How can a business coach help me with finance?

As a business owner, managing finances can be one of the most challenging aspects of running a successful business. From creating a budget and keeping track of expenses. To finding ways to increase revenue and minimise debt, there’s a lot to consider. And if you’re like most business owners, you may feel overwhelmed by all the tasks and decisions that come with financial management. There the kind of things that a business coach could help you with when it comes to finance. Let’s be real, most business owner’s don’t understand finance and have never really understood their “P&L”, or their “Balance Sheet”.

But the good news is that you don’t have to go it alone. There are plenty of options out there when it comes to getting help with finance in your business. You could employ a finance director or CFO (chief finance officer). You could join finance courses online and develop your education. Or you could get a business coach. So here’s an honest and open review on how a business coach can help you with finance.

Can my accountant not just help me instead of a coach?

While an accountant is certainly an important member of your financial team, they serve a different purpose than a business coach. An accountant focuses on the technical aspects of finance. Things like preparing and filing tax returns, maintaining financial records, and ensuring compliance with tax laws and regulations.

Listen, this stuff is crucial. You really do need a good accountant if you’re not financially literate. But an accountant doesn’t necessarily address the broader strategy and decision-making processes involved in managing your finances.

Secondly, accountants simply have to be reactive. The average accountant has hundreds, if not thousands of clients. So they have to be reactive in the sense that they respond to notifications or emails. If your end of year accounts are due, they get a notification and react (quicker than you would for most good accountants). If you email them with a query, they react to that email.

Most accountants don’t have the bandwith to take a pro-active approach and to spend considerable amounts of time to review each clients financial statements. They’d have to look for trends, spot errors and understand where the business is overspending or wasting money. Especially considering each clients pays them just a few hundred quid per month.

What other options do you have?

As mentioned above there are plenty of options. You could always try to learn finance on your own. There are plenty of great books on this by the likes of Mike Michalowicz such as “Profit First” and “The Pumpkin Plan” that you can find here.

You could join an online course, or simply go to a few events. You can find those on Eventbrite by clicking here.

Hiring Someone

Hiring somebody could be another alternative. If you wanted to become particularly strong when it comes to finance, you might be better looking at a finance director or a CFO (chief finance officer). Hiring a finance assistant on a lower salary could help you get certain tasks done such as reconciling your accounts and chasing invoices, but it won’t help you become overly knowledgeable. It’s unlikely an asisstant can really help you take control and take your finance game to the next level so someone more senior like an FD or CFO is preferable. The only downside to hiring a finance director or CFO is the cost. You’re only going to be able to do that once you start getting to 7 figures unless you hire a virtual or part time CFO.

How can a business coach help you with finance?

Next up we’ll take a look at how a business coach works with and helps you with finance. A coach will help you to understand your financial goals. Most companies don’t even know what they want their cash position or bank balance to be other than “as high as possible”. Nor do they understand why they want the number if they do already have one in mind.

A coach can help develop a plan to achieve your financial goals, and provide ongoing support and guidance as you implement that plan. They can go through your financial statements such as your “P&L”, “Balance Sheet”, “Cashflow Forecast” and your “Budget Tracker”.

When you run through these statements a coach can teach you what each of these statements are for, and more importantly how to use them. Once you have the knowledge, the coach will then hold you accountable to going through those financial statements and financial tools on a monthly basis.

So, while an accountant is essential for the nuts and bolts of financial management and the legislation around your taxes, a business coach is usually more focused on the big picture and helping you make more profit and cash.

I hate numbers, can a business coach really help me?

Don’t worry, you’re not alone in feeling intimidated by numbers. Many people have a natural aversion to finance and accounting, and that’s okay. The great thing about working with a business coach is that they understand this and can help you overcome your fears. A coach can help develop a more positive relationship with numbers. A coaches main job is to make things simple. When you’ve got the basic knowledge and understand the “language”, it’s actually a hell of a lot simpler than you think.

They’ll also work with you to break down complex financial concepts into simple, manageable steps. A coach can also help you see the big picture. And by providing you with the tools and guidance you need to make informed decisions about your finances, a coach can empower you to take control of your financial future and achieve your goals. Even if you have a healthy dislike of numbers.

So, if you’re feeling overwhelmed or intimidated by finance, a business coach can be the perfect partner to help you succeed.

What will I have to do to become stronger on my numbers?

Becoming stronger with your numbers is a rewarding and empowering journey. It takes effort and focus, but with the right support, you’ll be amazed at how much you can accomplish.

Working with a business coach, you’ll learn to view your numbers in a new light, as valuable tools that can help you achieve your financial goals.

Your coach will teach you the language, that’s one of the things you must understand to become strong on finance. Accountants have complicated the language, using terms like “accounts receivable” instead of simply calling them “outstanding invoices” (which is what they actually are).

You’ll also have to be willing to spend a small amount of time on finance each week (usually only an hour or two, depending on the size of your business). That time can be spent referencing your budget tracker, spotting trends with your P&L or looking through the things that don’t quite look right.

And, with a coaches help, you’ll learn to develop systems and processes that make managing your finances easier and more manageable.

Whether you’re a seasoned financial expert or just starting to get comfortable with numbers, a business coach can help you take your skills to the next level and achieve financial success. So, roll up your sleeves and get ready to have some fun with your numbers.

