Business Coaching Statistics - What does it really cost not to use one?

Written by admin on Tuesday, March 9th, 2010

This article is really a summary of Internet research on what some of the results of business coaching can be on a business. I have personally had some business coaching, mostly in a group format, and even in that format, I discovered some tactics and strategies that allowed me to really grow my business. This article is beneficial in giving you an idea of what you can find on the Internet in relation to business coaching and how it can benefit your business. Read on for more on this article titled “Not Hiring a Business Coach, Executive Coach or Corporate Coach Costs You Thousands of Dollars “:

: Image by Miguel Ángel López Trujillo, el “Google Humano” via Flickr

Executive or business coaching is the second fast growing industry in the US with some estimating the growth rate to be around 40%. So why is this happening and more importantly what are the results?

A quick tour of the Internet can provide some incredible examples:

Large employer within the hospitality industry had their top 200 executives coaches and realized a savings between $30 and $60 million.=
Executive coaching at Booze Allen Hamilton delivered $7.90 return on investment for every dollar invested
Another survey conducted by Manchester of 140 companies suggested the average return on investment was $5 for every dollar invested
A telecommunications company received 529% return on investment along with intangible benefits
Kodak’s coaching program for 1,000 employees delivered double digit increases in employee productivity

What these statistics suggest is that an effective business coaching or training program or an executive coach can deliver at least $2 for every one dollar invested. This investment is quickly recovered due to the immediate increase in individual performance.

Continued research on the Internet shows that business coaching and training is not just restricted to large Fortune 1000 companies. Small businesses and entrepreneurs are also jumping on the coaching bandwagon. Four years ago, less than 5% of small business owners invested in coaches. Now up to 20% of American small business owners and entrepreneurs are reaping the measurable benefits from business coaches as they continue their efforts to master success.

As a business coach, I have observed small business owners spend thousands of dollars on luxury vehicles to technology improvements to new offices, but resist investing in their own development and that of their employees. For it is people who make companies successful. Plain and simple - Good coaching is all about results.

If you are a small business owner or entrepreneur and haven’t hired a coach, maybe it is time to make that crucial decision. Consider the possibility that your competition already has hired a results driven one and is reaping at least a 2 for 1 return on his or her investment.

How many thousands are you losing because you do not have a strategic plan? Would you like a checklist to start the process? Visit http://www.processspeclaist.com/strategic-planning-steps.htm

Other Business Coaching Statistics Related Posts:

Business Success Coach Why Getting a Business Coach is a Good …

The statistics and reports don?t lie ? business coaching is not only a fast-expanding industry, it?s expanding because it?s a successful industry. Just like sports athletes have to keep ahead of their competitors with a coach, …

Publish Date: 11/03/2009 3:00

http://businesssuccesscoach.biz/

Business Coaching Statistics: is it Worthwhile? « Coaching

Statistics on business coaching have proved that using a business coach can increase your profit margin by an average of 46 percent, according to a practice development company. However, further statistics reveals that 42 percent of …

Publish Date: 03/08/2010 12:47

http://coaching.learningprofessionals.co.uk/