Small and mid-sized entrepreneurs, upwardly mobile business professionals and large corporations are increasingly using the services of business coaches to accelerate professional growth by helping them understand their strengths and challenges, achieve goals and objectives, a get results far beyond what an individual can accomplish by themselves. In this economy, however, spending money on a business coach is something that many people view as a luxury. The most successful corporate organizations disagree and spent fees of $500 per hour and up to coach their top talent.
Research shows that successful business coaches have a dramatic effect on the performance, job satisfaction and financial bottom lines of their clients. The reasons for this involve increased accountability, better clarity of visions and goals, improvement of specific skill sets, and mentoring by an experienced individual. For a manager, this investment can seem huge, but the results often far exceed the initial investment.
One of the biggest benefits of hiring a good business coach is related to accountability. For an overtasked executive or manager whose focus is to “do more with less,” there are always more things to do than time to do them. An effective business coach keeps the client on track, focused and accountable for getting tasks done efficiently and on time and ensuring results are consistent with goals and expectations.
Of course, part of the challenge of any executive or manager is making the right decisions at the right time and with the right amount of information and support. People who operate in a vacuum often make many mistakes and end up looking back at the past and worrying about the future when they need to be in the present executing their plan and creating success. This is why another great benefit of hiring the right business coach is to help their client focus on the biggest priorities and evaluate his or her vision and goals. According to a Harvard Business Review study on executive business coaches 59% of coaches said that the focus of coaching often changes because clients dig deeper into what their goals for the business of their jobs really are.
People also hire business coaches for specific help with skill sets in areas where they are weakest. For example, some business coaches specialize in marketing, operations or systems management. Frequently, managers need help to identify their own areas of weakness. However, when it is obvious, this is when a specialized coach is often called in.
Finally, the mentoring effect of having a person who has already experienced success in the area you are trying to achieve success in is incredibly important. According to the HBR study cited above the two most important factors of coaching success (as far as selecting the best and most qualified coach) identified were experience in a similar setting and having a clear coaching method. Both were higher ranked than specific coaching certification. This means spending time interviewing business coaches to find the right one. When you find a coach that fits, ask yourself “How much is this going to support the results that I would like to see?” rather than saying “How much is this going to cost?”
For the client, the top success requirements cited are that a person is ready for change and that they are actively engaged in the coaching process. The bottom line for executives is that hiring a good business coach can have a great impact on how you run your operations. Of course, hiring the right coach and being coachable to begin with are critical factors. Like any investment, you will get out of business coaching as much as you put into it.
Resources
- Coutu, Diane, and Carol Kauffman. The Realities of Executive Coaching. Harvard Business Review, Research Report. (Jan 2009)
- Phillips, Jack J. Measuring ROI in Business Coaching: An Overview. Business Coaching World Wide (Vol 1. Issue 1. 2005.)
