Many large corporations provide an executive coach for their top tier management. They understand the return-on-investment for coaching is huge. A study in Michigan a few years ago of sales managers who hired coaches found a 10:1 ROI in less than a year. That represents a serious return. Another study of 100 executives, mostly from Fortune 1000 companies, found a ROI of 5.7:1. That also is an impressive return on the money invested in coaching. In addition, coaching provided other advantages to the companies that provided coaching to their leadership. People who were considering leaving the organization remained. A more positive work environment was created. Customer satisfaction and revenue increased.
Despite the many positives that surround coaching few small business owners and entrepreneurs use coaches. Some of that may be due to the cost of an executive coach which can run from $400-800 an hour and even higher. The entrepreneurial spirit causes many to take a “Lone Ranger” mentality that doesn’t lend itself to seeking outside help. A third reason may be that small business owners are so busy that they don’t feel they have the time or energy for coaching. All of these are quite short-sighted reasons that fails to view coaching as an investment in one’s life and career.
A few years ago I was struggling with a career decision and really felt pulled in two directions. Ironically, our organization was providing coaching training to our executive staff and part of that training included coaching by our trainers. For several months I had the opportunity to be coached by our primary trainer and used that time to explore the two options I was considering. By the time our coaching was completed I had made a decision which of the two I would take. It was such a powerful experience that I began coaching others and have enjoyed a coaching relationship with several people. The benefits of coaching later became the thesis for my doctoral degree, and next spring I have a book being published that explores those benefits.
How do you know when you need a coach? Here are some signs that you are ready for a coach.
- You feel stuck and are uncertain how to begin to move forward again.
- You have a desire to improve areas of your life and leadership abilities.
- You need help in troubleshooting issues that are holding your company back.
- You sense it is time to make major changes in your life or career.
- You are going through a life transition and need help in processing that.
- You need someone you can talk to who will maintain confidentiality.
- You are ready to take your business to the next level.
Do any of these ring true for you? Maybe it’s time you invested in a coach to help you begin to move forward in your life and/or career. If so, I would be willing to talk to you to see if we would be a good fit for a coaching relationship. If you would be interested in such a conversation, respond to this post with your contact information and we’ll see if coaching makes sense for you.