Executive or business coaching is the second fast growing industry in the US with some estimating the growth rate to be around 40%. So why is this happening and more importantly what are the results?
A quick tour of the Internet can provide some incredible examples:
1. Large employer within the hospitality industry had their top 200 executives coaches and realized a savings between $30 and $60 million.
2. Executive coaching at Booze Allen Hamilton delivered $7.90 return on investment for every dollar invested
3. Another survey conducted by Manchester of 140 companies suggested the average return on investment was $5 for every dollar invested
4. A telecommunications company received 529% return on investment along with intangible benefits.
5. Kodak’s coaching program for 1,000 employees delivered double digit increases in employee productivity
What these statistics suggest is that an effective coaching program or business coach can deliver a minimum of $2 for every one dollar invested. This investment is quickly recovered due to the immediate increase in an individual's performance. Plain and simple - Good coaching is all about results.
Continued research on the Internet shows that coaching is not just restricted to large Fortune 1000 companies. Small businesses and entrepreneurs are also jumping on the coaching bandwagon. Four years ago, less than 5% of small business owners invested in coaches. Now up to 20% of American small business owners and entrepreneurs are reaping the measurable benefits from business coaches.
As a business coach, I have observed small business owners spend thousands of dollars on luxury vehicles to technology improvement, but resist investing in their own development and that of their employees. For it is people who make companies successful.
If you are a small business owner or entrepreneur and haven’t hired a business coach, maybe it is time to make that crucial decision. Possibly your competitor already has hired a results driven coach and is reaping at least a 2 for 1 return on his or her investment.
Not Hiring a Business Coach, Executive Coach or Corporate Coach is Costing You Thousands of Dollars - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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