Coaching for business is an ever-growing field. 58% of businesses report that they have more frequently used coaching over the last year.
The United Kingdom, four years ago, just 4 percent of small companies employed coaches. Today, 20 percent of small-sized businesses employ coaching as a part of their growth strategies. A different study conducted internationally found that 79 percent of large and medium enterprises within the United Kingdom reported using coaching
The use of coaches is growing due to the fact that it is an efficient method of achieving amazing outcomes for businesses and teams. Companies are asking themselves, how can we afford to not coach?
There is growing evidence that coaching is among the most effective ways of training people and contributing to the bottom line of business performance. An analysis conducted by Fortune 1000 companies using coaching found that executives with these percentages who reported benefits from their coaching
A rise of productivity (by 53 percent)
Customer service has been improved (by 39 percent)
Retention of seniors is higher (by 32 percent)
Reduced costs (by 23 percent)
Improved bottom line profitability (by 22 percentage)
The same survey also reported that those who received business coaching noticed an improvement in
Relations with their direct subordinates
Relations with their boss
Team-building
Reduced conflict
Business Relations with Clients
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Certain leaders seek to cut costs by cutting back on training since they do not believe that training produces immediate results for the bottom line. But, coaching can transform training investment into huge positive outcomes. Two studies back this claim:
A study by the Xerox Corporation found that the effect of coaching follow-up after formal training led to an astounding 87% increase when it comes to the efficacy of the training as compared to just training.
The International Personal Management Association supported this study. Their research showed that coaching helped improve the team’s performance by 22 percent. If coaching was added to the training curriculum, the improvement in day-to-day performance was increased by 88%..
The Industrial Society asked companies what they thought were the three most important advantages of coaching employees. Companies reported immediate results from coaching within the areas of key performance (similar results were reported in 2005 by the State of the Coaching Industry Report):
Productivity
Quality
Organizational Strength
Customer service
Reduced complaints from customers
Retaining executives
Cost reductions
Bottom-line profit
Coaching is becoming more popular due to:
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 within a hectic schedule. It can also will require substantial travel costs. Business coaches’ sessions typically conducted via phone, are able to be scheduled around other obligations.
When organizations are operating with the “lean” staff, a lack of time and a greater pressure to perform is constant. coaching offers “just at the right time” support and individual coaching and learning.
Coaching can be a one-on-one “thought Partner” to assist the manager or executive make important decisions in an the most efficient way.
The cost of business coaching could be a great investment, increasing your profits, allowing you to work with a renewed enthusiasm and achieving more within the same time by being more efficient, and taking back your time by incorporating an extra balance between work and life. What’s the next step in coaching with an expert, or adding coaching to your business?
