The benefits of business coaching

While hard and soft skill development is essential, it’s the overall results of business coaching service that deliver the biggest return on investment (ROI). Here are some statistics to show you how big the ROI can be for companies who invest in business coaching: 

• According to The Institute of Coaching, an affiliate of Harvard Medical School, over 70% of coaching recipients experience a marked improvement in relationships, communication, and work performance.
• One study found that executive coaching could have as much as a 788% return on investment for the companies surveyed.
• A study of Fortune 1000 showed that the average ROI on executive coaching was almost six times what they originally paid for the coaching services.
• The Harvard Business Review found that companies who heavily invested in employee development (including coaching services) performed better in the S&P 500 during 2003.

The coachee becomes the coach — and helps their company grow

As a coachee works with their coach, they will learn valuable coaching skills for themselves. They can then apply these skills to coaching their own team. As a result, the impact of just one executive coach can trickle down to the entire organization. That’s an incredible way to help a company and its employees realize their full potential. 

But how do corporate leaders and business owners acquire and hone their coaching skills? Business coaches can teach coaching by simply exposing leaders to masterful coaching. 

What’s more, within a coaching session, a leader can role-play and practice coaching with a business coach. This leads to higher and higher levels of coaching competency and confidence. In time, a leader’s ability to coach well can directly impact the bottom line and overall company health.

Results from business coaching 

Here are some other benefits that result from effective business coaching:

• Revenue growth: Boosting revenue and increasing market share are the main reasons leaders seek out business coaches. Not only can business coaches navigate the complexities of a financial spreadsheet, but they can also work with leaders to explore and remove limiting beliefs. The combination can result in exponential growth and a direct impact on the bottom line.
• Resilience: One of the greatest traits of a strong executive or business owner is the ability to bounce back from even the biggest of setbacks. That’s why business coaches teach an array of resilience-building strategies, like positive psychology and challenging negative assumptions. 
• Leadership: Many business coaches are not only trained coaching experts, they’ve also served on the front as company leaders. Consequently, they are a unique leadership partner who can serve as a mirror to executives expanding their skills. 

Team-building: Building an executive leadership team is more art than science. First, there’s identifying the holes in an organization that need to be filled to drive expansion. Second, and more importantly, there’s pulling together the right chemistry of people who will respect, challenge, and complement each other. Business coaches can provide counsel on both issues, and even meet with prospective executive hires to determine fit and skill.