Entrepreneurs and business owners often turn to business coaches under the following possible scenarios;
1) They need assistance with their communication style and managing people,
2) They can’t get to the next level of growth within their business or career, or
3) The Business is struggling and they don’t know how to turn the business around.
In addition to motivating business owners, business coaches will look to assist the business owner in
Developing strategic plans, looking at the big picture at a corporate and personal level.
Marketing and Promotional Planning: help companies create and implement their advertising, public relations, and promotional action plans.
Financial Management: helping business owners/managers understand vital areas such as cash flow management, financial statements, employee compensation plans, and pricing strategies. Often the coach will use accountants and financial advisors to manage and implement this aspect.
Business Systems and Processes, managing cash flows, determining financial goals and measuring progress are fundamental to business success and a good management accountant working closely with the CEO will achieve this. Business coaches are good at helping their clients “see the light” on the importance of attention to finances and working closely with their accountant. For Small and Medium Enterprises accountants can assist their clients by introducing or utilising several of the many new software tools available to achieve effective financial management at relatively minimal costs.
So before employing a business coach, consider talking to your accountant or financial advisor first.
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