What can business coaching bring to a business?
Business coaching is an expanding industry. According to Intelema, a renowned consultancy firm specialising in coaching for companies in Valencia, 58% of organizations say they have increased their use of coaching in the last year.
A study has highlighted that four years ago only 4% of small businesses used the services of a coach, and now that figure has multiplied by four. This shows that many companies today use coaching as part of their growth strategy.
In another study of international relevance, 79% of medium and large companies in the United Kingdom declared that they use coaching. In the US, in a sample of 101 companies using coaching, 58% of the companies were small or medium-sized, government agencies, and non-profit organizations.
The use of coaching is increasing because it is a cost-effective means of achieving phenomenal results for both teams and companies. So much so that now many of these companies are wondering if they can afford not to use coaching.
The benefits of business coaching
There is growing evidence that coaching is one of the most powerful ways of personal development and increased business performance. Among the main benefits that current coaching techniques offer are:
- An increase in productivity
- Increased customer service.
- Increased retention of management personnel.
- Cost reduction.
- Increased final profitability.
At an individual level about people, coaching provides the ability to improve in these areas:
- Working relationships with your direct reports.
- Working relationships with company management.
- The creation of teams.
- Conflict reduction.
- Business relationships with customers.
Some leaders try to save money by limiting their spending on training because they feel that training doesn’t deliver immediate results on the bottom line. However, coaching can turn an investment in training into spectacular positive results.
An example that supports this claim is that of the Xerox company, which found that the impact of using follow-up coaching after formal training gave a massive 87% increase in the effectiveness of the training when compared to training alone.
According to the companies themselves, the benefits of providing coaching to the workforce have a significant influence on such important areas as:
- organizational strength
- Customer service
- Reduced customer complaints
- executive retention
- Cost reduction
- ultimate return
The use of business coaching will continue to grow
Small businesses can produce managers who welcome the support and insight of someone outside of their immediate work environment, especially if coaching and leadership development are not available in-house.
Attending full-day or multi-day leadership development courses can seem impossible in an already busy schedule, and comes with significant travel costs. Sessions with business coaches often carried out online, can be adjusted to certain particular conditions.
As organizations operate with a limited workforce (time constraints and increased performance pressure are always present), coaching provides timely assistance and individual learning and support.
Investing in business coaching can pay off as it increases results, helps you work with renewed passion, gets more done in the same amount of time by working smarter, and provides a better balance between work and life.