The Advantages of Business and Executive Coaching
You know you want coaching of some kind to further your business aspirations. You’ve heard about business coaching and executive coaching, but you’re not sure about their differences and which one is right for you. Are they just interchangeable terms? Is one better for certain needs than the other?
Not to worry. We’ll look at differences between the two, where they overlap, and the benefits of each. And we’ll make them easy to understand so that you can be confident to take action based on your specific needs.
Who needs business coaching?
Think of running a business like running a football team. The head coach can’t do everything needed to get their players ready to play. They rely on assistant coaches to educate the team, give advice, run drills, and prepare them. The head coach sets the tone and the vision.
Similarly, you must rely on other members of your team to execute your business strategy and apply their own talents to grow the company. A business coach can help you learn how to create and share best practices and expectations – and trust others with applying them on a daily basis.
You will typically hire a business coach to help with improving a handful or many aspects of your business and to learn how to effectively run it. It is about uncovering what you don’t know you don’t know about being the owner of your business that can take it to the next level.
The best business coaches understand:
- Successful business practices. These may include using template, examples, proven project management tools and taking advantage of business strategies and opportunities.
- Productive team approaches. As you implement new strategies, you’ll do well to measure their success at helping you and your team be more productive. Are you training your employees? If not, you can’t expect them to take on the tasks at the level you’re doing them right now.
- How to observe and assess your performance. They can give you valuable feedback as well as the encouragement to build your self-confidence and lead a dedicated, hard-working team. The outside, non-biased perspective otherwise impossible to achieve on your own.
- How to deal with setbacks. Not every ‘no” you’ll get from a client is a reason to give up. Sometimes it’s an opportunity to follow your passion and turn it into a “yes.”
An outstanding business coach will discover which business manager skills you need to implement. And they’ll help you do it efficiently. You’ll learn the best practices for dealing with challenges and delegating tasks.
Executive coaching develops leaders
An executive coach, on the other hand, focuses more on the development of executives within a company. Think of executive coaching as a partnership between the executive, the coach, and the business.
If you have just advanced into an executive position, you may need help with developing new skillsets that define a successful business leader. They include:
- How to manage people. This isn’t about micromanaging so much as assigning tasks and allowing your team members to make their own decisions. You can still oversee the entire process and make changes as you see fit. But you’re encouraging your people to take ownership of their responsibilities. We know that letting go of old responsibilities can be difficult, but taking on too much for yourself is a recipe for disaster as there is only so much time in the day.
- Listening and communicating. A good leader knows how to clearly share their ideas in a way others can understand them and easily implement their strategies and processes. And they are willing to listen and be open to great ideas.
- How to manage your time throughout the day. This includes prioritizing your time for maximum output. Consider some of the ways that CEOs plan for their day, along with our tips for handling your email.
Becoming an executive can be exhilarating but also challenging. You need to be mindful of yourself at all times. Build self-awareness. Develop your emotional intelligence. Be a leader that can gain trust and solve new problems. Learn how to set goals and develop strategies.
If you’re having trouble delegating tasks to your team leaders, coaching will help you as an executive as well as a business owner. Both types of coaching can benefit those who need help adjusting their management style to reach certain goals.
Find the coach that’s right for you
Before committing to a coach, ask people you trust who they would recommend. And once you’re face-to-face with a coach, ask questions. At our blog, you’ll find out our list of the top characteristics you should expect from a business coach.
At ActionCOACH Tampa Bay, you have access to the world’s best team for business and executive coaching. We will customize an approach that works best for you. Whether yours is a small business or a large corporation, ActionCOACH Tampa Bay can help your company thrive. Contact us today and find out how.