Before you consider working with a business coach or business growth consulting companies on any aspect of your life, business, or career, you probably ask yourself a series of questions. Uncertainty is understandable when it comes to management coaching, but there is research and studies that show how effective working with business coaching companies can be. Let’s take a look.
Does Management Coaching Actually Work?
By almost any measure: YES. In-depth studies on leadership skills gained from a business coach or a business growth consulting firm by the International Coach Federation (ICF, the worldwide network that helps set internationally accepted standards for coach training and conduct), reveal the numerous ways in which individuals, their employers, and even coworkers and family, can benefit when you work with a business coach.
People who work with business coaching companies gain a fresh perspective on their personal challenges. That in itself is huge. The study asked participants how it would be to gain insight into blind spots. Respondents said this self-awareness leads to:
• Improved self-confidence by as much as 80%
• Improved relationships by as much as 73%
• Improved communication skills by as much as 72%
• Improved life/work balance by as much as 67%.
How Effective Are Business Coaching Companies Really?
Effectiveness and return on investment (ROI) are primary concerns for organizations that utilize management coaching or business growth consulting firms. Employers not only want to know they are getting their money’s worth, but also whether working with a business coaching companies are the best option they have for overcoming challenges, building leadership skills, and improving organizational outcomes. This keen eye on the bottom line is what makes it quite an endorsement—one that leads to a staggering 86 percent of companies rating their investment in business coach favorably (saying that coaching at least paid for itself).
In fact, a broad range of ROI figures for coaching have been reported in research literature. These include estimates of 221% (Phillips, 2007), 545% (McGovern et al., 2001), 788% (Kampa-Kokesch & Anderson, 2001)—with figures of between 500% and 700% commonly reported as being a reliable ROI for executive management coaching (Anderson, 2008).
How Specifically Does A Business Coach Help People?
According to the ICF, those who utilize business coaching companies boast that it helps to unlock their potential and build on latent sources of productivity and leadership skills, resulting in:
• Improved work performance by as much as 70%
• Improved business management by as much as 61%
• Improved time management by as much as 57%
• Improved team effectiveness by as much as 51%.
These organizational impacts are in addition to the personal benefits discussed above. This helps explain why coaching continues to grow and expand as a field of interest, as a service in high demand by individuals and organizations, and as a profession.
How Likely Are People to Continue with Coaching or Recommend it to Others?
The real measure of satisfaction for management coaching clients is how they perceive the experience themselves. By this measure, coaching is profoundly beneficial in the eyes of companies and individuals who hire a coach:
• ‘Somewhat’ or ‘very satisfied’ with the overall experience reported by 99%
• Over 95 % would repeat the process
Clients often continue with a business coach as long as they remain satisfied with their progress and enjoy the benefits of the relationship.
What Sets Coaching Apart from Business Growth Consulting?
Business growth consulting is truly is a partnership rather than a transaction. Instead of working to solve just one set of problems, the business coach helps the client navigate the totality of their personal and/or professional world.
Maybe it’s time to discover the power that business coaching companies can give you in terms of leadership skills, business success, and goal achievement. If you would like to determine whether coaching programs answer your specific needs, contact a local business coach today.
|Tmima Grinvald is a Certified Professional Business Coach at The Round Well Coaching and Leadership Development providing services that include business team coaching, executive business coaching, small business consulting, and leadership development.|