After winning one of his many NBA Championships, Michael Jordan, upon leaving the court, trophy in hand, looked at his trainer and said, “I’ll see you in the gym tomorrow at 5:00am!” Michael Jordan, arguably one of the greatest basketball players, maybe even the greatest athlete, of all time, knew what it took to be a champion. He understood that he needed help, accountability, and encouragement, from someone who would not accept excuses. We all desire greatness – in our family, community, workplace, and in ourselves. Few people ever see or realize their full potential. Recognizing our own potential requires another person to see the possibilities. Without being hampered by our emotions, personal experiences, and past mistakes coaches are able to help us weed out our biases. Only the future lies ahead. Herein lies the beauty and magic of executive coaching.
Executive Coaching
The term executive coaching used to conjure images and thoughts of poor performing professionals and organizations. However, as coaching has become more mainstream, some of the most powerful chief executive officers are using coaching. This is highlighted by the fact that the coaching industry has grown by almost $6 billion dollars in the last 10 years. So, the question you should be asking yourself is: How can coaching help me get to where I want to go? Whether you are in business, theater, music, or sports, to reach the peak of your potential you must rely on the expertise of others.
Top performers continue to lean on those who have helped them get to the top. Your unique talent and skill helped you get to where you are, but to squeeze the absolute best out of yourself, to reach that crucial turning point, you need to rely on executive coaching. A survey conducted by Stanford University showed that only 34% of over 200 CEOs surveyed received coaching. Of those who said they used coaching, 78% of those sought out coaching as a tool for success.
Executive Coaching ROI
As with all investments, the biggest question is, “What is my ROI?” This can be determined by asking yourself some hard questions. What one permanent change could you make that would catapult you to the next level? What do you want to change? How are your belief systems holding you back because of self-sabotage? What problems persist in your life and business? Do you want your teams to work together better? What kind of legacy do you want to leave? Your ROI on coaching can be measured in several ways, but none has a greater impact than noticeable behavioral changes.
Coaching may not immediately impact your bottom line. However, the continued use of coaching helps create a foundation upon which you can grow. Behavior changes impact how you interact with coworkers, direct reports, and customers. These changes enrich your teams, build deeper connections between departments, and can positively impact organizational morale and productivity. If you are still looking for a numerical measure, then this is for you: Industry figures suggest that the ROI for executive coaching is between 500% and 700% or 5 to 7 times the investment. These figures are supported by a study conducted by The Manchester Review that found the return on investment of coaching to be roughly 5.7 times the investment. Therefore, what you get out of coaching depends on the effort you put into it.
You and Executive Coaching
The greatest performers in their respect fields use coaches. Eric Schmidt, former CEO of Google, was not on board with the idea of coaching at first. He was already successful, he thought, so why would he need coaching? Ask him now. He has been quoted saying that getting a coach was the best advice anyone has ever given him. Other successful people who have used coaches include Bill Gates and Steve Jobs. Coaching provides executives and high-performing associates with a safe place to explore their ‘blind spots’ or weaknesses. Often, CEOs use coaching to help them develop their soft skills.
Confidential discussions about issues and effective role playing of conversations and scenarios can bring new light to possible outcomes. In the same survey conducted by Stanford University, the top two skills sought by executives to increase through coaching was conflict management and sharing leadership/delegation. This aligns with our belief that, through coaching, leaders can be more gain clarity of their overall purpose, overcome dysfunctional patters, and learn tools to communicate, inspire, and bring forth action.
Don’t take our word for it, let these legends tell you: “Everyone needs a coach…We all need people who will give us feedback. That’s how we improve”. – Bill Gates “A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you always knew you could be”. – Tom Landry “All coaching is, is taking a player where he can’t take himself”. – Bill McCartney