This month we continue with the six challenges facing entrepreneurs; last month we talked about moving towards commitment and planning and the prior month we discussed perceiving the need for change versus denial and isolation. This month we will look at accepting the pace of change.

 

Coaching entrepreneurs requires energy, building and maintaining momentum and making the right decisions at the right times. I call it “coaching on steroids” because you may get a call at three in the morning from London or New York from a stressed-out CEO who has a board presentation the next morning without a clue of what and how to present a change of direction for his or her company. You better grab a cup of java and pen and start writing because your CEO will be talking non-stop at a rapid-fire pace. You may think he’s bipolar but his passion and energy will physically and emotionally drain you if you let it. Your job as coach is to maintain the CEO’s momentum but clearly steer him or her to shorter-term objectives for tomorrow’s meeting—e.g. (1) vision, internal scan of resources, external scan of competition and challenges, operational plans, best, worst and most likely case scenarios, integration of management with the Board and most importantly, a knowledge of group dynamics that will make or break the CEO’s presentation.

 

CEOs who argue for rapid change will face the “old guard” who want to maintain the status quo (the old NIMC syndrome—Not In My Company). Lower management may become frustrated because their roles and jobs will change and they become anxious thereby creating a work slowdown.  The Board may want a “hands on” stake in the company and want to micro-manage the executive staff. The CEO must become a “buffer” if this happens to protect his staff from board interference and working for the Board instead of the CEO. If this happens the CEO is most likely on his/her way out the door and look for an interim CEO or a board member to step in the management role.

 

Process skills required of the coach included: deep listening (both actual and perceived). In the coaching community, this is called Level IV listening or “seamless listening” whereby the coach and CEO become hand and glove in supporting the CEO I process skill development. This includes critical reflectivity to test the CEO’s assumptions and perceptions about his/her relationship with the Board. The coach is NOT to recommend topics, make interpretations, or control content with the CEO. The coach’s job is to set up dynamics for the CEO’s board presentation. These include: mapping, review and analysis, document areas for change and improvement, set the stage, devise action steps, implement, measure performance, troubleshoot, evaluate outcomes, and devise required adjustments. Let’s look at each of these briefly: (From Randi Smith, Ph.D.,  PCC, and Principal, Virtual Group Institute, LLC, 2005).

 

Mapping: Integration of the mission statement with the internal and external scan to create a list of critical success factors (CSFs).

 

Review and Analysis: Does the mission track with the vision; will each CSF remain critical during the proposed change?

 

Document Analysis: The “gap” between the current and desired outcome is documented for each CSF.

 

Set the Stage: Organizational, group, and individual roles and responsibilities are defined during the plan implementation.

 

Devise Action Steps: Human and other resources, measurement criteria, timeframes, and cost are defined for each action plan objective.

 

Implement: Implementation is carefully guided and interim results are evaluated as produced.

 

Measure Performance: Documented processes for ongoing performance leads to one of two conclusions: the interim results are acceptable and implementation of the strategic plan should continue OR the interim results are unacceptable and Troubleshooting is required.

 

Troubleshooting: the CEO helps his Board brainstorm alternative actions (options) and make a good decision about adjust the action plan.

 

Evaluate Outcomes: Are the results what was desired?

 

Devise Required Adjustments: The Board brainstorms as opposed to affixing blame on the CEO or going into catharsis about corporate management.

 

Now don’t freak out and assume the coach addresses each of the above ten points with his or her CEO in distress at three in the morning. Coaching entrepreneurs requires the ability to “dance in the moment” with your CEO and work with him/her in recognizing the above steps and how to work with one’s Board in working towards planned change that will ultimately have the Board’s “buy-in” and approval. Once the CEO has Board approval then the same process can be repeated with the CEO’s executive staff to build esprit de corps and the chances of a successful planned change.

 

Next month we will talk about tolerating instability and uncertainty in the change process. Until then, stay relaxed and visionary in your work with CEOs.

 

Helpful Hints:

 

1. Develop a vision statement for your coaching practice to see if it conveys a clear message; if not, rework it until it is clear and crisp.
2. Develop an external scan for your coaching practice to see your coaching niche is defined by market conditions and potential customers.
3. Develop and internal scan for your coaching practice that defines financial and training/development objectives. Possible factors might include: your level of confidence in your coaching, capability assessment, personal expectations, interests and passions, time perception, etc.