Why Is Coaching Critical for Business Success?
Today's workplace is only getting more fast-paced, complex and diverse. Taming that complexity is a business imperative, and coaching should be at the heart of every organisations and leaders toolkit. However, despite the long hours, challenging expectations, and frequent setbacks that are inevitable with a leadership position, only 39% of CEOs have a business coach to help optimise (or relieve) their daily decision-making burdens. Is that because coaching is a fire-fighting option - seen as only situational as and when the toughest obstacles arise? Or is it an unspoken (or self-inflicted) expectation that being in a business leadership role requires you to wear an 'invisible cloak' of invincibility? No matter how experienced or skilled you are, we all know we can learn more, do more and be more. If you agree, then that speaks to you having a growth mindset. People with a growth mindset believe they can improve. So despite the complexity, pace, and inevitable stress that comes from being in a leadership role - if anything, it should indicate that you'll benefit from more support, not less.
Given that your employees, stakeholders, customers, suppliers, and the potential millions $ which require your attention and support daily, your growth mindset and openness to coaching (giving and receiving) are critical foundations for positive change and business success.
What's your take on the role that coaches play in your organisation? Do you share that view that in today's complex and fast-paced business landscape, coaching counts?
Continue reading to learn more about what coaching is and the importance of business coaching to your success.
What Is Coaching?
In the business world, coaching is all about helping you (entrepreneurs, owners, leaders, influencers and professionals) achieve your goals more strategically (ideally with pace, effectiveness and efficiency) to help you be more strategic, confident, and thoughtful, helping you make more informed and better decisions.
They offer a range of tailored tools and methodologies, tapping into their extensive experience to partner with you to develop your growth plans and business strategies. Listening to you, asking the right questions, providing constructive feedback with facilitation and personalised advice to help accelerate your leadership and business growth.
A coach is often someone with years of relevant expertise who can take what they've learned and apply it to your experience. It's like having 20 more years of knowledge without having to overcome the learning curve yourself.
Why Is Coaching Important?
We often believe that the more success we attain, the less help we need. But, as mentioned above, it is quite the opposite. As the old saying goes, "The only constant is change." So as your business moves through stages of growth, your strategic priorities will evolve, notwithstanding your competition won't be taking it easy on you either. So if you want to stay competitive amid this complexity, it is essential to ask for help along the way. In any case, if you don't feel you need support, you can be sure most of your team supervisors, mid-level managers, and leaders will need your help. For example, everyone knows precise expectation setting is part of laying the foundation for successful work and that a top-down approach typically determines these expectations. 72% of employees aged 25-45 believe that management sets productivity goals and keeps co-workers committed to them. Yet, most management-level employees don't feel supported enough to be effective in their roles.
Are you clear on where you and your business are heading in the future? Have you mapped out for your direct reports and organisation clear objectives and key results (OKRs) for the next 90 days and the financial year ahead? A coach can help you address the areas of your business that need nurturing to ensure your growth goals stay on track. Naturally, it can be easy to let yourself off the hook. However, a coach can serve as an accountability partner, helping you push through the challenges to meet your goal(s). It would be best to avoid waiting until you run out of time and the margin of error from learning from your mistakes has gone. Instead, look for a coach with the relevant experience to help provide you with the guidance to work through your most challenging problems quickly.
5 Benefits of Coaching
Any coaching, from personal training to executive coaching, is a win-win. As you grow, both you, everyone around and your business can reap the benefits.
Setting goals is one thing. Following those goals is another.
With a coach, you have a built-in accountability tracker. Your coach will help you to both set reasonable goals and stay up-to-date with them. If you're having difficulty meeting your goals, your coach will work with you to find out the underlying cause and support you in getting back on track.
If you're overwhelmed by the number of tasks you need to complete each day in your business and need help to prioritise more effectively, take a look at this article to better manage your time and priorities.
Everyone has areas for improvement. Sometimes, we can pinpoint what they are. Often we can't. Coaching sets aside time dedicated to finding strengths and weaknesses, giving the space and perspectives to help see the bigger picture or even the clear picture before us, but our existing biases are blinding us from seeing what's before us.
