What would you say is the most crucial factor required for the successful growth of your business?
If you’re like 91% of the participants in a current survey of CEOs across the United States, Canada, Europe, and Asia, you would answer “developing leaders.” If you’re wondering why executive leadership coaching is more important than ever to businesses today and why companies from New York to Denver are choosing an executive coaching consultant, take a look at the numbers. A recent study by MetrixGlobal revealed that upon investing in executive coaching, a Fortune 500 firm reported a 529% return on investment and countless other benefits to the organization.
Another survey by the Hay Group found that 21 to 40% of Fortune 500 companies employ executive coaching as a standard leadership development strategy for the best executives, and also provide this development for skilled employees capable of filling leadership roles.
You might wonder, “Why executive coaching?” You may think that leadership training workshops are enough for your company. Well, think again. The results of research published by the Manchester Group concluded that just training alone increased productivity by 22% but that a combination of training and coaching boosted productivity by a whopping 88%.
Why? The statistics can’t lie — Executive coaching works.
If you’re still uncertain as to why you need to hire an executive coaching consultant for your business, here are three warning signs to watch out for that might change your mind:
- Issues with Project Management Do you find that your company delivers projects on time but compromises on quality, or that your company delivers quality in a manner that’s way over budget and behind schedule? If your business is suffering from project management issues such as lack of leadership and responsibility, poor teamwork and delegation of tasks, lack of creativity in developing solutions, and overall mismanagement then you need help. An effective coach can help you develop a project management system that is tailored to your needs.
- Problems Retaining Top Employees It is imperative to recognize that your employees are your lifeblood and that you must invest in them. You might have a great company but if you can’t retain your top talent that’s a sure-fire warning sign that something’s not right. Not only do you lose the time and training you invested in those employees but you lose the income potential they were capable of bringing in. An executive business coach can teach you how to keep your top talent employees by helping you identify why they’re leaving in the first place.
- Challenges with Keeping Clients If you’ve failed to secure key business contracts and keep repeat clients then your company isn’t realizing its full income potential. There are two aspects to customer management. One is to nurture new relationships and procure new clients, and the second is to retain the clients you already have. Losing even a few key contracts may mean serious financial trouble. Understanding the blocks that are stopping you from meeting your objectives is critical to your success. A good executive coach will help you establish a game plan with step-by-step measurable goals to help secure the vision you have for your company.
Are you ready to take your company to another level? Do you want help analyzing risks, evaluating alternative opportunities, and finding timely, practical answers for your business problems?
A top executive coaching consultant to Fortune 500 companies and major corporations, Joel Garfinkle offers no-nonsense suggestions for leadership development and will help you devise strategies to ensure that your major business goals are met.
Copyright ©2005-2017 Joel Garfinkle, All Rights Reserved.
Joel Garfinkle is recognized as one of the top 50 coaches in the U.S., and the author of 7 books, including Getting Ahead: Three Steps to Take Your Career to the Next Level. He has worked with many of the world's leading companies, including Google, Deloitte, Amazon, Ritz-Carlton, Gap, Cisco, Oracle, and many more. Visit Joel online at Garfinkle Executive Coaching. Subscribe to his Fulfillment@Work Newsletter and receive the FREE e-book, 40 Proven Strategies to Get Promoted Now!
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