Is Business Coaching Expensive?

Cost versus Benefits of Business Coaching

The answer to the question of whether business coaching is expensive will be, unsurprisingly: it depends. Even before discussing the particular price of the session, the biggest consideration to keep in mind is the value which comes from receiving business coaching. The benefits from maximising the potential of either yourself or your employees can result in significant improvements to the functioning of the business and the levels of success which it enjoys. The tangible monetary gains, not to mention morale and overall happiness levels, which can occur as a result of business and executive coaching can provide a large return on investment from the initial expenditure incurred in providing the sessions.

Short Term Financial Pain for Long Term Gains

The return on investment on business coaching makes it a worthy expense

Of course whilst long-term gains may be many multiples of the expense, there is no denying that business coaching does not come cheap initially. Experienced and effective business coaches are in great demand, as more people become aware of the many benefits which can be provided through coaching and mentoring. As coaching is primarily run on a one-to-one basis, companies cannot benefit from the scale of putting many employees at a time on a single training course, which means that even providing coaching to a few employees or managers will require a significant financial commitment. However, the long-term gains need to be kept in mind at all times, as investing money now can bring in much more in the future.

Providing Internal Business Coaching to Team Members

Although staff members will miss out upon the vital experience and wisdom of a business coach who has seen all manner of business and commercial issues before and can advise accordingly, one way of providing coaching to many employees at a much lower cost would be to put one or more staff members on a course such as the ILM Level 5 Certificate or Diploma in Business Coaching and Mentoring and afterwards have them provide coaching to the other employees within the organisation. This qualification is particularly beneficial to managers and team leaders who will subsequently be providing coaching to the employees under their responsibility.