Financial Training For Small Business Owners
Finding a business coach who offers financial training for small business owners can be challenging. You can find business coaches relatively easily, but finding one who can show you how to manage your business finances, arguably one of the most important roles in owning and running a business, may require a deeper search.
You need to be looking for a business finance coach with a deep understanding of business finances. You can find some business finance coaches when you research hard enough, but make sure you hire the most qualified coach.
Investing in yourself and your business is a smart thing to do, and when you invest time to learn how to manage your business finances, you will get a return on that investment for as many years as you are a business owner.
Why is business financial management important?
Business finances are the backbone of a business. In business, cash is queen, and all activities in the business involve cash. Considering that 82% of businesses fail due to financial mismanagement, it is vital to gain business financial literacy skills to manage your business.
One of the top goals for your business needs to be profitability. Businesses are in business to make money, so if you are operating a business that shows little to no profit, consider that a red flag.
Small business financial management
Managing your business finances does not need to be overly difficult, complicated, or stressful. Creating a financial routine in your business helps you stay on top of your business and identify smaller issues before they become bigger problems.
The fastest way to create wealth in your business is by monitoring your business finances. Knowing your business numbers allows you to make a profit, but when it’s time to grow and scale your business, you are doing so on a strong financial footing. This allows you to create even more profit as you grow.
How to hire a business finance coach
When you are investing in a coach’s program and want financial training for small business owners, look for the following qualities in a coach before you start working with them:
- Qualifications
Is this business finance coach qualified to teach financial training for small business owners? I recommend working with a CPA because they have a proven professional accreditation and are governed by their CPA chapter to follow a strict code of conduct and ethical guidelines.
2. Experience
Does this business finance coach have experience working with clients and showing results? Implementing a program is easy, but if the client does not get results, the efforts and expenses are fruitless.
3. Personality
Can you work with this business finance coach? Are you feeling in your gut that it’s a good fit or do you have red flags? Considering that you will be working closely with this person, you also want to feel good about the working relationship. Don’t discount the value of a good working relationship.
Get referrals from respected colleagues and friends and do your research because investing in working with a good business finance coach can be a significant investment. The upside is that if you apply what they teach you, you will make that money back in profit for years to come.
Best courses for small business owners
You can find courses online from self-proclaimed experts about any topic for entrepreneurs and business owners. When you are investing in your business, I recommend that you consider the following:
- Get your sales going first
- Learn how to manage your money
You need sales to validate your offer and be certain you can get your business going. You may have the best idea, but if people don’t want to buy it, then it simply won’t work. I often get clients coming to me wanting to work with me before they’ve even validated their offer, and it’s just not something I will do.
You need to have a proven offer that is selling. Once you have established that, then come work with me.
The Cash Confident Framework™️
I created the Cash Confident Framework™️ to help business owners learn what they need to know to be the best business owners. The Cash Confident Framework™️ does not teach you how to be an accountant but teaches you how to be the best business owner possible through knowing your business numbers and making profitable business decisions daily.
You don’t need to be an accountant, but you need to use one to help you with your tax filings, give you tax-saving strategies, and overall business advice. You need to oversee your business finances at a high level. You may have a bookkeeper on the payroll who enters the financial data for your business, but if you are a CEO who can’t read and understand a profit and loss statement, consider that a red flag. You need financial training for small business owners.
The Cash Confident Framework™️ has five steps that you need to understand:
1. Money mindset
A money mindset is the number one reason why business owners hold themselves back. You must ensure a positive relationship with money to create a profitable business. Doing mindset work as a business owner is essential to success.
2. Financial reports
You need to run financial reports and read them on a minimum of a monthly basis. Financial reports give you feedback on how your business operates, so ensure you read and understand the feedback.
3. Create a business financial plan
You need to plan one year ahead of time to give your business goals and objectives that you can be accountable to. Create those goals and get them into a plan to ensure that you create a profitable business that will be around for years.
4. Monitor your results
Each month you need to monitor your progress against what you planned. Ensure you are meeting your objectives. Monthly monitoring allows you to adjust early to keep the business on track to meeting its goals.
5. Cash management
Cash is the lifeline of a business, so make sure you monitor your cash levels. You need cash flowing in and out of the business for survival. Being proactive and creating a cash management plan is key to success.
Cash Confident Course
If you are ready to take your business acumen to the next level and want to receive financial training for small business owners then register for the free Path to Profitability masterclass today!
Want to explore other ways you can work with me? Check out my offers and see how we can work together. Welcome to the community!
