Friday, September 21, 2012

Money and the Value of Coaching

Many  people say that they cannot afford coaching?

The question of what one can afford is highly subjective … look at how you spend your money compared to others   – and you will find a wide variety of choices and priorities based on implicit or explicit values. 
My experience is that as ones income goes up… so does their expenses !!

Some people spend 50% more on organic products, but can’t afford a $100/month gym membership. Some people buy fancy coffees ($3.50 per cup)  and $10 a day for lunch, while others travel at every opportunity. Some buy expensive gifts for others but never treat themselves. Many of us place such a high value on home-ownership, invest in property because we see them as an investment in the future, and we actually borrow most of the money required to pay for them.

Most of us  pay 9% of our salary into superannuation, and many of us  spend copious amounts of money on their children’s education.  

When someone tells me they “can’t afford” coaching, it is because they cannot see the value of what coaching will bring to them.

Can you “afford” coaching? Before you answer, consider what purpose the coaching serves, and what personal or family values it supports.

Is the coaching directed at career or leadership skills, personal development, sustainability, balance, happiness, family harmony, financial security? Are these areas worth investing in?
·         Can you measure the benefit you will get from an improvement in the above -  what is your return on investment (ROI). 
  • ·         What if investing in leadership coaching meant that you got a job that paid $5000-20,000 more than you would otherwise have gotten? or helped you get a job (and a paycheck) a month or more sooner than you would have on your own?  Leadership coaching offers a clear potential return on investment, and it is tied to your financial security.
  • ·         What if investing in a business coach for your SME could add 20% more sales and a 10% improvement on your gross profit? Could this ROI be measured?
  • ·         It is harder to quantify the ROI on personal development coaching, but it is there — reduced stress, happier children, better relationships, healthier habits, better sustainability, more joy. Do you regard these as luxury items or necessities? What are they worth to you?
  • ·         A fitness coach – you would live longer, feel better, look better and have more energy. Would this generate an ROI? What is this worth to you?

·         What is the cost of not making a change   — financially?  Personally?   Or in terms of your health or relationships?  Do you have life balance?  You will not find a successful athlete, sportsman, actor, investor or businessman without a coach.

Coaching is an investment in yourself, and in order to make that investment, you have to believe that you are worth it. 

I refuse to believe it is a function of affordability! 

What is the 10X GrowthPac?

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