Business coaching has become quite popular and in demand in the last decade, but what exactly is a business coach and why would you need one?
A business coach is someone you can refer to for guidance to help you make good business decisions and learn more about operating a business. Typically, a business coach guides you in sales and marketing functions of the business, as well as ensuring the systems are aligned and functioning well to support your business.
But what if I need a money coach?
A money coach is a coach who teaches people how to manage their personal finances. The money coach teaches people how to create a personal budget, debt repayment plan and how to create a personal financial plan that will help them save money and invest it so that they have bright financial futures. A money coach essentially teaches how people how to manage their money.
Money management is a vital skill for everyone, as financial health is extremely important. But money management is also an essential skill in business. So who would you turn to for coaching on how to manage the business finances in your business? A business finance coach.
What is a business finance coach (or a business money coach) and how can they help my business?
A business finance coach is an accredited financial professional, such as a Certified Professional Accountant (CPA), who can help you set up and manage the financial systems in your business.
What you can expect from a business finance coach:
Set up your bookkeeping
Your bookkeeping is an essential part of your business, and it is the financial foundation of your business. Ensuring that your books are recorded timely and accurately is important, because all your financial reports and decisions will be based off the recordkeeping of your business.
Help you outsource your bookkeeper and tax accountant
At some point when your business grows, and you want to outsource bookkeeping and maybe hire some part time or full-time bookkeeping help with the business. Hiring the right tax accountant is important too.
Help you conquer money mindset issues
Money mindset issues can happen to the best of us. When you think back to your earliest childhood memories, do these memories involve money? I believe that money blocks can impede your success in managing money so it’s important to clear money blocks for a path of financial success. I don’t believe that abundance coaching is entirely effective – I believe you have to work for your money and the wealth lies in how you manage your money.
When you know how to manage your money and the best ways to save and strategize, you are on your way to getting your money working for you.
Teach you how to read financial reports
Financial reports tell the story of how your business is doing, and you need to understand that story. A business finance coach teaches you the importance of knowing your financial reports and the feedback that those reports are giving you.
Show you how to create a financial plan for your business
A goal without a plan is just a wish. If you have big business goals but you have not created the plan on how to achieve them, your business finance coach can help you with that. A business finance coach teaches the steps you need to follow to create a financial plan for you business, broken out by each month, so that you can monitor your results against the plan.
Show you how to monitor your results against your plan
When you have your plan written down it turns your plan into action. You have goals you can measure your progress towards. When your plan is broken down by month, at the end of each month you measure your results against what you had planned and you can identify the reasons why and how you either met your goals, exceeded your goals, or fell short on your goals.
Teach you a cash management system
As cash mismanagement is one of the top reasons why businesses fail, it is imperative to have a cash management system in place. Timing of cash flowing in and out of your business will help you avoid cash shortages with proper planning. A business finance coach will set you up and show you how to manage the cash in your business with ease.
Given that financial mismanagement and mismanaging cash flow is the cause of 82% of business failures, it is vital to have your financial house in order.
Have you considered what a business finance coach does for a business?
A business finance coach is a type of business coach but deals specifically with business finances. Once you have your financial house in order, you will understand how your business decisions are affecting the profitability of your business.
The rewards of hiring a business finance coach
Sometimes asking for help can be difficult or embarrassing but reaching out for help is courageous. A business finance coach cares about you and your business and is there to help you. They would rather see you than not, because they know the value of their services and know how important managing the money in your business is.
You will understand your business finances and why it should be important to business owners.
When you are managing the money well in your business, say goodbye to sleepless nights, stressful days, and all the other negative effects that financial mismanagement carries.
Financial coach certification
The profession of financial coaching is not regulated, so when you are signing up to work with a financial coach ensure you do your due diligence. As with any professional, not all financial coaches are built the same. Make sure they are qualified and reputable.
When you choose a CPA or other accredited professional, they belong to a professional association. The reason is that when they belong to a professional association they will have a Code of Ethics that they must follow, Rules of Professional Conduct, and if you are dissatisfied with their work you have a governing body (the professional organization) that you can complain to.
The online space is filled with many unqualified online coaches. It is my recommendation that you always engage with a professional who has a proven track record of expertise and experience.
The bottom line is there are many benefits to hiring a business finance coach. Most entrepreneurs and business owners want to focus on more glamorous tasks like bringing in revenue, getting media and publicity for their business, and other more aspects of the business they find interesting.
Getting control of business finances might be scary for some business owners, as it takes work, but when you put the time and effort in learning this essential business skill, the return on investment is huge.
Grab your FREE copy of the 5-Step Roadmap to Biz Finance Freedom to help you get your business finance management system in place.
[…] job as a Business Finance Coach is to take that overwhelm out of the equation and teach you step by step, in manageable pieces, […]