Family business owners were never meant to figure it all out on their own, yet somewhere along the way many adopted this delusion. Whether it is hidden opportunity costs, family conflict, or unrealized profit to the bottom line, many owners are paying a premium for their “rugged individualism”.
The paradox is that the thing makes owners successful in the first place is what can get in the way down the road. That “thing” is how owners are psychologically wired - to push through barriers and knock down obstacles as though it is a solo sport. This nature creates a blind spot to further success. The solution – reach out to people that can help you leverage your strengths and share the load when needed.
The Institute of Coaching, McLean (an affiliate of the Harvard Medical School) states that the personal benefits of coaching are as wide-ranging as the individuals involved. When asked, the individual’s coached say coaching positively impacted their careers as well as their lives by helping them to:
Establish a clear set of timely goals
Take action towards achieving the goals
Become more self-reliant
Gain more job and life satisfaction
Contribute more effectively to the team and the organization
Take greater responsibility and accountability for actions and commitments
Work more easily and productively with others (boss, direct reports, peers)
Communicate more effectively
Extending the benefits of coaching to organizational impact leads to:
Empowering and encouraging individuals to take responsibility
Increasing employee engagement
Improving individual performance
Helping to identify and develop high potential employees
Helping to identify both organizational and individual strengths and development opportunities
Helping to motivate and empower individuals to excel
Demonstrating organizational commitment to talent (HR) development
The International Coaching Federation (ICF) states, “coaching in organization and leadership settings is an invaluable tool for developing people across a wide range of needs.”
For those who love stats:
80% of people who receive coaching report increased self-confidence
70% benefit from improved work performance, relationships, and more effective communication skills
86% of companies report that they recouped their investment on coaching and more.
Unfortunately, there is a lot of noise in the coaching space, with far too much over-promising and under delivering leaving families business owners jaded and disillusioned.
It’s true, not all coaching efforts deliver results – but, don’t throw the baby out with the bath water. There is clearly a lot to be gained from the right coaching at the right time from the right person.
How do you know find fit-for-purpose coaching?
Decide what it is that you are trying to achieve. Get really clear about this – there’s no point bringing someone to coach you on culture transformation when what you’re really wanting is to scale your business.
Be clear about the ROI you for coaching to make sense. Coaching can be expensive so be clear about the return you expect and be ready to discuss how you and the potential coach plan to measure your ROI.
Establish the criteria you are looking for in a coach. This could include specific subject matter expertise, coaching modality (individual/group), location (in person/virtual), budget etc.
Ask for recommendations and make a short list. There is nor more valuable endorsement than an existing (or former) client’s first-hand experience. Ask about the actual results achieved and what the process was like for getting there. Add coaches that meet your criteria to your short list.
Talk to your prospective coaches. Set up a time to meet or chat on the phone and get a feel for the dynamic and chemistry. Use this opportunity to establish what you’re wanting to achieve and find out what previous experience they have had. The fit needs to be right both in terms of personality and experience/results.