Running a company in a changing and increasingly competitive environment becomes a great responsibility that can feel overwhelming.
However, every good Owner, Director or Manager, when accompanied by someone with experience who offers guidance, could lead the company to obtain positive results. In the field of business finance, this ally is a Business Financial Coach.
Coaching is the practice of guiding, supervising, and preparing a person to help them find the best strategies that will lead them to achieve their goals. This person does not replace the responsibility of resolving difficulties, but through a process, helps to find opportunities and monitor improvements in their implementation until results are obtained, transferring all the knowledge and experience to the company’s staff.
The Coach
The financial coach’s experience should not only be in the financial area, he must have experience in the other processes of the company so that solutions to financial problems can be integrated from the operational areas where they originate.
The Coach’s experience in other industries, national and international environments, and managing personnel change processes are also relevant to achieving results.
Advantages Of Having A Business Financial Coaching
1. You can increase the productivity of investment in fixed assets and working capital.
2. Identifies opportunities for savings and process improvements.
3. Strengthens the capabilities of workers.
4. Strengthens leadership and teamwork.
5. Helps resolve internal conflicts.
6. Provides training and tools to improve the strategic and financial planning of the company.
7. You can quantitatively measure results and return on investment.
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Steps To Implement Business Financial Coaching
Analysis and Diagnosis: this part will carry out a study analysis of the financial coach and operational behavior of the company, which will allow the identification of priorities according to their assessment and impact on its finances, knowing and preparing:
- Operational and financial strengths and weaknesses in critical processes.
- Operation capacities and levels of income, costs, and expenses scenario.
- The risks, threats, and opportunities of the environment.
- Scenarios that the company could face and the effects on the company’s finances.
Planning: In the planning stage, the objectives, strategies, and ways to measure the results will be defined.
- Definition of the objectives and key actions to achieve them.
- Implementation Schedule.
- Budget.
- Financial and operational goals to achieve.
Execution and monitoring: This stage consists of monitoring the implementation of the actions and the validation of the results in the company’s financial reports.
- Measurement and verification in the financial statements and complementary reports of the results of the implemented actions.
- Comparison of the goals with the expected results.
- Implementation of corrections to detect deviations.
If you need to improve cash flow, increase profits, save costs and expenses, make decisions to invest or divest and improve organization, planning, and control of the business with a focus on improving your finances, the business financial coach will be of great help in obtaining these results.
Business Coaching
Coaching in business! Now we’ve all heard about what a coach is, in terms of sports teams, athletes, or even a swimmer, but for a business owner, that’s something new! But now that business is entering the new millennium and especially with the rapid expansion of the communication and information technology industry, it is becoming evident that the world does not seem so big.
Markets are going global and competition is increasing so consumers have better choices. More and more business owners are looking for that subtle difference or fine-tuning that sets them apart in their business.
They look outside their normal resources for the information and guidance they know they need to develop and educate themselves and grow their businesses.
In the business world you are either growing or dying and a business will only grow to the level of knowledge or beliefs of its owner. So successful business financial coach owners are those who seek to increase their knowledge and prepare to accept changes in the way they think.
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