You have big dreams for your business, but who will help you get there? Business owners usually have great support from family, friends, employees, and networks. However, if you’re hoping to reach some major goals, you may need third-party guidance and accountability to achieve them.
Two popular sources of support are business coaches and financial consultants. Let’s walk through these roles and which one may be right for you.
When is it Time to Find Business Growth Support?
Let’s take a step back and discuss when you might want to bring on business growth support and why. You can bring on support whenever you feel that you need it to succeed, but here are a few common triggers -
You’ve hit a business income plateau
You’re experiencing growing pains
You wish you had an extra pair of eyes on your business
If you’re experiencing any of these situations, then bringing on third-party support will help you get unstuck and moving forward with confidence. It’s important that you consider different types of support and choose the right one for you. What worked for someone else in your network might not work for you.
What is a Business Coach?
A business coach is a professional who offers mentorship and guidance that leads the business owner towards their goals. Much like the coach of a sports team, this person may offer specific training and strategies to help you “win” your next big hurdle. The coaching industry offers various training and certifications, but it’s up to the coach's discretion which ones they participate in and why.
What is a Financial Management Consultant?
A financial management consultant is a trained professional who reviews your business finances through a holistic lens to offer advice and recommendations. Your financial management consultant creates a strategic plan based on your business structure and goals to help you make better money decisions. A financial consultant may also have different certifications and training, but you’ll want to review their credentials before considering a partnership. You’ll want your financial management consultant to at least hold a business degree in a financial field (e.g., finance or accounting) and other certifications.
Financial Management Consultant vs. Business Coach
The answer depends on you and your business. Some business owners do work with both.
If you’re looking for help -
Balancing your business
Advice on specific client situations
Need a sounding board for business ideas
Then you may want to consider a business coach!
If you’re looking for help -
Making better money decisions
Deciding which investments to make
Creating a strategic plan
Then you may want to consider a financial management consultant.
Choosing Your Business Guide
I’ve spoken with many business owners who will agree that bringing on an outside perspective helped their business reach the next level. Expert guidance on your business and goals can help you make better, strategic decisions that you might not have before. While there is some overlap between the financial management consultant and the business coach, you can see the key differences above.
Business Growth Specialist | New Hampshire & the Seacoast
As a financial management consultant, I help my clients create and implement strategic plans that serve their business goals. By holistically viewing their financial picture, we can fine-tune your business processes and improve profitability to reach your next level of success comfortably. Learn more about my hands-on approach and how I can help your business by scheduling your free connect call here.
