Executive business coaching is a proven management strategy to help increase the management wins for business teams whether Fortune 1000 companies or small businesses. A recent report by Management Research Group released in May of 2006 that surveyed 6,000 companies and 800,000 individuals in 100 counties suggested that executive coaching by its focus on the whole person increases the effectiveness the management team as leaders.
In an earlier study of a Fortune 500 company in 2001, Dr. Merrill Anderson of MetrixGlobal determined that executive business coaching resulted in a 529% return on investment ( ROI ). For every dollar spent in coaching, $529 were returned to the company through increased performance. Additional studies from Dell, IBM, Kodak and other companies have helped to catapult this new business and change management strategy.
Sports teams have known for years that a good coach creates a winning team and winning teams achieve more goals. Coaches have the ability to build relationships with their charges and create an environment of introspection and reflection. Coaching is not a new strategy, but one that is showing increased measurable results.
For example, an internal report of the Personnel Management Association suggested that when training is combined with coaching, individuals increase their productivity by an average of 86% compared to 22% with training alone. Another survey by Manchester, Inc. of 100 executives discovered that executive coaching provided an average return on investment of almost six times the cost of coaching. The Hay Group reported that 40% of Fortune 500 companies use Executive coaching.
Executive coaching can increase the management wins for any organization provided there is:
- Alignment to the strategic plan
- Identification of pre-determined benchmarks
- Partnership with education and training programs
- Selection of results focused executive coaches
- Implementation of a proven coaching process
- Continuous improvement or quality processes in place
- Corporate culture where top management walks the talk
Yes, executive coaching is a proven strategy and may be just the solution that you are seeking to increase your management wins. Just make sure that if you implement this solution, that it is not a silo solution, but one that works with the entire organization.
P. S. : Read the third article in this series How to Improve the Management Teams Wins for Winning More Business Part 3: Focus on Strengths .
Leanne Hoagland-Smith coaches small businesses to large organizations and high school students to entrepreneurs to double performance by closing the gap between today's outcomes and tomorrow's goals. Please feel free to contact Leanne at 219.759.5601 or visit http://www.processspecialist.com/ and explore how she can help you from the free articles to the improvement tips.
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