Executive Coaching

Building and Managing Your Professional Practice

Lewis R. Stern

• Publisher: Wiley
• Year: 2009
• Print ISBN: 9780470177464
• eBook ISBN: 9780470527696
• Edition: 1
• Topic: Psychology
• Subtopic: Research & Methodology in Psychology
• Index: Psychology

Understand all the aspects of becoming an executive coach, from acquiring training to marketing your practice, with Executive Coaching: Building and Managing Your Professional Practice. Hands-on information on topics like acquiring the right training and making the transition from other fields is written in an accessible manner by a successful and experienced coach. Whether you're a novice or an established coach looking to expand your practice, you will benefit from the step-by-step plan for setting up and operating a lucrative executive coaching practice.

CHAPTER ONE
Is Executive Coaching Right for You?

Many people are attracted to the field of executive coaching. After all, as a coach you are regarded as an expert with the ability to help others succeed and be happy at their game. Doing anything called “executsive” sounds professional, smart, and prestigious. As an executive coach with several decades of experience and director of a graduate program in Executive Coaching, I get calls just about every week from a wide variety of people wanting to enter the field.

Exciting and satisfying as it is, this field is not for everybody. To qualify as an executive coach, you need certain attributes as well as a great deal of education, preparation, experience, continuous learning, and support. I have written this book to help—whether you are considering getting into the field; preparing to practice; or already practicing and looking for guidance, strategies, tools, and resources to build and manage your consultancy. This is not an academic study of the history of executive coaching nor does it contain a detailed discussion of the theory of executive coaching. Rather, this is a practical guide based on my experience as one professional, coupled with the advice many of my colleagues have shared with me.

WHAT IS EXECUTIVE COACHING?

Let’s begin by examining what makes executive coaching different from other forms of coaching, counseling, and consulting. In the work I have been privileged to do as a member of a number of groups of experts in the field of executive coaching, there have been several key attributes that define and separate executive coaching from other kinds of consulting. Most executive coaching is done with leaders or would-be leaders of organizations. (A leader is loosely defined as anyone working in an organization who can have significant influence on the mission, direction, strategy, or long-term success of that organization.) Historically, although the term executive coaching has most commonly referred to this type of work, it is not in any way restricted to coaching people considered to be “executives.”

The organizations that provide executive coaching range from big businesses to small family-owned enterprises, from government agencies to hospitals, nonprofits to universities, and public and private schools to venture capital firms, law firms, and advertising agencies. Certain industries, such as high technology and financial services, began using executive coaching as early as the 1980s and 1990s. Most industry sectors have jumped on the bandwagon by now, with a good number of organizations providing coaching. The industries that got an earlier start appear to be doing more proactive, developmental coaching for people with high potential, or those entering critical roles, or expanding their leadership responsibilities.

Five to 10 years ago, executive coaching was primarily remedial in nature: “fixing” people, solving performance problems, or putting out fires set by poor leadership. Today, that pattern has reversed itself, with most organizations focusing their executive coaching on developing leadership capabilities and achieving strategic organizational results in a proactive fashion. some industries and organizations that have only recently embraced executive coaching are just beginning to focus on proactive development and results versus remediation. But there is no question that just about all industries and types of organizations are providing executive coaching. Given these varied client groups and coaching mandates, the work of the executive coach often overlaps with the larger scopes of leadership development, organization development, and management consulting.

A basic definition of executive coaching is derived from the work of the Graduate School Alliance for Executive Coaching (2007, p. 1) and the Executive Coaching Forum (2004, p. 19):

Executive coaching is a development process that builds a leader’s or would-be leader’s capabilities to achieve professional and organizational goals. This coaching is conducted through one-on-one and group interactions, driven by evidence/data from multiple perspectives, and is based on mutual trust and respect. The coach, individuals being coached, and their organizations work in partnership to help achieve the agreed upon goals of the coaching.

This approach to developing leaders and facilitating organizational results can be provided by line managers, human resources professionals, management consultants, training and development professionals, and just about anyone in the position to help others become better leaders and achieve results. The executive coach for whom this book is written is not just someone who coaches leaders and tries to accomplish these goals. Rather, it takes a highly educated and trained professional who is well prepared to tackle any client’s needs in these areas. Successful practitioners must have access to a wide variety of resources, plus a system, process, and support to provide executive coaching according to professional standards as described in this book.

Job of the Professional Executive Coach

Executive coaching is one of the many approaches in the repertoire management and leadership consultants employ. Consultants assess organizational situations and help the leaders and members involved improve their effectiveness and results. Some consultants do a lot of one-on-one and group development, advising leaders and would-be leaders in client organizations. When they are applying those approaches, consultants are serving as executive coaches. They consider themselves, or are considered by others, to be professional executive coaches for several reasons.

Professional executive coaching has four defining factors:

1. Executive coaches often focus a great deal of their consulting practice on one-on-one and group coaching.
2. They often employ a more structured process in their coaching work, such as following a set protocol of precoaching activities, assessment, and goal setting.
3. Their clients may seek them out specifically for executive coaching, asking them to follow the organization’s guidelines or other standards for coaching.
4. They may contract for coaching work differently than for other consulting projects when it comes to confidentiality, data gathering, communication, project management, payment, and other terms and logistics of their work.

Many coaches who work with people on personal, career, financial, or other issues aspire to do executive coaching. Their motivations are as diverse as the coaches themselves. Some want to make more money. Others are fascinated by the challenges of business or organizational leadership. And still others are seeking prestige or the stimulation of working with especially smart and interesting people. But just imagine that you are a financial coach with a background in accounting or investment strategies. Your ability to help your clients depends not only on your basic coaching skills but, perhaps more importantly, on possessing the knowledge and expertise each unique client needs. When you work with a young couple just starting to invest for their children’s education or their own retirement, or to ensure care for their aging parents, you must be knowledgeable and experienced in all of these areas. If your client’s needs require you to have special knowledge in areas in which you lack expertise, such as international bonds or eldercare law, then you must be able to refer your client to a reliable resource network.

Similarly, as an executive coach you must have basic knowledge and experience of what most leaders and would-be leaders know and do. You need as much education, training, and experience in the specialty areas of executive coaching as the financial coach has in finance. Whether you are a personal coach, career coach, financial coach, or training and development specialist, you will not be effective a...

Table of contents

• Cover
• Table of Contents
• Title
• Copyright
• Preface
• Acknowledgments
• CHAPTER ONE: Is Executive Coaching Right for You?
• CHAPTER TWO: Assessing Your Competencies as a Professional Executive Coach
• CHAPTER THREE: Building and Marketing Your Value Proposition as an Executive Coach
• CHAPTER FOUR: Assembling and Managing the Building Blocks of Your Executive Coaching Practice
• CHAPTER FIVE: Transitioning into Executive Coaching from Other Specialty Fields
• CHAPTER SIX: A Plan for Your Professional Executive Coaching Practice
• APPENDIX: Practical Resources for Professional Executive Coaching
• References
• Index
• End User License Agreement