Experienced CEOs and managers will often believe that they have heard it all and are comfortable with their managerial style. However, many don’t realise that finding the right business coach can help increase your business potential and navigate a bottom line for workplace efficiency.
These coaches will take an objective look at your leadership style and your skills providing you with insights you may never have thought of before.
There are many benefits to hiring a business coach, but some are more transformational than others.
Below are 5 effective ways business coaches can bring out the best in your business.
#1 – Hearing An Objective Opinion
The people who work with and for you may have their reasons for being compliant and not wanting to express any disagreement with your decisions.
These reasons could be to avoid a potential confrontation in the workplace or to keep you on board with them. An executive coach is different as they are hired for a fixed term with the sole purpose of challenging you in the most insightful ways.
They will honestly and objectively assess your leadership skills and practices before providing you with some useful advice to help you reach your goals.
#2 – Improve Your Self-Confidence
One of the traits that all high-profile business figures have in common is confidence.
These figures believe in their own abilities and are confident that they will achieve the results they want. The problem is that this is not a natural characteristic and not one that all leaders will have.
As confidence is not innate, it is something that can be learned. A good business coach will help you identify your ability, skills and strengths while enabling you to develop strategies to get you through tough times.
According to the mental development experts at Mindset Mastery, nobody is born with limitless self-confidence. They explain that “Self-confidence is something that you learn to build up because the challenging world of business, and life in general, can deflate it. Do this by learning to visualise yourself as you want to be and grow to be proud of it”.
This can do a lot for your self-confidence, your leadership style and your business.
Confident leaders are more likely to hire people who are better than themselves while those lacking confidence will hire people they feel are below them.
#3 – Improving Accountability
After your business has been analysed and systems put in place, all the planning implements and mentoring established reviews and improvements will need to be done.
This is vital because there are changes that have to be made to ensure your business continues on the right path.
Changes to equipment, staff and resources could be required, but you will not know about this if you do not review everything.
A business coach can help at these times. They offer some objectivity to the review and will provide a level of accountability. This will ensure that your business is on track and not stagnating.
This is reinforced by bookkeeping firm Concept BK, who believe business coaching has the potential to transform struggling companies. They explain “being too close to a problem can leave you blind to the potential solutions. Professional coaching experts, especially those offering free consultations to show they provide value above all, are an exceptional starting point for any business owner or CEO who feels as though they are stagnating.”
In fact, hiring a business coach could be the best step for businesses that are not making progress or reaching their goals. They will improve the performance and profitability of the business in a sustainable and long-term manner.
With studies suggesting that the services of a business coach can increase profits by up to 46%, now may be the time to bring on a professional coach.
#4 – Learn When To Take Risks
When your business coach challenges how you do things, you will learn that some of your decisions are reckless.
You will also see which ones are evidence-based. Of course, this does not mean that a business coach will be able to see the future of your business and what you need to take into account.
However, they will be able to assess whether you are considering the risks and looking at problems from all angles before you make any decisions.
Expert psychotherapist Ilona Nichtelein states that risk is another word for life and without taking risks we have no life. Corliss says; “In order to achieve anything in life, we have to take positive, calculated risks. Nothing can be achieved without risk and apart from this obvious outcome, there are other numerous benefits to taking risks”.
#5 – Leading Strategically
While a lot of prominent business people will disagree, no-one is superhuman.
This means that you will not be able to do everyone’s jobs for them and cram more hours into the day. Working with an executive coach will help you identify the aspects of your role that you need to focus on. They can also help you determine what you can delegate.
While it is important that you keep an eye on all the dealings your business does, leading strategically will be a better use of your time.