- November 20, 2018
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Leading Innovation: Why You Need an Executive Coach
By Elie Habib…
We understand that resistance still prevails in the modern world around the idea of providing executive coaching to the highest-ranking members of your firm. There exists this belief that they should already know every detail about the past, present, and future of the industry and your organization. However, this belief represents one of the biggest threats to a company’s innovation and growth – executive coaching has proven to guide executives to new learnings and perspectives, which in turn drive success.
In fact, executive coaching plays a larger role now in the success of a business than ever before, as the forward momentum of your organization depends more heavily on your ability to stay ahead of rapidly-evolving internal and external factors. Executive coaching focuses on equipping your best people with the tools to understand and respond to these internal and external challenges.
In summary, we ready the business for long-term success by positioning leadership to navigate the inevitable challenges that arise from today’s constantly-evolving business landscape.
Examples of the benefits
Executive coaching can work wonders for your firm in a number of different ways:
Innovation leadership An experienced coach transforms executives into innovation leaders by injecting in their decision-making DNA the values of lean and innovative startups. The coach adds to the leadership skillset such tools as:
- building effective cross-functional teams
- exploring, rewarding, and pursuing bold ideas
- constructive real-time coaching
- and empowering people to focus on the customer
These tools are pivotal to executives operating in today’s business conditions of extreme uncertainty, and the benefits of having a business coach to nurture them cannot be underestimated. To the business executive, an experienced coach is a trusted advisor and savvy partner that remains at their side throughout their journey.
Character development Some great leaders were born natural leaders – but the majority got to positions of influence through hard work, dedication, and commitment to the growth of the company. This doesn’t mean that they are not naturally talented, but rather that they had to work a little harder to hone their natural ability. And in order for them not to stagnate, this majority of executives must continuously nurture and hone their skills. A professional executive coach can keep your executives from plateauing as leaders, enabling continuous growth of your own business!
Think of your managers as professional athletes. You hired them because you were attracted to their raw talent and past experience, but their development through coaching plays a fundamental role in their sustained, long-term success.
Innovative market impact Without new concepts and ideas a business can stagnate, lose viability in core markets, and fade into obscurity. Hiring a coach will guide a leader to focus on driving new benefits to their customers, developing renewed empathy with the stakeholders, and acquiring new markets. With this understanding of innovative decision-making, executives can empower the organization to solve bold problems and enable agile fast moving teams through the adoption of new processes.
Moreover, executives and managers will become the internal champions for innovation by implementing nimble innovation-driven processes that facilitate the commercialization of the company’s creative ideas. All of this is made possible with the aid of a coach!
Winning culture Hiring a business coach to work with your higher ranking members of staff can help to cultivate a winning culture (HBR.org) throughout your workplace. The changes instigated and inspired by a coach instill a culture of personal development and the egoless pursuit of growth that trickles down beyond the firm’s leadership. Company change in the direction of more productive and creative norms will ripple through the ranks of management and ultimately lead to more intrinsic drivers of innovation at all levels of the organization.
Utilizing the services of an executive coach also boosts executives’ confidence, improves collaboration, helps foster trust and commitment, and cultivates a motivational atmosphere – all essential to value creation. People make your company, and the more you invest in your executives, the more value you can deliver to your customers.
Finding the right coach
Given the many decisions a leader is presented with, what you need is an executive coach that shares the same values as the company. The coach ideally has tried and true entrepreneurial expertise that serves both as a credible track record and as proof of their ability to understand the nuances of running a business – nuances that pertain to mentoring innovation teams, dealing with complex business uncertainties, delivering value to demanding customers, and guiding organizations to excellence.