How do you identify the value of a coach? Is coaching worth the investment? A good, yet tricky question that you’ve probably asked yourself before now.
It’s a tricky question, because we all know that those with coaches (in all walks of life) do better than those without. The very best people have good coaches. So we know it works. But, it’s expensive, and it’s hard to determine how much coaching you need and exactly for what you need coaching.
Here’s my advice:
Identify the gaps. What would be the different if you closed the gap? Quantify that value.
By gaps, I mean any area of performance within your company that isn’t what you would like or need it to be. It could be an obstacle you are trying to overcome. It could be an opportunity you can’t quite get to. It could be a talent gap or a technology gap. It might be a hole in your product line or a cash-flow gap. It could be an accountability/execution gap or a communication/alignment gap. The list goes on and on. Gaps are everywhere and anywhere.
For each gap, ask the question, “What would be different if that gap was closed or eliminated?” More sales, more customers, better customers, higher margins, more cash, less turnover, fewer mistakes, more orders, more time, faster delivery, more inventory turns.
Each one of these outcomes can be quantified into dollars. Annual-ize your quantification. When you do this, you are calculating the potential return on coaching.
When you know this, you’ll have more confidence in your decision to get coaching.
My first conversation with a prospect is to help him discover the gaps and then to urge him to quantify the result if the gap is closed. Then and only then does the value of my coaching make any sense to me or to the prospect. At this point the decision to invest, or not, can be made confidently.
I’m happy to help you define your gaps and quantify the outcomes of closing them.
Check out my book Rock & Sand: A Practical Insight to Business Growth.