Executive coaching yields ROI nearly six times its cost, according to a new study from consultancy N2growth. Executives who received such guidance estimated its value at nearly six times the expense.
Most of the returns came in the form of productivity (cited by 53% of those surveyed); work quality (48%); organization strength (48%); customer service (39%); reduced customer complaints (34%); retention rates among those receive coaching (32%); cost reductions (23%); and bottom-line profitability (22%). The study was conducted among 100 executives, primarily from Fortune 1000 companies. Most held positions of vice president or higher.
So after a nearly 100% tax deductible expediture for coaching, users got back a 6 fold return on their money. This included productivity gains, work quality inprovements, a stronger business, better guest service, reduced guest complaints, better staff retention and let's not forget improved profitability!
Couple that along with a 100% guarantee and you wonder why everyone doesn't have a coach working with them? I wonder about it constantly because I just don't get it. This is the biggest single thing an owner could do to improve and yet they are always skeptical about the need for one!
Let's hope I don't start working for your competition!
About Me
- Jeffrey Summers
- I am the expert you call when you need to learn how to increase top line sales, lower your operating costs, increase your profit margin, hire and train better managers and staff, evolve your operation into more and better ways of doing business, buy or sell a restaurant, improve your service, engineer (or re-engineer!) your menu, market your business better and less expensively, keep yourself from going nuts because you have no life anymore, open more and better restaurants, don't want to have to give up your first born child to pay a consultant and have more fun! My mission is to enhance the quality of life for my clients by providing the best products and services to help them achieve their personal and professional goals. I take great pride in my clients, my company, my commitment to service and the products I sell. I am a recognized expert in the hospitality industry with over 24 years of success at planning and executing strategies for delivering dramatic results, a former "GM of the Year" for 2 major, full-service, franchises, an Award winning Multi-Unit Executive with 2 of the largest restaurant chains in the U.S., published author, husband and father of two.