Coaching for business is an ever-growing field. 58% of businesses report that they have more frequently used coaching over the last year.
Within the United Kingdom, four years ago, only four percent of small-scale businesses employed coaches. Today, 20 percent of small-sized businesses use coaching as part of their growth strategies. A different study conducted internationally found that 79 percent of large and medium companies within the United Kingdom reported using coaching
The use of coaches is growing because it’s a cost effective method to achieve amazing outcomes for businesses and teams. Many organizations are asking, whether it is feasible to coach?
There is growing evidence that coaching is among the most effective methods of training people and contributing to the bottom line of business performance. An analysis conducted by Fortune 1000 companies using coaching revealed that these percentages of executives were able to report the following benefits of that coaching
A boost of productivity (by 53 percent)
Customer service has been improved (by 39 percent)
Seniors are more likely to stay (by 32 percent)
Cost reduction (by 23 percent)
Profit margins at the bottom have increased (by 22 percentage)
The same survey also reported that those who received coaching noticed an improvement in
Relationships with direct report
Relationships with their boss
Team-building
Reduced conflict
Business Relations with Clients
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Certain leaders attempt to cut costs by cutting back on training since they do not believe that training produces immediate benefits for their bottom line. But, coaching can transform training investment into significant positive results. Two studies confirm this assertion:
It was found that the Xerox Corporation found that the effect of coaching follow-up following formal training resulted in an astounding 87% increase when it comes to the efficacy of the training contrasted with training on its own.
The International Personal Management Association supported the findings of this association. Their study showed that training helped improve the efficiency of their teams by 22 percent. If coaching was added to the training curriculum, the improvement in day-to-day performance was boosted by 88%..
The Industrial Society asked companies what they thought were the three most important advantages of offering coaching to employees. The companies provided direct results from coaching within the areas of key performance (similar results were reported in 2005 in the 2005 State of the Coaching Industry Report):
Productivity
Quality
Organizational Strength
Customer service
Eliminating complaints from customers
Retaining executives
Cost reductions
Bottom-line profit
Coaching is increasingly used as a result of:
Small businesses can result in isolated managers who welcome support and challenge from someone outside their immediate work environment–especially if coaching and leadership development is not available in-house.
Participation in whole-day or multiple-day leadership classes can be difficult with a busy schedule. They also will require substantial travel costs. Business coaches’ sessions usually conducted over the phone, are able to be scheduled around other obligations.
Since organizations have the “lean” staff, the issue of a shortage of time and pressure to perform is constant. coaching can provide “just at the right time” help and personal coaching and learning.
Coaching can be a one-on-one “thought companion” to assist managers or executives take important decisions in an a more efficient manner.
The cost of business coaching may be a great investment, increasing your bottom linewhile helping you be more productive and achieving more at the same time by doing more efficiently, and also reclaiming your time by incorporating an increase in your work-life balance. What is the next step in engaging with a professional coach, or adding coaching to your business?
