How to Grow your Revenue, Year on Year, by Coaching
Revenue growth is one of the main and most important goals of every business/organisation. Without revenue, organisations would fail to realise their goals and will have difficulty catering to the needs of both their clients and employees.
When growing one’s revenue, an organisation would need to put some things into consideration- the marketing strategies they use, their target audience, their location and so much more. But the major thing every organisation should consider investing on for sure revenue growth, is their people.
Studies show that employee engagement is linked to customer satisfaction which is linked to an organisation’s financial success. Engagement comes when employees own their organisation’s goals and are committed to doing a good job to reach these goals.
So what’s the best way to keep your people engaged? The answer is coaching. Read through the article to understand how coaching works and how it can help boost your revenue.
What is coaching?
Coaching is a form of development in which a person called a coach supports a learner or client in achieving a specific personal or professional goal by providing training and guidance. It is a way of unleashing someone’s potential in order to improve performance. It is addressing the concerns of a person that hinders them to excel.
Coaching usually consists of a series of one-on-one sessions between the coach and the coachee. The first thing to do is establishing the main goals of the coachee for coaching, then assesses the current status and the process needed in order for them to get where they want to be. There may also be a need in to assessing the strengths and weaknesses of the coachee and identifying what skills and talents they have and what more needs to be addressed in order to achieve their goals.
Coaching increases revenue
Research conducted on behalf of the International Coach Federation (ICF, 2015) reported that organisations with a strong coaching culture have higher revenue growth; 63% of organisations participating in the survey reported above industry average earnings in the previous year compared with 45% of all other organisations. What this means is that investing in the growth of the organisation’s human capital leads to revenue gains above and beyond the industry average, which gives the firm a substantial competitive advantage from both performance and talent retention perspectives. Taking care of business is now all about taking care of people, because a skilled and talented workforce can increase revenue substantially, and conversely, cost the organisation dearly if they leave.
How can coaching further help an organisation?
Coaching direct reports is a proven method of increasing performance and retaining talent. When employees are coached, their learning needs are personalised and they feel they are a valued member of the organisation. Managers have taken the time to get to know them as people, not just as employees. Their strengths have been identified, and plans are underway to utilise these strengths. Within the team, managers “mix and match” the various skills possessed by group members to create a dynamism that didn’t exist before. As a result, the whole team buzzes as they engage in activities that have meaning and purpose. Team members are enthused and motivated to get to work and give their best all through the day. They are committed to the organisation and want to do their very best to achieve the organisation’s goals and objectives.
How do you retain talented and motivated employees in your organisation and keep them engaged and committed to the organisation’s agenda? Embracing coaching as an essential managerial skill is one proven way of achieving higher performance, higher employee engagement and higher revenue growth.
To learn more about how coaching can benefit your organisation, or to become a professional coach, contact the Australian Institute of Professional Coaches on 1300 309 360 or visit our website www.professionalcoachtraining.com.au.