Executive coaching is gaining favor. But does working with a coach really add business value? ACE columnist Francis Eberrle writes that coaches once were only hired to “fix” someone. Today anywhere from 25% to 40% of executives in Fortune 500 companies work with a coach.
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:
ADVERTISEMENT
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.
ADVERTISEMENT
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
The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value “Success through Collaboration.” The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com.
