Why hire a business coach ? This is a question that often gets thought and sometimes spoken whenever the subject of business coaching is discussed. I think that the main reasons are that business owners and senior managers don’t understand what coaching involves or only want tangible benefits as seen when investing in assets. Any serious business will have a budget line set aside for supporting staff, assets, buildings, marketing and probably a few more. People tend to see investment in these areas as a necessity to support the business and it often translates into purchasing tangibles items, e.g. new equipment, office space etc. Or they are seen as legal requirements, such as insurance and Health and Safety codes. However, when the question of investing into a non-tangible service, such as coaching, it seems that outlay is seen as a cost and not an investment. It is fair to say that the UK has been behind the curve on this subject. For many years American business leaders have been turning to coaches for support. I also know that in the UK mentors have been around for years, so is it just about the terminology? Do coaches pose a threat to the owners? Mentors are seen as trusted experienced advisors with industry specific knowledge to pass down, parent to child mode. Coaches tend to be the “Critical friend”. Sometimes having an outsider is the best approach though as they see things with the child eye, “What made you do that?”, “What happened when you did that?” “How could that work out?” Coaches ask difficult, challenging questions. Or is the main reason as simple as not seeing a return on investment? Take a look at these statistics. According to Institute of Leadership and Management research (May 2011): 65% of organisations surveyed hired in external coaches 95% of respondents saw direct benefits to the organisation 95% of respondents saw direct benefits to the individual These benefits included improved communication and inter-personal skills, attitudes, conflict resolution, management and preparation for a new role. A recent evaluation of coaching in the NHS (2010-11) cited a return on investment of 5.6 to 1. 40% of leaders in transition under-perform. Coaching during the first 100 days can help with successful transitions. Still wondering if coaching is worth it? Here are some more studies about the return on investment. Companies that have used professional coaching for business reasons have seen a median return on their investment of 7 times their initial investment, according to a study commissioned by ICF, and conducted by PricewaterhouseCoopers and Association Resource Centre Inc. Three stock portfolios comprised only of companies that spend aggressively on employee development each outperformed the S&P 500 by 17-35 % (Business Review, Laurie Bassi and Daniel McMurrer, 2004) Any investment is risky. However, support is available. For example, the GrowthAccelerator is a partnership between private enterprise and Government which means the service affordable. Businesses have to be based in England with fewer than 250 employees and a turnover of less than £40m. Because the Government is investing with them in the growth of the business, the cost to the business is significantly reduced. The investment in GrowthAccelerator will reflect the size of the business: · Micro and start-up businesses (up to ten employees) – £600 · Small businesses (ten to 49 employees) – £1,500 · Medium-sized businesses (50 to 250 employees) – £3,000 More information on this can be gained from the web or from Advantage Business Partnerships. Look, every business owner wants to be successful and solvent. Entrepreneurs tend to be lifelong learners; a business coach may be the only person in their life who is solely devoted to accelerating and supporting their learning, growth, and self-knowledge. So, why would I hire a business coach? Take a look at the sports world. How many top sports people don’t have a coach? Or change a coach to get better. Andy Murray changed his coach and took on Ivan Lendl. Since then he has won the US Open and Wimbledon. This weekend, Phil Mickelson, won the Open. Who was with him? His coach.
Posted on: Thu, 01 Aug 2013 20:04:03 +0000
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