In this TED Talk , Chip Conley, owner of Joie de Vive hotels on the US west coast talks about gross national happiness (G.N.H), a concept started in Bhutan and now used by 40 countries. He encourages businesses (and countries) to place much more emphasis on measuring the intangibles.
Measuring the Tangibles in a Coaching Business
With a little discipline, it is rather easy to measure:
- $ per coaching client or lifetime value of a coaching client;
- length of time in months that a coaching client stays;
- average hourly rate earned per client;
- Revenue per month/ year etc.
Measuring the Intangibles in a Coaching Business
It is more challenging to think of intangible measures and more challenging still to figure out a way to count them (and as one person commented about the TED talk below…if you can measure does that make it tangible?):
- how often my clients say the coaching is helping them (either during the session or after);
- how many people are referred by satisifed clients;
- how often I learn something really useful from a coaching client (I can tell you it’s often!);
- how often I feel good after a coaching session.
Do these metrics make sense through the eyes of “gross business happiness”? Have a look at Chip Conley in his talk on TED and let me know your thoughts on how I can change my business metrics to focus also on happiness and other intangibles. I would love your ideas.