Updated: June 26, 2023
Ask ACE
AskACE: What would be the value to my business if we used a coach?
By Francis Eberle of Price Associates
Q: I have heard other business leaders talk about using a coach. What would be the value to my business if we did so?
ACE Advises: Executive coaching is gaining favor. But does working with a coach really add business value? Coaches once were only hired to “fix” someone. Today anywhere from 25% to 40% of executives in Fortune 500 companies work with a coach. Coaching is now known as more than simply fixing people. When evaluating the potential value to your business, consider four areas:
1. Time: If a leader spends more time on tactics and problem solving than working on strategic processes and talent, a coach will see it and help a leader make wise decisions about their time on strategy work.
2. Money: A team increasing its effectiveness by 10% can have a big impact on revenue in a business. A coach can help a leader navigate and build an improved team and culture. Conflicts and turnover can cost companies in wasted time, demoralized teams, and hidden agendas. A coach can help a leader think about improving recruitment and engagement, likely saving money and increasing revenue.
3. Decision making: If decisions seem to be made more “in the moment” than with an intentional process, a coach can help a leader with confidence, thinking through consequences, and how decisions are made so there is more clarity.
4. Culture: If a leader is happy, their employees will be happy. Coaching can help a leader increase their effectiveness by just being happier.
This may sound too good to be true but a good coach can prepare a leader to build effective processes and people, and that is an investment that will last.
ACE board member Francis Eberle, of Price Associates, is a leadership and organizational advisor, speaker and author who believes that people development is business development. He can be reached at francis@price-associates.com
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