No Surprise: Executive Coaching Returns Almost Six Times Its Cost
A study that included executives from Fortune 1000 companies revealed that executive coaching returns almost six times its cost. My question is this: With such dramatic returns, why is anybody shying away from the service?
I think it’s because we’ve become too risk averse. Printing owners have had their butts kicked so badly by the economy (and some are using that as an excuse, mind you) that their tails are stuck between their legs.
Where is our resolve? Where is our belief in ourselves? Where is our decision to build great companies?
Have we become an industry of sheep, where “standing still” is the norm, and we’re satisfied to just break even?
Come on, people. No way I’m settling for that, and neither should you.
I hear the naysayers chuckling as they read this, quite certain I’m blowing smoke and delivering empty promises. But I’m not. Let me rephrase that 6:1 ROI the study reported in LaManna terms: I aim for 20 percent net profit per year for my clients, and that’s a starting point.
That’s right. 20 percent net income per year.
What kind of executive coach makes those outlandish promises, you ask? Maybe it’s the guy who has been in the industry for over 35 years, and has seen incredible success stories that make 20 percent growth look meager.
Maybe it’s the guy who sees businesses that are failing,with printing owners that are completely ignoring all the basic business fundamentals, are undisciplined, and focus only on the short term buck.
Maybe it’s the guy who sees that it all boils down to three simple attributes: Character, commitment and competency, and the people who are very good in all three areas make 20 percent net income look like a walk in the park.
You see, I’m the guy who has been through recessions, boom markets, layoffs, mergers and acquisitions, succession plans…you name it, I’ve seen it. In all the cases, the people who make it through have character, commitment and competency. And if they don’t have it, they find someone who can deliver it for them.
Sounds absurdly simple, but let me remind you that one of the greatest football coaches of all time, Vince Lombardi, focused intensely on two simple things: Blocking and tackling.
He kept it simple, and so should you. Make your three things character, commitment and competency, and you’ll see that 20 percent isn’t a stretch – it’s a part of your life.
(Photo by RDECOM)
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Rock LaManna provides executive coaching for printing owners looking to grow their printing business, merge with a synergistic partner, make a strategic acquisition, or create a succession plan.