“...participants felt that financial coaching helped them to reduce their stress levels related to finances. One client even reported that a coach was responsible for helping her to stop smoking. Interviewees report that reductions in stress in part related to a reframing of their financial condition and goals.”
An Evaluation of the Impacts and Implementation Approaches of Financial Coaching Programs
Working with an experienced financial business coach is crucial for a small business owner. They can help you understand the basics of your finances and how to create healthy money habits that can lead to your business’ growth.
It can be difficult for small business owners to handle their own finances when they’re managing different things at once. Running a small business demands time, effort, and energy so it’s challenging for an owner to be on top of everything.
New small business owners are often thrust into handling a business without anyone to teach them the ropes. And while experience can be a great teacher, making mistakes or resorting to the trial-and-error method can be risky for a business, especially when it comes to finances.
This is why many small business owners encounter common financial problems such as inconsistent cash flow, mishandled taxes, lack of capital and emergency expenditures, and overspending their budget. Encountering one of these can already be a major stumble for your business, but when it all piles up it can cause serious problems.
With the help of a business coach, you can overcome these challenges and allow them to help you understand how your finances work and teach you how to make smarter and more strategic financial decisions.
Just like a life coach can help someone find fulfillment and improve their daily life, a financial business coach can help you achieve your business goals by teaching you money management skills and helping you develop a better attitude about your finances.
Working with an advisor also helps hold you accountable. Business can be very lonely but with an advisor, business owners can be more cognisant of what they do and have the help they need.
They educate you and build your financial knowledge (such as tax obligations and legal requirements) so that you’re better prepared to handle that aspect of your business. They also recommend strategies to improve your financial processes so that it runs more efficiently.
Unlike a financial advisor (i.e. someone who manages and invests your assets) or a financial planner (i.e. someone who offers investment opportunities or insurance products), a financial business coach focuses on a business owner’s fundamental financial issues and habits that are influenced by emotional or behavioural components. They then create plans to help a business owner improve their attitude, habits, and decision-making skills when it comes to their finances.
This is why a financial business coach can help you recognise your own weaknesses when it comes to money matters and develop step-by-step processes so you have a wiser and more confident approach towards your finances.
Small business ownership can be lonely — but it doesn’t have to be. A financial business coach can offer you the support and guidance you need as you continue on your journey of building a successful business.
We believe that no two businesses (or business owners) are alike so we ensure that every client receives the financial services and guidance that they specifically need. Our holistic yet personalised approach allows us to address your financial problems in the best ways possible. We’re committed to helping you build your small business and ensure that it’s financially secure.
Our team consists of experienced financial problem solvers, making them the ideal partner to encourage and support you in your journey. We take the time to understand your business and your financial goals because we want to see you grow and prosper.
Our skills and experience with numbers combined with our ability to financially coach you (i.e. helping you develop a more confident attitude towards money and become a more strategic financial decision-maker), will definitely help you succeed and find new opportunities to grow.
We conduct an initial conversation with you.
We ask questions to better understand you, your business, and the pain points that you are experiencing.
We conduct a formal meeting with you once you’re comfortable with us and perform an audit of your current financial practices and position by looking at profits and losses, balance sheets, and financial projections. We also ask about any insights you may have on your cash flow.
We strategise a workable solution based on our review and walk you through our proposal so you understand what you’re investing in.
We help you achieve your goals by creating the space for growth. When you’re not stressed about your finances, you have more time to focus on growing your business.
We also offer services for tax compliance, tax planning, and tax advisory. We know that it can be overwhelming for busy small business owners to keep updated with complex tax laws that are constantly being changed. Our tax specialists have more than 20 years of experience and knowledge so we can definitely help you optimise your tax position within the law.
“Before working with HY Accounting we thought our business strategy and accounting was up to speed—wow, we were wrong. Michael and the team delivered a real and achievable growth plan which is driving us to double digit growth month-on-month. Thank you.”
If you want an experienced and trustworthy financial business coach who can help you manage your finances, give you more confidence in making strategic financial decisions, and support you in your business journey, we’d love to work with you.