Is there a return on investment for hiring a small business coach? Absolutely. From the minute you start exploring the options of working with a small business coach, you’ve made your business – and yourself – a priority. That alone should reap rewards.
But how, specifically, can you measure the ROI that comes from coaching? You can start by defining how much you’d like to invest in the business coaching relationship (in terms of time and money) and what type of return you’d like to get. As part of your initial coaching sessions, you can discuss these investments and returns with your coach.
Some ROI from business coaching will be easy to measure. For example, if you’re working with a small business marketing coach, sales coach, or business development coach, you can calculate how much new business you brought in, how many clients or customers ordered more, how much total revenues increased, etc. As another example, if you’re working with a strategy coach or operations coach to streamline your systems and processes, you can determine how much time and/or money you saved. Those calculations are fairly straightforward, easy enough to track on your profit and loss statement.
But what if a start up coach helps you not fail in the first year of business? Or a leadership coach helps you motivate and inspire your team to do better? Or a public speaking coach makes you feel more comfortable every time you present in front of a group? Or a branding coach updates your logo and tightens your messaging? Or a financial coach helps you stop worrying about money? Or a life coach helps you start enjoying what you’re doing? These types of calculations are much harder to nail down, yet the ROI is, perhaps, even more valuable.
To accurately measure the full scope of the return on investment from coaching, you can start by defining what it is you expect from coaching. If you’re so confused or lost that you don’t even know the answer to that question, don’t worry, your coach can help you identify and articulate your primary goals. And even that – the newfound clarity about what you want, what you need, and what steps to take next – isn’t that a return?
While every coaching experience is unique, below are examples of ROI for the different types of business coaching.
Increased revenues, new marketing ideas, marketing plan, editorial calendar, marketing materials, identification of target market, competition analysis, less time and money wasted on marketing that doesn’t work
Increased sales, new accounts, tips for requests for proposals (RFPs) and presentations, game plan for how to develop relationships with gatekeepers and influencers, sales and marketing strategies
Increased sales, how to identify and prequalify prospects, closing techniques, strategies for increasing the average order, improved confidence and comfort level
More consistent messaging across all social media platforms, more effective use of time spent on social media, more robust profiles, more effective strategies, plan for engaging and responding to people, expansion of your social media footprint, strategy for measuring ROI
Logo design, tagline, messaging, marketing materials, brand evaluation and update, brand consistency
Help getting through a difficult time, sounding board, improved self-care, unbiased feedback, unwavering support
Support system, goal setting and achievement, sense of peace, work-life balance, sounding board, no more feeling lost, stress management, time management, boundary-setting, self-care
Effective systems and processes, better organization and time management habits, no more losing things
Sounding board, marketing research and plan, competitor research, business planning, steps to take to set up a business properly, cash flow projections, budgeting, better chance for success, faster path to breakeven
Business plan, strategy, budgeting and cash flow projections, marketing, mission statement, industry and competitor analysis
Strategy, market analysis, competitor research, cash flow projections, marketing plan, operations analysis
Sounding board, big-picture thinking, in-depth analysis of different scenarios, clarity, vision
More efficient operations, cost-savings, faster turnaround, less mistakes, efficient systems and processes
Team building, interviewing skills, salary and benefits analysis, HR handbook, conformity with state and federal laws, hiring and onboarding process, discipline and termination process
Self-assessment, identification of persona. leadership style, better team building, motivate and inspire employees, clarity, vision
Find out whether you’re suited for self-employment, research different types of small businesses, identify your passion and skills, figure out how much time and money it will take to succeed
More effective management of employees, more efficient operations, increased profitability
Increased confidence, tips and techniques for engaging an audience, strategic plan for getting more paid speaking engagements, improved comfort level, better presentations
Coaching for coaches, support, sounding board, advice and guidance, tips and techniques, faster path to success
For additional information about the return on investment from coaching, schedule a free coaching consultation, or e-mail firstname.lastname@example.org.
Please note: If your small business is located in the Denver metro area, Colorado, or the U.S., we’d love to help you!