What’s the difference between having an Advisor, external coach, internal coach, and/or therapist? Should I join a Peer support group? I get asked these questions a lot. The good news is that usually when I am asked this question, it’s because someone knows they need help. With so many options these days, it’s hard to know which to choose or how best to leverage each, or whether adopting a combination of any or all make sense.
My perspective on the many ways to get help…
- Advisor: Most advisors are domain experts or experienced operators in a particular area (product, marketing, sales, finance, etc.). They are commonly called upon when domain-specific guidance is needed, to make introductions to customers, prospective partners or job candidates. Advisors may also mentor junior members of a team when you lack the funds or time to hire in an experienced leader. Advisors are usually given equity for their contributions, commensurate with their experience and the time they commit to the company. Some advisors work ad hoc as needed, others are more prescriptive with set number of hours per week/month that they are available for consultation. In some cases, advisors are involved so much that it warrants a mix of equity and consulting fees. My heuristic for these types of engagements are to assess whether they are performing a part-time role you’d otherwise fill with a full time employee (FTE) if you could find/afford them. These engagements should be time-boxed and outcomes measured as you would do for any FTE.
I recommend nailing down expectations prior to any equity grant and using a template like the FAST agreement to solidify an advisor relationship. Most startups have at least 2–3 advisors filling in complementary areas, sometimes many more, but be cautious about too many overlapping interests or people who seek to be an advisor too early before you’ve established a rapport and figured out how they can be helpful. There are a lot of bad actors out there just looking for free equity.
- External Coach: External coaches are objectively focused on professional (and often personal) growth. They work within the context you bring them. The best coaches guide individuals towards finding their own solutions using tools and frameworks they’ve developed themselves and/or learned from professional training. “A central tenet of coaching is a faith in your client’s inherent wisdom. Good coaching is about revealing their truth, not yours.” (Tarikh Korula) You should expect to commit a minimum of 2–3 hours per month with a coach and many offer email/text touch-points between a regular cadence of sessions. If properly trained and experienced, external coaches can be pricey. Most charge thousands of dollars monthly or quarterly, but if the chemistry is strong it can be a partnership — and an investment! — that’s well worth the money and time. My dear friend Steve Schlafman has great advice here on how to find the right fit with a potential coach.
- Internal Coach: Internal coaches (sometimes called “Talent Development”) usually have the same skills/training as external coaches and are hired to develop executives, managers and occasionally individual contributors. They are a marvelous add to any team, but remember that they are employees and therefore have inherent bias as part of the inner workings of the organization. Internal coaches are accountable towards the overall success of the business vs. to an individual and may not always be objective — especially given that they know the players and may be coaching them as well. If you are hiring an internal coach(es), be thoughtful on who they will work with and how to measure their success vis-a-vis employees’ growth. Success metrics can be everything from basic employee retention numbers to frequency of/average time to promotions, employee satisfaction surveys and external recognition as leaders and contributors. Learn more about how internal coaching and talent and development is evolving inside organizations here.
- Therapists: What used to be stigmatized, is now considered almost a right of passage for most entrepreneurs and leaders dealing with the stress of scaling their companies and balancing life’s demands. Therapists are medical professionals with extensive training who focus on an individual’s psychological, emotional and physical wellbeing. Most therapists lack business context or domain expertise, but may have some insights and empathy from other clients with whom they work. Therapists are wholly objective, can be very expensive, but also extremely worth it if you are under a lot of stress at work and/or at home. If you can afford it or have insurance to cover, I recommend being proactive and engaging a therapist even if everything seems “OK”. Establishing a relationship and providing historical context ahead of any stressors or crises will prepare both you and your therapist if those events arise.
- Peer Support Groups: The ultimate in gaining empathetic support is being a part of a tight knit group of people going through the same types of challenges you are facing. I highly recommend finding a small, like-minded, group of peers to connect with on at least a monthly cadence. The group is ideally made up of a minimum of six (for breadth) but no more than eight individuals to encourage intimate conversations. They should be from a diverse set companies with varying personal backgrounds to allow for different perspectives and to avoid any awkward competitive conversations — although there should be an inherent “cone of silence” among the group. There may be some areas of commonality like all are at roughly the same stage in their careers, stage of company (e.g., pre-series A or post-IPO), or stage of life. Often, these groups are facilitated by a professional coach or peer mentors who ensure that conversations are meaningful and everyone has a voice. Reboot.io has a great program for CEOs as does the Inc. CEO Project, YPO, etc. but there are also niche peer groups like VPE Forum that specializes in engineering leaders. It may take some time to find the right group, so be patient. You’ll know when you’ve found your people!
All of the above resources are valuable for anyone in an organization, not just to founders and executives. It is a sign of strength when I meet a leader who taps into each one to develop a healthy, well-balanced, support system. More and more CEOs and leaders are recognizing how critical this support is to their personal and professional growth. Being self-aware and asking for help is a super power, and no time is too soon to get started!