- Coaching
is focused on defining clear goals
and setting specific time frames to
achieve them.
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- Improving
personal performance is a continuous
process, and research indicates that
coaching will accelerate personal
development.
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- Coaching
is about changing behaviour for better
performance.
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- As a person
grows, their development needs will
change, along with their coaching
requirements.
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- Professional
one-on-one coaching is a very powerful
management tool.
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Coaching can be a very effective way to improve your personal
performance.
It helps you to understand where you are, where you want
to be, and what additional development is required to achieve
your performance goals.
It has been said many times “it’s lonely at
the top”. Entrepreneurs or CEO’s sometimes need
to make pivotal decisions relating to the direction of their
businesses.
Who can they talk to when exploring new ideas, developing
strategy, or changing the business model? Other types of
decisions may arise in respect of capital raising, acquisitions
or dealing with a major crisis.
Having a trusted person to talk to, and who is prepared
to give you open and direct advice, may mean the difference
between success and failure.
Improving personal performance is a continuous process,
and research indicates that coaching will accelerate personal
development.
An Accenture report titled “The Role of the CEO”
(October 2002) indicated that 46% of the most senior executives,
and 47% of other executives/managers have a mentor or role
model.
The words “coach” or “mentor” are
sometimes interchanged. Is there a difference, or is coaching
just another word for mentoring?
A review of the literature suggests that mentoring is a
long term personal relationship, while coaching is based
on mutual agreement.
Coaching is focused on defining clear goals and setting
specific time frames to achieve them.
Coaching is a way of contributing to another person’s
professional development by guiding them towards their goals.
By sharing experiences and inspiring them, the coach is
seeking to maximise their career potential.
Failure is also part of the process. When mistakes occur
it is important for the coach to be both constructive and
supportive.
Coaching from Different
Perspectives
Whether you are the coach or the person being coached, a
set of expectations needs to be established.
From the coach’s perspective, the expectation is for
the person who is being coached to be:
- Accepting of honest feedback and criticism
- Committed and enthusiastic
- Prepared to push themselves to achieve their goals,
and
- Mutually share their business and development experiences.
From the other perspective, the coach is expected to provide:
- Valuable and neutral assessments
- Strong values, around honesty and integrity
- Commitment to help, and
- Direction in relation to both short and long term goals
for growth.
It should be very clear upfront that the coach is not
there to run the business. That role clearly rests with
the entrepreneur or CEO.
Before Looking for
a Coach
Before approaching a coach, the entrepreneur or CEO needs
to fully understand their own skills and capabilities. The
next step is to make a list of the skills and experience
needed to compliment their own. What does the coach need
to bring to the table?
As the person grows, their development needs will change,
along with their coaching requirements.
Choosing a Coach
When choosing a coach, the following areas need to be considered:
- Chemistry.
Is the chemistry right? Do you like this person and can
you relate to them? Coaching requires respect and a good
strong professional relationship between the parties for
it to work.
- Experience.
Does the coach have experience in a range of areas? Does
the coach need to have specific industry experience? Sometimes
coaches with different industry experience come up with
breakthrough ideas. This is because they are less likely
to have preconceived notions about the industry. Coaching
is also a two way process. When the parties stop learning
from each other it is time to end the relationship.
- Trust.
Is the coach trustworthy, loyal and honest? These qualities
are essential to preserve the confidentiality of discussions.
Similar values will provide a strong basis for an ongoing
relationship.
- Unbiased advice.
Can the coach provide valuable unbiased and open advice?
Coaching is an ongoing development process where some
issues may take time to be resolved.
- Commitment.
Does the coach have a strong commitment to your career
development? Is he/she committed to clear goals? Will
the coach work on both short term and long term goals
for growth?
- Assessment.
Will the coach provide continual feedback and assess your
progress towards the agreed goals? The relationship will
flounder if the parties are not committed to clear and
achievable goals. Will the coach push your development
to achieve these goals?
- Listening.
Is the coach a good listener? Does he/she understand the
issues?
- Risk.
Will the coach encourage you to step outside your comfort
zone and take calculated risks? Coaching is about changing
behaviour for better performance.
Professional one-on-one coaching is a very powerful management
tool.
Entrepreneurs and CEO’s can benefit from exchanging
ideas and accessing different skills.
It can encourage strong performance improvement or it can
provide a valuable life support system in times of crisis.
This level of experienced support may turn a crisis event
into a powerful growth experience.
Choosing the right coach can be a very rewarding experience.
It allows you to move ahead far quicker than you would perhaps
move by yourself.
Peter T Gow is the Managing Director of Creative
Capital Pty Limited. He founded Creative Capital to accelerate
the learning skills of entrepreneurial CEO's and develop
their expertise in capital management, business and strategic
planning, cash flow management and market research and analysis.
Peter has over 12 years of experience in working with growth
companies and has been involved in the completion of over
30 financings in the software, manufacturing and medical
areas. His expertise covers company evaluation, strategy
and market analysis, capital raising, transaction structuring,
documentation and completion. Peter has also set up several
venture capital funds for a major financial institution
and appraised a range of venture capital managers.
Creative Capital Pty Limited
Peter T Gow
61 412 235 455
petergow@creativecapital.com.au
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