Thursday, November 6, 2008

Business & Executive Coaching

What are the trends for Denver business coaching or executive coaching in 2007? Are you prepared for these changes?
  • As a business coach or executive coach, did you know:
  • Face to face coaching is the preferred method of delivery by 44%
  • Email coaching is quickly fading and use by less than 10%
  • Executive coaching from bottom up accounts for 92% of all coaching services
  • Private pay clients drive 8% of the coaching revenues
  • Executive coaching in person is more effective by 70% compared to phone coaching 30%
  • Person to person coaching increases rates up to 80% compared to phone coaching
  • One third of HR professionals do not view coaching as credible
  • Leadership or leadership development accounts for almost 50% of all coaching
  • Senior management accounts for 25% of coaching
  • Bi-monthly meetings are becoming more popular than weekly meetings
  • Client contact should be at least 10 clients a week
  • Between 25% and 45% of the Fortune 500 companies use coaches
  • 73% of all coaches make less than $10,000 in their first year
  • 53% of all coaches make less than $20,000 a year
  • 30% of all coaches have never been able to find 10 paying clients
  • Only 9% of coaches are currently making more than $100,000 a year coaching
  • Coaches who have been in business over 5 years earn $300/hour
  • HR professionals report $215 hourly rate for coaching

Business coaching yields a proven return on investment ranging from 200% to over 1000%
These trends are important because the face of executive coaching is quickly changing. If you can provide results driven solutions that can cascade throughout the organization where ROI is quickly achieved and is sustainable, then your practice should grow in 2007. However, if you are still relying solely on telephone coaching, trying to reach HR professionals or focusing on non-leadership issues, then your practice may greatly suffer.

Maybe now is the time to revisit your strategic plan and make the necessary course corrections to your marketing plan and sales plan along with all supporting WAY SMART goals. With this industry growing at 40% annually, these changes cannot be made quick enough.

Mike Tafoya is a Denver business coach and executive coach with offices in Englewood and near Denver. Mike writes, speaks and coaches people in businesses to quickly double or triple results through the creation of an executable strategic plan along with the necessary leadership skills "to pull it off."

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