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What You Need to Know About Executive Coaching for Your Business

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StrategyDriven Entrepreneurship Article |Executive Coaching|What You Need to Know About Executive Coaching for Your BusinessExecutive coaching is a time-efficient, cost-effective, and dynamic approach to professional development that improves leadership effectiveness and personal career satisfaction. Executive coaching includes customized, one-on-one or group sessions delivered by a professional coach or mentor.

It is all about maximizing the results of individuals and leadership teams in all types of organizations, from small businesses to large corporations internationally. The benefits are many: increased performance at work, fewer sick days caused by stress, increased productivity, and more satisfied employees who stay longer with their company.

Executive coaches also provide a glimpse into the hidden truths underlying employee behaviors while giving organizations insights they can use to make strategic decisions on allocating resources and improving their culture over time.

Professional Coaches VS Life Coaches

Although both executive coaches and life coaches focus on helping you accomplish your goals, executive coaching focuses on organizational leadership, career planning, personal performance, and action-oriented goal setting. In contrast, life coaching provides you with a safe place to discuss your issues in order to improve yourself (or your relationship) personally.

Executive coaching has its base in psychological theories such as positive psychology or emotional intelligence, while life coaching originates from different psychological ideas or personal philosophies.

Today’s society has a broad consensus that the business environment is complex and unpredictable. Psychologists connect this to the fact that many business people are highly intelligent, making them more likely to work toward their goals.

In return, it is important to have people whose experience and expertise can help you make better decisions, especially during times of change – that’s where coaching can come into play and save the day.


The Benefits of an Executive Coach

One of the main benefits of executive coaching is that it saves organizations time and money. By hiring a coach, an organization can save as much as 30% or more in annual coaching fees. Additionally, many organizations find that executive coaching leads to less employee turnover and fewer sick days over the long term.

There are pros and cons to every form of professional development, including executive coaching. The benefit of business coaching is that it fits seamlessly into an organization’s structure and allows you to reduce costs by hiring the right executive coach for your company.

On the other hand, hiring an executive coach requires time, training, hiring procedures, and culture change in organizations – but the long-term benefits of it do outweigh the initial work to be done. Positive change doesn’t happen overnight, after all.

How to Find an Executive Coach for Your Business

Exercise good business sense when hiring an executive coach – and look for experience. For example, you would employ a cardiac surgeon over a general practitioner if you needed heart surgery. A surgeon has devoted his life to the heart and has helped many patients through different surgeries and procedures – and that’s the level of experience you’d want from your company’s executive coach.

Look for someone who has had experience in executive coaching and consider asking for a list of their clients’ names to see their level of success. It is also important that the coach has a good reputation in the business community. Look for a coach who can give you collateral, such as a book, a professional resume, an article about coaching, or real client testimonials. The more information you have about the executive coach, the better you can make an informed decision.

How Business Coaching Can Boost Your Profits

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StrategyDriven Entrepreneurship Article | Business Coach | How Business Coaching Can Boost Your ProfitsIn addition to all the practical aspects of running a business, entrepreneurs are also human beings with problems just like everyone else. These issues may start to affect how well you run your business, or make it hard for you to see where you’re going wrong and what you need to do to correct it. This weakness can become a new business venture for yourself if you take up coaching on the side.
Business coaching is about combining the analysis of the business and how well it’s performing with an appraisal of a client’s thought processes, beliefs, and emotions, and then discovering how one is affecting the other. Sometimes business owners are their own worst enemies, and by pointing out the effect their actions are having a business coach can make a tremendous difference to their personal happiness as well as their profitability.

Accounts analysis

Most accountants will go through accounts at least to some degree with their clients, explaining what the figures mean and how well the business is performing overall. However, as a coach you could be doing far more. Accounting software can produce such detailed and precise reports and forecasts that it’s a waste not to make use of them. You can spot where prices should be changed to maximize profits, lines to drop, lines to expand, and a wealth of valuable information that would increase profitability quite significantly. Rather than just filing your completed accounts, a good business coach could dig deeper into the data and show them where they could be taking action to reduce costs and increase net profits.

Marketing advice

Business owners often struggle with the marketing side of their business. They might have a great product at a perfect price, and still be making little in the way of profit because no-one knows they exist. There are so many elements involved in running a successful marketing campaign, and the tactics that would be best for one business may not be as effective as for another. A good business coach can combine the analysis of a client’s accounts with a forecast illustrating the potential benefits of making changes to your marketing strategy.

Time management

Managing time is critical if you’re to maximize the influence you have on the fundamental workings of your business. It’s not always easy to see where you’re wasting time in your own daily routine, but as a business coach can spot all the ways in which your client could gain time and avoid spending it on tasks they don’t need to.

For example, if they are managing their own website maintenance and backups, as a coach you could point out the advantages of using a managed hosting service like Onyx.io, which would free your client from the bind of performing routine tasks like backing up their site, as well as improving the security. Identifying how they can manage their day more efficiently could not only save them a great deal of time, but improve their working life, as they will be able to focus their attention on more interesting issues like marketing campaigns.

A good business coach is one that helps support a business’ process and its people, making it a very profitable career to get into.

Leadership Lessons from the United States Naval Academy – Providing Effective Performance Feedback

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StrategyDriven Leadership Lessons from the United States Naval AcademyMidshipman receive feedback numerous times a day during almost every activity in which they are involved. This feedback is intended to strengthen their performance and character; preparing them for the extreme challenges of leadership in combat and other high-risk situations.

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