Ideally business is about a combination of things; passion, lifestyle and being your own boss. But when it comes down to it, the figures are a huge component of why people run a business. They’re the difference between major success and just making a living. If this all important area is lagging or has you less than inspired, here’s how a coach can help.
A quick 101
For many of us, accounting, profit and loss, business activity statements, and bottom lines may not come as second nature. They’re the little extras you learn along the way in business as you negotiate the red tape and financial obligations that come with starting up and running your own enterprise.
But there are a host of people that can be of assistance to put you ahead of the numbers game. From coaches who can help you set up your business with the right financial structure, to mentors who guide you through the accounting and financing process, having someone in your corner to walk you through what your figures should and could look like is a huge asset.
Remedial accounting
There’s nothing that kills business passion quite like having accounting deadlines hanging over your head. If you’re behind on your BAS or tax, or your accounting comprises a shoebox of fading receipts, calling someone in to get your figures up to speed not only takes the pressure off but allows you to clearly see where your business is at and the path forward.
Ongoing bookkeeping
Whether it’s something you do after hours, have someone deal with in-house, or outsource, ongoing bookkeeping is a reality of every day in business. It’s the nuts and bolts of invoicing, payments and wages. But is there a better way?
Having someone take a look at your books and how you do them can reveal easier systems, better software and smarter ways to organise your figures. It’s like having a quick check-up that may reveal some innovative ways to save money, time or move forward.
Raising the bottom line
Once you are up to speed on your finances and know the bottom line of your business, its potential becomes clearer and your future path is easier to navigate. Clear figures allow you to get on with the job of running your business, but also allow you to grow if desired. This is where a coach can help you identify what the figures mean and what they may allow you to do in the future.
