Business coaching is an expanding industry, one that brings in anywhere from $3 billion to $4 billion each year. Entrepreneurs, small business owners, and even celebrities often seek the counsel of business coaches. Is there true value to business coaching, and how do you determine that value?
Business Coaching Statistics
Consider one study done on a Fortune 500 company. According to study results, the company’s ROI from executive coaching was 529%. Another study revealed that for every dollar invested, more than seven dollars was earned. (Prince.)
Determining the Value of Business Coaching
The statistics above prove there’s value in coaching. But when it comes to your own business, will you see similar results? Business owners often wonder how to determine the value of what they’re investing in, and if the cost is worth the return.
The answer is to set goals. By creating coaching goals right from the start, you can better analyze your ROI. These goals should be:
It’s important to remember that cost doesn’t equal quality. Just because a coaching program is expensive, doesn’t mean it’s the best for your business. On the other hand, lower-priced coaching services may not provide the in-depth consulting you need.
Making the Most of Business Coaching
Just as with anything else worth doing, with coaching you get out what you put in effort-wise. The businesses who take coaching seriously are the ones who see the greatest ROI. Here’s how you can make the most of your coaching program. (Nagel.)
Take responsibility for your success. Business coaching isn’t an excuse to sit back and let someone else do all the hard work.
Do your homework. Even the best coaches won’t make a difference in your business if you aren’t implementing what you learn.
Focus on each coaching session. No matter what you’ve got going on that day, try to avoid multitasking while you’re talking to your coach. Set aside a time when you can get away from the chaos to strategically think and plan.
Be prepared for your sessions. The way to do this is by taking a day or two before your appointment to evaluate your progress since the last meeting and review where you are in terms of achieving goals.
Be open to change. A willingness to learn and adapt is crucial for coaching success. You may need to step outside of your comfort zone and change your way of thinking. Embrace it.
Whether you’re just starting out in business or you’ve reached a standstill, consider what value business coaching can bring to your organization. Remember that cost doesn’t always equal value, and that the more effort you put in, the more return you’ll get out. Keep in mind the ways to make the most of your coaching, and you’ll be on the road to success.
Another good article that answers a question that a lot of business owners have when it comes to coaching is, Business is good. Why would I need a business coach?
Nagel, Jackie. “10 Reasons Entreprenuers Achieve Greater Coaching Success Than Others.” The Huffington Post. Web.
Prince, Russ Alan. “Are Business Coaches Worth the Time and Money?” Forbes. Web.
Anthony Larman is a passionate executive with 20+ years of experience in helping Fortune 500 businesses achieve their marketing and business development goals. With a firm understanding on what it takes to make small to medium size company more profitable by leveraging the core principles of marketing that make a difference. If you want to achieve predictable business growth, eliminate waste and increase your marketing ROI (return on investment). Then Leads-Locally is for you.