In 1962, the Peace Corps introduced the slogan “the toughest job you’ll ever love.” Accepting that premise, “business owner” is a close second. Also, according to Arielle Executive, a branding company for business leaders and board members, the chief executive officer (CEO) position is the eighth hardest job in the world, whether you love it or not. (It is essential to maintain perspective in life, so keep in mind that Alaskan crab fishermen work in freezing temperatures and experience 300 fatalities per year, primarily due to drowning or hypothermia.)
Business owners and CEOs often feel isolated. Not only are their challenges, risks and concerns unique from those of non-owner employees, but each challenge, risk and concern of their employees also rests on their shoulders. Owners and CEOs are typically fearless when handling those issues. Still, because they’re on top of the hierarchal structure, they frequently don’t have a colleague in the company to flesh out ideas or support them with leadership guidance.
Roundtable-based executive coaching programs can provide a sense of community that owners and CEOs lack. Sharing experiences and challenges with peers who understand the pressures of ownership and leadership can offer 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 a double-digit rate throughout the decade. One-third of all Fortune 500 companies utilize executive coaching. Entering “executive coaching program” into a search engine yields dozens of options.
As widely used as these programs are, many people don’t join them for two reasons. First, they need to be made aware of the benefits. Second, it’s a Catch-22 that they’re too wrapped up in the business to work on the business. Proper guidance from their peers could help them design the schedule required to run their business better and do so with fewer hours and less stress.
I am personally involved with three such organizations. One covers business topics broadly, and the other two are industry specific. Each has benefits, especially since I am fortunate enough to be in the presence of team leaders who are going through (or have already gone through) similar growing pains as I am.
Many newcomers to executive coaching groups only explore programs that focus solely on their industry. While sector knowledge is valuable, so is gaining diverse perspectives from peers in different industries. This exposure can inspire innovative approaches to challenges yet to be seen by the competition.
Carl and Kathy are part of the same non-industry coaching roundtable. Carl owns a chain of laundromats throughout New England, and Kathy owns boutique retail shops in New York state. Kathy had success placing her stores in the downtowns of small towns and mid-sized cities. When Kathy started placing her stores in larger cities and A-tier malls, she had less success — at least in terms of sales. Her number of original customers was similar, but she had much more repeat business in the less-populated areas where she faced less competition.
Kathy implemented a digital punch card system that rewards customers with discounts and exclusive offers after a certain number of purchases. This system not only incentivizes repeat purchases by customers in areas with a larger population but also allows Kathy to collect valuable customer data. That data is used to tailor promotions to her clientele.
Carl took a page from Kathy’s non-industry playbook to help his business. Carl’s laundromat empire was suffering declining sales due to increased competition. Laundromat customers have little incentive to travel an extra mile when doing so yields the same output and experience at similar prices. Karl introduced his own digital loyalty program that rewards customers with a gift card that allows them access to Carl’s vending machines. To add a personalized touch, Carl started sending out digital birthday coupons to use his wash and fold service for free on their birthdays (up to 20 pounds of laundry). Not only did this reverse attrition, but once customers enjoyed the experience of someone washing and folding their clothes for them, they opted to start paying more for the premium service. Expanding the wash and fold service increased sales and profits, and Carl attributed the growth to learning from someone outside his sector.
Whether broad-based or industry-specific, these coaching roundtable groups include seasoned business leaders who can provide valuable advice and accountability. People often attend conferences or listen to webinars and take thorough notes regarding all the ideas and tactics they hear and want to implement. Then, they move on to the next meeting. What happens? Those notes full of strategies designed to take their business to the next level are placed in a desk drawer, and they never see the light of the computer monitor again.
Roundtable groups create a supportive environment where members hold each other accountable for taking the necessary steps to achieve their goals. This structure enhances motivation by helping leaders stay focused on their objectives.
Owners and CEOs limit themselves if they don’t purposefully stray from their sector’s traditional practices. Roundtable groups are often aware of the latest trends and best practices in businesses, which your industry may not promptly adopt. This insight from colleagues can help members adapt their strategies to stay ahead of the curve and outpace their competition.
This article first appeared in the Berkshire Eagle on April 13, 2024.