The Surprising Power of Peer Coaching

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peer coaching

CEO peer coaching is becoming an increasingly important way for CEOs to get new ideas and keep up with changes in their industries and the economy. The right team can be a game-changer for your business. Here are the reasons CEOs need to be in a peer group and have an Executive Coach

As stimulating and fulfilling as the role of a CEO is, the privileges, compensation, and status it brings, it is a lonely one.

Being the CEO, you have the added responsibility of defining the way forward for yourself, your company & the team. Good leaders facilitate the success of others around them. Successful leaders are devoted, passionate, sincere, courageous, honest, and dependable. However, in today’s high-pressure environment, with highly dynamic markets of changing technology, workforces and heightened financial and legal scrutiny, leaders need a confidante or mentor to speak to and discuss matters candidly.

No matter how skilled the company leaders, employees, or board members are, they cannot be relied on for an objective, unbiased and 30,000 ft high viewpoint.

While board members can be supportive, most CEOs are reluctant to address their most profound uncertainties with them. Soliciting feedback from those who report to you can get awkward. Furthermore, your subordinates are unlikely to directly disclose the harsh realities or criticise your actions. Other CEOs can lend a helping hand, but there are impediments to absolute transparency and trust.

It’s time to get an Executive Coach.

Wouldn’t it be ideal to seek advice from an impartial third party who has walked in your shoes, isn’t caught up in office politics, and is a genuine intellectual with years of relevant experience?

An executive coach is a seasoned leader with decades of success as a CEO, senior executive, or business owner. An excellent executive coach, also referred to as an “executive mentor,” “CEO coach,” or “Chair,” is one with proper training in counselling others and follows a systematic framework for success.

Never will an executive coach tell you what to do or how to do it. Instead, they will provide a perspective and share expertise and resources to help you make better and more informed decisions. They bring objectivity with insights and analysis of your situation’s most relevant and essential aspects. More importantly, a great coach is not the one who provides the answers but asks the right questions?

It is usually the ability to consistently make the right decisions that enable an executive to rise up to be a C-Suite executive.

Most successful CEOs engage heavily in developing their skill sets, knowledge base, and subject matter expertise early in their careers, only to make limited commitments to their professional growth after they reach the C-suite. However, at the C-suite level, an executive must be at the peak of their game since they have an extensive area of influence, the most power to affect a corporation, and are also the most susceptible.

The reality is that today’s world is highly competitive, and it takes just one wrong decision to dethrone a C suite executive from his coveted post. So, irrespective of your track record, you are in today’s world as good as your last decision.

To meet the demands of today’s dynamic market, every business leader and CEO should have an executive coach by their side.

Executive coaching may aid you in streamlining your thoughts, prioritising your work, making sound decisions, and holding you accountable – and on time – for predefined results. An Executive coach can also be a fantastic source of support, a trusted ally, and someone who assists you in identifying your blind spots – development barriers that we all have but usually prefer not to acknowledge.

Most executive coaches work one-on-one with their clients. However, executive coaches also create CEO peer advisory groups, offering you to engage with them privately and in a dynamic group setting.

They arrange exclusive CEO peer advisory group meetings with other executives. Even though their other clients come from non-competing industries, they all face comparable difficulties and benefit from one another’s experiences and ideas. The coaches facilitate interactive sessions to ensure that they are constantly focused, on-point, and result oriented in specific next steps. They also allow for private communication with them between sessions for a more in-depth look at your issues.

These initiatives help expand one’s horizons and get the focus back on your development and growth while providing an opportunity to build alliances with other executives, thereby expanding your professional circle.

Reasons to Seek Coaching 

1. You are overburdened and on rocky ground

Getting overwhelmed by the daily grind – executive coaching can help you prioritise your work and implement a wise, well-planned long-term strategy to build your firm. Your executive coach will help you stay on track and motivated for accomplishing realistic, strategic goals each month.

2. You feel you’re ‘lonely at the top’

As previously mentioned, the role of a business owner or CEO is also one of the loneliest ones. If you feel like you alone have to make all of the decisions, executive coaching is the solution. You are among a community of recognised peers – other local CEOs and company owners – who are all committed to assisting one another in succeeding.

3. You are a high achiever who aspires to break every record.

A great executive coach will help you maintain your eyes on the prize by assisting you in establishing rock-solid, bulletproof approaches. You’ll also be encouraged and inspired by renowned intellectuals and subject matter experts who attend the meetings. After all they do say that good company is like good shoes; they take you to good places.

4. You’re a new CEO or want to turn around the company you’ve joined,

Executive coaching puts you in a realm of those that have been there, done that. You have all of the viewpoints, resources, links, and counselling you need to consistently make smart, well-informed decisions.

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