique needs, ensuring they were equipped to execute their strategic plans. The sessions included reviewing their progress, providing feedback, and adjusting action plans as necessary to stay aligned with their business goals.

Purpose Mapping and Accountability

A key component of this program was the **Purpose Mapping** exercise, which aligned each participant’s personal “Why” with their business “What.” This alignment is crucial for sustainable motivation and long-term success. Participants were tasked with completing their purpose maps as an assignment, ensuring that their business strategies were deeply connected to their core values and life goals.

Nebula Portal Access

To support the participants further, each was given access to our **Nebula Portal**. This online platform provided them with:

  • Resources for Leadership Development: A library of tools and materials to enhance their leadership capabilities.
  • Coaching Program Access: All participants were paired with SOAR’s main coach and could book their individual sessions through the portal.
  • Leadership Development Assessments: Tools to help participants gain deeper insights into their leadership styles and areas for improvement.

Execution and Follow-Up

The program was executed with meticulous attention to detail:

  • Documentation and Surveys: The main coach conducted the group session, documented attendance, captured any questions, and conducted surveys to gather feedback on the session’s effectiveness and areas for improvement. This process was repeated during the individual coaching sessions to ensure continuous enhancement of the program.
  • Program Manager Reporting: CDFI program managers were provided with detailed statistics, including the number of sessions conducted, participant attendance, and session ratings. Importantly, confidentiality was maintained, and program managers were not privy to the specifics of the coaching conversations.

Results and Impact

The program was successfully completed within two months, catering to 15 participants. The outcomes were highly positive:

  • Time Savings: The CDFI program managers saved over 30 hours of management time, as SOAR handled all the logistical and coaching aspects of the program.
  • High Participant Satisfaction: All participants reported high levels of satisfaction, praising the personalized attention and the actionable insights they received.
  • Effective Management and Reporting: The program managers received all the necessary statistics for their reports, making it easier for them to measure the program’s success.

The CDFI program managers were particularly pleased with the simplicity and effectiveness of managing one vendor—SOAR Community Network—that delivered a comprehensive solution encompassing multiple needs: strategic planning reinforcement, coaching, and program management.

This case study demonstrates SOAR’s ability to design and execute a targeted coaching program that not only supports the strategic execution for small businesses but also significantly reduces the administrative burden on CDFI program managers. The positive feedback from participants and the time saved for managers are key indicators of the program’s success, making it a compelling model for other CDFIs to consider.

Conclusion

SOAR Community Network’s holistic approach to coaching and leadership development, supported by the Nebula Portal, provided the CDFI and its participants with a powerful tool to ensure strategic plans were not only created but effectively executed. The alignment of personal and business goals through Purpose Mapping, combined with the structured support of group discussions and individual coaching, resulted in meaningful progress for the participants. This program exemplifies how SOAR’s tailored services can deliver significant value, making it an ideal partner for other CDFIs seeking to enhance their program offerings.

For more information about how SOAR can support your CDFI and its participants, please visit the CDFI page or contact us.

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