After countless hours of research, you finally decided to take the plunge and hire a Predictable Profits leadership coach.
Congratulations! This is an essential step in ensuring the success and growth of your company.
A survey has shown that organizations that have hired executive coaches for their top leaders focus on transitional and situational leadership almost half the time (48%).
Leadership coaching is meant to enact much-needed organizational transformation accepted and embraced by all in the company.
During your sessions with a leadership coach, it helps to keep your vision in mind beyond having clear business goals.
Because within your sessions with the right leadership coach, not only will you be reviewing how to define and reach your business goals, but you will also be working toward making your vision a reality by putting together strategies and taking actionable steps.
Your sessions will give you some much-needed clarity: you will be taking the guesswork out of the equation, so you know the most important things to focus on next.
Your leadership coach’s feedback on your business will help stimulate new thinking around how you operate. You should leave each session knowing exactly what to do and be motivated, inspired, and energized to take action toward your goals.
What Is a Leadership Coach (And What Do They Do)?
First things first, what exactly is an executive leadership coach?
Picture, if you will, someone really serious about a sport, such as golf. Now, anyone can tee up a ball, give it their best swing and call themselves a golfer.
Yet those who seek to improve their game consistently hire a golf pro. Yes, this “coach” then identifies swing errors and helps develop short- and long-term strategies for playing at a higher level.
But to take it even further, having such a coach helps you pick up on things that most other players overlook or don’t think is possible.
An executive leadership coach provides you with similar benefits.
Sessions with an executive leadership coach help entrepreneurs and business owners achieve goals and overcome challenges. For you, specifically as a business owner, a coach can help you clarify your goals, overcome obstacles, and develop new skills.
They can also provide valuable insights and perspectives, allowing you to make better decisions and avoid common pitfalls.
According to a study of Fortune 1000 companies who had engaged in coaching for either performance, skills, or change:
- Leadership coaching provided an average ROI of almost six times the cost of coaching.
- One firm in the same research reported a 529% ROI.
Executives that have gone through leadership coaching have noticed marked improvements in:
- Working relationships with direct reports (up 77%)
- Working relationships with immediate supervisors (up 71%)
- Team work (up 67%)
- Relationships with peers (up 63%)
- Ability to reduce conflict within the workplace (up 52%)
- Organizational commitment (up 44%)
- Relationships with clients (up 37%)
Organizations gained benefits from their executives’ leadership coaching sessions as well, noting improvements in:
- Productivity (up 53%)
- Quality (up 48%)
- Organizational strength (up 48%)
- Customer service (up 39%)
- Reduction in customer complaints (up 34%)
- Retention of executives who received coaching (up 32%)
- Cost reduction (up 23%)
- Bottom line profitability (up 22%)
Whether you are just starting as a business owner or looking to grow your existing company, a leadership coach can be invaluable in helping you get that much-needed clarity, direction, and purpose.
On a related note, check out our piece on “Why Hire a Business Coach?”
What Should I Expect From My First Session With a Leadership Coach?
Let’s get down to business.
When meeting with a business coach, expect to discuss your vision for the company. You might also expect to discuss your short- and long-term goals for yourself or for your organizaton.
You’ll also likely touch on topics such as time management, organization, employees (if applicable), money matters, marketing campaigns, work/life balance, etc.
At Predictable Profits, we do this through an initial 4-call engagement. These sessions aim to provide accountability and start developing a plan to overcome the obstacles preventing new growth in your business.
So expect your coach to ask you tough questions.
You can also expect some tough love. This is vital for entrepreneurs as receiving constructive criticism from employees, or loved ones can be difficult.
Lastly, perhaps most importantly, remember that your coach is there to support YOU and see YOU succeed!
By the end of your first session, you should understand what working with a leadership coach entails and whether it’s right for you.
Together, you develop a plan for moving forward. You can also expect to establish a regular coaching schedule (usually weekly or bi-weekly) during your first session.
How Can a Leadership Coach Help Me Grow My Business?
An executive leadership coach can guide you through the sort of transformation your organization needs. Together, you will develop your business plan, marketing strategy, and sales process. Your coach can also guide financial planning and budgeting and advise on managing human resources effectively.
