In a previous post regarding business coaching companies, we discussed what such companies can do to help your business. They will work with your business to establish a partnership that will help you reach your goals.
We have established that working with a coach truly does produce results. The next question is: just how effective will it be? Will the results in the future truly offset the current investment?
We understand that only a marginal impact may not be enough to justify hiring a business coach but the International Coaching Federation has research that shows that there are clear benefits that arise for the individual and the company as a whole.
Each individual is unique in terms of skills s/he possesses and how s/he naturally is. Some people are very confident, others great public speakers. Here enters a business coach to present new perspectives and develop these skills.
Individuals that have gone through different programs have commented saying that it presented them with a better understanding of who they are as a person- where they feel confident and what they need to work on. Just to point out a few the developments that have been reported, data from a study shows that:
- 80% of participants saw improved self-confidence.
- 67% saw improved work/life balance.
Business coaching companies work with a company and its employees to help pull out their potential. Along with these personal improvements, coaching also translated to better work performance, in terms of management and team work.
Why do companies invest in hiring business coaching companies? BECAUSE THEY WORK.
Although it may be an investment, the return on investment (ROI), based on the overall results and improvements of the employees and teams, is much higher. While there is a broad spectrum of ROI figures, a reliable range of can be anywhere from 500%-700% (Anderson, 2008). With numbers like this, it is clear to see why so many businesses are looking to work with companies that provide these services.
So is hiring a business coach worth it in the long run? In a word – YES. You will see your employees experience personal benefits as well as organizations growth, resulting in better-functioning company.
Because of significant results that business coaching produces, it is no surprise that it is a growing industry. If you think you could benefit from these services, reach out to such companies in your area to see how they can work with you to improve your business.
For more information, including data points about personal and organization impacts from a study, check out our blog and the article, “How Effective Are Business Coaching Companies?”.