Entrepreneurs, CEOs and other senior executives are high-performing professionals. They work very highly motivated, exceptionally skilled and are mostly self-made. They are innovative leaders, tough decision makers whose job is to assess risks on a daily basis. They are very resourceful individuals and do whatever work is required to solve problems. They think outside of the box and rely on innovative approaches to resolve problems. They are highly intelligent and they have a very in-depth understanding of their businesses. They’ve got it all together it seems.
So why would they need someone to advise them what to do?
A common trait among some of the most successful people in business is that they recognize that they are not perfect. No matter the level of success that they reached in their careers – and how profitable their companies have become, they acknowledge that they can be better leaders. They know that there are always opportunities to improve their businesses and achieve greater profitability.
That is why the very best leaders in the industry see the value of what a Business Coach in Toronto can do for them; they do not use the resources of a Business Coach in order to help them function effectively. Today’s successful business leaders, such as Bill Gates, Mark Zuckerberg and the late Steve Jobs, have relied heavily on the support of multiple coaches and mentors to give feedback and objective advice; this support makes business leaders accountable leaders in reaching their goals. Often successful business leaders refer to their multiple coaches and mentors, as their own personal “Board of Directors” who help these business leaders in reaching their goals.
Why do more business leaders use coaching today?
In recent years, Canada’s business industry has been thriving. The nation is fast becoming a global leader in a variety of business sectors. However, with rapid changes in the Canadian and world economy, many senior executives fear that there may be an impending leadership crisis.
The job of making managerial decisions in a business organization has never been more challenging and stressful. Changes of pace and changes of demands are happening very quickly and everything has become more complex. In today’s business climate, business owners and company leaders are under enormous stress as they face more pressures than ever in coping with markets that are rapidly changing The fast-paced evolution of information technology, the fickleness of a very youthful workforce, and the financial commitments that face leaders and their organizations, add to the stress and increased legal scrutiny that organizations endure in running their organizations.
Business leaders who feel that they can go solo and handle their commitments, individually and with the support of others, will often quickly burn out. Chronic job burnout leads to high-levels of emotional, mental and physical exhaustion which can influence their behavior at work in a significant way. Burnout across executive and managerial levels cause major issues for any business that relies heavily on the competence of their top executives.
More and more entrepreneurs and executives are working with a Business Coach in Toronto to assist them to have effective leadership skills, optimal performance, and career advancement. In the small business sector alone, a recent joint study by Infusionsoft (a leading vendor of sales and marketing software to small and mid-sized businesses) and Emergent Research (a research facility and consulting firm also focused on small businesses) revealed that owners of startups and small businesses are increasingly using paid coaches for overcoming challenges. The study “Defining and Achieving Small Business Success,“ reported that almost all respondents admit to using one or more coaching resources to help them overcome their business and personal challenges.
How can a Business Coach help you?
Business coaches have become an integral part of Canada’s business sector by playing a key role in providing business support to leaders and their teams. This two-way relationship between executive and coach can offer many benefits to executives, business leaders and management – no matter what stage their business may be:
Business and Executive Coaches can:
- Provide the much-needed education and training to help executives and their employees improve themselves, overcome challenges, learn new skills and deal with complexity.
- Provide the outside perspective you need to help you think outside of the box so you can keep on bringing in fresh ideas that will improve business profitability.
- Identify blind spots and roadblocks and hold you accountable to push yourself to achieve your goals and to go beyond your comfort zone.
- Provide guidance when you are feeling really “stuck” and you are having trouble in moving forward. This guidance can help you know how to connect the dots and go from point A to point B to get to the next level in your business.
- Provide objective assessment and observations to help you in enhancing your self-awareness and your awareness of others. Objective assessments and observations can help you work in developing self-mastery in professional relationship management and communication skills, as well as ways of thinking to help you create a more healthy and productive work environment, which will further enhance the productivity of your organization.
- Help you identify and learn new and innovative techniques to stay abreast of the latest trends so you can keep your business prominent in the marketplace.
- Provide training and education to develop both executives and promising up-and-comers, in order to help reduce attrition rate as well as build up future leaders.
- Provide advice and counsel to help you re-evaluate priorities, take stock of what is really important for you and decide what actions to focus on as you try to reach a new level of success.
In a report by the market research firm IBISWorld, business owner Noel Theodosiou describes how a professional Business Coach has helped her performance and growth over the years, “I would attribute a lot of my success to the way that coaching has changed my perspective and made some things easier and made me prioritize my emotional energy and my time.”
Many Senior Executives and business owners and senior executives, across the globe, have engaged in professional coaching programs.
Running a growing organization is very demanding. When you become very busy and you find yourself pushing off things that you know are important, it is critical to ask for help. A Business Coach can do wonders for you by enabling you to put your worries into perspective so you can focus on the vital things you need to accomplish in order to achieve your goals.
Do companies and executives get value from Business Coaches?
Engaging the services of a Business Coach in Toronto, can prove to be a worthwhile investment for major companies, as well as small business owners. In a report by Canadian research firm IBISWorld published in July 2017, the demand for business coaching in corporate Canada has grown over the past five years – it is expected to continue to grow in the next five years as conditions for business improve. Updated data shows that the increased demand Business Coaches, comes from senior executives and management.
This rising demand simply shows that business coaching does work and can help business owners and executives get better results. The connection is simple:
Business Coach = Business Owner / Leader Efficiency = Business Profitability
The job of an entrepreneur, or CEO or other high performing individuals, in a fast-paced environment, is very unique. The position requires more than simply “calling the shots.”
An entrepreneur calls for someone who is somewhat thick skinned, can take criticism well and not be easily upset or insulted. He/she must be able to accept that quality feedback to ensure that his/her business reach its objectives and goals.
Another important trait, managers and executives need, is to be able to make empowered decisions. As Leaders and Executives are often the final decision makers, on often difficult decisions, it is important to react to market conditions swiftly and to make sure that those decisions are aligned with the business mission, vision, values, and goals.
Successful business leaders are very results-oriented. They are able to envision the goals that they wish to achieve and they consistently look for the fastest way to reach their objectives. These leaders are able to difficult business problems and decisions that get in the way.
So how can a Business Coach in Toronto support and Corporate Leaders and Business Owners?
Business Coaches can support leaders and executives become more effective in developing the skills and competencies they need to ensure that they have the ability to address the challenges and opportunities that come with their jobs.
When business leaders are able to do their jobs well, they are better positioned to make consistently empowered decisions, build partnerships with subordinates and peers. Effective Business Leaders can drive performance and improve productivity and profitability. They will actually achieve results with their new found skills that will significantly impact their organization’s success.
Many businesses and organizations across Toronto are now making business coaching a core part of their leadership development programs. The key decision makers at businesses and organizations prefer to use Business Coaching as a tool to develop current and future leaders instead of traditional training because coaching focuses more on the development of skills and its application for established business leaders.
Hiring a business coach is an investment that will continue to yield a return on investment for the individual and the company for many years. According to an ICF Global Coaching Client Study, ROI for business coaching is very high – usually as high as a six-fold return in the form of improved work performance and productivity, as well as improved business management and team effectiveness.
Regardless if you are a small business owner or a top executive in one of the Fortune Global 500 Canada Companies, it is important to use the services of a Business Coach in Toronto to develop the planning, time management and decision making competencies of business leaders and managers.