Cost-effective Strategies for Business Growth

by | Feb 21, 2024 | Consulting, Nonprofit Consulting

 

When it comes to achieving your business goals, research shows that business coaching is one of the best investments you can make. Studies have shown that for every $1 you invest in coaching you gain $5 back in value.

But coaching comes in many different varieties. Especially since there are more than 70,000 business coaches out there!

So, we wanted to understand: What kind of coaching delivers the best results?

 

Varieties of coaching

If you look at business coaching programs, they tend to fall into two general categories. Some programs are all about mindset. Other programs focus more on goals and implementation. For example, implementing best practices, identifying and troubleshooting roadblocks, and creating effective processes to achieve your goals.

Little research has been done to compare these two coaching strategies head-to-head, though a recent meta-analysis found that both provide benefits to those being coached.

So, if you’re choosing between varieties of coaching, you’ll want to start by understanding your own goals and learning style. Are you facing mental or emotional roadblocks in your business growth (such as lacking confidence despite a strong skillset)? Or are you facing practical challenges (such as how to raise your rates or land higher-paying clients)?

 

Business coaching format

The same meta-analysis found that coaching works across many different formats. Some key findings:

  • Online coaching is as effective as face-to-face coaching.
  • Short-term coaching engagements have the same impact as long-term engagements.
  • The number of coaching sessions or hours has little impact on outcomes.

This research supports a trend we’ve noticed on a larger scale in business growth tools: focusing on time-limited programs.

 

Shorter-term programs can deliver outsized results

We initially designed our own 60-Day 1:1 Consulting Boot Camp as a short-term, remote-first program to give consultants a concentrated boost for their business.

We selected this format so we could help nonprofit consultants across the US (and even in other countries!). From our own experience, we also knew that planning by quarter or in 2-3-month periods, enabled us to better focus, execute, and achieve goals.

It’s exciting to see research that validates this approach! A shorter-term, virtual business coaching program can work as well as a longer-term and much more expensive program!

If you look at some of the most famous goals-oriented programs, you’ll see this same approach. For example, Cal Newport, an MIT-trained computer scientist and author of the bestselling productivity book Deep Work, runs several time-limited group programs. Books like the 12-Week Year (and related group programs) focus on setting and achieving goals in three months or less.

 

What will you accomplish in the next three months?

If you don’t know the answer, that’s okay. In fact, it’s a great reason to consider signing up for Boot Camp session!

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