.png)
So you want to hire an executive coach? Here are the costs to consider.
Roy, or ROI is the conversation to be in when you are looking at the costs of a coach. What is the return on investment or ROI? The minimum ROI is 2X the investment in a three year duration. The ROI for a coach may last long past the three year duration, but to make an assessment of yes or no to a coach I use three years which is one year longer than the recommended coaching duration.
If you are going to invest X money for coaching for 2 years the minimum return in the three year period is 2X. The target is 5X ROI. Good coaches will be assessing you to determine if you can make a 5X or maybe 10x return on their investment in you. Yes, we are looking to see if you are coachable, open to running experiments, modifying yourself and willing to refer them to other potential customers for them.
The following four costs should be considered when hiring a coach. Performers who are competing are always hiring the best coach they can afford.
How much time will you be giving up to work with a coach? Plan one hour a week to meet with your coach and one hour preparing/reviewing the session each week - two hours a week. Every time you reflect on your coaching session and think of new ideas you will want to write them down, another hour a week. Total of three hours a week
It will take energy to run experiments in your life, get results, modify and run new experiments. Others will wonder what you are up to and ask questions which may help or distract you. You will need to confront that some of your habits and traditions are no longer useful, and you may choose to stop them. Energy is not easily measurable.
Coaching costs money and you could do something else with that money. Invest it for retirement, in your business, hire new staff, buy new equipment or expand marketing. You will have to assess if it is better to invest in your own development, in your business, or in your retirement.
Plan to spend between 4% to 8% of your income on a good coach. Working with a coach will be for twenty to thirty months. Your skills will increase, and the value you receive from the coach will start to diminish - this is normal. At the completion of your coaching engagements is a great time to reflect on what you have accomplished and what you would choose to work on next. Taking a break is ok but watch out for getting out of the habit of developing yourself.
There is also the cost of not having a coach. This article is not about that. You may consider reading “Do I need an executive coach?”
Still have questions? E-mail Ron Macklin
.png)
.png)
.png)
.png){kind=small}