In recent years, the need for executive coaching has grown stronger and stronger. With its rise to popularity due to its inherent need within high-authority companies, executive coaching has developed into a multi-billion-dollar industry. During the rise of executive coaching, studies have shown that engaged and trained leaders tend to create superior relationships with their team while having an increased ability to view employee perspectives. Most importantly, with executive coaching, companies yield an enhanced work atmosphere that boasts less stress and more efficiency. While it’s evident that executive coaching boasting significant results within the workplace, it’s quite the investment for companies. If you believe your business can benefit from executive coaching, you’ll need to make a strong and detailed business case. Here’s how you can do it:
- Present the tangible benefits: For a foolproof business case for executive coaching, it’s paramount that you relay all the tangible benefits that this opportunity can create. With an executive coach, companies can expect the implementation of new business practices and innovative technology, efficient and effective strategies, and most importantly, a significant increase in sales performance. For example, in a study published in the Manchester Review, research showed that executive coaching within Fortune 1000 companies leads to refined customer service by 39%, a 23% cost reduction, and a 22% increase in profitability. These specific tangible benefits are sure to make an excellent business case for the need of an executive coach.
- Present the intangible benefits: While the physical benefits of executive coaches range far and wide, it’s truly the intangible benefits that make the need for an executive coach highly essential. An executive coach will put a direct focus on establishing effective leadership skills and build strong relationships with managers, co-workers, clients, etc. Additionally, an executive coach can provide the tools that employ the concept of teamwork, problem-solving, decision making, and beneficial conflict-resolution skills. A strong company is a profitable company, and with an executive coach, both of these factors are achievable.
- Consider the various costs and outcomes: Being upfront with the topic of cost and outcome is a fine strategy to add to your business case for an executive coach. While the cost is a company’s main concern, the outcomes of executive coaching are incredibly successful and will certainly speak for themselves. In presenting your business case, it would be beneficial to line up the outcomes with their monetary value. Discuss the improved employee retention rates that will contribute to reduced turnover rates. Or, you could note how the positive work environment will only lead to higher sales volumes in the future. The list of workplace benefits truly goes on and on. You really want to highlight the financially-driven outcomes in your business case, for these are the factors that will be taken into careful consideration.
There is truly a case to be made for hiring an executive coach, and with these important main points, your business case will be strong and impactful.
John Mattone is the world’s top executive coach & authority on Intelligent Leadership (IL), the world’s best executive coach and the creator of the IL Executive Coaching Process and Certification. John Mattone is globally respected as a uniquely distinguished top leadership coach authority who can ignite and strengthen a leader’s inner-self and talents, which enables them to realize four “game-changing” outcomes that they can leverage in their business and life: Altruism, Affiliation, Achievement, and Abundance (The 4 A’s).