What will I have to do on a day to day once I’m better on finance?

Once you’ve become stronger with your finances, your day-to-day will be much more manageable and stress-free. With the skills and knowledge you’ve gained, you’ll be able to make informed decisions about your whole business with confidence.

You’ll be able to see the bigger picture of your financial future. And you’ll have a clear understanding of your income and expenses, so you’ll be able to create a budget that works for you and your business. And, best of all, you’ll have the peace of mind that comes with knowing your finances are under control.

Of course, there will still be some ongoing tasks to keep up with, such as monitoring your cash flow, reviewing financial statements monthly and tracking expenses. But with the help of a business coach, these tasks will become routine and manageable. So, you’ll be free to focus on what you do best – running your business.

How long will it take to become strong in finance?

Becoming strong in finance is a journey, not a destination. The timeline will vary massively depending on your goals and starting point.

However, with the right guidance and support, you can make significant progress in a relatively short amount of time. Working with a business coach, you’ll learn the skills and strategies you need to take control of your finances and achieve your goals.

And, as you put what you’ve learned into practice, you’ll start to see real results and feel more confident in your abilities. The key is to be patient and persistent, and to approach your finances with an open mind and a willingness to learn.

With time and effort, you’ll be amazed at how far you can go. And the best part is, the knowledge and skills you gain will stay with you for a lifetime, helping you achieve financial success now and in the future.

What exactly will a coach do to help me with finance?

A business coach is your partner in financial success. They bring a unique combination of expertise, guidance, and support to help you navigate the financial side of your business with confidence and ease.

Your coach will work with you to understand your goals and develop a customised plan to help you achieve them. They’ll help you understand financial concepts. Then there’s understanding the language. It’s also a coaches job provide you with practical tools and strategies to make informed decisions about your finances.

And, as you work through your plan, your coach will be there to hold you accountable, provide ongoing support, answer your questions, and help you overcome any challenges you may face.

Whether you’re just starting out or you’re looking to take your financial skills to the next level, a business coach is the perfect partner to help you achieve financial success. So, if you’re ready to get started on your financial journey, a business coach could be a great first step.

How much money and profit am I likely to make if I get good with my numbers?

Getting good with your numbers has the potential to bring significant financial rewards.

By developing a deeper understanding of your finances and making informed decisions, you’ll be able to grow your business and increase your profits.

With the help of a business coach, you’ll learn to identify areas of your business where you can increase efficiency, reduce costs, and increase revenue.

You’ll also be able to create a budget and financial plan that works for you, and you’ll be able to track your progress and adjust your strategy as needed.

The key is to approach your finances with a long-term view, and to be patient and persistent in your efforts.

With time and effort, the rewards can be substantial, both in terms of increased profits and the peace of mind that comes with financial stability. After all, if there’s one thing that keeps business owners up at night, it’s worrying about money. So, if you’re ready to achieve financial success, getting good with your numbers is the perfect place to start.

At Action Coach we’ve had customers that have found £1.4 million in their business in just one session. We’ve had others that took a deeper dive on finance. When they did they uncovered hundreds of thousands of pounds worth of invoices that were unpaid and not being chased. Literally, 6-figures just sat their waiting to be paid.

Getting to grips with your numbers could be crucial to surive or thrive. After all, profit is a condition for survival in business.

When is it not a good idea to use a coach to help me with finance?

Not everybody should use a coach. For some, it might be a personality thing. If you aren’t great at being held accountable. Or you don’t like the pressure of having goals to complete in your business. Maybe you just don’t like people. Having a coach is probably not for you.

For others it might be a skill thing. If you’re a CFO yourself or have years and years of high level experience and education in finance, a coach might not be for you. On the other hand, they may still be able to help you with other areas of the business where you aren’t as strong such as goal setting, time mastery, operations, or sales and marketing.

Deciding to have a coach is a big decision. It’s a big investment of time and cash so you have to make sure it’s right for you. To find out more about business coaching visit our extensive learning centre by clicking here.

What’s the best coaching programme for me if I want to become great on business finance?

There are many different coaching programmes with many different organisations and most of them will give you a better understanding of finance. How much knowledge will depend on the programme. There are free coaching programmes as well as paid programmes. Free programmes can be helpful especially if they are niched and finance specific. You can find them by visiting your local chamber of commerce or simply jumping on google.

At Action Coach we have a range of programmes, some of them are perfect for start up businesses and soloprenuers. Whilst others are more relevant for businesses with more than a million in sales.

They all have a different focus and you can get right into the detail by clicking here. Ultimately the very best programme for finance we have here at Action Coach are our Elite and 1-2-1 programmes. The reason they are so strong is because they involve a monthly finance coaching session with one of our business coaches.

In that coaching session the coach will review your “Profit and Loss”. You’ll be looking for trends whilst understanding if there is anything unexpected going on. You’ll also look through your balance sheet and review your working capital trends and set action points. Finally, you’ll create a cashflow forecast with your coach before turning that into a budget tracker. The budget tracker is something that you can use weekly to make sure that you are not overspending throughout the month.

If you want to find out more about all of our programmes you can click here and if you are interested in speaking to our team about joining a programme then click here.