In December of 2006, The Economist suggested that the business coaching industry was growing at an annual rate around 40%. One year earlier, the Harvard Business Report estimated that the annual expenditures on executive coaches were $1 billion. Given these two powerful statistics, if you are a business coach or executive coach and your business did not grow by at least 40% these last two years, you should be asking yourself why.
Possibly the answer may lie within the increase of coaches or competition within this exploding industry. The International Coaching Federation had 2,122 members in 1999 and grew to 11,100 in 2006. Additional indicators of the increase in business coaches or executive coaches is from franchises such as The Growth Coach. In 2003, there were 6 franchises and this has increased to 131 franchises in 2006.
Here are some additional answers that may explain why your business did not grow given the potential within the market place:
- Poor marketing efforts from 30 second introduction to website
- Poor sales skills from not having a sales process to actually closing the deal
- Poor coaching process
- No focus on results
Coaching is all about being able to secure the desired results. Yet, many coaches invest thousands of dollars in coaching certification, but fail to understand that certification alone will not deliver better results. Just because you are certified, does not automatically translate to you as an executive coach or business coach being selected over someone who is not certified.
Recently, a certified coach asked me: Who certified me? I simply answered my clients who state that I provide a significant return on investment from doubling their results to delivering a 10-fold investment. If as an executive coach, you are unable to demonstrate significant measurable results, then why would anyone want to invest in your services? Remember: Coaching is an investment not an expenditure.
If you want to increase your coaching business by at least 40% next year, then return to your strategic plan and take the time to determine why you are not at the head of the pack. Construct your goals to increase sales and infuse them into your strategic action plan. Then work your goals and rework your goals until you achieve your results.
Are the sales behaviors of your team or even yourself where you want them to be? If not, then you may discover an easy read on how to increase sales in this book, Be the Red Jacket in the Sea of Gray Suits, the Keys to Unlocking Sales Success including looking at your sales approach.
Take this free sales skills Chicago Sales Coach Leanne Hoagland Smith helps with sales coaching, leadership to sales management development. Schedule a free strategy session at 219.759.5601.
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FEATURED PROVIDER - CENTER FOR EXECUTIVE COACHING
The Center for Executive Coaching is an approved International Coach Federation (ICF) coach training program provider. They offer a total package for executive coaches seeking success in the market. This package includes a process, structure, and content to become an outstanding coach and get results along with a proven marketing system for authentic, educational-based business development. Distance learning and payment plans available.
