Maybe you’ve heard success stories from colleagues whose careers have taken off after working with coaches. Maybe you are intrigued by the idea of working with a coach to unlock your potential and develop your business. While all this may sound good in theory, what is the proof that coaching pays off? In other words, what is the return on investment (ROI) of hiring a coach?
Here are four ways to determine how much a coach will benefit you:
1. Look for the gap or opportunity
Determine the outcome you want to achieve from coaching. Is it increased profit or stock price? Are you hoping for a promotion or more work-life balance?
2. Determine your current behaviors and how they are affecting you
Take an honest look at what you’re doing, and why it may be hurting your chances for success. It is ok if you are unsure of your problem areas right now. If you suspect you have some, would a coach be able to help you uncover and correct them?
3. Find ways to close the gap
Consider the knowledge, insights, skills and techniques that can help you capture more opportunities. Again, being unsure at this stage is ok. You can also consider how becoming more open to these insights and techniques could impact your business.
4. Connect the dots
How can hiring a coach help you to close the gap and achieve your desired outcome? Would he or she be able to provide the objective insight you need to break through?
Coaching can help generate ROI in a number of ways. Here are just a few:
- Offering new value-added products and services you had not considered before
- Redesigning processes to deliver current products and services more efficiently
- Eliminating counterproductive behavior
- Making different and better decisions for your company
- Making the same decisions faster and more accurately
- Using time saved in new and productive ways
Understanding what you would like to gain from hiring a coach can help you determine the impact it will have on your bottom line – whether that bottom line is represented in dollars or in something less tangible, such as achieving a healthier work-life balance.