Insights on Business: The ABCs of whether to Solicit Business CoachMay 12, 2021
What are the Executive Coaching Goals ?
Getting a business coach is a lot like deciding to get therapy. Deep down in your consciousness, you might have a rough idea that you need help, but chances are you’re not sure about who to approach in the first place, or how to even get started. After all, most businesses go through struggles here and there, and it isn’t an exact science trying to gauge whether your setbacks are superficial, or serious. The best way to decide is through methodical calculation. As would be the case with any other investment in your company, performing a cost/benefit analysis can effectively clear the fog and give you specific insights on whether it’s necessary to solicit a business coach.
Here’s a quick guide on how to implement this process:
1) Draft a List of Pros and Cons
Take a piece of paper and draw a straight vertical line down the middle. Title one column “Costs of Not getting a Coach,” then title the other column “Benefits/Value of Coaching.”
2) Investigate the Implications of Each Column
Once you understand the binary parameters of your analysis, identify and break down the specific costs associated with each course of action. Start with asking questions about the costs of not getting a coach.
- If you need coaching for your sales team, how much revenue can your company afford to sacrifice by allowing the team to attend coaching?
- If you need coaching to manage stress, is it cheaper to let your employees cope through sick/personal leave?
- If you need coaching to improve customer-service, what are the costs associated with replacing disgruntled customers?
Don’t just calculate these costs in the short term, project their impact long into the future, and then compare them with investment in a coach.
3) Explore the Benefits of Coaching
In the same way you calculated the costs of keeping everything the same, take some time to consider how coaching would be of benefit on a fiscal level. Respond to each question you raised previously with a forecast on how coaching would make a difference.
- How much could sales possibly improve percentage-wise with the help of a sales coach?
- What volume of customer retention can be realized with the help of customer service coaching?
- Is It logistically possible to transact with a coach nearby?
The most important thing to remember when contemplating this decision is that coaching has an impact on more than just the bottom line. Coaching can also influence peripheral elements such as morale, branding, company vision, and so on. There is always a distinction between what your company can gain, and what it can lose from the services of a coach. It might not be a straightforward procedure to identify the benefits, but as long as you are logical throughout your deliberations, it should be possible to ultimately make the best call. For business development coaching by Richard Martinez, call at 626-202-2291 or follow us on Facebook and Instagram.
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