FINANCIAL COACHING: HELPING YOUR BUSINESS THROUGH TOUGH TIMES

Most of us have heard of financial coaches but many of us are still unsure of the role that they can play and the benefits they may yield for our business.

We are all more familiar with traditional models of financial planning, including retirement funds, taxes, investments and superannuation but increasingly, there is a new domain known as “financial coaching” which is emerging as a distinct service helping businesses to grow and expand in new ways.

So what exactly is financial coaching?

Financial coaching is an assets building program encouraging clients to build positive financial behaviours and to motivate them to achieve business goals. Financial coaching provides encouragement and support and focuses on ongoing behaviour change, goal setting and goal monitoring.

Financial coaching is not a ‘get rich quick’ scheme. It is quite the opposite, in fact, it is all about long term planning, goal setting and accountability.

A good financial coach will provide their client with educational insights, practical experience and will focus on long term, proven sustainable wealth building principles.

A financial coach is not there to do the work for you, but to keep you on track and motivated while you achieve your end goal.

So how can financial coaching help benefit your business?

Financial coaching can assist your business in a plethora of positive ways including:

Helping you to develop a deeper understanding of your business. Allowing you to better monitor and manage your cash flow.

Setting goals and encouraging you to work towards achieving them. Encouraging you to adapt a growth mindset. Identifying existing errors and finding solutions to combat them and prevent further future errors. Developing custom reports that allow you to identify and capture specific information that you might help make business decisions easier. Helping you assess the long-term implications of business decisions hence allowing you to make more informed decisions. Providing independent financial advice. Identifying specific issues that need to be identified and actioned within your business.

Looking at ways to reduce administration time and costs hence freeing up time and money for business growth and development. Holding you accountable and ensuring that you meet the targets and goals that you have set. Recording and reviewing your progress and assessing actions that could be taken to ensure that you stay on track. Providing ongoing support and feedback as well as expert advice and motivation.

Financial coaching is leading the way in assisting so many business owners to rethink how they are working, to look at things slightly differently, to dig deeper to understand their business better and motivate them to step outside their comfort zone to achieve their full business potential.