You might consider yourself a rather business-savvy executive, but even the greatest business minds know that there is always room for improvement. If you are unable to swallow your pride and enlist external help from time to time, you are likely missing out on some fantastic opportunities to improve both your organization and yourself.
This is where the concept of a business coach may come into play. Even if you are one of the most successful individuals in your industry, there is a good chance that you can benefit from executive coaching. Unfortunately, many executives are too stubborn to hire a business coach, with only 1% of leaders doing so, according to research published by my company.
This is a shame because the same study shows that 90% of leaders will see improvement if they hire a coach. For those business owners, executives and management teams who are serious about improving their companies, business coaching is an essential tool in which to invest. No matter how much you may think you know about the market, there is always a benefit to getting advice from an outsider and learning to see things from another perspective.
Coaches can help to evaluate your own strengths and weaknesses as well as the overall outlook for your company. While you may have a top-tier team of analysts and a meticulous hiring process, there are likely many things that are difficult to see from within the organization. A coach, or even a team of coaches, can work with you and your team to develop objective measurements that could be extremely useful in determining the future success of your firm.
How can a business coach help me?
Although every coach takes a different approach and every industry has a varying set of requirements, there are some basic, universal ways in which coaches can provide an immediate impact. These include:
• Defining clear goals and visions: If you are struggling to define where you want your business to be in one, five or ten years, a business coach can work with you to develop realistic goals and define your personal and business visions.
• Developing relevant critical success factors and key performance indicators (KPIs): Perhaps you aren’t evaluating the performance of your company through an objective lens. Your business coach can come in and help put together critical success factors and key performance indicators to truly assess your strengths and weaknesses. This will give you a good idea of any changes you need to make for the future.
• Measuring internal and external influences: As a business owner, you may be too close to your company to see some of the threats or advantages coming from both internal and external sources. A good coach will be able to bring them to the table, helping you make sound decisions that improve your overall performance.
• Helping you define your “why”: You are focused on your business, but there is a personal reason for doing this — this is your “why” or your Champagne Moment. While you may know what this is, sometimes it’s difficult to articulate this without outside help from a business coach.
What sort of return on investment (ROI) do business coaches provide?
As always, the return on investment is going to be the most important metric when taking on new initiatives for your company. When it comes to business coaches, there are some very promising statistics that show the benefits of hiring one greatly outweigh the costs. Referring back to the published research, some of the most important numbers include:
• 53% increase in overall productivity
• 23% lowered costs
• 22% increase in profitability
• 61% increase in job satisfaction among employees and executives
• 34% reduction in client grievances
The numbers here don’t lie — business coaches are incredibly valuable for the organizations who procure their services. From the top to the bottom, overall satisfaction among employees is improved and executives benefit from stronger relationships and better performance in their respective markets.
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