There is a common misconception in the business world that CEOs at the top of their game do not require the services of a business coach. It is assumed that because they have met the goals and expectations set at the beginning of their tenure, they have the experience and knowledge to make future decisions independently and continue to grow the business without issue. This is also considered true of entrepreneurs who have taken an idea and successfully launched it into mainstream markets.
A survey recently conducted by Gravitas Impact Premium Coaches on results before and after receiving coaching from one of their business growth consultants reveals a different story. The participants were leaders of mid-market companies and included three of my clients, with annual revenue of between $12 and $75million. The resulting white paper identified five statistically significant pain points that the CEOs were having difficulty solving independently. With the help of a certified business coach, CEOs were able to take actions that helped resolve these issues and improve the company’s performance overall.
The survey’s full results and discussion of the findings can be found here, and I encourage you to find the time to read it.
In summary, the top five issues CEO’s identified as problem areas for them were:
- Having a strong vision but experiencing difficulty in executing strategy to achieve their goals.
- They knew where they wanted to be in 10 years but were having difficulty developing a strategy to get them there.
- Management was not meeting the expectations set, and company culture was suffering as a result.
- They had difficulty in aligning teams and ensuring “everyone was operating from the same page”.
- Executive teams were struggling to think strategically and hampered by too many operational processes.
Seventy- seven per cent of CEOs acknowledged that they had relied on a DIY approach to solving these issues with 48% responding that they also tolerated issues rather than taking action to resolve them.
Taking a DIY approach to solving issues might seem tolerable given most CEO’s have had to work hard to be in the position that they are and will have faced numerous challenges along the way. However, a problem with this approach is that they are tempted to cling to a one-size-fits-all approach to resolving issues and waste valuable time and resources in doing so. As executive leadership mentor and notable author, Marshall Goldsmith, says “What got you here, won’t get you there“.
Before engaging a business coach, 85% of the companies who took part in the survey had reported low, flat, or declining revenue growth, and 53% of companies experienced below benchmark averages of profit. The CEOs also reported that their current approach to solving problems took a significant toll on their confidence, stress levels and productivity.
Results recorded after having a business coach working alongside them were astounding. The percentage of companies who had experienced below benchmark averages in profit margin had dropped from 53% to 5%. Those who had recorded an above benchmark average of 11% increased to 66% after coaching. There had also been an increase in companies experiencing high revenue growth. Only 15% had recorded high revenue growth before working with a Gravitas Impact Premium Coach, afterwards, this had increased to 65%.
CEOs also reported significant positive impacts on employee engagement and overall productivity. Those top five issues I mentioned at the beginning of this blog – all had been reduced or successfully resolved. Stress levels had reduced; confidence in themselves had increased, and productivity across the board had also improved.
If you identified with any of the concerns and issues reported by the CEOs involved in the study, give me a call to discuss how I can work with you to achieve better results for your company. I am a Senior Certified Gravitas Impact Premium Coach and am here to help.