Performance pressure on CEOs is higher than it’s ever been. Employee trust in their CEOs ability remains steadily low. Many feel that top executives are out of touch with the realities of the business. These executive challenges ultimately contribute to lost opportunities and earnings. Challenges like these have led to a rise in CEO executive coaching among even the most powerful CEOs in the world.
Executive coaches can have multiple roles for CEOs, including:
Coaching, which was once looked upon with skepticism, is now embraced as the way to enrich the workplace with optimal leadership. CEO executive coaching has boomed as an industry for one reason. Those holding top leadership roles in the industry have discovered that it actually works! Executive coaching works so well, in fact, that approximately $1.5 billion was spent on this role just last year, and it’s estimated to be a $7 billion business globally, according to Executive+Co.
At Azul B2B, we know the benefits that executive coaching can provide your company. We’re here to help you evaluate and determine if your current business model needs some leadership coaching. As B2B experts, when it comes to CEO executive coaching, we can tell you what to look for, where to find it, and how to use it. Don’t get left behind— find out how supporting your CEOs with executive leadership coaching can propel your business to new heights.
What is Executive Coaching?
Executive coaching is a learning approach that helps business leaders such create self-awareness by providing training in leadership, communication, and motivation. More specifically, executive coaching is the process by which a current CEO, or top executive, is coached by a fellow or former executive that has had decades of experience leading a company, or companies, to great success. Whether one-on-one or through a team approach, coaching can take place for weeks, months, or years, making this a partnership that provides quite a unique relationship.
The purpose of executive coaching is to help your CEO become a better leader, make better decisions, and get better results. Executive coaching unlocks leaders’ potential to maximize their own performance. They increase the performance of the organization as a whole. How? The executives are trained to find the resources within themselves to make positive decisions for the good of the company.
How is CEO executive coaching most effective? It requires that you be comfortable and open enough to admit that there is at least one thing you could improve upon as a top leader in your business. If you are open to this, and your business is willing to invest in this resource, executive coaching can provide the key that your business model has been lacking.
What Executive Coaching is NOT
Despite increasing evidence of the benefits of executive coaching, according to Harvard Business Review, nearly two-thirds of CEOs report that they do not receive any outside leadership advice. Of that group, 80% of CEOs say that they would be open to advice and suggestions on ways they can improve business by facilitating better team engagement.
So why do some companies still hesitate to provide executive coaching to their CEOs?
Perhaps the reason has to do with the common misconceptions around executive coaching. Years ago, companies would “coach” employees who were perceived to have a problem or needed fixing. This obviously created a stigma attached to the concept that coaching meant remediation.
This is far from the case. No matter how experienced we are, we all can use someone to help us see leadership traits and situations from a different perspective. Take elite athletes as an example. They don’t drop their coaches when they reach peak performance. Athletes continue to lean on and trust in the coaching that has gotten them to where they are. Why? Because continual growth is the sure way to maintain greatness! The same rule applies to CEOs. Executive coaching is a way to help even the most successful CEOs be even more effective. There will always be continuous opportunities for learning and development.
How Executive Coaching Benefits CEOs
CEO executive coaching allows for a business mentor who can help you critically think through decisions. They also offer fresh perspectives and insights. When you’re so close to the top, your business vision is sometimes blurred. A coach can help identify your biggest blind spots. Coaches support you with practical advice and resources that you need to make more informed decisions.
A coach is also a source of support and encouragement. Many executive coaches were also successful business owners or CEOs themselves. Therefore, they can share their experience with you, giving you practical advice with tried-and-true methods for success.
With the rate of success that executive coaching has on business productivity, it’s no surprise that 79% of CEOs say it was their idea to receive coaching.
Here are five reasons that all CEOs need (and want) executive coaching:
1. Learn How to be an Effective Leader
Leadership doesn’t just happen from being in a company or industry for a long time. It’s a privilege and responsibility that helps establish the culture your brand operates from. Therefore, CEOs must learn and exemplify leadership on a regular basis.
2. Gain a Competitive Advantage in Your Industry
Executive coaching is a proactive measure that an individual invests in. CEOs will gain an edge in dealing with leadership challenges, unanticipated obstacles, and feel more confident in operating in a complicated environment.
3. Increased Emotional Intelligence and Self-Awareness
Coaching improves a leader’s ability to see that vulnerability and authenticity play a role in leadership. When he/she is able to communicate impactfully and recognize blind spots, the company’s culture also improves as a result.
4. Learning to Trust Your Team
Perhaps one of the toughest skills for an employee to master is learning to trust others to contribute to the group’s overall success. Being solely responsible for wins and losses carries a lot of pressure. Learning to delegate and trust your team are some ways to alleviate this.
5. Development of Strategic Thinking Skills
Your decision-making confidence will grow when you have a close mentor to help evaluate your decisions from every angle. With enough practice, you will learn to move from a reactive to a proactive approach in your decision-making.
Executive Coaching Starts with Azul B2B
Whether you are a business owner seeking coaching for your employees, or an individual in a leadership position looking to maximize your potential, Azul B2B is your expert resource. Our team believes that professional leaders who want to maximize their business goals through effective leadership capabilities should find an executive coach that fits those needs. We can help you do that. Find out more about how executive coaching can help your CEO become the business leader your company depends on.