If you want to get to the next level, you need a coach. All great performers know that to reach their full potential, they need a coach (someone outside of them) to help them get there. You’re no different.
In fact, it’s even more important as a business owner and/or entrepreneur that you find a coach because no business can consistently perform at a level beyond the capacity of their senior leader—which means that you are both the primary reason for your business’ success, and its primary bottleneck.
In order to get your business to the next level, you have to grow your own capacity first. Or to put it another way, if you figure out how to grow you and your capacity first, your business will follow.
What Exactly Is Business Coaching
Business coaching is a deliberate process that utilizes a series of focused conversations to help business owners and executives like you grow both personally and professionally so that you become a more focused, motivated, balanced and productive executive/human being who has the capacity, skills, motivation, insight and ideas to drive better business results.
The topics and issues we discuss and work on are driven by you. As such, business coaching deals with the totality of your business. The following are some of the more common issues that come up (but not the only issues we deal with).
- Developing a new strategy
- Designing a new revenue stream
- Dealing with employee issues
- Creating systems
- Designing hiring plans and procedures
- Developing marketing plans and campaigns
- Evaluating branding and/or marketing materials
- Improving leadership and/or managerial abilities
- Solving cash flow issues
- Improving time management and personal productivity issues
- Evaluating critical decisions
- And even dealing with family and/or health issues
Does Coaching Really Pay for Itself?
That’s a fair question. So consider the following studies.
1. A 2001 research report involving 100 executives in Fortune 1000 companies found that the average company experienced a 600% return on investment (ROI), plus a variety of intangibles like improved relationships and morale from executive coaching.
2. A 2004 study by Booz Allen Hamilton reported that their clients received a return on investment of $7.90 for every dollar spent on coaching.
3. A study conducted by MetrixGlobal for Nortel Networks found that coaching produced a 529% return on investment as well as significant intangible benefits.
4. And a report from the Manchester Review calculated an average return on investment of 545% from investing in executive coaching.
Those aren’t bad ROI numbers, are they? For example, if you invested $3,000 in an IRA this year, and received a 20% return on your money, you’d probably be rather happy. But what if you received a 600% return on that same $3,000, wouldn’t you be ecstatic? Absolutely. But, more importantly, what if you did even better than 600%?
So, does business and executive coaching really pay? Absolutely! Anything over the initial investment is positive, not to mention all of the additional benefits from greater productivity to less conflict to increased retention to improved morale. In other words, business and executive coaching isn’t a cost, it’s an investment.
How Does the Coaching Process Work?
The Wired To Grow Coaching Process uses a four step process.
1. Assessment. The first step in this process involves the initial development of objectives and outcomes. It may also involve certain assessments and research in order to clarify the starting point and needs for clients like yourself. Since each client is different, the assessment process will be uniquely designed for you, based on your desired outcomes.
2. Plan Creation. The second step involves incorporating the data from the assessment stage, along with your goals, dreams, and objectives, into the development of a customized action plan designed to facilitate long-term change and business growth. The entire coaching process is designed to be intensely results-oriented, but at the same time achievable and sustainable.
3. Coaching. The third step in this process is where the real transformation occurs. Through questions, guidance, ideas, insights, encouragement and accountability you’ll see significant transformation. Utilizing either two or four meetings a month (either by phone or in person–depending on location and contract), along with email and phone support, assignments and materials, and your customized action plan, you and your business should see significant growth.
4. Monitoring. The fourth step in this process is critical because most plans fail, not in their creation, but in their implementation. So at regular intervals, we will monitor the results obtained up to that point and then adjust our plan as necessary in order to achieve the results and outcomes you desire.
How Much Does 1-on-1 Coaching Cost?
Answer: It depends on which form of executive coaching you prefer.
1. On-site. This kind of executive coaching is completely customized and may involve observing meetings and interactions, assessments and evaluations done both on-site and remotely. Our on-site coaching service is similar to consulting in that this kind of engagement would involve a proposal submitted after agreeing on the objectives, measures and value of the engagement.
2. Off-site. This kind of coaching is almost always done by phone (after all, one of the goals of getting a coach is to improve productivity). While other options do exist, business and executive coaching comes in a standard package. Because significant change is the goal, we only engage in 1-on-1 coaching relationships for a minimum of twelve sessions, with the following routine.
a. Two one-hour phone sessions per month for a minimum of six months OR four one-hour phone sessions per month for three months.
b. Unlimited email support (typical response time of 24 hours or less–usually within hours).
c. Unlimited phone support for any time sensitive issues that arise between sessions.
e. Face-to-face meetings in the Mount Pleasant, SC area are available, if and when necessary. Travel to meet a client and/or to observe them in their environment is possible, but usually requires additional fees (based on time and distance).
f. Any materials and assessments I deem necessary to use in the coaching process are included. Optional assessments (or those required by an employer) may require additional fees.
The cost for all of this, including the achievement of your objectives and our intellectual property, is only $500/month for the two-a-month option (for six months) or $1000/month for the four-a-month option (for three months). The difference is primarily related to how fast you want to see change (and how willing you are to implement ideas quickly)
If you’re interested in discussing a possible coaching arrangement, then send an email to bruce@WiredToGrow.com (or call us at 843-754-2283). But don’t waste too much time debating. The sooner we get started, the sooner you get to achieve what you want to achieve. And as you probably know, one of the key distinguishing marks of all great achievers is their ability to take action quickly.