Investing In Your Business: The Cost of Coaching:

Too many financial advisors and advisor teams never achieve the level of success they desire and deserve because they are unwilling to invest in their business. In some cases this means refusing to purchase the right computer hardware or software to help their team run more efficiently because they are holding out until the firm pays for it. In other cases, it's failure to pay for an additional sales assistant out of their own pocket when their firm says they don't have the budget for it. We've all seen cases like these and seen the result in slower growth or even the inability to manage current clients. Why won't some people invest in their business?

The answer is simple. Too many of us have an employee, instead of a CEO mindset [we'll address this in more detail in our next post. As a CEO, you know that you, and only you, are responsible for the growth and maintenance of your business. Letting your business practice lie fallow because your financial firm isn't willing to invest as much in it as you think they should is foolish. It's your business. Any CEO will tell you that if you want it to grow, you have to be committed enough to your goals to allocate not only your precious time resource, but also your capital. This is also true for coaching, training and even mentoring.

The question is not, "Can I afford to hire a good Business Development Coach?" but instead,"Can I afford NOT to hire a good Business Development Coach to help me take my business to the next level?" The answer lies in what level of business you or your team are currently doing.

A January 2009 "Harvard Business Review" survey of business coaches in America reported that the cost of coaching ranged from $200.00 / hour to $3,500.00 / hour with the median cost being $500.00 / hour. If you are currently generating enough revenue to be paid at a 40 percent or higher rate, then to justify spending $10,000 on a coaching program you need only increase your revenues by $25,000.00 in a year. A good coach should be able to help you improve by several times that amount. In addition, many firms [and even many money managers] are willing to reimburse as much as half the cost of a coaching program if you achieve your goals.

Only you know if your business would benefit from the help of a good coach and if you think the results would be worth the investment. Thanks and good luck. kfg For more information on finding the right coach for your need, click on Selecting the Right Business Development Coach.