If you own a business or if you are thinking about becoming a Business Coach, read the following on Does Coaching provide value? ROI?
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Business & Executive Coaching:
According to study and surveys by Monte Wyatt, www.montewyatt.com
- Productivity (reported by 53% of executives)
- Quality (48%)
- Organizational strength (48%)
- Customer service (39%)
- Reducing customer complaints (34%)
- Retaining executives who received coaching (32%)
- Cost reductions (23%)
- Bottom-line profitability (22%)
- Among the benefits to executives who received coaching were improved:
- Working relationships with direct reports (reported by 77% of executives)
- Working relationships with immediate supervisors (71%)
- Teamwork (67%)
- Working relationships with peers (63%)
- Job satisfaction (61%)
- Conflict reduction (52%)
- Organizational commitment (44%)
- Working relationships with clients (37%)
According to a survey from Clear Coaching Limited, February 2007
- New or improved skills (50%)
- Work relationships within team (50%)
- Seeing others’ perspectives (47%)
- The Clarity in Work life (43%)
- Increased motivation (43%)
- Improved atmosphere (40%)
- Sales & Revenue Increase (23%)
- Obtained goals (20%)
According to International Coaching Federation (ICF), who surveyed 210 clients:
- 70% believe business coaching is “very valuable”
- 50% confide in their coach as much as their best friend, spouse or therapist
- 12% confide in their coach more than anyone else
- 60.5% experience more balanced life
- 25.7% more income was realized
According to Kevin Micalizzi, Director of Sales Enablement & Field Marketing, Kevin Micalizzi | Former host of the Quotable Sales Podcast
- Coaching explains the 17% differential between those who are coached and those who are not coached.
- Those who receive less than two hours of coaching per month achieve 90% of sales targets while those who receive more than three hours of coaching achieve 107% of sales targets.
- Close rates increased by 17%
- Close date changes decreased by 25%
- Expired deals decreased by 63%
Other statistics that are equally important:
- In one study conducted by MetrixGlobal LLC, companies including Booz Allen Hamilton received an average return of $7.90 for every $1 invested in executive coaching.
- A recent study of Executive Coaching in a Fortune 500 firm by MetrixGlobal reported a 529% return on investment and significant intangible benefits to the business.
- A survey by Manchester Inc. of 100 executives found that coaching provided an average return on investment of almost six times the cost of the coaching.
- An internal report of the Personnel Management Association showed that when training is combined with coaching, individuals increase their productivity by an average of 86% compared to 22% with training alone.
- A Hay Group study of Fortune 500 companies found that 21 to 40% utilize Executive Coaching; Coaching was used as standard leadership development for elite executives and talented up-and-comers.
- A 2001 study on the impact of executive coaching by Manchester Inc. showed an average ROI of 5.7 times the initial investment or a return of more than $100,000, according to executives who estimated the monetary value of the results achieved through coaching*.
For a free consultation as a business owner or if you are interested in being a coach:
Mark R. Steinke
Elite Business Coach – Focal Point Business Coaching of Pennsylvania