Are you in control of the financial side of your business?
As a business coach, I’ve had an opportunity to see behind the scenes in a lot of businesses. One area of concern (and sometimes shame or embarrassment) for a lot of business owners is the financial side. I’ve had owners confide to me things like:
- I don’t think I can make payroll next week
- It seems like we should be making a lot of money, but my bank balance isn’t reflecting it
- The bank just called my loans and I don’t know what to do
- My business partner wants “out” and I don’t have the cash to buy them out
- I get financial statements from my accountant, but I don’t understand them – I just file them away
So if any of these things are true for you, the first thing I want to say is that you’re not alone.
Most small business owners don’t have a background in finance
Many small business owners think about money in terms of having enough of it or needing more of it.
They think about increasing sales, seeing more profit, and seeing an increase in the ROI of their marketing expenditures, but they’re often not sure how to get there.
Most small business owners don’t have a background or education in finance. As one of my clients put it: “they don’t teach this stuff in grad school.”
Business owners are often driven to start a business – and get satisfaction from that business – because they have a distinct passion or talent for their craft.
If this sounds like you, let me ask you:
How often are you diving into the financial side of your business?
And when you do…do you truly comprehend and understand the numbers you’re looking at?
Are you learning from the data you’re getting from your accountant?
If financials and reporting are aspects of your business that you find yourself uncomfortable or unfamiliar with, then it’s time to shift your thinking from seeing yourself as ‘someone with a job’ to ‘someone who runs a business’.
I’ll give you an example.
From trouble making payroll – to record sales
Let me tell you about a client of mine.
Keep in mind that during my business coaching sessions, everything is confidential, and the following information comes from Darren willingly and openly sharing his testimonial.
When we started working together, Darren was having trouble making payroll. He was working with a bookkeeper who was not seasoned nor trained enough, and not looking at the finances from the perspective of running the business, thus not giving Darren the right information.
During the first two years of us working together, Darren learned how to understand his reporting, we set him up with a new bookkeeper and found him a fractional CFO to advise him and keep finances on track.
His company is now making all-time record sales quarters, and Darren is even thinking about buying out the building he has been renting from. That’s enormous growth, all because he accepted what he didn’t know and reached out for help.
It’s OK to ask for help and a good business coach won’t judge.
It’s understandable that many business owners are uncomfortable, nervous, or self-conscious about reaching out and admitting that they aren’t in control of their finances and don’t know how to move forward.
As difficult as it can be to reach out, a business coach is your number one asset in these situations.
Business coaches are there to listen, not judge, and offer guidance and support, including help sourcing the right individuals to add to your team in order to regain control of your financial situation.
With better information and guidance you will have a business that performs significantly better than it did before.
In fact, I’m willing to guarantee that within four months your coaching investment will have paid for itself. I’ll even let you set the terms for what that means in the context of your business.
To see if business coaching could be a good option for you, book a complimentary 15-minute consultation call.
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