Plenty of business owners reach a stage in their operation where they decide to take on either executive coaching or mentoring. It’s a logical step, as there is no limit to the types of businesses or industries that can benefit from this type of support. This decision may be made for all manner of reasons, including but not limited to:
- It’s time for the business to grow
- More effective goals need to be set
- You’re feeling demotivated and need a boost
- You could benefit from insight into your business from an external party
- Your business is just starting out and you need guidance
No matter what reasons you have for choosing executive coaching and mentoring for your business, you can expect to gain several key skills from the experience. This article sets out what the sort of skills you might expect to learn and develop are. From making better business decisions to equipping yourself with everything that you need to make the best hiring decisions, these are wide-ranging and will be useful to you for years to come.
Is there a difference between executive coaching and mentoring?
Firstly, let’s look at the differences between coaching and mentoring. While they are often used interchangeably or together, there are a few key differences. These differences include:
- Mentoring tends to be a long-term relationship, whereas coaching is often shorter-term or project-based.
- Mentors often give out their services on a voluntary basis to help up-and-coming people in business who are in the same position as they once were. On the other hand, coaching is almost always a paid service.
- Coaching is often focused on training and developing new skills (performance-driven), whereas mentoring is often about sharing wisdom and useful advice (more development-driven).
However, they do have their similarities, too. Mainly in the fact that both executive coaching and mentoring are aimed at improving a business or businessperson using the knowledge and skills gained by the mentor or coach throughout their career. There are so many different forms of mentoring and coaching out there to meet different needs. No matter what you want to focus on, there is a coach or mentor out there for you. But, it’s not just about meeting your end goals. It’s also about the key skills you will develop as a business owner along the way. So, without further ado, let’s take a look at what these skills include.
Four key skills you can expect to gain from executive coaching and mentoring
The ability to make better decisions
If you really boil it down, running a business is essentially making a series of decisions. The result of these decisions can either drive your business to success, or equally, things can go the other way. So, the ability to make good decisions is a key skill to develop for a successful business. A coach or mentor will work to support you in making big decisions. They will use their expertise to guide you, become a sounding board for all sorts of ideas, and generally be there to help you feel more confident in your decision-making.
Business decisions can be wide-ranging, from deciding when to push for growth, to knowing when it’s time to cut a product or service from your offering. But, for many executive coaches and mentors, it’s not all about the business side of things. They can also support you in making better decisions that also affect your personal life. From delegating so that you can spend less time at work and more time with your family, to knowing when to say no to requests, making the right decisions for you is a vital skill to have. And, executive coaching and mentoring can help you get there.
Any successful business relies on building up a solid team of key people who are equipped with the skills and knowledge needed to help the business achieve its goals. However, everyone has to start somewhere, and that usually begins with a very small team. You may even be doing everything yourself at the beginning. But, once it all becomes too much, it’s vital to think about hiring. Recruiting the right people is a skill that not everyone possessed. Of course, there are so many factors to take into consideration. The right candidate needs to be suitably qualified on paper, but also has to be the right personality fit for the business and the rest of the team. And, you want to hire someone who will stay with you for a reasonable amount of time, otherwise, hiring can quickly become expensive.
Overall, this can feel overwhelming. But, your chosen coach or mentor will be able to help you develop the skills you need to hire successfully, if this is an area of business that you want to focus on. From interviewing effectively to putting out job adverts that entice the right candidates, these are all skills which can be learned. So, if you feel as though recruitment is not one of your strongest points, but you want to expand your team successfully, you could probably benefit from executive coaching or mentoring.
Do you think that you set great goals? Not many people answer yes to this question (at least not before they’ve experienced executive coaching and mentoring). Surely, goal setting can’t be too complicated? You would be surprised. It is a skill that you must master in order to be able to do it effectively. One of the first things that a good coach or mentor will do with you is to identify where you want your business to go. From there, they will help you to set goals that are realistic and achievable, but also stretch you to meet your full potential. Many coaches and mentors use the SMART goals method, which details that goals should be:
By following the SMART method under the guidance of an experienced coach or mentor, you should soon find that your goal setting activities become more effective and this will be reflected in what you ad your business achieve.
Strengths and weaknesses
How to work with your strengths and weaknesses
Everyone has both strengths and weaknesses. In fact, you probably already know what a lot of yours are. If not, this is something that executive coaching and mentoring can help you to discover. But, even if you do already know what your strengths and weaknesses are, knowing how to work with them to the best of your ability is another skill that it can be useful to learn. A good coach or mentor will offer you a different perspective on your business and, indeed, yourself. After all, building upon your strengths and using them effectively is the best way to see big changes in your business. Conversely, knowing your weaknesses and the best way to work around them can also help your business to reach new heights!
Overall, executive coaching and mentoring can bring many benefits. It’s important to look at coaching or mentoring as the whole package. What can it do for your business, but also, what can it do for you as a business owner? The skills that an experienced coach or mentor can help you to develop will be key throughout the life of your business and beyond. So, if you feel as though you’re lacking in one or more of these skills, and you would like to improve them, you would probably benefit from the services of an executive coach or mentor!
Here at Chrysalis Partners, I work with my clients to see their businesses thrive, make more money, and reach their goals. I do this all using my varied experience and proven methods that actually work. Contact me today at email@example.com or complete the contact form here and I’ll get back to your shortly to discuss your individual requirements.