What if you could have a 500% plus return for very dollar that you invested in your employees? What would that mean for your business? Possibly right now you are thinking that this is not possible and even if it was, any business owner would jump at the chance for such an incredible investment?
First, it is true. So begin looking for that jump rope. According to a recent report by MetrixGlobal for a Fortune 500 company, executive coaching provided a 529% return on investment. This report is supported by other research including Dell Computers. Half of the 761 senior managers at Dell Computer Corporation recently received executive coaching within a two-year time period. Dell has been actively monitoring these managers through pre-determined measurements. One of these criterions indicates that executives who received coaching tended to be promoted more often than those who were not coached.
So, if you are now convinced that coaching is a viable strategy to enhance your bottom line, and then what do you need to do as a business owner to implement a coaching program?
First, research any coach or coaching organization that you are considering. Ask for specific references where measurable results were put in place prior to the coaching. The coaching should be results focused with clearly identifiable measurements. Also, coaching certification should not be a limiting factor as many certified coaches fail to earn even mid five figures. The determining factor should be about the results that the coach has delivered with his or her clients.
Second, look for a coaching program that works with your company and can be quickly and affordably aligned to your company’s culture. This curriculum should also be easily adapted to other training and development group sessions as well as to the different roles within the organization including Executive Leadership, Management, Supervision and Leadership.
Third, coaching is a personal relationship between the coach and the client. Your employees must feel comfortable with the coach. Some preliminary communication should take place with your employees before the implementation of a coaching program.
Fourth, the coaching curriculum should be structured, proven and provide numerous opportunities for application and feedback.
Fifth, everyone in the organization needs to support and reinforce the coaching program. Management above those in the coaching program must understand and be in agreement with the program.
To be truly effective, an excellent coaching approach extends beyond the professional life into the personal life. For it is within each individual personally where the performance excellence evolves.
Coaching is a proven way to dramatically enhance your bottom line provided you incorporate at least these five strategies. By taking such action, you can achieve your goals quicker and leave your competition in the dust. That is unless of course they decide to enact a coaching initiative before you do. So what are you waiting for?
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