In today’s complex financial world, people are actively seeking advice about money. People want to learn about saving money, good spending habits, getting out of debt, better credit scores, and identity theft. People want to figure out what their goals are and achieve those financial goals. But how? Enter the financial coach. A coach listens and helps plan, holds you accountable, and contributes to a your financial well-being.
For more on personal financial coaching, read what is financial coaching? from the University of Wisconsin-Madison’s Center for Financial Security.
Business financial coaching
Financial coaching for a business is similar to personal financial coaching. Businesses, like individuals, need to plan for the future. For example, businesses must save money, implement good spending habits and and generate enough revenue. People in a business who might need a financial coach are the people who run the business’s finances. They are the decision-makers who determine the business’s financial well-being.
What questions might you ask a coach? You might want to discuss internal financial structures and the people involved. Perhaps you’re struggling with identifying opportunities aligned with your mission. You might want to talk through navigating upcoming risks. A coach might work through vision-based financial planning with you. In addition, business financial coaching looks at an executive’s relationship to the business and personal financial habits.
Financial coaching at Happy Bookkeeping is geared toward small business owners and nonprofit executives, as with everything we do. Owners and executives face a lot of questions and decisions every day. Decision fatigue is real, and everyone needs a coach or mentor or sounding board sometimes.
We answer questions and will ask you some back. We might provide a sounding board or help you find confidence in your decisions. Coaching with us can be as simple as a single session of talking through a few questions you have. On the other hand, it might be a few sessions of goal-planning for financial stability. Our intent is to help you reach a goal you define. Maybe your goal is educational, accomplishing a task, changing a habit, or solving a problem.
Some questions we’ve answered through coaching are:
- Does my chart of accounts make sense for my organization’s mission?
- Is our financial approach mission-driven?
- I’m a Board Treasurer. I’m concerned our current situation calls for me to pursue more in-depth financial analysis.
- I’m looking through my next project’s financials. I want to discuss variables for achieving the project’s goals.
- I want to talk through the pros and cons of revenue potential for an idea.
- I’m consulting on the side. Where do I start? Do I need to file for an LLC?
- I’m struggling with how to change a problematic financial process that a long-time employee uses.
Financial coaches are not financial advisors or CPAs. Coaches won’t sell you any products or give tax advice, and we won’t set you up with any software. We aren’t here to do your books or analyze your financial statements. We just want to help you work through problems and achieve goals.
Sometimes all anyone needs is a bit of structure and some encouragement, and a little help keeping on track. Maybe that’s you.
More Information on Financial Coaching