What To Expect - Part 2
Hiring A Business Coach
What to Expect when Meeting up with a Business Coach Part 2
Yesterday, I shared with you what to expect when approaching a Business Coaching firm as far as presentation, the interview and the pricing is concerned. However, as pricing can be a point of concern to some businesses. How can one justify the value a Business Coach brings to a business?
I would like to bring you through the Cost-Benefit analysis example to enable for you to do just that.
Definition of Cost- Benefit Analysis
“Weighing the total expected costs against the total expected benefits of one or more actions in order to choose the best or most profitable option.” – Wikipedia
Price for Services Rendered
There are many viewpoints to take in when considering how much the coach can be worth to the company.
Price Point Viewpoint
If the coach works with you in improving your customer relationship processes in the company over a period of 6 months. This results in an increase of 20% in your turnover, then this system is now in place to the benefit of your business for all time. Even if you do nothing else to improve this system. We at EBS aim to provide at least a 100% return on your investment into our services.
Think of the benefit your business receives from this improvement in a 1 year.. 3 year.. 5 year timeframe. Just by bringing in the right person. The financial benefits far outweigh the costs of experience the coach brings with it; even though the ideal Coach may cost more than the next best candidate.
Time Savings Viewpoint
Using the same example, if the Business Coach works with you on the business and improves something that you could have done yourself in time (i.e. improving the customer relationship process), then you might feel as if the value by the coach might not be there.
Many businesses I know start out doing everything themselves. However, hiring a Bookkeeper or an Accountant would save them them hours of work which they can invest back in the business to focus on building and increasing its turnover so that it is even in a better position.
Consider the time savings incurred by bringing in someone with differing experience that can add value to your processes (which you never thought of) and benefit your business. You get the benefits sooner and can be in a better and more profitable position. In other words, you buy yourself time, and possibly avoiding costly mistakes that you might have make is not for the timely guidance of your Business Coach.
In the first interview, do not sign on the ‘dotted line’ unless you are sure that you have thought about it the package presented to you thoroughly.
I would recommend that you bring the information and documents back to your office and have a think about it for at least 24 hours. That will bring you out of any marketing ‘hype’ that you might go through and settle down on the ‘facts’ of what that organisation can do for your business.
Case Study Example:
In a business I worked with, I was going through their invoicing procedures and identified an opportunity for the business to increase their invoiced prices to their current clients. Our research confirmed that the market would accept that increase and with that observation, I increased his turnover by 30% in just one meeting (Talk about Cost vs Benefit). He is currently including the modifications to his invoicing; informing his clients about it and his clients have no qualms paying it.
The greatest pleasure I get out of that is to see the business benefiting from what I can contribute to it and in turn, they benefit the immediate community through employment or increased investment.
Successful businesses have a team of competent professionals that they have access to in order to acquire information, make decisions and get things done. Why should your business be any different?
With that, I trust that the information above will prepare you for that ‘first interview’.
I wish you all the success in your business.