In addition, a business coach can offer support and motivation during difficult times in your entrepreneurial journey.
Understand that a qualified business coach is far more than your personal cheerleader. These professionals are strategic in how they think. So you can expect specific guidance, roadmaps, and step-by-step plans for driving new growth in your business.
And so what this means is, that you must make sure your executive coach has that wealth of experience working with companies that operate at the level you aspire to achieve.
While most coaching organizations focus on working with startups or growing companies up to 6-figures, here at Predictable Profits, our executive leadership coaches specialize in working with 7- to 8-figure companies.
Keep in mind that the skill sets you need as a leader and visionary differ greatly from when you were just starting out, and now that you’re pushing the boundaries of growth as a successful business.
Sometimes, it’s all about getting that extra push to take you over to that next level. Check out our related article: “3 Telltale Signs It’s Time To Hire A Business Coach”
Can a Leadership Coach Help Me if I’m Not Sure What I Want To Do With My Business?
Understand that having a clear vision of what you want to achieve for your business is the first step of working with an executive leadership coach.
And so if you’re not exactly sure of what you want to work on in your business, which opportunities to pursue, or what to fix next, you’re going to need that much-needed clarity to determine your next course of action.
Together with your leadership coach, your sessions might also revolve around assessing your situation to aid you in defining priorities, creating effective strategies, identifying the resources or skills needed to reach your objectives, and eliminating anything that might hinder your progress.
How Much Does it Cost to Work With an Executive Leadership Coach (And is it Worth the Investment)?
While the cost of working with a business coach varies, most business coaches charge an hourly rate or a monthly retainer.
Hourly rates vary depending on the coach, the scope of work, and the engagement length. The average cost of hiring a business coach typically ranges from $75 to $300 per hour. You can expect more in-demand coaching professionals to charge upward of $2,500 or more per hour.
However, the return on investment from working with business coaches can be significant.
According to the International Coaching Federation (ICF), 86% of organizations saw an ROI on their Coaching engagements, and 96% of those who had an Executive Coach said they would repeat the process again.
A similar study by PriceWaterhouseCoopers found that executives who worked with business coaches saw a median ROI of 4-5 times their investment.
Check out this related piece on having a business coach in your corner: “What Are The Benefits of Having a Business Coach (By Your Side)?”
Executive Leadership Coaching with Predictable Profits
It is common for business owners and entrepreneurs to be skeptical about the value of working with an executive leadership coach. Many might have been used to working with someone who is mostly theoretical in terms of approach or someone who makes the client come up with their own answers.
And this is where we’re different– we offer specific, actionable advice supported by results.
Tap into our wealth of experience working with other top-performing executive teams from all sorts of organizations across many industries.
After all, high-performing companies require leadership from a team capable of withstanding multiple demands on their time, resources, and skills. And so, overcoming this challenge requires the ability to eliminate dysfunction and motivate the team to achieve business objectives quickly.
Read more about Predictable Profits’ Executive Leadership Coaching program for C-level executives and team leads.
Conclusion: A Final Word on What To Expect From Your Leadership Coach
An executive leadership coach can help give you much-needed clarity on your vision for your business, an actionable step-by-step plan, and set your objectives.
They can also provide accountability and support as you work to improve your business.
When working with a leadership coach, it is crucial to be open-minded and willing to try new strategies and approaches. Trusting your coach’s guidance can help you achieve breakthroughs in your business. So preparing for each session with specific questions or challenges will ensure you get the most value from your time together.
Coaching provides you with an expert perspective on your business. You not only identify areas for improvement, but you also get a plan of action for improvement.
If you’re ready to take your business to the next level, our trusted coaches at Predictable Profits can help you level up. Schedule your free strategy session and receive an action plan specific to your business needs.
Be part of our ever-growing community of seven- and eight-figure business owners:
- Check us out on the Predictable Profits YouTube channel.
- Connect with us on Linkedin.
- Join other entrepreneurs (like yourself) on our Facebook page.
- And if you haven’t already, sign up for our daily business coaching video series (by entering your email address below).