If you don't know what your goals are, how do you plan on achieving them? Business coaching can help to get you there - providing you choose the right mentor.
As a business owner, it can be difficult to determine which investments are considered to be savvy ones, especially when it comes to choices that will ideally allow you to “level up” as a brand. If you’re considering the services of a business coach, it’s important to understand exactly what they do - and don’t do.
Although often seen as a luxury, the right business coach can be your secret weapon when it comes to identifying exactly what it is you hope to achieve as a brand or business owner.
Fundamentally, you can expect a good business coach to:
Increase your productivity
Increase your sales and profit
Improve relationships with employees, clients and partners
Reduce internal conflict
Develop or improve business and marketing plans
Team training and skill development when required
Advice on where to best invest
Motivate you with encouragement and accountability
Help you to focus on what it is that you do best
Offer an impartial and unbiased voice
The sad reality of trading in Australia is that it truly is a jungle out there. According to the Australia Bureau of Statistics, more than 60% of small businesses cease operations entirely within their first three years of trading. One of the most common reasons that they fail is due to a lack of cash available to meet their expenses, particularly within the first six to twelve months - and these figures were issued before the arrival of Covid-19.
If you want to avoid becoming another statistic, it may be time to consider if professional business coaching is an option for you - but where do you find the right one?
Combining Business Coaching With Accounting
Since the ultimate success of a business is often linked directly to the state of its finances, it’s surprising that more operators don’t realise that many accountants also provide business coaching services too - so why do they make the best coaches?
Driven By Data - The simple fact of the matter is that numbers don’t lie. When you combine the powers of an accountant with that of a business coach, the advice is issued based on data derived from your financial state of affairs, reducing the chance of any oversights.
They Know Your Brand - Whether you already have an accountant or are considering hiring a new one, an accountant that doubles as your business coach will ultimately know the ins and outs of how your business works in its entirety. After all, knowledge is power.
Realistic Action Plans - A good accountant that is also your business coach rapidly becomes somewhat of a silent partner in your operation - they want you to succeed. Aligning your vision, finances and transparency helps to deliver the very best action plans in terms of strategy.
If understanding your finances or the in’s and outs of business finance isn’t your strong point, then it may be reassuring to know that you’re not alone. In fact, many businesses (big and small) enlist the services of an accountant and business coach in order to free up their time, while knowing that their financial obligations are already taken care of by the professionals.
Business Coaching With Muro
As prominent financial industry professionals, Muro Accounting directors Caino Muscillo and Michele Romano also offer business coaching services for brands and businesses. If you’re looking for an tangible plan of attack that’s backed with real world business acumen and financial prowess, then utilizing the skill set of award winning accountants makes sense.
While both Caino and Michele are renowned CPAs and business advisors, they each bring over two decades worth of experience within the accounting and financial industry. It’s no surprise then that they are regularly invited to present at key industry events, including Australia’s largest annual accounting event, The Accounting Business Expo. Most recently, Canio was a guest speaker on the Xero Roadshow tour and is also a business mentor for the Queensland Government’s 2020 “Mentoring For Growth” Program.
What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices?
At Muro, we are more than just accountants - we offer our clients strategic advice and ongoing support to help them reach their business and financial goals, and offer the services of both an award winning accounting firm and business coaching services. Get in touch with us at Muro today to ensure that you’re on the right path for success.