Executive business coaching has become highly popular for one reason – it works. CEOs, small business owners, managers, and other executive leaders within companies have seen the benefits of working with an executive business coach. Improved efficiency, effective communication, increased self-awareness, better leadership, and a significant return on investment is why the business coaching industry has skyrocketed over the past few years. Working one-on-one with a coach helps each leader reap those benefits, which in turn cascades throughout the organization generating improvement at every level. Executive coaching used to be seen as a remedial effort- a coach was brought in, often as a last resort, when there was a problem. It has transformed over the years to be a development tool, an indication that a company cares about the personal and professional goals of individual employees and sees them as a worthwhile investment. Additionally, there is emotional intelligence and insight in recognizing that we all have areas of weakness and can improve ourselves to become better leaders who make better decisions and therefore deliver better results, both personally and professionally.
Benefit 1: Efficiency (Better Use of Time & Resources)
One of the primary benefits of executive coaching is improved efficiency. In order for a business to grow, it has to be functioning at optimum efficiency. This means all employees, especially those in leadership positions, need to have awareness of how they are spending their time and resources as well as what effect they are having on their teams. Learning how to delegate tasks to others in order to scale business can be one of the most difficult tasks for a high-level executive in the business. Working with a leadership coach can help the executive talk through what tasks they need to do and which ones they can delegate, discuss their fears associated with handing off responsibilities to others, and help them fine-tune their personal efficiency – all of which acts as a way to develop team members. As each individual becomes more efficient, so does the business as a whole.
Benefit 2: Effective Communication
Another benefit of executive coaching is effective communication. To be an effective leader, a person must be able to effectively communicate a vision and drive that throughout the organization. Many people are closed off, do not communicate well, and have no awareness that this is even an issue. Learning to communicate openly and confidentially with a business coach in a private setting translates to an awareness of how little they are actually communicating with their reports, peers, and leaders. Learning how to fine-tune fruitful communication skills is crucial because to be a successful leader one must be an effective communicator.
Benefit 3: Increased Self-Awareness
One of the main benefits of executive coaching is increased self-awareness. By becoming more self-aware, we really effectuate change because change always starts within. We all have blinders and biases when it comes to ourselves. By working one-on-one with a leadership coach, high-level individuals gain insight about themselves and as a leader within their organization via the coach’s objective observation.
Benefit 4: Better Leadership Ability
If you are in a leadership position, then you are likely looking for how to improve your leadership skills. Leadership coaching is all about increasing potential by developing, augmenting, and fine-tuning those skills. By improving the leadership abilities of those higher up in an organization, those leaders are better able to motivate those they supervise and create a culture of teamwork, mutual respect, and trust. Happy, secure, and motivated employees will be more productive and care about the work they are producing. Good leadership ability makes or breaks a business and it starts at the top.
Benefit 5: Monetary Return on Investment
The old adage that “you have to spend money to make money” is absolutely true. Everyone always wants to know how much executive coaching will cost, but the more appropriate question is, “what is the investment in your business worth”, or better put: “what is the return on investment”? The good news is that there have been studies performed to find out how much of a return on investment businesses should expect with executive leadership coaching. A study performed by Manchester Inc. that surveyed 100 executives (most of which were from Fortune 100 companies) found that their company’s investment in executive leadership coaching on average realized an ROI almost six times the cost of the coaching. A study performed by the International Coaching Federation (ICF) found that 86% of companies saw an ROI from coaching programs and 96% of those currently working with an executive coach said they would work with a coach again in the future.
Most successful leaders, in general, get to where they are in life due to mentors that they meet along the way who help them maximize their potential. We cannot do great things alone. CEOs, business owners, and other high-level executives who want to take their career and their business to the next level need a high caliber of support and mentorship. Executive coaches are mentors who come with specific relevant experience in the business world and critical coaching skills to help executives improve their leadership efficiently and effectively.
Ken Kilday, CEO/founder of Leader’s Cut: The Ken Kilday Coaching Experience, is an Executive Business Coach and EOS Implementer®. He works with leaders in companies of all sizes to implement actions, evaluate success, and adjust to new, improved habits and actions to produce repeatable and predictable outcomes independent of changing business cycles. Ken is an entrepreneur who has designed, built, launched, and rejuvenated successful businesses. Contact Ken to schedule a 15-minute Meet & Greet and discover how coaching can best serve you and your business.