Many of the top CEOs in major global brands have an executive coach on retainer, but small businesses leaders can also benefit from this type of expertise. On average, one of the primary reasons many small businesses do not hire a coach is because of the expense, even though it would make sense for their group. Granted, executive coaches can be a significant expense, charging rates from $ 300, $ 1,000 or even $ 3,000 or more for one session.
Because the business world is now moving at an incredible pace with minimal margin for staying ahead on the competition as new ways of doing business and disruption are now baked into our collective DNA, an executive coach can be a great benefit to your company.
- Exploring Ideas: Business coaches have experience across a broad swath of clients, and they bring that experience to their work with you. One of the top benefits of a business coach is the chance to have someone that is unbiased and outside of your organization help you think through new ideas and strategies. In the process of your speaking to a coach about thoughts that you're thinking, a good coach will ask you questions that will test your thinking and in the process give you more insight.
- Leadership Effectiveness: An executive coach can do something that probably no one on your small business team will do – give you feedback. Sometimes business owners have a trusted executive that works with them that will challenge their skills and effectiveness. But, more often than not, that is not the case. A small business owner can easily be in an environment where few people, if any, will inform the leader about how he's doing. An executive coach is someone that will not have any doubts helping you understand the “why” of decisions and courses of action you've taken. In the process, this will help you understand and gain insight into your own management and leadership.
- Accountability: The reality is that a small business owner has his or her little fiefdom. Larger corporations have their boards to hold them accountable, but who does a small marketing or retail shop have to hold them accountable? The answer is usually no one. If you've meant to update your operating bylaws, launch a new marketing campaign, or figure out how to develop team members, a coach will hold you accountable. It will be this person's job to check in with you on the goals you're putting forward for your company.
- Measurement: Typically, when you sit for your initial conversations with an executive coach, this professional will ask you about your goals for the process. Out of those goals will come ways to ensure that the goals are accomplished, and usually these goals are tied to making your business performance and leadership better. An executive coach will help you get better at measuring the success of your business because he will be working with you on core issues related to your company, which will come from the goals you prioritize.
- Improving Decision Making: One of the significant benefits of executive coaching is that with the live sounding board, in the form of a coach, you'll have an opportunity to test out ideas and thinking. A good coach will always push you by asking you questions that will help draw out and clarify your thinking. In turn, this process will help you improve your decision-making process because the decisions you will be making will have been thought through with much more rigor. Your choices will become better, and the process of how you get to decisions will become even more thoughtful and rigorous.
Sometimes executive coaches are brought on board for a specific laser reason, but lots of times they are hired because business leaders can benefit from working anywhere from three months to a year with someone helping them develop and improve. If you have not thought about an executive coach, it might be something to consider. If you think the price is a factor, it's only a matter of priorities.