Business Coaching and Mentoring Key to Building Personalized Financial and Cash Flow Plan
By Dr. Teresa R. Martin, Esq.
The saying “Cash is king” has never been more true than when starting, operating and expanding a small business. Whether you’re just beginning to think about turning your passion into a business or you’re managing a growing brand, a business coach or mentor can be a significant asset for small business owners when it comes to financial and cash flow planning.
It’s no secret that small businesses struggle to get started and stay on a positive path. According to the Small Business Administration, only half of all small businesses survive more than five years. Thankfully, research shows that connecting with a mentor can alter this statistic.
A 2014 survey conducted by The UPS Store under the guidance of SCORE, a non-profit mentoring and business counseling organization, showed that 88 percent of small business owners that have a mentor say they are invaluable to their business and that 70 percent of small businesses that survive more than five years have utilized a mentor.
“For many, starting a business can be overwhelming – it’s no longer just about exploring a passion or following a dream,” W. Kenneth Yancy, chief executive officer of SCORE, said of the survey results. “A mentor can help navigate the complex challenges that often come with being a business owner, and the guidance from someone who has been there themselves can be a real asset.”
Research has also shown that three or more hours of mentoring can lead small businesses to achieve higher revenues and increased business growth.
So how can a business coach or mentor help you achieve your financial goals? The SBA lists five benefits of a business mentor: Expert advice; a different perspective; networking; skill development; and low risk.
A small business owner must first look at where they are now and then consider where they want to be. Your business coach will help you get there.
For example, the mentoring and coaching areas at Enjoy Your Legacy include:
Financial Psychology: Form a clear picture of your goal setting, relationship with money, spending and saving habits.
Accounts and Budgeting: Learn how to systematize and automate your finances to be able to stay organized and save more.
Credit and Debt: Learn how to repair, build and maintain an excellent credit history and act on a debt elimination plan.
Skill Growth: Identify your skills that get you paid.
Business Relations: Develop a deep understanding of business and network relations.
Long-Term Planning: Develop and learn the importance of financial plans, cash flows, wills and trust in order to effectively help you proactively prepare in making your dreams a reality soon.
Social Enterprise: Gain a deep understanding of a progressive mindset and entrepreneurial lifestyle as well as detailed advice for you to become capable of obtaining real wealth.
Income: Obtain extensive knowledge on how to earn passive income in various ways.
Real Estate Investments: Find the support, knowledge and money needed to effectively launch a successful real estate investing and/or sales career.
Just as every small business is different, every mentor is different. Many mentors specialize in a particular area, while others can take you through the entire planning and execution process from start to finish. What all mentors have in common is the desire to help your business succeed and for you to be financially secure.
Advice, perspectives, networking and skill development are all components of Enjoy Your Legacy coaching and mentoring areas. By working with a mentor and going through this process, you will come away with a real, workable plan customized to your strengths and passion.