CEO Coaching: What, Why and How the Best CEOs Utilize a CEO Coach
Some say it can be lonely at the top. If that’s the case, then CEOs must be in desperate need of company. Thankfully, CEOs and leaders can turn to CEO coaching to provide the guidance they need to overcome the struggles of running and managing a company. With the future of the company weighing on them, they need help too. And this is where a coach can come in. But this type of coaching goes beyond that.
With the right coaching and a CEO’s drive for success, this combination can deliver impressive results for a business.
What is CEO Coaching?
Imagine this: Jess Bezos uses a CEO coach. Even Steve Jobs once had a coach. Even Tom Brady, arguably the best quarterback of all time, has a lot of coaches and trainers who are focused on improving every single aspect of his game.
What do we take from this? Coaching is something that everyone can benefit from no matter how good you think you are in what you are doing. In this study by Harvard Business Review, they demonstrate the link between coaching and high performance.
Before you can learn about what CEO coaching does for you – the CEO – and your company, it is important to define what it is. CEO coaching is dubbed the fastest and most efficient way to grow your business by becoming a more effective leader. But exactly how does that happen?
A coach is generally someone who is experienced at being a CEO or executive leader. They have formal training in mentoring using a structured framework aimed towards success. Their goal is to help CEOs clarify their thinking and make informed decisions that will impact the company. It is a great source of support for CEOs because they do not normally have anybody to turn to for help; after all, they are so used to people referring to them for any major decisions impacting the business.
Reasons Why You Need CEO Coaching
Today, CEOs serve as more than just the face of a company. They are looked at as visionaries and thought leaders. For a select few, they are considered pioneers and trailblazers in their field. But even CEOs can benefit from CEO coaching. In fact, the best ones continue to seek out suggestions and advice from an external viewpoint in order to improve how they manage business operations and conflict resolution, and boost team engagement.
These are some of the reasons why you need to consider coaching and ways you can optimize its benefits.
1. To learn something new
The best leaders and CEOs are the ones who continually seek to learn and improve. They do not claim to know-it-all, but rather are open to learning new things or skills. Even if your expertise is in one area, such as finance or technology, it does not hurt to learn a new skill so you can become a more well-rounded leader.
The best coaches are the ones that can help CEOs develop professionally and personally.
2. To see things objectively
It is easy to overlook any aspect of the business that isn’t going well or could be detrimental to your long-term success when you have too much on your plate. Therefore, having a coach is helpful because they can provide you with an objective, third-party assessment. A coach can give you a reality check, so you can fix blind spots or any aspect that you don’t even know could be hurting your business.
When you deal with something so often and on a regular basis, it is easy to dismiss issues until they impact your business negatively. Don’t wait until that happens before you do something about it.
3. To set aside time to reflect.
CEOs often lead a very hectic schedule. In between meetings and operational obligations, CEOs have so many things to think about on a daily basis when it comes to running a business.
The time spent with a coach is a chance for them to slow down and reflect. A coach can help CEOs to use this time as an opportunity to explore new business strategies. It allows them to open up to possibilities that they may not have considered on their own. This is very promising for businesses that wish to expand or grow.
4. To see things in a new light.
CEO coaching can open new doors of possibilities for your business. Coaches can help with overcoming business obstacles and see new ways of approaching these obstacles. By trying out new things, you have the opportunity to increase efficiency and productivity within your business.
5. To help the company grow.
The style of leadership can have a huge impact on the productivity of the company. CEOs that are committed to developing their personal and professional skills are more likely to inspire the rest of their team to become better too.
The true impact of business coaching is evident in how the business is managed and what business decisions are made. However, acquiring soft skills like interpersonal communication and improving teamwork can go a long way in achieving organizational success.
How to Optimize the Benefits of Coaching
There are a variety of reasons why CEOs use a coach. Some turn to coaches for sound advice in solving common issues that face their company. A few others use a coach to help develop a smart and well-planned strategy for their business’s long term success.
The best way you can optimize the benefits of coaching is to identify what you want to achieve first. This will help you both achieve accountability with every coaching session, so you can achieve your strategic goals.
CEO coaching is a win-win situation for your business. It helps business leaders learn new skills and a new perspective on how to handle common business responsibilities. In the end, it is a good investment to allow your business to flourish because a company (or team) is only as good as its leader inspires them to be.
In fact, the most successful CEOs are the ones who are diligent, open to learning new things, and constantly seeking growth and development.