In 1962, the Peace Corps introduced the slogan, “The Toughest Job You'll Ever Love.” If we accept that premise, he comes in second place, with “business owner” a close second. And whether you like it or not, the CEO role is the eighth most difficult job in the world, according to Ariel Executive, a branding firm for business leaders and board members. (It's essential to remain objective in life, so keep in mind that Alaskan crab fishermen work in sub-zero temperatures and are responsible for 300 deaths a year, primarily from drowning and hypothermia.) Please keep it at that.)
Allen Harris admits that life as a business owner isn't as difficult as, say, an Alaskan crab fisherman's life. But being a CEO may be one of the hardest jobs in the world, he writes.
Business owners and CEOs often feel lonely. Not only do their challenges, risks, and concerns differ from those of non-owner employees, but each employee's challenges, risks, and concerns also rest on their shoulders. Owners and CEOs usually have no fear when dealing with these issues. Yet, because they are at the top of the hierarchy, they often don't have colleagues within the company to support them with ideas and leadership guidance.
Roundtable-based executive coaching programs can provide owners and CEOs with the sense of community they lack. Sharing experiences and challenges with peers who understand the pressures of ownership and leadership can provide emotional support and reduce feelings of isolation.
According to Future Market Insights, the global executive coaching market is valued at $9.3 billion and is expected to grow at double-digit rates throughout the decade. One-third of Fortune 500 companies use executive coaching. Type “executive coaching program” into a search engine and dozens of options will appear.
Although these programs are widely used, many people do not participate for two reasons. First, you need to understand the benefits. The second is the Catch-22 of being too obsessed with your business to be able to work on it. Proper guidance from colleagues can help you design the schedule you need to run your business with less time and less stress.
I am personally involved with three such organizations. One covers a wide range of business topics, and the other two cover industry-specific topics. Each has its advantages, especially since I'm blessed to have team leaders who are (or have already been) going through similar growing pains as me.
Many people who join an executive coaching group for the first time only consider programs that focus solely on their industry. Sector knowledge is valuable, but so is gaining diverse perspectives from peers in different industries. This exposure can stimulate innovative approaches to challenges that competitors have not yet experienced.
Carl and Kathy are members of the same out-of-industry coaching roundtable. Carl owns a chain of laundromats throughout New England, and Kathy owns a boutique retail store in New York state. Kathy has successfully located stores in small towns and mid-sized cities downtown. When Kathy began locating stores in big cities and top malls, it wasn't as successful, at least in terms of sales. Although the number of original customers was the same, there was much more repeat business in less populated areas with less competition.
Kathy implemented a digital punch card system that provides discounts and special offers to customers after a certain number of purchases. The system not only encourages repeat purchases by customers in populated areas, but also allows Kathy to collect valuable customer data. That data is used to tailor promotions to her customers.
Carl relied on Kathy's non-industry strategies to help his own business. Carl's laundromat empire was suffering from declining sales due to increased competition. Laundromat customers have little incentive to go the extra mile when they can get the same output and experience for a similar price. Mr. Carl's has introduced a unique digital His loyalty program that provides his customers with gift cards that give them access to Carl's vending machines. To add a personalized touch, Carl started sending digital birthday coupons for free laundry and folding services on his birthday (up to 20 pounds of laundry). Not only has this reversed customer attrition, but customers who once enjoyed the experience of having someone wash and fold their clothes for them choose to pay more for premium his services. Now it looks like this. Expanding laundry and folding services increased sales and profits, but Carl attributed that growth to learning from people outside his field.
Broad-based or industry-specific coaching roundtable groups include experienced business leaders who can provide valuable advice and accountability. People often attend conferences or listen to webinars and take thorough notes on all the ideas and tactics they hear and want to implement. Then move on to the next meeting. what happens? Your memo full of strategies to take your business to the next level will sit in your desk drawer, never to see the light of a computer monitor again.
Roundtable groups create a collaborative environment where members hold each other accountable for taking the necessary steps to achieve their goals. This structure helps leaders stay focused on their goals and increases motivation.
Owners and CEOs limit themselves unless they deliberately deviate from their department's traditional practices. Roundtable groups are often aware of the latest trends and best practices in business that may not be quickly adopted by the industry. This insight from colleagues helps members adapt their strategies to stay ahead of the curve and outperform their competitors.