Coaching can help us close our knowledge gaps and remove our unconscious biases and blind spots to grow more effectively. Then, with the improved knowledge, more informed decisions, you can track and start noticing patterns and what's required to succeed more clearly.
Improve Your Coachability
It's hard enough to give constructive feedback to the people we love. It's even harder to give it to those we don't know that well.
Luckily, your coach will be well-versed in skillfully delivering the hard truths that you may not want to hear. Depending upon where you are on the coachability scale, at first, it could sting. But after a while, you'll welcome the opportunity to listen to honest feedback from someone you trust and respect (paid to have your core interest at heart.) All of which you can use for your improvement and that of those around you (NB: When you become more coachable - you also become a better coach and leader).
A coach will challenge your thinking when it comes to strategy development. Always keen to make a proportionate match between your desire for high performance and high performing stretch goals. Sparring with someone who's walked this road before—pointing out pitfalls, areas you need to strengthen—is invaluable. Someone with a unique but proven strategic wherewithal will push you harder while keeping your approach on course.
Achieve Your Goals
The end game of coaching is always to achieve your goals faster. You are building an action plan together to keep you on track and keep you focused.
With coaching, you'll learn how to make more strategic decisions. Your mindset will shift to that of long-term rewards rather than instant gratification.
Tip: For a deeper dive into the importance of goal setting, take a look at our OKR (Objectives and Key Results) - Ultimate Guide.
What Are Good Coaching Questions?
A good coach will help you identify your strengths, weaknesses, and goals during sessions. In addition, a great coach will give you the tools to learn more about yourself no matter where you are.
The GROW model encourages collaboration, creativity and shows the value in sharing ideas. Here are some examples of the possible questions at each stage of the GROW model that a good coach will ask.
What does success look like for you? (Goal)
What is your number one priority right now? (Goal)
How will you know if this issue is solved? (Goal)
What have you personally worked on for this goal? (Reality)
What would the result be if you did nothing? (Reality)
What issues have you been avoiding for this goal? (Reality)
If money were not an obstacle, what would you do? (Options)
If there were no consequences, how would you proceed? (Options)
What would you tell a friend to do in this exact scenario? (Options)
What will you do to accomplish that goal? (Will)
How can you ask for help if something gets in the way? (Will)
How can you stay committed to achieving your goal? (Will)
What Coaching Is Good for in Your Company
Now that you're more familiar with what coaching is and why coaching is vital for you and your business success, it's up to you to decide whether you think it's the best route to support your growth objectives. The list below are expected benefits cited from hiring a leadership and business coach:
Consistency of results delivery and happier stakeholders.
Improved planning skills (corporate strategy).
Ability to evaluate and take calculated risk as opposed to "snap decisions."
A better corporate culture or day to day performance climate.
More courageous and strategic conversations.
Enabled an environment of internal coaching, encouraging the staff to see the value in their external leadership coaching.
Improved teamwork and the way you collaborate, work together and help each other.
Improved ability to relinquish control and delegate responsibility.
Ability to make a career decision.
Enhanced leadership skills.
At gloo, we understand the client's need to consider the opportunity cost of coaching vs other investments. But, for the love of facts - the good news in today's complex and fast-paced business landscape, coaching counts! Based on ICF's Global Coaching Client Study when looking at the impact of coaching from a client's perspective, the study concluded:
Coaching generates an excellent return on investment (ROI) for clients when monetary gains are an expected outcome. The median personal ROI indicates that those who seek a financial gain can expect a return in the range of 3.44 times their investment.
The ROI for companies can be significant, with a median return of 7 times (700%) the initial investment. Almost one fifth (19%) indicated an ROI of at least 50 (5000%).
So it's clear leadership coaching can help you achieve higher performance and greater personal satisfaction at work. However, while you may be aware that you need to make changes — in behaviour, mindset, or both — to advance your career, you won’t reap the benefits of coaching unless you’re prepared to engage in the process entirely. So before you move forward, the most critical question you should ask yourself is, “Am I ready to be coached?”
When it comes to helping you grow, we've got your back! Get the whole coaching experience by working with us. Sign up for an initial strategy call for free.
Alternatively, you can check out our other growth curated content in the growth hub section of our website.
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