What is Executive Leadership Coaching: And Why it is a Company's Most Valuable Asset.
Eric Schmidt, former chairman of Google and Alphabet, discusses why he thinks the right coach can be a company’s most valuable asset.
“Every famous athlete, every famous performer has somebody who’s a coach. Somebody who can watch what they’re doing and say, “Is that what you really meant? Did you really do that?” They can give them perspective. The one thing people are never good at is seeing themselves as others see them. A coach really, really helps.”
As a leader, you have numerous responsibilities on your plate, from managing company finances to cultivating a productive team environment. In the fast-paced world we live in today, it can be challenging to keep up with the nuances of being an effective leader.
However, just like any professional athlete, executives need a coach in order to perform their best. Executive leadership coaching can help you achieve both your personal and professional goals, whether it’s hitting new profit margins or entering a new market. Executive coaching is also a form of leadership training that helps CEOs and other executives build their communication skills, understand how to foster professional relationships, and work better with others.
With that said, there are many reasons why coaching is important in leadership. Whether your business hit a plateau or you’re looking for ways to align your team, leadership coaching can help. Below, we’ll explore why leaders need coaching, the benefits of CEO leadership coaching, and more.
Why is leadership coaching important for executives?
It can be lonely at the top Leadership coaching comes with many key advantages that can help you perform better in your role and improve the performance of your company as a whole. Believe it or not, you most likely know several connections who work with their own leadership coach to hone their skills and grow their business.
So, why is executive coaching important? If you’re wondering why executive coaching is important, looking at how a coach can positively impact your personal and professional life can help. Explore some of the many reasons why coaching is important in leadership below:
Provide new insights
Just because you’re the leader doesn’t mean you hold all of the answers. No one can know everything about a certain topic or industry, especially in today’s day and age. Working with a CEO coach can provide new insights and perspectives to help you think outside of the box and understand a topic more holistically. Drawing on the experiences of others, especially a CEO coach who has been in your position, can help you make more informed decisions and lasting changes.
Self-awareness is the ability to analyze our thoughts, beliefs, and emotions by drawing on our experiences and life history to evaluate ourselves and understand where we’re coming from. However, having self-awareness can be challenging, especially with our preconceived biases standing in our way.
CEO leadership coaching can help you develop a stronger concept of your emotional intelligence. A CEO coach will be able to teach you the critical thinking skills necessary to better understand yourself. This means knowing how to listen to others and understand how they perceive you, as well as learning how to accept someone else’s viewpoints and developing empathy.
One of the reasons why executive coaching is important is because it can help you become a better team player. Being more self-aware allows you to connect deeper with your colleagues and team to work together to reach a common goal.
Communication is key in any professional role, especially as an executive. Being a leader means communicating with others in a variety of positions, such as industry leaders, employees, and investors. Poor communication can be the reason your business is standing still. An executive coach will teach you skills and best practices to become a better communicator.
How does this look in practice? An executive coach will teach you about the different types of personalities you’ll encounter on a day-to-day basis and provide examples on how to best communicate with each type of person. They’ll also help you define your own communication style, so you can understand how to best navigate various situations, such as dealing with a toxic employee or presenting at a conference. It also means they’ll help you set realistic expectations, build your nonverbal communication, and provide feedback to help you grow.
When you walk into a room, you want people to believe in you as a leader. Confidence is crucial as a CEO, and if you’re lacking this trait, it will show. CEO leadership coaching will empower you to perform your best in both your personal and professional life. Through their feedback and praise, they’ll boost your confidence and show you why you’re the one leading the company.
What are the benefits of executive coaching?
There are many reasons why leaders need coaching, such as building confidence and knowing how to be effective communicators. However, what is the benefit of pursuing CEO leadership coaching? There are plenty of ways leadership coaching can improve the success of your organization. Some benefits include:
- Job satisfaction: Through executive coaching, you’ll be able to improve your skill sets to become a better leader. With an arsenal of tools, you’ll have what it takes to create a healthy work/life balance that allows you to celebrate the wins in both your personal and professional life.
