You’ve probably heard that financial coaches are great for helping individuals and families get their financial lives in order. And now you’re wondering what financial coaching is and how it can help your small business. Financial coaching is an interactive process where a coach supports a small business owner setting money goals, monitoring progress, developing plans to reach those goals, and staying motivated. It’s like having a personal trainer for your finances!
What financial coaching is and how it can help your small business money goals
Money goals are essential for any small business owner. Whether you’re trying to save up for a new piece of equipment or looking to stash away some extra cash for an emergency fund, having a set goal in mind will help keep your financial future on track. Here are a few tips for setting and achieving money goals:
1. Come up with a specific number you want to save/earn.
2. Make a plan of action- how are you going to reach your goal?
3. Stay motivated by tracking your progress and rewarding yourself along the way!
Financial coaching is an increasingly popular solution for financial success. Financial coaches can work with professionals from all industries who need financial guidance, whether starting their first job, finding financial stability as a start-up entrepreneur, or running an existing company.
How financial coaches work with their clients
A financial coach is an excellent resource for small business owners who want to increase their company’s bottom line. Financial coaches can help you set money goals, create a plan of action to reach those goals, and keep you motivated. They can also provide valuable feedback and advice on how to improve your financial situation. Ultimately, financial coaches want their clients to be well-informed and well-balanced when it comes to money matters.
With this said, know that a financial coach is different than a consultant, advisor, or planner. Financial coaches are not personal or wealth advisors. For example, in my coaching practice, my expertise is in small business financial coaching. However, I have a network of financial professionals I can trust to care for my client’s personal financial needs.
Financial coaching services offered by our company
I teach small business owners to strategize using their financial data as a foundation. I show my clients how to make smart money decisions and cultivate good money habits.
Creativity and flexibility are essential for small business owners. Therefore, when choosing a financial coach, make sure they have experience running a business.
A financial coach should be experienced and able to provide financial coaching services by:
– teaching financial management skills and strategies that work for you, your business, and your lifestyle.
– co-creating an operational and financial plan that’s easy to understand and implement.
– brainstorm with you opportunities to make and save money
– serve as your accountability partner to help you achieve success
-creating money goals that are (SMART) specific, measurable, achievable, realistic, and time-bound.
Why financial coaching may be an excellent option for you and your small business
There are a few key reasons small business owners may find financial coaching a valuable investment.
Perhaps the most important reason is that financial coaching can help business owners stay accountable to their money goals. When you have a supportive professional helping you track your progress and guiding the way. It’s much more likely that you’ll reach your target!
Financial coaching can also provide relief and peace of mind. Knowing that you’re on track with your finances can be a massive weight off your shoulders. It’s challenging for entrepreneurs and small business owners to carry the pressure of running a company on their shoulders. Having another perspective helps think through solutions.
Finally, financial coaching can help improve overall well-being, both in your professional and personal life. When you feel good about your finances, it shows in all aspects of your life. If you’re looking for advice and guidance, financial coaching may be the perfect option for you and your small business!
What to do if financial goals aren’t matching up with economic reality
If you find that your financial goals don’t match your economic reality, it might be time to reconsider your plans. Maybe your dream was too ambitious, or you need to find a different way to reach your money goals. Whatever the case, don’t give up. There are plenty of ways to achieve financial success!
A financial coach can be a helpful resource for financial goal setting, as they can guide you toward realistic ways to increase sales and help keep you on track. For example, I help my clients create “realistic with a stretch goal” budgets. They may also be able to talk through some money guilt or shame with you.
The benefits of financial coaching for small businesses
A financial coach can help small businesses achieve profitability and economic growth. Financial coaching can help business owners create and adhere to a budget, identify and reduce financial stress, and make intelligent financial decisions that will improve the overall financial health of their business. By working with a financial coach, small business owners can learn how to better manage their finances, which will result in a more successful business.
More than half of small business owners experience financial stress. By working with a financial coach, they can gain financial peace, reach their money goals, and successfully manage their finances. Having financial stability will result in improved cash flow and less financial stress, which is motivating for most business owners.
Another benefit of financial coaching for small businesses is financial education, which will allow business owners to make intelligent financial decisions that improve financial health.
6. Questions to ask before deciding on financial coaching services for your company
What financial coaching services are offered?
– How will the financial coach help me and my business?
– What is the financial coach’s experience?
– Is there a contract or commitment involved?
– How much does the financial coach cost?
– Are there any reviews of this financial coach?
7. Ways that financial coaches can help you reach your goals soon
Small business owners should always look for ways to improve their immediate cash flow situation. One way to do this is by setting short-term financial goals and implementing a plan of action to achieve them. Here are a few tips for improving your immediate cash flow:
1. Please make a list of your current expenses and prioritize them by importance.
2. Cut back on non-essential expenses until you’ve reached your goal.
3. Find new sources of income and put that money towards your goal.
4. Stay motivated by tracking your progress and rewarding yourself along the way!
When financial coaches are brought on to work with small businesses, they are often tasked with tackling the financial side of things. Whether you need help increasing sales or want advice about how best to cut expenses, a financial coach can be an invaluable resource for any business owner looking to take control and reach their goals soon.
If you need help as of yesterday, please don’t hesitate to reach out and apply for a complimentary consultation. We’ll talk about your biggest challenges. If you give me your profit and loss sheet, we can review this and decide if we’re the right fit for coaching.
Janet Johnson is the author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money. Before becoming a coach, Janet gained seventeen years of experience in a family-owned manufacturing company. She also trained small business owners in Financial Management and Lean Enterprise through contracts with the State of Connecticut and the Small Business Administration for seven years.