Coaching is presently an industry dominated by sole practitioners, people who have struck out on their own to share what they know with others in business in the hope of doing a lot of good and making a lot of money along the way.
It seldom turns out that way, and the average income for Business Coaches according to an international survey of 5415 recently conducted by accountants PWC for the International Coach Federation showed first year coaches earn an income of just $86,000.
Take business expenses out of that, and account for lack of Superannuation, Health Cover, Sick Leave and you’re left with an embarrassingly low income. The equivalent to a salary of around half that value, in fact. So low, in fact, that any potential business client would be justified in asking these “professionals” what gives them the credentials to offer to coach them to a better level of performance!
For those coaches surviving five or more years, earnings rose to $149,000 but discounted by the factors already mentioned, even this does not compare favourably with a low-tier executive salary.
And it’s not just money. It’s a mountainous combination of the 6 Common Challenges of Business Coaches.
What is the Answer?
It’s lonely out there and tough on your own so the answer is almost self-evident: Find other people who have some of the answers you lack and who lack some of the answers you have; create an environment that encourages and nurtures exchange and mutual growth, along with a dash of positive peer pressure and accountability, and you should be able to expect some excellent results.
Well that sounds exactly like High Performance Group Coaching.
High Performance Group Coaching
High Performance Group Coaching is an initial six-month intervention for a group of 16 practicing Business Coaches, facilitated by a skilled and qualified Senior Business Coach, employing proven team and individual coaching systems.
The focus of the coaching is on learning and implementing new perspectives, skills and knowledge to measurably improve individual performance in meeting key business and professional performance goals.
The Value Proposition
Business Coaching has long established its value for individual business owners and managers and Group Coaching offers a way for a group of sole practitioner Business Coaches who share similar challenges, to not only improve their business performance, but also to upgrade their coaching skills in the process.
And to do so at a substantially lower price point than would be the case working with a Senior Business Coach on a one-to-one basis.
Some of the most commonly reported benefits by our Group Coaching members include:
- The opportunity to share challenges and solutions with peers in a structured learning environment
- Rapid improvement in overall practice management skills and performance
- Increased confidence in one’s own judgement and ability to facilitate positive change in business clients
- Measurably enhanced client outcomes
- Improved time mangement for themselves and clients
- Less stress and greater job satisfaction
- Inspiration from other high performers in the group
- Increased ability to retain clients for longer periods
- Increased fees, improved cashflow, increasing profits
- A renewed engagement in developing their practice rather than “just doing the coaching”.
Each Group Coaching project is tailored to meet the specific goals of the group as a whole, and of the members as individuals, and may include some or all of the following elements:
- An initial interview or survey to identify issues and clarify goals
- A time management and prioritisation system to lift individual productivity, facilitate the coaching process and ensure action on its outcomes
- 6 month initial term; continuation subject members’ evaluation of their Return on Investment
- Group coaching sessions via conference phone line twice per month
- Individual phone coaching sessions twice per month to develop tailored solutions to individual issues
- Agenda co-created by group members and Group Coach
- Facilitation only by an experienced and qualified Senior Group Coach
- Minutes of discussion and commitments to action provided to all group members on the day of the session
- Audio recording of the session for replay by absent members, or for review
- Progressive monitoring of members’ performance improvements
- Objective Coach and subjective Group performance appraisals
In September 2004, Europe’s peak body for the accreditation of coaching and training providers, the European Coaching Institute, in a publication titled “Benefits of Coaching in Business”, listed the following findings from their research into the benefits and returns executive and business clients derived from coaching:
- Improved problem solving
- Improved managerial and coaching skills
- Better relationships with clients
- Improved ability to identify and act on practice priorities needs
- Greater confidence professionally and personally
- Increased effectiveness and assertiveness in dealing with clients
- Improved overall performance
- Increased self awareness and broader perspectives than previously held
- Rapid development in the practical application of professional knowledge and skills
- Greater adaptabilty to meeting the need to change behaviours
- Improved work-life balance
- Lower stress
- Increased job satisfaction
From a business perspective the same research revealed:
- Improved productivity, quality, client services and profitability
- Improved transition from technical competence to Coaching competence in key areas of business knowledge
- Significant returns on the investment of time and money in coaching
Group coaching fees range from $495 to $795 per month depending upon the service package (prices are ex-tax). Minimum term is 6 months.
The reported ROI from group members exceeds 1300% within the first year.
About GOLD Group Coaching
GOLD is the acronym for the simple and highly effective session management paradigm used in all ProfiTune Coaching:
- Goals (agreed and clarified at the beginning of every session)
- Opportunities/Obstacles/Options (discussion around the issues)
- Learning (new knowledge/skills to be acquired or brought to bear)
- Decisions (commitments to act on realisations gained in the session)
How To Start
Please contact us on 1300 2 PROFIT (1300 277634) or email email@example.com and we’ll take you through the process.