- Improved personal performance: An executive coach will be able to identify your areas of weakness that you may have overlooked. By working with an unbiased professional who’s willing to provide constructive feedback, you’ll be able to develop new skills to close gaps in your performance and become a successful leader.
- Boost company performance: As a leader, you have a direct impact on the performance of your business. Not knowing how to effectively communicate new ideas or build a team that believes in your company’s mission can result in a floundering business. CEO coaches can pinpoint your weakness and help you create a plan to reach your goals, such as boosting profits, sustaining growth, and entering new markets.
These are just some of the many benefits of working with an executive leadership coach. If your business is facing challenges, whether it’s aligning your team or planning or maximum impact, a CEO coach can help.
What is the difference between coaching and managing?
The difference between coaching and managing lies in how direction is carried out. Through managing, there’s an authoritative role that will provide direction and oversee tasks to reach a certain outcome. Through coaching, the approach is focused on guiding a leader to develop their critical thinking skills.
As a leader, it can be hard to work with someone who will point out your flaws to make you a better CEO. However, a good CEO coach won’t manage you and tell you how to do your job. Instead, they’ll work with you to help you develop your skills to become a more effective leader.
What to look for in an executive coach
After learning about why coaching is important in leadership and the benefits of CEO leadership coaching, you may be wondering how to find an executive coach that works for you. Before signing on with the first coach you meet, consider these factors when looking for a coach:
Experience: Being a CEO is like being part of an exclusive club—there aren’t many people who’ve been in the same position as you. With that said, it’s important to look for an executive coach who’s been in a leadership role, whether they were a CEO or some other sort of high-level executive.
This is important because they can draw on their own experiences and apply what they’ve learned in their role to your current position. By working with someone who’s been in the same boat as you, you’ll learn about management, collaboration, and leadership firsthand.
Confidentiality: As an executive, you hold a wide range of crucial responsibilities, such as pitching to investors and working with stakeholders. If you work with a leadership coach who’s sharing information discussed during your meetings with HR or other members of the organization, your image and reputation can be tarnished. When looking for an executive coach, ensure all information shared is confidential.
Data: Executive coaches should provide data on their own success with other executives. You want to ensure that you’re working with a coach with proven results who can help you improve your personal and professional life.
Goal setting: A key component of executive coaching is setting goals. As you search for a leadership coach, ask them how they help their clients set goals and the paths they take to achieve them. Having a better understanding of their coaching process can help you determine whether they’ll be the right fit for you.
When investing in your career and personal life, you want to ensure you’re getting the most out of your investment. By looking for these qualities in an executive coach, you can have peace of mind knowing your executive coaching program will deliver results.
CEO Coaching International: Where leaders find coaches
At CEO Coaching International, we provide executive coaching for entrepreneurs like you. Our highly trained and battle tested executive coaches have years of experience helping executives achieve their goals, whether it’s building a better work/life balance, building a healthy team dynamic, or growing profits. Contact us today to see how our 1:1 coaching can help you and your company reach new heights.
About CEO Coaching International
CEO Coaching International works with CEOs and their leadership teams to achieve extraordinary results quarter after quarter, year after year. Known globally for its success in coaching growth-focused entrepreneurs to meaningful exits, CEO Coaching International has coached more than 1,000 CEOs and entrepreneurs in more than 60 countries and 45 industries. The coaches at CEO Coaching International are former CEOs, presidents, or executives who have made BIG happen. The firm’s coaches have led double-digit sales and profit growth in businesses ranging in size from startups to over $10 billion, and many are founders that have led their companies through successful eight, nine, and ten-figure exits. Companies working with CEO Coaching International for two years or more have experienced an average EBITDA CAGR of 67.8% during their time as a client, nearly four times the U.S. average and a revenue CAGR of 25.5%, more than twice the U.S. average.