Today the concept of employing a business coach is proving more popular than ever, with close to 40% of the FTSE 100 chief executives claiming to have used, or are currently using, a business coach.
And it’s easy to see why. Business coaching is particularly effective in times of change, and there has been no more dramatic change in the business landscape than over the last 18 months!
Many years have elapsed since we last saw an economic recession, so it stands to reason that the vast majority of managers don’t have first hand experience of operating in such tough conditions. This is one of the reasons why many managers turn to a business coach for guidance and support.
Also, firms are adapting to their changing circumstances by shuffling their management teams. So a finance director may be elected to the board, a VP may become partner and a COO might find himself the new CEO. Handling the demands of a new and unfamiliar role isn’t easy at the best of times, but add to that the pressures of a recession, and business coaching becomes an attractive proposition.
You may think that business coaching is aimed at helping underperforming managers improve, but that’s not the case. Even the most successful people need a coach, whatever their profession. Tiger Woods is the most successful golfer in the history of the game, yet you don’t hear him saying ‘you know what, I’m so good at what I do, I don’t need a coach any more.’ This is because coaching doesn’t just help people improve, just as importantly it helps them stay at the top of their game.
The aim of business coaching is to enable people to achieve their maximum potential. And for those that find themselves in a new and unfamiliar role, it can offer a safe and confidential forum to talk openly about their concerns.
In today’s turbulent business climate, one-on-one business coaching offers a very effective and relatively low cost way of enhancing management performance. For many senior managers, coaching is their preferred method of personal development, as it is specifically tailored to meet their individual needs, takes place at their offices and is made to fit their timescale.
Business coaching is better than attending a week-long course, as it’s relevant not to a group of people, but to just one person: you. Nor does it eat into valuable working time with lengthy absences from the office.
The bottom line is that coaching is proven to be effective. It’s not a soft pep talk that leaves you with a warm feeling of assurance. It’s hard and challenging and asks tough questions. But in doing so it gets results. Above all it’s about setting goals, achieving change and improving financial performance. That’s why, in a recession, it should be an essential weapon in your armoury.
By Ruth Storm - Partner, IRRfc
RSS