What a Small Business Coach Can Do for Your Business
Small business finance coaches can help your small business solve these common issues
Have you ever met a small business owner who clearly needed to seek expert guidance?
Perhaps their only “systems” existed on pen and paper, their folders sat in filing cabinets, and they had no idea how to get their finances in order.
It’s easy to pinpoint when we think someone else needs help. If you’re anything like most entrepreneurs, you’re fairly organized, trying your best to seek advice when you encounter people farther along than you, and maybe you even have an accountant. But what if you have some general questions about financial forecasting, or how to increase your net revenue, or how to cut back on expenses?
Should you just rely on Finance TikTok, or is it time to consult with a finance coach? And what the heck does a finance coach do, anyways?
That’s a great question, and we’re here to answer it.
What are the benefits of a finance coach?
Small business owners face a myriad of financial challenges, from managing cash flow fluctuations and ensuring compliance to making sound investment decisions. By analyzing financial data, identifying trends, and crafting strategic plans, they can enable business owners to confidently weather financial storms and seize growth opportunities.
Here are some examples of what a finance coach can do for you.
Business Financial Strategy
A finance coach can help you develop a comprehensive small business finance strategy, including budgeting, streamlining your offerings, cash flow management, and financial goal setting. This can help your business operate efficiently and remain financially healthy.
Business Planning and Forecasting
Coaches can assist you in creating realistic business plans and financial forecasts. This is especially crucial for startups and businesses looking to expand, as it will help you make informed decisions and secure funding.
Expense Management
A finance coach can help you identify unnecessary expenses and optimize your spending, contributing to cost savings and improved profitability.
Cash Flow Management
Maintaining a positive cash flow is essential for small businesses. A finance coach can help you develop strategies to keep your cash flow in the green so you have enough liquidity to cover your operational needs.
Debt Management
If your business carries debt, a finance coach can provide guidance on managing and refinancing it, helping you reduce interest costs and improve your creditworthiness.
Learn more about debt management: From Seeing Red to Visions of Progress: Navigating Debt & Livable Salaries.
Tax Planning
Tax season can be incredibly stressful for small business owners. A finance coach can help you understand tax requirements, identify potential deductions, and develop a tax strategy to minimize your tax liability.
Financial Recordkeeping
Staying organized is one of the most important strategies when it comes to your business’ financial health, and a coach can recommend the best systems and software to keep you organized and compliant.
Retirement Planning
Small business owners often overlook retirement planning due to their focus on the business. A finance coach can help you create a retirement plan that integrates your personal and business financial goals.
Succession Planning
If you plan to pass on your business to a successor, a finance coach can help you develop a plan that will allow for a smooth transition while maximizing the value of your business.
Time Efficiency
Rather than trying to navigate complex financial matters on your own, a financial coach can provide you with efficient solutions and advice, allowing you to focus on core business operations.
Confidence in Financial Decision-Making
This is the most common benefit we hear from Impact Lab alumni after they graduate from our program. Working with a financial coach can give you the confidence to make important financial decisions, which can change the trajectory of your entire business!
Meet our Finance Coaches
In an era where financial agility can make or break a business, working with a finance coach could be a game-changer for you.
If you’re looking for one, the Impact Lab is the best place to start, because you can work with one of our finance coaches for free – so there is zero risk for you. Here’s more information about our experts.
With more than 20 years of experience in finance, strategy, and operations, Jeff is a self-proclaimed “recovering entrepreneur” who has walked in the shoes of the small business owners with whom he’s consulting. Jeff is most experienced in scaling for rapid growth, navigating through sudden downturns, and everything in between. Partnering with CEOs to develop and execute their vision is what drives him.
Carolynn Duncan
Carolynn has coached hundreds of entrepreneurs, and she is passionate about the intersection of impact capital and scalable social entrepreneurship. She’s worked with at-risk youth through Lift The Children in Kenya & Uganda, Utah Youth Village, the Casey Life Skills Program, Big Brothers, Big Sisters, and the foster care system in Oregon. She has an MBA from BYU and a Bachelor's in Modern Dance, Violin & Creative Writing from BYU-Idaho.
Pat Phelan
Pat is a finance leader with an MBA in entrepreneurship. He helps early-stage social enterprise founders and small business owners test and validate their ideas, and create a pathway to financial stability. He has an extensive background helping growth-oriented companies improve bottom-line operating results by being diligent about budgeting, forecasting, and investing decisions. Pat is experienced in both startup and mature environments.
Interested in applying for our next Impact Lab cohort?
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
Join the waitlist to apply for the next cohort!
