Running a business is a journey filled with challenges that test your leadership and decision-making abilities daily. As a CEO, it often feels like the weight of the world rests on your shoulders. In these moments, having the right support can make all the difference. Strategic mentorship or business coaching is a tool that can help you transform your approach and achieve professional growth. This article explores how business coaching can turn CEO fears into success stories, and why it’s worth considering.
Embracing the Need for Help
One of the biggest obstacles CEOs face is the fear of asking for help. There’s a misconception that leaders should have all the answers. But the truth is, none of us have all the answers. The smartest person in the room is the one that has a team of people even smarter than they are.
I tell my CEO clients, “If you think you’re the smartest person in the room, you’re in the wrong room.”
Many CEOs operate under the assumption that seeking help undermines their authority or showcases a lack of capability. However, recognizing when and where you need assistance demonstrates self-awareness and a commitment to growth. Admitting that you need help isn’t a sign of weakness – it’s a smart move that can set you on the path to success.
This mindset shift is crucial. Without it, a CEO can risk getting stuck in what I call the CEO Doom Loop. This happens when a leader becomes so involved in the day-to-day operations that they lose sight of the bigger picture, or their North Star vision. Business coaching helps break this cycle by providing an external perspective, actionable strategies, and encouraging CEOs to focus on long-term goals.
In this way, a Business Coach functions much like a sports coach, not playing IN the game, but rather observing from the sidelines and noting the strengths and weakness of the team and the individuals playing the game.
Overcoming Fear of Failure
Fear of failure is a common issue among CEOs. In fact, The CEO Paybook notes it as the most prevalent stressor of CEOs interviewed across various industries. This fear can manifest in various ways, often preventing you from making the tough decisions necessary for your company’s growth. One area where this fear becomes particularly evident is in addressing underperformance within your senior leadership team.
One of my CEO clients likes to say, “I’m a founder, not a firer.” The ability to understand how to build a powerful team of “A-Players” is what sets start-ups apart from scale-ups.
When you’re afraid of failure, you might worry about the impact on morale if you confront or replace a senior leader. You fear losing valuable knowledge and disrupting the team dynamic. These fears can cause you to rationalize the situation, convincing yourself that things will improve or that the current state is manageable. This rationalization keeps you stuck, unable to take the decisive actions that are crucial for aligning your team with your North Star vision.
This inaction can lead to the CEO Doom Loop, where your hesitance to address underperformance causes further misalignment and stagnation. By avoiding tough decisions, you inadvertently allow the cracks in your leadership team to widen, ultimately hindering the company’s growth.
Business coaching helps you break this cycle by addressing the root of your fears and providing a clear path forward. Coaches guide you through the process of identifying and confronting these issues, ensuring that your leadership team is fully aligned with your strategic vision. Through this support, you can move past your fears, make the necessary tough decisions, and steer your company towards sustained success.
Developing Leadership Skills
Transitioning into the role of a CEO often means letting go of previous responsibilities and focusing on strategic leadership. This can be challenging, especially if you’re used to handling operational details yourself.
CEOs are often experts in their industry, possessing deep knowledge and experience in their specific field. However, running a successful business requires a different set of skills that may not come as naturally. Business coaching helps bridge this gap, equipping CEOs with the leadership capabilities they need to excel.
Take the story of our client who moved from COO to CEO. Initially, they struggled with delegating tasks and trusting their team, falling into the CEO Doom Loop by getting too involved in day-to-day operations. This prevented them from focusing on the broader strategic vision, or their North Star vision, essential for the company’s growth. My Metronomics colleague, Brad Giles, in his book, Learn to Thrive, calls this “doing other people’s jobs.” I find many times that CEOs don’t know what their job should really be, so they revert to what they see as “running the company”. But often this is what is actually getting in the way of their leadership.
Through targeted coaching sessions, they learned to let go of operational responsibilities and concentrate on their role as the strategic leader. The coaching process involved setting clear delegation strategies, building trust with their leadership team, and consistently aligning the team’s efforts with the company’s long-term vision. By embracing their new role and focusing on the big picture, they were able to build a strong leadership team. This shift not only improved their individual performance but also significantly enhanced the company’s growth trajectory.
Achieving Business Breakthroughs
Business coaching isn’t just about overcoming fears and developing leadership skills; it’s about driving tangible business breakthroughs. Coaches bring an external perspective that can help you see new opportunities and foster innovation, like a coach on the sidelines surveying all the action on the field. This fresh viewpoint can help you break out of stagnation and move towards significant growth.
Consider the story of one of our clients who had been stuck in a business plateau for years. They were caught in the CEO Doom Loop, spending too much time on day-to-day operations and not enough on strategic planning. Through coaching, they learned to step back and focus on their North Star vision, shifting their efforts from working in the business to working on the business.
This mindset shift enabled them to implement strategic plans effectively. With the guidance and accountability provided by coaching, they were able to expand their business to a prime location in California – which they had envisioned as their North Star while on our leadership summit in Costa Rica. By staying true to their long-held vision and leveraging the insights gained through coaching, they turned their dreams into reality. This breakthrough not only revitalized their business but also set a new trajectory for growth and success.
Fostering Team Alignment
A key part of a CEO’s role is ensuring that the team is aligned with the company’s vision. Misalignment will lead to confusion, inefficiency, and missed opportunities. Business coaching helps you develop the skills to communicate your vision clearly and foster team alignment, which is crucial for a cohesive and high-performing organization.
One powerful tool in this process is the One Page Plan. This concise document outlines the company’s North Star vision and core business values, serving as a roadmap for the entire team. By working with a coach to draft this plan, CEOs can provide their teams with clear direction and expectations.
For example, I worked with a CEO whose company was struggling with internal conflicts and misaligned goals. These issues were symptoms of the CEO Doom Loop, where the lack of a clear, unified vision hindered progress. Through coaching, they learned to articulate their North Star vision and create a One Page Plan. This process involved setting clear expectations, communicating effectively, and establishing a set of core business values.
With these tools, the CEO was able to build a cohesive team that understood and worked towards the same goals. This alignment not only improved the work environment but also significantly boosted overall performance. By fostering a shared vision and ensuring everyone was on the same page, the company moved out of stagnation and onto a path of sustainable growth and success.
Building Accountability
Accountability is another crucial element of effective leadership. CEOs often find themselves isolated, with no one to hold them accountable. A proactive business coach often fills this role by providing regular check-ins and keeping you focused on your goals.
Having someone to answer to can make a significant difference. As one of our clients said, “Sometimes just having an ally, a confidant, is everything.” This support helps you stay on track and ensures that you’re making progress toward your objectives.
To enhance your leadership and achieve your business goals, consider the benefits of business coaching. It could be the key to your next success story.
At Apex North, we power our process using the Metronomics Growth System. This powerful system aligns the “Soft Edge” of business (the people) with “Hard Edge” (systems and metrics) using the 3HAG process, which is a 3-Year Highly Achievable Goal. All of our coaches are certified in the Metronomics system, and have years of business and coaching experience. As a former public company CEO myself, I lead our practice with a perspective of someone who has sat in the CEO chair and understands the role.
If you’re looking for help to grow your company, let’s connect. Reach out to us online or call me at 612.504.0129.