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What is a Business Financial Coach?
The primary job of a Financial Coach is to educate clients by teaching financial principles. Shortly after learning from your Coach, the client will be empowered with knowledge to help change their financial behavior. Why might you need a financial coach? Because according to a 2009 Financial Literacy Survey conducted by the National Foundation for Credit Counseling, 41 percent of adults (more than 92 million Americans) gave themselves a grade of a C, D or F on their personal finance knowledge. Also, the same report, stated that nearly four in five adults (78 percent) agree that they would benefit from advice and answers to everyday financial questions from a professional. Below are some financial facts which cause business owners decide to hire a financial coach.
Fact: 60 percent of small businesses fail within the first three years.
Cause: Many small business owners start without a business plan or with unclear business objectives.
Fact: Often times, small business owners possess technical skill but lack business skills.
Cause: The owners understand the Xs and Os of their trade but lack education/training in advertising, branding, pricing, networking, customer relations, and business strategy.
Fact: First Generation Business Owners lack mentors.
Cause: Since the First-Gen Owners aren’t taking over a family business, they cannot rely on expert advice from a close relative. If they don’t have a network of friends or associates who have business experience, then they may feel isolated when making critical business decisions.
Fact: Often times, Small Business Owners are unable to operate their business and objectively view the Big Picture.
Cause: It is quite difficult to develop a big picture strategy when the business owner devotes 88 percent of his/her time operating the business.
Fact: During the early years, Small Business owners can easily lose sight of their business direction.
Cause: Without the annual review of the business plan, business owners can lose focus. Sometimes, the owners devote more resources to projects outside of their core competencies.
Fact: Small Business Owners sometimes miss out on possible new business opportunities.
Cause: Often times, owners are so busy working that the owners overlooks new opportunities for growth, cost cutting, or innovation.
If the previous facts are affecting your business, a financial coach can help you develop and achieve your financial goals. Contact Rashad Phillips, a Certified Financial Coach for a Free 30 minute small business session.
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What are the Benefits of hiring a financial coach for your small business?
- You develop a financial game plan for your small business.
- You have an expert in your corner to help you with critical business decisions.
- You take steps toward developing and expanding your business and financial awareness.
- You take steps toward achieving your financial goals.
- You learn new ways of thinking about your business.
- You receive expert feedback about the health of your business.
- You have someone to call before making key business decisions.
What is the fee for hiring a Financial Coach?
Our fee is based on a sliding scale due to each client’s situation being different and unique. We take into account your current situation and design your fee in proportion to the improved outcome we believe you will achieve by applying the counsel we advise you with in relation to your circumstances. Your investment with Financial Coaching is an investment in business and your financial future.
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