For successful business leaders executive coaching is now seen as a necessity
For many years executive coaching was often seen by businesses as an expensive luxury but as more and more leaders see the benefits of this approach they now accept it as part of mainstream management development. All top performing athletes have coaches and the same principles that are used in sport apply in business.
And it’s not just soft skills that are improved an executive coach can help you and your business to get some hard results such as greater productivity, faster promotion and bigger profits.
Once you have found someone you can relate as an executive coach they can offer great insight and learning about yourself, how you’re perceived, where you can improve
A coach will challenge you to take faster, but more considered action so you keep projects moving and focus on key areas of performance for you and your teams.
Quality time spent with your executive coach gives you space to hear your own voice – to talk issues through and gain perspective. Very importantly they can talk to you honestly and truthfully when sometimes others may not.
A good executive coach will provide emotional support, empathy, and encouragement so the leader feels less lonely
Of course 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 , and finding the right coach who can provide the chemistry needed to work with a leader effectively is essential.
A recent report entitled, ‘Coaching: A Global Study of Successful Practices – Current Trends and Future Possibilities 2008-2018’ commissioned by the American Management Association highlighted an expanding interest in companies using executive coaching worldwide to improve people’s performance.
A number of other factors are also influencing the rising popularity of executive coaching. Firstly, there is increased pressure on leaders and their teams with increased regulation, scrutiny and the need to be more accountable and transparent. According to the Harvard Business Review, two out of five CEOs fail in the first 18 months and being a CEO can be a lonely and isolated role. An executive coach can be a confidant and a sounding board – helping a leader evaluate their options and make the best decisions.
There are many other benefits of executive coaching but the best way to see if it works for you and your business is to try it out, which is why at Corporate Counsel we offer a FREE Skype coaching session for potential users to see how it could work for them.
For further details about how executive coaching could be of help to you and your business email Paul Vousden at: firstname.lastname@example.org
Our 7 Questions
1) When did you realise you wanted to go into business for yourself ?
I was working in the UK office of a multinational PR company and they pulled out of the, which led to me being made redundant, along with my colleagues. I realised I could turn a negative situation into a positive by setting up my own business. It was something I had been thinking of for some time but this was the catalyst.
2) Were you confident you would succeed or were you nervous of failing?
I was quite nervous because I had two young children and a large mortgage but this was a great motivation to succeed.
3) Did you seek advice from your family or friends? Did anyone close to you suggest it was a bad idea to go into business for yourself or did you receive a lot of support?
Actually friends and family were initially quite sceptical but once I had taken the plunge they were very supportive and quite admired me for branching out on my own.
4) What was the biggest obstacle you had to face and overcome in order to start your business?
Funding. I borrowed £2k to pay for office rent and initial overheads but I had to generate cash from clients very quickly as I couldn’t get a bank overdraft.
5) Do you remember your first customer and can you recall how you felt when you delivered what they were prepared to pay you for?
Yes, my original business was PR and marketing services and I wrote and produced a leaflet for a small lift company. I worked extremely hard to create a superb product and they were delighted. I was over the moon and realised then I could build a successful business. I continued to work for the lift company and provided lots of marketing support; they also came to me for business advice which is one of the ways I developed as a business consultant and coach.
6) What would be the ONE thing you would do differently and where do you see your business in five years time?
When starting out you are often a bit nervous about working for larger companies but actually as a small, hungry start up you will probably deliver a much higher standard of service than a larger more established company. I would pitch for much larger clients. I see my business growing to a size where I can still offer fantastic service but spend more time training and developing my team to deliver a wider range of services.
7) What would be your advice to any startup or to anyone thinking of going into business for themselves?
Think about building a business from day one rather than just creating a job for yourself, otherwise you will stay small and never build an organisation.