Business coaching services comes in a variety of offerings, but the overall goal is to help you be the very best version of yourself as a leader, executive, and individual. Business coaching can feel like a blend of therapy, consulting, and Olympic cross-training. The focus is on your advancement as a person, as well as with your goals in business and life. A business coach does not necessarily have to possess experience in your particular field or niche. A great business coach offers many benefits based on his training, experience, philosophy and ability to effectively communicate.
Former Google CEO, Eric Schmidt, states that the best advice he ever heard was to get a coach. Bill Gates also emphatically states that everyone should have a coach. Venture capitalist Fred Wilson advocates coaching too, especially for first-time CEOs.
Business Coaching Services: The Benefits
CEOs, entrepreneurs and small business professionals work with a coach just as serious athletes do today. Those companies should budget for business coaching services the way they do for Internet access and collaboration software as a vital part of their growth and viability. The more a company in the abilities of their personnel, the greater the returns due to better service and increased competency and focus.
“Given how vitally important it is for the CEO to be getting the best possible counsel, independent of their board, in order to maintain the health of the corporation, it’s concerning that so many of them are ‘going it alone,’” says Stephen Miles, CEO of The Miles Group. “Even the best-of-the-best CEOs have their blind spots and can dramatically improve their performance with an outside perspective weighing in.”
12 Benefits of Top-Notch Business Coaching Services
- Results – Greater productivity, higher profitability and increase efficiency.
- Important Insights – About yourself, how you’re perceived and where you can improve.
- Faster action – Advancing programs and business processes faster and with greater precision.
- Perspective – Have the ability to talk to a fellow professional and gain perspective.
- Awareness – Increase your awareness concerning challenges and opportunities.
- Support – Gain confidence on how to initiate your bold moves.
- Clarity – On your our values and what you stand for, which leads to greater conviction
- Ideation- Develop and formulate bright ideas on how to improve your life.
- Emotional support – Empathy. and encouragement. I can be lonely at the top.
- Truth – Coaches will tell you what others won’t.
- Strategic planning – Coaches can help you develop your best strategies and tactics.
- Improving your skills-sets – Communication, delegation, conflict management, team building, persuasion, etc.
In my eyes, these are incredible leverage points for growth. But don’t get me wrong, coaching isn’t a panacea. It won’t work for someone who doesn’t have a desire to learn and grow. In some situations, consulting or therapy may be more appropriate (see chart below). And let’s face it: not all coaches will fit. It’s a profession with low barriers to entry that’s still maturing. There’s an element of chemistry that needs to be right.
Business/Executive Coaching Survey Findings
More than 200 CEOs, board directors, and senior executives of North American public and private companies were polled in the 2013 Executive Coaching Survey that Stanford University and The Miles Group conducted this spring. The research studied what kind of leadership advice CEOs and their top executives are – and aren’t – receiving, and the skills that are being targeted for improvement.
Key findings from the survey include:
- Shortage of advice at the top – Nearly 66% of CEOs do not receive coaching or leadership advice from outside consultants or coaches, while 100% of them stated that they are receptive to making changes based on feedback. Nearly 80% of directors said that their CEO is receptive to coaching. “If CEOs are willing to be coached and make changes based on coaching, it stands to reason that companies and boards should make this happen,” says Professor Larcker.
- CEOs are the ones looking to be coached – When asked “Whose decision was it for you to receive coaching?” 78% of CEOs said it was their own idea. Twenty-one percent said that coaching was the board chairman’s idea. Mr. Miles sees this as a positive trend: “Becoming CEO doesn’t mean that you suddenly have all the answers, and these top executives realize that there is room for growth for everyone. We are moving away from coaching being perceived as ‘remedial’ to where it should be: something that improves performance, similar to how elite athletes use a coach.”
- Coaching “progress” is largely kept private – More than 60% of CEOs responded that the progress they are making in their coaching sessions is kept between themselves and their coach; only a third said that this information is shared with the board of directors. “As coaching is starting to lose its ‘stigma,’ more of this secrecy is being removed,” says Mr. Miles. “Although much of the coaching discussion should be treated confidentially,” Professor Larcker adds, “keeping the board informed of progress can improve CEO/board relations.”
- How to handle conflict ranks as highest area of concern for CEOs – When asked which is the biggest area for their own personal development, nearly 43% of CEOs rated “conflict management skills” the highest. “How to manage effectively through conflict is clearly one of the top priorities for CEOs, as they are juggling multiple constituencies every day,” says Mr. Miles. “When you are in the CEO role, most things that come to your desk only get there because there is a difficult decision to be made — which often has some level of conflict associated with it. ‘Stakeholder overload’ is a real burden for today’s CEO, who must deftly learn how to negotiate often conflicting agendas.”
- Boards eager for CEOs to improve talent development – The top two areas board directors say their CEOs need to work on are “mentoring skills/developing internal talent” and “sharing leadership/delegation skills.” “The high ranking of these areas among board respondents shows a real recognition of the importance of the talent bench,” says Professor Larcker. “Boards are placing a keener focus on succession planning and development, and are challenging their CEOs to keep this front and center. However, there is still a long way to go in the area of succession planning for most companies, especially as you get further down the reporting structure.”
- Top areas that CEOs use coaching to improve: sharing leadership/delegation, conflict management, team building, and mentoring. Bottom of the list: motivational skills, compassion/empathy, and persuasion skills. “A lot of people steer away from coaching some of the less tangible skills because they are uncomfortable with touching on these areas or really don’t have the capability to do it,” says Mr. Miles. “These skills are more nuanced and actually more difficult to coach because many people are more sensitive about these areas. However, when combined with the ‘harder’ skills, improving a CEO’s ability to motivate and inspire can really make a difference in his or her overall effectiveness.”