Business is diverse with multiple moving parts. Therefore, different aspects of business require different types of coaching. In our last blog, which you can read here, we highlighted that as the global market shifts rapidly business leaders are seeking coaches who are specialists as opposed to generalists. For example, where one coach might be highly experienced in business growth or public speaking, another might be more accomplished in leadership and management. Hiring a coach experienced in the area you wish to address is crucial to your personal success as well as the success of your team or organisation. Here are only 6 of the many ways coaching can add value or bring transformation to your brand or organisation:
Developing Further Leadership Skills
“Everything rises and falls on leadership, but knowing how to lead is only half the battle. Understanding leadership and actually leading are two different activities,” says leadership development veteran Dr John C. Maxwell in his book The 21 Indispensable Qualities of a Leader. In the history of the world, wars have been won or lost, countries have thrived or shrunk to poverty, children have excelled in studies or wavered all because of the quality of their leaders.
Just in case you did not already know, having a bad leader can kill you. In this McKinsey article, “A 2009 Swedish study tracking 3,122 men for ten years found that those with bad bosses suffered 20 to 40 per cent more heart attacks than those with good bosses.” In another study by McKinsey, 35% of employees would sacrifice a pay rise in exchange for their supervisor getting fired and 40% of employees are actively looking for a new job. The demand for good leadership continues to grow evidenced by the fact that leadership development is a $14 billion industry. Whether you are a new or seasoned leader, coaching can help you define and develop your leadership style, brand and strategy so you can lead with impact and influence both within your organisation and in your industry.
Improving Communication Skills and Engagement
According to a report by Deloitte, over 70% of the world’s workforce is disengaged. That means that the bulk of the burden of developing companies, countries and economies rests on the remaining 30%. In picture format, that looks like this:
Communication is the road upon which engagement travels. When communication breaks down, people begin to distance themselves from the discomfort of not being listened to, heard or acknowledged. Shyness, low self-confidence and feelings of inferiority can exacerbate challenges in communication. Left unchecked, performance suffers and profitability tanks. A recent example of this is the rise in diversity and inclusion forums where minority groups in western countries are highlighting more and more the consequences of long-term poor communication, unconscious bias in teams and disengagement. Coaching can help leaders get a better handle on communication and engagement gaps and learn how to fill them in effective ways.Communication is the road upon which engagement travels. When #communication breaks down, people begin to distance themselves from the discomfort of not being listened to, heard or acknowledged. Click To Tweet
Starting or Growing Your Business
Start-ups tend to be high-risk ventures for the approximately 46% of them that fold within 1 – 4 years due to poor understanding of the market, underestimated liabilities, a shortfall in capital, poor record-keeping and more. Experienced business coaches provide support and guidance for both new and established businesses helping them avoid costly mistakes and minimise the risks of failure.
Developing and Coaching Your Team
Impact and influence are the true essences of managing a team. The ability to lead and influence others to commit to a shared vision, grow an organisation that can compete globally but still makes a positive impact locally whilst achieving personal excellence can be incredibly hard work. There is the need to utilise everybody’s strengths, understand diversity, be emotionally intelligent, and lead confidently. Management coaching, leadership coaching and employee engagement strategies are the type of solutions that can help with developing and managing a team, whether small or large.
Managing Change and Transition
Undertaking projects or initiatives to improve performance and productivity, maximise opportunities or address issues that impact growth and development, will often require making changes to processes, job roles, organizational structures or types and uses of technology. The biggest impact is on employees who must change how they do their job for the initiative to be successful. If the transition is not well planned and managed, or leaders do not understand the full impact of change management, there is a risk of creating disengagement, negatively impacting company culture, and wasting valuable time and resources. Coaches help leaders manage change and transition strategically to minimise risks and maximise chances of success.
If the transition is not well planned and managed, or #leaders do not understand the full impact of #changemanagement, there is a risk of creating disengagement, negatively impacting #companyculture, and wasting valuable time and… Click To Tweet
Making Key Decisions That Affect Your Brand, Team or Organisation
Leaders get paid to make decisions – both simple ones and difficult ones. Analysing and understanding data, taking calculated risks, trusting instincts and dealing with unforeseen challenges can be a rollercoaster. Leaders are expected to be specialists in their field who can confidently navigate the volatile terrain of business and leadership with the understanding that timidity and indecision can have costly consequences. Many leaders around the world use their coaches as sounding boards as well as for accountability in making key decisions that affect their teams and the bottomline.
If you would like to learn more about ways our coaches can add value and bring transformation to your team, please get in touch to schedule a consult.