Best-selling author, speaker #ChampagneMoment www.ExactlyWhereYouWanttoBe.com.
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Businesses across the globe rely on their leaders to make important decisions that will have major impacts on their organizations, employees and profitability. The challenge is that making these decisions in today's business environment has become increasingly difficult as the world and technology rapidly change. One survey found that nearly three-quarters of leaders are making 10 times the number of decisions every day than they did three years ago, and over 70% struggled to make decisions because of the sheer volume of data that they needed to mentally process.
In this high-stakes arena, the role of external insights becomes paramount, and one key ally emerges—the business coach. Having an experienced coach in your corner can completely transform your decision-making and have lasting impacts on the greater organization.
On the one hand, an objective decision can be made by focusing on financial ROI. We covered that last time. On the other hand, beyond the finances, there are a number of subjective factors to consider.
1. An Unbiased Sounding Board
The journey of decision-making can be extremely lonely, especially for executives and leaders who are making a final major decision. Business coaches act as an impartial sounding board, providing an external perspective unburdened by internal politics or preconceived notions. This unbiased viewpoint is invaluable in critical decision-making, offering clarity and a fresh approach.
2. Leveraging A Wealth Of Knowledge
While a business leader may know their company inside and out, a business coach can bring years of additional and diverse experience to the decision-making process by providing insights from other industries or scenarios.
A coach can share examples of other businesses that navigated similar challenges, offering lessons that might not exist within the leader's own experiences. A strong business coach can also help connect the leader with other experts within their network who can further expand access to extensive additional knowledge.
3. Spotting And Overcoming Cognitive Biases
Cognitive biases are the silent saboteurs of effective decision-making. These biases often go unnoticed and can push the leader to unintentionally make a decision in the wrong direction. Coaches, armed with an external perspective, can help leaders recognize and overcome these biases.
Whether it's confirmation bias leading to a narrow focus or overconfidence clouding judgment, the coach serves as a guide, fostering a more objective decision-making process.
4. Battle-Tested Tools, Techniques And Frameworks
Decision-making benefits from structure and a methodical approach. Business coaches bring with them a toolkit of tried-and-tested tools and frameworks that have consistently worked over and over. Tools such as SWOT analyses and risk-assessment frameworks can provide a systematic approach to decision-making. The coach not only introduces these tools but also guides leaders in their effective application.
5. Increased Confidence In Navigating Uncertainty
Uncertainty is an inherent part of the business landscape, especially in today's volatile environment. A business coach serves as a compass, instilling confidence in leaders to navigate uncharted territories. By leveraging a coach, a business leader can also feel confident that they have a resource available to validate whether they are making a good decision. By combining boldness with calculated decision-making, leaders can steer their organizations through turbulent times.
6. Support For Continuous Learning
In the journey of decision-making, not every path leads to the desired outcome. Mistakes and errors will happen along the way. Business coaches play a crucial role in supporting continuous learning. Rather than viewing setbacks as failures, leaders learn from these experiences, refining their decision-making skills over time. This iterative process becomes the foundation of leadership development.
7. Enhancing Strong Decision-Making Across The Organization
The impact of enhanced decision-making at the executive level is not confined to the boardroom. The decisions made with the support of an experienced business coach can trickle down through the organizational hierarchy, shaping the very culture and approach of the entire company.
When leaders make informed and strategic decisions, it can set a precedent that inspires the entire organization to follow suit. This ripple effect can significantly amplify the value and impact of a single business coach.
Making The Decision To Transform Your Organization’s Decision-Making
Making great decisions is one of the cornerstones of being a respected and influential leader in the corporate world. Unfortunately, too many leaders get in their own way because of biases, personal agendas and pressure from internal politics. Having a business coach on your side can enhance your ability to make data-driven decisions that have been carefully weighed and properly vetted.
For those who may not be able to hire a business coach due to financial constraints or time limitations, there may be alternatives such as seeking mentorship from experienced professionals in the industry, joining free peer advisory groups or business networks, and utilizing free or low-cost online resources and courses to gain business insights and strategies. At the end of the day, only you can make the hard, strategic decisions that your organization needs to survive in our dynamic world. As the saying goes, “The only reason to do it is because you want to.”
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